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Get Free Live 2022 NECO June/July Rescheduled Commerce (COMMERCE) OBJ & THEORY Questions and Answers Free of Charge | NECO June/July Free Commerce (Objectives and Theory) Questions and Answers EXPO Room (12th August, 2022).
NECO JUNE/JULY 2022 FREE RESCHEDULED COMMERCE (COMMERCE) QUESTION AND ANSWER ROOM
Friday 12th August, 2022
Commerce (Objective & Essay)
12:30pm – 3:00pm
2022 NECO COMMERCE THEORY (ESSAY) ANSWERS:
(1i)
Drawer:
Drawer is the person responsible for drawing a cheque. He is the owner of the account on which the cheque is drawn. The drawer is the debtor who signs the cheque and orders the bank to pay his creditor. The maker of a bill of exchange or cheque is called the "drawer"; the person thereby directed to pay is called the "drawee".
(1ii)
Drawee:
Drawee is the bank on which the cheque is drawn, i.e., the bank where the cheque will be presented for cash.Drawee is the entity or person to whom a bill is addressed and is given instructions to pay.drawee is responsible for knowing his drawer’s signature and cannot recoup from the person who presented the draft if it turns out that the drawer’s signature was forged.
(1iii)
Payee:
Payee is the person to whom the cheque is made payable, i.e., the person to whom payment is directed to be made. The payee is usually a creditor to the drawer and must present the cheque to the drawee for settlement. For example, Mr Henry writes a cheque to Mr Durojaiye to be drawn from First Bank. In this transaction Mr Henry is the drawer and Mr Durojaiye is the payee while First Bank is the Drawee.
(1iv)
Stake cheque:
Stale Cheque is a cheque which has been in circulation for an unreasonably long time, hence the date of presentation for payment has expired. The bank will refuse to honour a cheque that is more than six months old because it is considered expired. Stale cheque can also be referred as a cheque that was written too long ago that a bank may refuse to pay when someone tries to get the stated amount.
(1v)
Dishonored Cheque:
A dishonoured cheque is one which a banker, for some reasons, has refused to pay on presentation. Such cheques generally have some explanatory phrase written on them.if the bank refuses to pay the amount to the payee, the cheque is said to be dishonoured. In other words, dishonour of cheque is a condition in which the bank refuses to pay the amount of cheque to the payee.
Drawer:
Drawer is the person responsible for drawing a cheque. He is the owner of the account on which the cheque is drawn. The drawer is the debtor who signs the cheque and orders the bank to pay his creditor. The maker of a bill of exchange or cheque is called the "drawer"; the person thereby directed to pay is called the "drawee".
(1ii)
Drawee:
Drawee is the bank on which the cheque is drawn, i.e., the bank where the cheque will be presented for cash.Drawee is the entity or person to whom a bill is addressed and is given instructions to pay.drawee is responsible for knowing his drawer’s signature and cannot recoup from the person who presented the draft if it turns out that the drawer’s signature was forged.
(1iii)
Payee:
Payee is the person to whom the cheque is made payable, i.e., the person to whom payment is directed to be made. The payee is usually a creditor to the drawer and must present the cheque to the drawee for settlement. For example, Mr Henry writes a cheque to Mr Durojaiye to be drawn from First Bank. In this transaction Mr Henry is the drawer and Mr Durojaiye is the payee while First Bank is the Drawee.
(1iv)
Stake cheque:
Stale Cheque is a cheque which has been in circulation for an unreasonably long time, hence the date of presentation for payment has expired. The bank will refuse to honour a cheque that is more than six months old because it is considered expired. Stale cheque can also be referred as a cheque that was written too long ago that a bank may refuse to pay when someone tries to get the stated amount.
(1v)
Dishonored Cheque:
A dishonoured cheque is one which a banker, for some reasons, has refused to pay on presentation. Such cheques generally have some explanatory phrase written on them.if the bank refuses to pay the amount to the payee, the cheque is said to be dishonoured. In other words, dishonour of cheque is a condition in which the bank refuses to pay the amount of cheque to the payee.
