Neco 2023 Commerce Objective & Essay Answers

neco

Conmerce answer

COMMERCE OBJ
01-10 ABDDCBBACE
11-20 BDABCBDDBB
21-30 BDDDCDECCD
31-40 DBAEBAEABB
41-50 DCEDDCEBDA
51-60 EEDBEDAAAB

NECO COMMERCE ANSWERS 2023

NUM 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.

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(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.

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(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 service.

(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. Up-Listing: A company can gain admission to a larger securities exchange by moving from a smaller exchange to a larger exchange.

(6a)

An economic grouping is a group of countries that come together to promote economic cooperation and integration.

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(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. The market dynamics of soft and hard commodities are therefore quite different, and require different strategies for successful trading.

(8a)

Customs and Excise Authority is an agency responsible for enforcing customs and excise laws and regulations in a country.

(8b)

1. Collecting Revenue: Customs authorities are responsible for collecting customs duties and taxes on imported goods. They play an important role in generating revenue for the government and ensuring that importers pay the appropriate taxes and fees.

2. Facilitating Trade: Customs authorities play an important role in facilitating international trade by ensuring that goods can move across borders quickly and efficiently. They work to streamline customs procedures, reduce bureaucratic barriers, and promote trade agreements that benefit both importers and exporters.

3. Protecting Society: Customs authorities are responsible for protecting society by preventing the illegal import and export of goods. They work to prevent the smuggling of goods such as counterfeit products, illegal drugs, and weapons that can harm public safety and the domestic market. Customs authorities also work to prevent the export of goods that are prohibited in other countries, such as endangered species and hazardous materials.

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4. Enforcing Regulations: Customs authorities are responsible for enforcing customs regulations and laws. They work to ensure that all imports and exports comply with the relevant laws and regulations, such as safety standards, health regulations, and environmental laws. Customs authorities also work to prevent the circumvention of trade regulations, such as the evasion of anti-dumping duties and other trade remedies.

(9)

BOND :is a debt instrument that is issued by a borrower to an investor. When an investor purchases a bond, they are essentially lending money to the issuer (the borrower) for a fixed period of time, in exchange for regular interest payments and the return of the principal at the end of the term. Bonds are typically issued by corporations, municipalities, and governments to raise capital for various purposes, such as financing new projects, funding operations, or paying off existing debt. Bonds are often considered a safer investment than stocks, as they are generally less volatile and offer a fixed rate of return.

CARRIER :is a company that provides transportation services to move goods or people from one place to another. Carriers can be involved in various modes of transportation, such as air, sea, rail, or road transport. They are responsible for the safe and timely delivery of goods or passengers to their destination. Carriers can be divided into two main categories: passenger carriers and freight carriers.

DEBENTURE: A debenture is a type of debt instrument that is issued by a company to raise capital from investors. When an investor purchases a debenture, they are essentially lending money to the company for a fixed period of time, in exchange for regular interest payments and the return of the principal at the end of the term. Debentures are typically unsecured, meaning that they are not backed by collateral, and are considered a higher-risk investment than secured debt instruments such as bonds. Debentures are often issued by companies to finance new projects, pay off existing debt, or fund operations. Debentures can be traded on the secondary market, and their value is affected by a number of factors, including interest rates, inflation, credit ratings, and the financial health of the issuer.

COMMUNICATION :is the process of exchanging information, ideas, or thoughts between two or more people. Communication can take many forms, such as verbal, nonverbal, written, or visual, and can occur through various channels, such as face-to-face conversations, phone calls, emails, text messages, or social media. Effective communication is essential in all aspects of life, including personal relationships, business, education, and healthcare. Good communication skills involve being able to listen actively, express oneself clearly and concisely, and adapt to different communication styles and situations. Communication can be influenced by various factors, such as cultural differences, language barriers, personal biases, and technological limitations.

TRANSPORTATION: is the movement of people, goods, or services from one place to another. Transportation can take many forms, such as air, sea, rail, or road transport, and can be used for various purposes, such as commuting, trade, tourism, or emergency response. Transportation is an essential component of modern society, as it enables people to access goods and services, connect with others, and participate in economic activities. Transportation can have significant impacts on the environment, such as air pollution, greenhouse gas emissions, and habitat destruction, and is therefore subject to various regulations and policies aimed at reducing its negative effects.

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