![2023 NABTEB GCE Commerce (Essay & OBJ) Answers [27th November]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoPebLYKGqEgaTEsZs4Qa_6XPN0eih39H7TOeZASZqgMkIbGB6kV6Nc_lMZ0zVMufJDl3TzIJteXlyigXDc6pXJo5P2_zA09pU0U5WwZmiEWcYV3I38tGspesuGNlwBScb2VN53xqbkO0/s1600/NABTEB+Nigeria.jpg "2023 NABTEB GCE Commerce (Essay & OBJ) Answers [27th November]")
Monday 27th November, 2023
Commerce (9:00am-12:20pm)
A. NABTEB NOV/DEC GCE COMMERCE OBJ ANSWERS 2023:
1-10: ADDBACCDBB
11-20: BBADBCCBAC
21-30: BCDBAABBBC
31-40: DDAABCACAA
41-50: BDCDABDCCA
B. NABTEB NOV/DEC GCE COMMERCE THEORY (ESSAY) ANSWERS 2023:
(1a)
(PICK ANY FIVE)
(i) Accepting Deposits
(ii) Providing Loans
(iii) Credit Creation
(iv) Remitting Funds
(v) Agency Functions
(vi) Foreign Exchange Services
(vii) Creation of Money
(1b)
(PICK ANY FIVE)
(i)
Accepting Deposits: Commercial banks accept various types of deposits
from the public, including savings accounts, current accounts, and fixed
deposits.
(ii) Providing Loans: Banks extend credit to
individuals, businesses, and government entities through various loan
products, fostering economic activities.
(iii) Credit Creation:
Commercial banks can create credit by lending out a portion of the
deposits they hold, contributing to the expansion of the money supply.
(iv)
Remitting Funds: Commercial banks offer remittance services,
facilitating the transfer of money within the country and
internationally. This is the cheapest way of sending money. It is also
quite safe.
(v) Agency Functions: Banks act as financial
intermediaries, performing agency functions such as collecting and
paying cheques, and facilitating the purchase and sale of securities.
(vi)
Foreign Exchange Services: Commercial banks facilitate currency
exchange, enabling businesses and individuals to engage in international
trade and travel. They provide services such as currency conversion and
forex trading.
(vii) Creation of Money: By providing loans and
creating credit, commercial banks contribute to the creation of money in
the economy. This process is crucial for maintaining liquidity and
supporting economic activities.
==================================================
(2a)
The
Nigerian Ports Authority (NPA) is a government agency responsible for
the management, operation, and regulation of ports in Nigeria.The
primary objective of the NPA is to provide and regulate maritime
services at the various seaports in Nigeria, facilitating the smooth and
efficient movement of goods and passengers through these ports.
(2b)
(PICK ANY SIX)
(i)
Port Management and Administration: The NPA is responsible for the
overall management and administration of ports in Nigeria. This includes
overseeing the day-to-day operations, ensuring compliance with
regulations, and maintaining a safe and secure environment within the
ports.
(ii) Safety and Security: Ensuring the safety and security
of the ports is a crucial function of the NPA. This involves
implementing measures to prevent accidents, responding to emergencies,
and collaborating with relevant security agencies to safeguard the ports
against threats such as piracy, smuggling, and terrorism.
(iii)
Environmental Management: The NPA is involved in environmental
management, particularly concerning the impact of port activities on the
surrounding ecosystems. This includes measures to control pollution,
manage waste, and implement environmentally sustainable practices within
the port areas.
(iv) Revenue Collection and Management: The NPA
is responsible for collecting and managing revenue generated from
various activities within the ports. This includes tariffs, fees, and
charges for services provided to shipping companies, terminal operators,
and other stakeholders.
(v) Harbor Master Functions: The NPA
performs harbor master functions, which involve managing and controlling
the movement of vessels within the port area. This includes navigation
control, berthing arrangements, and ensuring the safe anchorage of
ships.
(vi) Dredging and Channel Management: The NPA is involved
in dredging activities to maintain and improve navigational channels
leading to the ports. Dredging ensures that the waterways remain deep
enough for ships to navigate safely, especially in areas where
sedimentation may occur.
(vii) Cargo Handling and Terminal
Operations: The NPA oversees the handling of cargo at the ports,
ensuring efficient loading and unloading of goods. It regulates terminal
operations, including the licensing and supervision of private terminal
operators responsible for specific types of cargo.
