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If you are a candidate seeking Commerce NECO 2024 Questions and Answers, you have arrived at the right place as we will break them down for you. We will go further to show you how Commerce NECO Questions are set and the best way to answer for full marks.
The National Examinations Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January, respectively.
Commerce 2024 NECO Questions and Answers
Commerce Objective:
1-10: ABDDCBBACE
11-20: BDABCBDDCB
21-30: BDCDBDECED
31-40: DBAEBAEABB
41-50: DCEDDCEBCA
51-60: EEDBEDAACB
Completed
Commerce Essay:
(1)
1. Informing: Advertising provides information about products and services to potential customers. This can include details about features, pricing, and availability.
2. Persuading: Advertising is often used to persuade consumers to purchase a particular product or service. This can be done through the use of emotional appeals, endorsements, and other tactics.
3. Reminding: Advertising can also serve as a reminder to consumers about a particular product or service. This can be especially important for products that are purchased infrequently, such as cars or appliances.
4. Branding: Advertising can help to build and reinforce a brand’s identity. This can include the use of logos, slogans, and other branding elements.
5. Educating: Advertising can also be used to educate consumers about new products or services. This can be especially important for products that are innovative or require some explanation.
(2a)
1. Control: Employers are typically in control of the work environment and have the authority to make decisions about how work is done. Employees, on the other hand, are typically subject to the direction of their employer and must follow specific guidelines and procedures.
2. Compensation: Employers are responsible for paying their employees for the work they perform. Employees are compensated for their time and effort, while employers are compensated for the value they create through their business activities.
(2B)
1. Perform assigned tasks: Employees are responsible for performing the tasks assigned to them by their employer. This includes completing work in a timely and accurate manner, following established procedures and guidelines, and meeting performance expectations.
2. Follow company policies: Employees are expected to follow the policies and procedures established by their employer. This includes adhering to safety guidelines, respecting the privacy of others, and using company resources responsibly.
3. Communicate effectively: Employees must be able to communicate effectively with their coworkers, supervisors, and customers. This includes listening actively, asking questions when needed, and conveying information clearly and accurately.
4. Maintain a positive attitude: Employees are expected to maintain a positive attitude and contribute to a positive work environment. This includes being respectful to others, taking initiative when appropriate, and working cooperatively with others to achieve common goals.
(3a)
Insurance is a contract between an individual or entity (the policyholder) and an insurance company, whereby the policyholder pays a premium in exchange for protection against financial losses or damages that may occur due to specific events or circumstances.
(3B)
1. Principle of Utmost Good Faith: This principle requires both the insurer and the insured to disclose all relevant information to each other in good faith. The insurer relies on the information provided by the insured to determine the risk and set the premium, while the insured relies on the insurer to provide the coverage specified in the policy.
2. Principle of Insurable Interest: This principle requires the insured to have an insurable interest in the property or person being insured. In other words, the insured must have a financial interest in the property or person being insured, such as ownership or a legal obligation to protect the property or person.
3. Principle of Indemnity: This principle requires the insurer to compensate the insured for the actual amount of the loss or damage suffered, up to the limit specified in the policy. The purpose of insurance is to restore the insured to the same financial position they were in before the loss or damage occurred, not to provide a windfall.
4. Principle of Contribution: This principle applies when there are multiple insurance policies covering the same risk. It requires each insurer to contribute to the loss or damage in proportion to the amount of coverage provided. This prevents the insured from collecting more than the actual amount of the loss or damage.
(4a)
1. Personalized Service: Small businesses are often able to provide more personalized and attentive service to their customers than larger businesses. This can create a loyal customer base that values the individual attention they receive.
2. Niche Markets: Small businesses can often find success by catering to niche markets that larger businesses may not target. By focusing on a specific product or service, small businesses can differentiate themselves from the competition and build a loyal customer base.
3. Flexibility: Small businesses are often more flexible and able to adapt quickly to changes in the market. They can make decisions and implement changes more quickly than larger businesses, which can be bogged down by bureaucracy and red tape.
4. Innovation: Small businesses are often more innovative than larger businesses, as they have to find creative ways to compete with limited resources. By embracing new technologies and ideas, small businesses can stay ahead of the curve and find success in the market.
(4B)
1. Size and Scope: The most obvious difference between small and large scale retail outlets is their size and scope. Small retail outlets are typically independently owned and operated, with a limited selection of products and services. Large scale retail outlets, on the other hand, are often part of a chain or franchise, with a much larger selection of products and services.
2. Customer Service: Small retail outlets often pride themselves on providing personalized and attentive customer service. They may have a more intimate knowledge of their customers’ needs and preferences, and may be able to provide more individual attention. Large scale retail outlets, on the other hand, may focus more on efficiency and speed, with less emphasis on personalized services.