(4a)
In a Tabular Form
HOME TRADE:
(Pick Any Five)
(i)Goods are moved within the same country
(ii) One currency is used
(iii) There is no language barrier in home trade
(iv) less documentation is required in home trade
(v)The same social standard,rules and regulations are in use
(vi) Transport cost is lower in home trade
(vii) Goods move freely within the country
FOREIGN TRADE:
(Pick Any Five)
(i) Goods are moved beyond geographical boundaries
(ii) Different currencies are used in foreign trade
(iii) More complex documentation is required
(iv) There is language barrier in foreign trade
(v) Different social standards,rules and regulations are in use
(vi) Transport cost is higher in foreign trade
(vii) Foreign trade is subject to restrictions.
(4b)
(Pick Any Five)
(i)Source of Revenue: International trade is a source of revenue for nations of the world. Nigeria derives 90% of its revenue from the sale of crude oil to other countries. Taxes can also be imposed on exported and imported goods.
(ii)Promotion of economic development: International trade helps countries to gain technical knowledge which accelerates economic developments e.g. farmers in Nigeria can now import tractors and harvesters to practice large scale farming.
(iii)Provision of employment opportunities: As a result of international trade contacts, foreign investors can establish firms in sister countries which will create employment opportunities for its citizens.
(iv)It leads to international specialisation: Through international trade, countries will specialise in the production of goods for which they have comparative advantage over others. This will make prices of such goods cheaper.
(v)Increase in world output: When countries specialise in the production of goods and services in which they have comparative advantage and where full utilisation of resources is made, the world output will increase.
(vi)Availability of variety of goods: Through foreign trade, wide variety of goods are made available. West African countries can import cars, electronics, shoes and equipment from other countries. New products are produced for new markets.
In a Tabular Form
HOME TRADE:
(Pick Any Five)
(i)Goods are moved within the same country
(ii) One currency is used
(iii) There is no language barrier in home trade
(iv) less documentation is required in home trade
(v)The same social standard,rules and regulations are in use
(vi) Transport cost is lower in home trade
(vii) Goods move freely within the country
FOREIGN TRADE:
(Pick Any Five)
(i) Goods are moved beyond geographical boundaries
(ii) Different currencies are used in foreign trade
(iii) More complex documentation is required
(iv) There is language barrier in foreign trade
(v) Different social standards,rules and regulations are in use
(vi) Transport cost is higher in foreign trade
(vii) Foreign trade is subject to restrictions.
(4b)
(Pick Any Five)
(i)Source of Revenue: International trade is a source of revenue for nations of the world. Nigeria derives 90% of its revenue from the sale of crude oil to other countries. Taxes can also be imposed on exported and imported goods.
(ii)Promotion of economic development: International trade helps countries to gain technical knowledge which accelerates economic developments e.g. farmers in Nigeria can now import tractors and harvesters to practice large scale farming.
(iii)Provision of employment opportunities: As a result of international trade contacts, foreign investors can establish firms in sister countries which will create employment opportunities for its citizens.
(iv)It leads to international specialisation: Through international trade, countries will specialise in the production of goods for which they have comparative advantage over others. This will make prices of such goods cheaper.
(v)Increase in world output: When countries specialise in the production of goods and services in which they have comparative advantage and where full utilisation of resources is made, the world output will increase.
(vi)Availability of variety of goods: Through foreign trade, wide variety of goods are made available. West African countries can import cars, electronics, shoes and equipment from other countries. New products are produced for new markets.
(5a)
Retailing may be defined as a business activity of selling goods and services to the final consumer. Retailing is the final link to the chain of distribution of goods and services. Retailing out number the combined total of the two major business activities; manufacturing and wholesaling . Retailing is the commonest form of home trade.
(5b)
(i) Specialist wholesalers
(ii) Cash and Carry wholesalers
(iii) Truck wholesalers
(iv) General wholesalers
EXPLANATION:
(i)Specialist Wholesalers: These are wholesalers who restrict their services to a particular trade and area in which they have specialised knowledge.The products they handle require special skill and handling.