(viii) Port
Infrastructure Development: The NPA is tasked with the development and
maintenance of port infrastructure. This includes the construction and
rehabilitation of berths, quays, warehouses, and other facilities to
enhance the overall capacity and efficiency of the ports.
(ix)
Regulation and Tariff Setting: The NPA establishes and enforces
regulations governing port operations. It also plays a role in setting
tariffs and charges for various services provided at the ports. This
regulatory function helps maintain fairness and transparency in the
maritime industry.
==================================================
(3a)
Price
Control Boards: Price Control Boards are regulatory bodies that set and
regulate the prices of essential goods and services to prevent
exploitative practices and ensure affordability. By controlling prices,
these boards protect consumers from arbitrary price increases and ensure
that essential commodities remain reasonably priced.
(3b)
Professional Associations: Professional associations establish and
enforce ethical standards within specific industries or professions.
They often have codes of conduct that members must adhere to, promoting
fair business practices and ensuring the delivery of quality products or
services. This helps protect consumers by maintaining high standards of
professionalism and preventing unethical behavior within the industry.
(3c)
Manufacturers Associations: Manufacturers associations play a role in
setting and maintaining industry standards for the production of goods.
By establishing quality control measures, these associations ensure that
products meet certain standards of safety and performance. This
protects consumers by reducing the likelihood of substandard or unsafe
products entering the market.
(3d) Rent Tribunals: Rent Tribunals
are entities that resolve disputes between landlords and tenants,
ensuring that both parties adhere to fair housing practices. They
protect consumers (tenants) by preventing unfair eviction, regulating
rent increases, and addressing other issues related to the
landlord-tenant relationship. This helps create a balanced and equitable
housing market.
(3e) NAFDAC: National Agency for Food and Drug
Administration and Control, NAFDAC is a regulatory agency that ensures
the safety, quality, and efficacy of food, drugs, cosmetics, and medical
devices in Nigeria. By conducting rigorous inspections, testing, and
regulatory oversight, NAFDAC protects consumers from the sale and
consumption of substandard or harmful products. The agency's activities
contribute to maintaining public health and building consumer confidence
in the safety of products in the market.
==================================================
(4a)
(PICK ANY FIVE)
(i) Names and addresses of partners
(ii) Ratio for sharing profits and losses
(iii) Investment of each partner
(iv) Nature of the Business
(v) Duration of the Partnership
(vi) Profit and Loss Sharing
(vii) Management and Responsibilities
(viii) The date on which business commenced
(ix) Name of the firm as determined by all the partners
(4b)
(PICK ANY FIVE)
(i) Mutual Agreement: If all partners agree, they may choose to dissolve the partnership.
(ii)
Expiration of the Partnership Term: If the partnership was established
for a fixed term, it may automatically dissolve upon reaching the end of
that term.
(iii) Death or Incapacity of a Partner: The death or
incapacitation of a partner may lead to the dissolution of the
partnership, unless the partnership agreement specifies otherwise.
(iv)
Bankruptcy of a Partner: If a partner becomes bankrupt, it may trigger
the dissolution of the partnership, depending on the terms outlined in
the partnership agreement.
(v) Breach of Partnership Agreement:
If a partner violates the terms of the partnership agreement, it may be
grounds for dissolution.
(vi) Unanimous Agreement for
Dissolution: In some cases, even without a specific event occurring,
partners may unanimously decide to dissolve the partnership.
(vii) Impracticability of the Business: If the business becomes impracticable to carry on, the partnership may be dissolved.
(viii) Court Order: Legal proceedings or court orders may lead to the dissolution of a partnership in certain circumstances.
===================================================
(5a)
(PICK ANY FIVE)
(i)
Welfare and Equity: Government ownership allows for a focus on social
welfare objectives, ensuring that essential services are provided to all
citizens, even in remote or economically disadvantaged areas. This can
contribute to greater equity in the distribution of services.
(ii)
Strategic Objectives: The government can use public enterprises to
pursue strategic objectives, such as promoting industrial development,
ensuring national security, or achieving specific economic goals that
may not be prioritized by private entities.
(iii) Price
Regulation and Affordability: Government-owned enterprises can be
regulated to maintain affordable prices for essential goods and
services. This helps prevent price gouging and ensures that critical
services remain accessible to a broad segment of the population.
(iv)
Market Stabilization: Public enterprises can act as stabilizing factors
in markets where private entities might prioritize short-term profits.
The government can use these enterprises to stabilize prices and prevent
extreme fluctuations in sectors crucial to the economy.
