Free Theory & Objective Expo -NECO 2021Commerce Questions and Answers
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SUBJECT: Commerce Questions And Answers
DATE: 11th August 2021
TIME:10AM TO 2:30PM
EXAM TYPE: NECO_2021
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This NECO expo is free of charge ad it covers the theory (essay) and OBJ (objective) for paper 1 and paper 2.
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2021 NECO COMMERCE (OBJECTIVES) ANSWERS:
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1-10: BDBCEADDBA
11-20: BCDCEBDABD
21-30: DEBCAABDEB
31-40: EBBCCDBADC
41-50: DEEACDDECA
51-60: BCAECBBEDD
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2021 NECO COMMERCE (ESSAY) ANSWERS:
[THEORY ANSWERS]
(1a)
Crossed cheque is the type of cheque in which no cash withdrawal can be done.The amount can only be transferred from the drawer's account to the payee's account. *While*; Stale cheque is one which cannot be honoured because the reasonable period is expired.
*OR*
*Stale cheque* is one which cannot be honoured because the reasonable period is expired. As against, a *Post-dated cheque or crossed cheque* is a cheque which is drawn today but contains a future date for payment.
(1b)
i.Cash (bills and change): Cash is one of the most common ways commercial banks pay their customers. Both paper money and coins are included under the larger category of "cash." While cash has the advantage of being immediate, it is not the most secure form of payment since, if it is lost or destroyed, it is essentially gone. There is no recourse to recoup those losses.
ii. Personal Cheque (US check): These another payment method that commercial banks do operate on. They are essentially paper forms the buyer fills out and gives to the seller. The customer gives the cheque to their bank, the bank processes the transaction, and a few minutes later the money is deducted from the customers account.
iii.Debit Card: Paying with a debit card takes the money directly out of the customer's account. It is almost like writing a personal cheque, but without the hassle of filling it out. E.g ATM Card
iv.Credit Card: Credit cards look like debit cards. But paying with a credit card temporarily defers the customer's bill. At the end of each month, the customer's receives a credit card statement with all transactions performed.Credit cards can be used for both online purchases and at physical retailers.
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*Neco Commerce*
(2a)
i. Cartel: Cartel is where two or more businesses agree not to compete with each other. This conduct can take many forms, including price fixing, dividing up markets, rigging bids or restricting output of goods and services.
ii. Consortium: Consortium is an alliance of companies, individuals, or other entities that got together to achieve a specific objective. The objective benefits all the parties. Examples include lobbying for regulatory changes, bidding on a large projector, or increasing partners’ purchasing power to get better deals.
In other words, it is a business club that offers benefits to its members.
iii. Trust: Trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. In finance, a trust can also be a type of closed-end fund built as a public limited company.
(2b) =(Pick any 4)=
i. Diversification.
ii. Acquisition of assets.
iii.Increase in financial capacity.
iv.Tax purposes.
v. Incentives for managers.
vi. Value Creation
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(3a) =(Choose any 3)=
i. Market Research: The marketing division under research is mainly concerned with actual and potential buyers. It determines why and when the buyers buy goods or are not interested in buying goods; how and where the market for goods can be expended and at what cost. The time limit for expanding the market, and the probable fluctuations in demand and supply—these, too, must be taken into consideration.
ii. Promotion: Promotion of product and services refers to providing information to the customers about the firm’s products, their features, uses, prices, etc and persuading them to buy these products. Advertising, Personal selling. Publicity and Sales Promotion are the main tools of promotion. A marketer has to decide about the promotion budget, promotion mix (i.e. combination of promotional tools), etc.
iii. Packing and Labeling: Packaging means designing the package for the product while labeling is concerned with putting a label on the package. Packaging and labeling have been recognized as pillars of marketing. They not only provide protection to the product but also act as a promotional tool.
iv. Branding: Branding is a process of giving a brand name to a product to differentiate it from competitor’s products, in building customers’ loyalty, and in promoting the product. The most important decision under this strategy is whether to give a separate brand name or the same brand to all products of a business firm.
v. Storage or Warehousing: There is a time gap between production and consumption of goods. Thus it is an important function of marketing to provide for proper storage of such goods until they are demanded. For example, apples are produced in winter are stored in cold storages and sold even in summer.
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