(ii) Cash and Carry wholesalers: These are at present mainly concerned with grocery products. They do not offer credit nor delivery services to the customer. They normally operate on lower margins . The cash and carry wholesalers require retailers to pick their orders,pay cash and carry away their purchase.
(iii) Truck Wholesalers: A truck wholesaler combines selling, delivery and collection in one operation. He carries only a limited range of stock although the selection within that range may be rather completed. They handle perishable goods. Their ability to make fast and frequent delivery is the main appeal to customers and manufacturers.
(iv) General wholesalers: General Wholesalers are wholesalers who purchase goods from different producers , store the goods and prepare them for sale to the retailer's in small quantities.
Retailing may be defined as a business activity of selling goods and services to the final consumer. Retailing is the final link to the chain of distribution of goods and services. Retailing out number the combined total of the two major business activities; manufacturing and wholesaling . Retailing is the commonest form of home trade.
(5b)
(i) Specialist wholesalers
(ii) Cash and Carry wholesalers
(iii) Truck wholesalers
(iv) General wholesalers
EXPLANATION:
(i)Specialist Wholesalers: These are wholesalers who restrict their services to a particular trade and area in which they have specialised knowledge.The products they handle require special skill and handling.
(ii) Cash and Carry wholesalers: These are at present mainly concerned with grocery products. They do not offer credit nor delivery services to the customer. They normally operate on lower margins . The cash and carry wholesalers require retailers to pick their orders,pay cash and carry away their purchase.
(iii) Truck Wholesalers: A truck wholesaler combines selling, delivery and collection in one operation. He carries only a limited range of stock although the selection within that range may be rather completed. They handle perishable goods. Their ability to make fast and frequent delivery is the main appeal to customers and manufacturers.
(iv) General wholesalers: General Wholesalers are wholesalers who purchase goods from different producers , store the goods and prepare them for sale to the retailer's in small quantities.
(7a)
(Pick Any Four)
(i)The value of the goods
(ii) Weight of the goods
(iii)Quantity of the goods
(iv)Risk of damage
(v)Nature of the goods
(vi)Distance or destination
(vii)Handling expenses
(7b)
ADVANTAGES
(Pick Any Four)
(i)Low maintenance cost: The cost of maintaining motor vehicles is low compared to aeroplanes or ships.
(ii)Faster on short journey: Road transport is faster on short distance journey, e.g. Lagos to Ibadan. It is relatively a fast means of transportation.
(iv)Flexible: There is high degree of flexibility since there is no fixed time schedule.
(iv)Convenience: Goods are delivered at the door of the consumer, i.e., it offers door-to-door services, which makes it convenient for the owners of the goods.
(v)Suitable for perishable goods: Road transport is good for conveying perishable goods, e.g. tomatoes as it is fast and easily accessible.
(vi)Availability: The means of transportation by road are always readily available for use, e.g. car, trailer tanker, among others.
DISADVANTAGES
(Pick Any Four)
(i)Not suitable for heavy and bulky goods: Road transport is not good for conveying heavy and bulky goods like machinery and coal
(ii) Not suitable for fragile goods: Road transport is not good for fragile goods e.g glass plates ,drinking glasses and mirrors
(iii)Prone to accident: Road transport is too prone to accident than other means of transportation
(iv)costly to transport bulky materials: It is very costly to transport bulky materials by road e.g machinery.
(v) Welfare facilities are not provided: Facilities such as toilet,canteen , television are not usually provided in road transport as these are available in trains ,waters and air transport.
(Pick Any Four)
(i)The value of the goods
(ii) Weight of the goods
(iii)Quantity of the goods
(iv)Risk of damage
(v)Nature of the goods
(vi)Distance or destination
(vii)Handling expenses
(7b)
ADVANTAGES
(Pick Any Four)
(i)Low maintenance cost: The cost of maintaining motor vehicles is low compared to aeroplanes or ships.
(ii)Faster on short journey: Road transport is faster on short distance journey, e.g. Lagos to Ibadan. It is relatively a fast means of transportation.
(iv)Flexible: There is high degree of flexibility since there is no fixed time schedule.
(iv)Convenience: Goods are delivered at the door of the consumer, i.e., it offers door-to-door services, which makes it convenient for the owners of the goods.