(4C)
Small Scale Retail Outlets:
1. Local grocery stores
2. Independent bookstores
3. Family-owned restaurants
4. Boutique clothing stores
Large Scale Retail Outlets:
1. Walmart
2. Target
3. Home Depot
4. Best Buy
(5a)
The term “second tier securities market” is not commonly used in the United States. However, it may refer to a market where securities that are not listed on a major exchange, such as the New York Stock Exchange or Nasdaq, are traded. This can include regional exchanges or alternative trading systems that provide a platform for trading securities that are not listed on major exchanges.
(5B)
1. Financial Requirements: Companies must meet certain financial requirements, such as a minimum amount of shareholder equity or a minimum market capitalization, in order to be listed on an exchange.
2. Corporate Governance: Companies must have a board of directors and adhere to certain corporate governance standards in order to be listed on an exchange.
3. Reporting Requirements: Companies must file regular reports with the Securities and Exchange Commission (SEC) and meet other disclosure requirements in order to be listed on an exchange.
4. Trading Requirements: Companies must meet certain trading requirements, such as a minimum number of shareholders or a minimum trading volume, in order to be listed on an exchange.
(5C)
1. Reverse Merger: A company can gain admission to a securities exchange by merging with a publicly traded company.
2. Spin-Off: A company can gain admission to a securities exchange by spinning off a subsidiary into a separate publicly traded company.
3. Acquisition: A company can gain admission to a securities exchange by acquiring a publicly traded company.
4. Trading Requirements: Companies must meet certain trading requirements, such as a minimum number of shareholders or a minimum trading volume, in order to be listed on an exchange.
(5C)
1. Reverse Merger: A company can gain admission to a securities exchange by merging with a publicly traded company.
2. Spin-Off: A company can gain admission to a securities exchange by spinning off a subsidiary into a separate publicly traded company.
3. Acquisition: A company can gain admission to a securities exchange by acquiring a publicly traded company.
(6a)
An economic grouping is a group of countries that come together to promote economic cooperation and integration.
(6B)
1. Free Movement of Persons: To promote the free movement of people between member states in order to facilitate trade and investment.
2. Free Movement of Goods: To promote the free movement of goods between member states in order to create a common market and reduce trade barriers.
3. Customs Union: To establish a customs union among member states in order to facilitate trade and investment.
4. Common External Tariff: To establish a common external tariff among member states in order to promote trade and investment with other countries.
5. Monetary Integration: To promote monetary integration among member states in order to facilitate trade and investment.
6. Economic Cooperation: To promote economic cooperation between member states in order to create a common economic space and promote economic development.
7. Peace and Security: To promote peace and security among member states in order to create a stable environment for economic development.
8. Environmental Protection: To promote environmental protection and sustainable development among member states in order to ensure long-term economic growth and development.
(7a)
1. Commercial Banks: Commercial banks are financial institutions that accept deposits and make loans. They play an important role in the money market by providing short-term loans to businesses and other financial institutions.
2. Central Banks: Central banks are responsible for managing a country’s monetary policy. They play an important role in the money market by providing short-term loans to commercial banks and other financial institutions, and by regulating the supply of money in the economy.
3. Money Market Mutual Funds: Money market mutual funds are investment funds that invest in short-term financial instruments such as Treasury bills and commercial paper. They provide investors with a way to earn a return on their money while maintaining a high degree of liquidity.
4. Investment Banks: Investment banks are financial institutions that provide a range of financial services to corporations, governments, and other institutions. They play an important role in the money market by underwriting and trading short-term financial instruments such as commercial paper and Treasury bills.
(7b)
1. Physical Characteristics: Soft commodities are typically agricultural products that are grown and harvested, such as coffee, sugar, and wheat. They are often perishable and have a limited shelf life. Hard commodities, on the other hand, are typically natural resources that are mined or extracted from the earth, such as gold, silver, and oil. They are durable and have a longer shelf life.
2. Market Dynamics: The prices of soft commodities are often influenced by factors such as weather conditions, disease outbreaks, and geopolitical events that affect the supply and demand of the underlying commodity. The prices of hard commodities, on the other hand, are often influenced by factors such as global economic growth, inflation, and geopolitical tensions that affect the demand for the commodity as a store of value.
(8a)
Customs and Excise Authority is an agency responsible for the collection of taxes on imported and exported goods. This authority is responsible for ensuring compliance with government regulations related to the import and export of goods. They also enforce laws related to the movement of goods across international borders.
(8b)
( PICK ANY 4 )
(i) Collecting Taxes: The authority collects taxes on imported goods and ensures that the correct taxes are paid by importers. They also collect taxes on exported goods.
(ii) Enforcing Regulations: The authority enforces regulations related to imports and exports. This includes ensuring that goods meet the required standards and are safe for use.
(iii) Preventing Smuggling: Customs and Excise Authority works to prevent smuggling by inspecting goods at ports of entry and exit. They also work to identify and apprehend smugglers.
(iv) Protecting the Economy: Customs and Excise Authority helps protect the economy by preventing the importation of goods that could harm local industries. They also help to prevent the export of goods that are restricted or banned.
(v) Facilitating Trade: Customs and Excise Authority works to facilitate trade by ensuring that goods move smoothly across borders. They also help to reduce delays and facilitate the movement of goods.
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