(v)
Infrastructural Development: Governments can invest in and develop
infrastructure through public enterprises, such as transportation
networks, utilities, and communication systems. This infrastructure
development can contribute to overall economic growth.
(vi)
Employment Generation: Public enterprises can be significant employers,
providing job opportunities directly and indirectly through associated
industries. This can be particularly crucial in regions where private
investment may be limited.
(vii) Monopoly Control: Government
ownership can prevent the abuse of monopoly power by private entities.
Public enterprises can compete with or regulate private monopolies,
ensuring fair competition and protecting consumers from exploitation.
(viii)
Long-Term Planning: Public enterprises can engage in long-term planning
and investment, focusing on projects that may have extended payback
periods. This is because government-owned entities are not solely driven
by short-term profit considerations.
(5b)
(PICK ANY FIVE)
(i) Inefficiency and Bureaucracy
(ii) Lack of Profit Incentive
(iii) Political Interference
(iv) Financial Burden on the Government
(v) Lack of Competition
(vi) Slow Decision-Making
(vii) Resource Misallocation
(viii) Lack of Accountability
======================================================
(6)
(i) Proposal Form:
A
proposal form is a document that an individual or entity seeking
insurance fills out to provide essential information to the insurance
company. It includes details about the applicant's personal or business
situation, the type of insurance coverage desired, and other relevant
information. The proposal form serves as the basis for the insurance
company to assess the risk and determine the terms and conditions of
coverage.
(ii) Cover Note:
A cover note is a temporary
document issued by an insurance company to provide immediate coverage
while the formal insurance policy is being prepared. It serves as
evidence that the insurance coverage is in effect, typically for a short
period. The cover note includes essential details such as the insured's
name, coverage period, and a brief summary of the terms and conditions.
Once the policy is issued, it replaces the cover note.
(iii) The Policy:
The
policy is the formal contract between the insurer (insurance company)
and the insured (policyholder). It outlines the terms, conditions, and
details of the insurance coverage, including the types of risks covered,
exclusions, premium payments, and the duration of the policy. The
policy serves as a legal document that specifies the rights and
obligations of both parties and provides a comprehensive understanding
of the insurance agreement.
(iv) Insurer:
The insurer is the
insurance company or entity that provides insurance coverage. The
insurer assumes the financial risk of potential losses in exchange for
the payment of premiums by the insured. Insurers use various risk
assessment methods to determine the appropriate premiums and terms for
coverage. They are responsible for honoring claims and fulfilling the
contractual obligations outlined in the insurance policy.
(v) Insured:
The
insured is the individual, business, or entity that purchases an
insurance policy to obtain financial protection against specified risks.
The insured pays premiums to the insurer in exchange for coverage. In
the event of a covered loss, the insured can file a claim with the
insurer to receive compensation or benefits as outlined in the insurance
policy. The insured is also referred to as the policyholder.
==================================================
(7a)
A
contract is a legally binding agreement between two or more parties
that creates mutual obligations. It can be written or verbal and
involves the exchange of promises or commitments that the law recognizes
and enforces. Contracts are essential in various aspects of business
and personal transactions, providing a framework for parties to define
their rights, duties, and the terms of their relationship.
(7b)
(PICK ANY SIX)
(i)
Offer and Acceptance: There must be a clear and unequivocal offer by
one party and an unconditional acceptance of that offer by the other
party. Both parties must agree to the same terms without ambiguity.
(ii)
Intention to Create Legal Relations: The parties involved must have the
intention that their agreement will have legal consequences. Social
agreements or agreements made in a casual setting without an intention
to create legal relations may not be considered contracts.
(iii)
Consideration: Consideration refers to something of value exchanged
between the parties as part of the agreement. Each party must provide
something of value, whether it be money, goods, services, or a promise
to do or refrain from doing something.
(iv) Legal Capacity: The
parties entering into the contract must have the legal capacity to do
so. This means they must be of sound mind and, in some cases, of a
certain age. Contracts entered into by minors or individuals lacking
mental capacity may be voidable.
(v) Legality of Purpose: The
purpose of the contract must be legal. A contract with an illegal or
unlawful objective, such as committing a crime or engaging in fraudulent
activities, is not valid or enforceable.
(vi) Certainty and
Possibility of Performance: The terms of the contract must be clear and
certain. Parties should be able to understand their rights and
obligations. Additionally, the performance of the contract must be
possible and not based on speculative or uncertain events.
(vii)
Not Violative of Public Policy: The terms of the contract should not
violate public policy. Contracts that are against public interest,
morality, or established laws may be deemed unenforceable.
