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NECO 2019 COMMERCE OBJ AND THEORY VERIFIED QUESTIONS AND ANSWER

 

COMMERCE-OBJ!
1-10: ACAEDABDAC
11-20: EBEDEDCDBC
21-30: ADAABCDBAC
31-40: BADBEEEBCD
41-50: EAEECDECED
51-60: CBEBADEBBB

THEORY/ESSAY ANSWERS:

(4)
(i)Protection of national industry.
(ii)Protection of natural environment.
(iii)Protection of world fauna and flora.
(iv)Protection of consumers.
(v)Protection of the society.

(i)Protection of national industry : they protect against a trade in goods which would affect adversely the conditions of competition in the country.

(ii)Protection of natural environment: protection against an entry of hazardous substances and micro-organisms.

(iii)Protection of world fauna and flora: custom protect against illegal predatory circulation of endangered species

(iv)Protection of consumers: They also help to protect against the entry into the market of goods which are substandard with relation to Polish norms or whose period of use has expired.

(v)Protection of the society: customs protect the society against the entry of goods, items or appliances which are hazardous to life, health and safety of citizens or jeopardising the security of he country (e.g. weapons, paralysing gases etc.)
=====================================

(1a)
Multilateral trade is a type of international trade in which a country trades with many other countries. This ensures international division of labour.

(1b)
(i) Foreign trade involves the exchange of goods and services across national frontiers while
internal trade involves the exchange of goods within the borders of a country.
(ii) In foreign trade, buyers and sellers use different currencies whereas buyers and sellers in home
trade use the same type of currency.
(iii) There is possibility of restriction – tariffs, import duties, export duties, quotas, embargoes when goods are exchanged across national boundaries while this does not occur in home trade.
(iv) There are differences in systems of weighing and measuring in one country vis-à-vis an other. A country has only one system of such weighing and measuring.
(v) Foreign trades require knowledge of new languages and interpretations while in domestic trade, a common language is used
(vi) There are also difference in legal system and cultural under international trade but the legal state are the same in domestic trade

(1c)
(i) Nigeria
(ii)USA
(iii)Japan
(Iv)Britain
=====================================
Neco runz 2020

(2a)
(i)Direct production costs are product costs directly related to the production process, such as raw materials, the main material, purchased semi-finished products, production workers, wages, machinery and equipment depreciation.

(ii)Indirect cost of production is the production process and product are not directly related costs such as machine material consumption, auxiliary workers and plant management personnel salaries, workshop housing depreciation.

(2b)
(i)Production has been the path to development: It has been the strategic achievement of rich nations over the last several hundred years to create a high-quality manufacturing sector in order to develop national wealth and power.
(ii) Improvement in standard of living:- production helps to ensure adequate improvement of the standard of living of the people
(iii) Provision of employment:- continuous production ensures the employment of many people
(iv) Increase In export potential:- Production also assists a state or nation to boost her export of goods and services to other nations.
=====================================

(6)
(i)Buying and Assembling
(ii)Selling
(iii)Transportation
(iv)Standardization and Grading
(v)Financing

(i)Buying and Assembling: It involves what to buy, of what quality, how much from whom, when and at what price. People in business buy to increase sales or to decrease costs.

(ii)Selling: It is core of marketing. It is concerned with the prospective buyers to actually complete the purchase of an article. It involves transfer of ownership of goods to the buyer.

(iii)Transportation: Transportation is the physical means by which goods are moved from the places where they are produced to those places where they are needed for consumption.

(iv)Standardization and Grading: Standardisation means establishment of certain standards or specifications for products based on intrinsic physical qualities of any commodity. This may involve quantity (weight or size)

(v)Financing: It involves the use of capital to meet financial requirements of agencies dealing with various activities of marketing. The services to provide the credit and money needed.
=====================================

(3)
(i) Branding:- This is the process of attaching trade name to a product to differentiate from other products

(ii) Credit card:- This is a system which model the use of plastic cards to purchase goods and services on credit from a particular sellers up to a specific amount payable late.

(iii) Packaging:- This is a system whereby goods are packed and wrapped in a container, weighted and priced before they are offer for sale

(iv) Road side trading:- These are the system of selling whereby the seller arrange their goods on the road at the front of houses, School etc. it is a small scale business

(v) Vending machine:- This is the modern form of trading whereby a machine dispense goods when a specific amount is inserted in it.
=====================================

(5a)
Money can be define as any thing that is generally acceptable as a medium of exchange and in the settlement of debts

(5b)
(i) money is generally acceptable while other commodities are not
(ii) money is portable while other commodities may not be portable
(iii) money is durable while commodities are not
(iv) money is relatively scarce while other commodities are not
(v) money is stable while other commodities are not
(vi) money can serve as a store of value while other commodities cannot

(5c)
(i) Acceptance Of deposit
(ii) Agent Of Payment
(iii) Lending Of money
(iv) Sage Keelung Of valuables
=====================================

(7)
(i) Amalgamation:- This is the coming together of two or more previously independent firms to form one large company or firm

(ii) Barkward integration:- This is the integration or coming together of different firms, where a firm or business merged with the firm supplying it with its raw materials

(iii) Consortium :- This is a group Of independent firms formed to work on a particular project that is too complex to complete for a single firm

(iv) Parent company:- This is a holding company which has control over other firms known as subsidiaries

(v) trust:- This is the coming together of different competing firms in different lines of business under a single control. Each of them will retain their identity
=====================================
COMPLETED!

 

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