(v)Suitable for perishable goods: Road transport is good for conveying perishable goods, e.g. tomatoes as it is fast and easily accessible.
(vi)Availability: The means of transportation by road are always readily available for use, e.g. car, trailer tanker, among others.
DISADVANTAGES
(Pick Any Four)
(i)Not suitable for heavy and bulky goods: Road transport is not good for conveying heavy and bulky goods like machinery and coal
(ii) Not suitable for fragile goods: Road transport is not good for fragile goods e.g glass plates ,drinking glasses and mirrors
(iii)Prone to accident: Road transport is too prone to accident than other means of transportation
(iv)costly to transport bulky materials: It is very costly to transport bulky materials by road e.g machinery.
(v) Welfare facilities are not provided: Facilities such as toilet,canteen , television are not usually provided in road transport as these are available in trains ,waters and air transport.
(9a)
(i)Intra-personal departmental communication involves the sending and receiving of information within the department of an organisation WHILE inter-departmental communication is the process of sending and receiving information from one department to another within an organisation.
(ii) Intra-departmental media of communication are intercom,circular ,buzzers,notice board and direct communication WHILE Inter-departmental means of communication are Telephone,Radiophone,loud speaker and computer terminals.
(9b)
(Pick Any Four)
(i) Recruitment and promotion
(ii)Payment of Remuneration
(iii) Provision of conducive working environment
(iv)Job satisfaction
(v)welfare package
(vi) Training facilities
(9ci)
Internet:
Internet is a global network of computers and communication devices. It is also a public network that connects several computers, communication devices and smaller networks into a global network. It can also be referred to as the convergence of computer system. The assistance of telecommunication link, allows any computer, with the telecommunication link to exchange information with any suitably equipped computer.
(9cii)
Intercom:
Intercom is a software company that specializes in business messaging, providing businesses with a way to chat with their customers.Intercom is an open channel between your business and your customers; in product, in the moment, and on their terms,creating an ongoing dialogue that enables you to make the most of every engagement across the customer journey.
(9ciii)
E-mail:
E-mail is simply a way of sending electronic message from one person to another over the internet through the computer, i.e., data and text circulating through interlinked computers. The receiver usually has a mail box for receiving electronic messages. If the receiver is currently using the terminals, a symbol often appears on the screen to indicate that a message has been received.
(i)Intra-personal departmental communication involves the sending and receiving of information within the department of an organisation WHILE inter-departmental communication is the process of sending and receiving information from one department to another within an organisation.
(ii) Intra-departmental media of communication are intercom,circular ,buzzers,notice board and direct communication WHILE Inter-departmental means of communication are Telephone,Radiophone,loud speaker and computer terminals.
(9b)
(Pick Any Four)
(i) Recruitment and promotion
(ii)Payment of Remuneration
(iii) Provision of conducive working environment
(iv)Job satisfaction
(v)welfare package
(vi) Training facilities
(9ci)
Internet:
Internet is a global network of computers and communication devices. It is also a public network that connects several computers, communication devices and smaller networks into a global network. It can also be referred to as the convergence of computer system. The assistance of telecommunication link, allows any computer, with the telecommunication link to exchange information with any suitably equipped computer.
(9cii)
Intercom:
Intercom is a software company that specializes in business messaging, providing businesses with a way to chat with their customers.Intercom is an open channel between your business and your customers; in product, in the moment, and on their terms,creating an ongoing dialogue that enables you to make the most of every engagement across the customer journey.
(9ciii)
E-mail:
E-mail is simply a way of sending electronic message from one person to another over the internet through the computer, i.e., data and text circulating through interlinked computers. The receiver usually has a mail box for receiving electronic messages. If the receiver is currently using the terminals, a symbol often appears on the screen to indicate that a message has been received.
2022 NECO COMMERCE OBJECTIVES (OBJ) ANSWERS:
1-10: BBCECDDBAB11-20: DDAABADAAC
21-30: BABACBADDA
31-40: EADBEACDAE
41-50: DEEEDCBEDB
51-60: ADDACBAAAB
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