======================================================
(8a)
Sole
Proprietorship is a business structure in which a single individual
owns and operates the entire business. The owner, known as the sole
proprietor, is personally responsible for all aspects of the business,
including its management, finances, and any legal obligations. This form
of business is the simplest and most common, especially among small
enterprises.
(8b)
(PICK ANY THREE)
(i) Personal Savings
(ii) Personal Loans
(iii) Family and Friends
(iv) Grants
(v) Retained earnings
(8c)
(PICK ANY THREE)
(i)
Limited Capital and Credit: Sole proprietors may face challenges in
raising significant capital compared to larger business structures.
Additionally, obtaining credit may be more difficult without a formal
business structure.
(ii) Unlimited Liability: The owner has
unlimited personal liability for business debts and obligations. If the
business faces financial difficulties, the proprietor's personal assets
may be at risk to cover business liabilities.
(iii) Expertise and
Management Resources: A sole proprietor may lack the expertise and
diverse skills needed to handle all aspects of the business effectively.
Limited management resources can impact decision-making and overall
business performance.
(iv) Limited Growth Potential: Sole
proprietorships may have limited growth potential due to constraints on
capital, resources, and the owner's ability to manage increasing
complexities as the business expands.
(v) Dependency on the
Owner: The success of a sole proprietorship is often closely tied to the
owner's skills, health, and availability. If the owner is incapacitated
or unable to manage the business, it can lead to operational
challenges.
(vi) Difficulty in Employee Recruitment: Smaller
businesses may face challenges attracting skilled employees, as they may
offer fewer benefits and opportunities for career advancement compared
to larger organizations.
(vii) Limited Continuity: The business's
continuity may be jeopardized if the owner decides to retire, sell the
business, or face unforeseen circumstances. Unlike some other business
structures, a sole proprietorship lacks continuity beyond the life of
the owner.
(viii) Limited Access to Resources: Sole proprietors
may have limited access to resources such as economies of scale,
research and development capabilities, and specialized personnel that
larger organizations can leverage.
=====================================================
(10a)
An
unfavorable balance of payments, also known as a trade deficit, occurs
when a country's imports exceed its exports during a specific period. In
other words, it indicates that the country is spending more on foreign
goods, services, and investments than it is earning from its own exports
and foreign investments. The balance of payments includes the trade
balance (exports minus imports), the balance on services, and the
balance on financial transfers.
(10b)
(PICK ANY SIX)
(i)
Currency Devaluation: Devaluing the national currency can make exports
more competitive and imports more expensive. This can stimulate
export-led growth, reduce imports, and ultimately help correct a trade
deficit.
(ii) Export Promotion: Governments can implement
policies to promote exports, such as offering subsidies to exporters,
providing export credits, and facilitating trade agreements. These
measures can help increase the volume of exports and improve the trade
balance.
(iii) Substitution: Encouraging domestic production of
goods that were previously imported can help reduce dependence on
foreign products. This strategy aims to substitute imports with
domestically produced goods, improving the trade balance.
(iv)
Tariffs and Import Restrictions: Imposing tariffs or quotas on certain
imports can make foreign goods more expensive and less competitive,
leading to a decrease in imports. However, this approach should be used
judiciously to avoid trade conflicts.
(v) Improving Productivity:
Enhancing domestic productivity can make goods and services more
competitive in international markets. Increased efficiency can lead to
cost reductions, making exports more attractive to foreign buyers.
(vi)
Fiscal and Monetary Policies: Governments can use fiscal and monetary
policies to influence the balance of payments. For example, tightening
monetary policy may help control inflation and reduce imports. Fiscal
policies, such as controlling government spending, can also impact the
overall economic environment.
(vii) Encouraging Foreign Direct
Investment: Attracting foreign direct investment can bring in capital
and technology, create jobs, and contribute to economic growth. FDI can
help improve the overall balance of payments by providing a source of
foreign exchange.
(viii) Enhancing Education and Skills:
Investing in education and skills development can enhance the quality of
the labor force. A skilled workforce is more likely to contribute to
productivity gains, innovation, and the development of industries that
can compete globally.
(ix) Strengthening Infrastructure:
Improving infrastructure, such as transportation, communication, and
energy facilities, can reduce production costs and enhance the
competitiveness of domestic industries in the international market.
(x)
Negotiating Trade Agreements: Engaging in trade negotiations and
forming favorable trade agreements can open up new markets for exports
and reduce trade barriers. Bilateral and multilateral agreements can
help create a more conducive environment for international trade.
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