2021 NECO GCE Commerce (Essay & OBJ) Answers [7th December]

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NECO NOV/DEC 2021 FREE COMMERCE (COMMERCE) QUESTION AND ANSWER ROOM

Tuesday 7th December, 2021
Commerce Paper III & II (Objective & Essay) 2.00pm – 4.40pm

NECO GCE COMMERCE (ESSAY) ANSWERS 2021:

(2a)
Speculation refers to the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain.

(2b)
(i) It is an avenue for companies to raise more capital.

(ii) It assists and compliments the efforts of the stock exchange market by buying/ selling the shares of companies which cannot be traded on the stock exchange market.

(iii) It ensures the survival and development of companies without fear of liquidation in the short run.

(iv) It provides financial advice to companies in areas of profitable investments.

(v) It helps companies to save advertising cost when shares are floated.

(vi) They provide expert advice on matters relating to finance, thereby enabling companies to know where to invest and when to do so.

(vii) It aim is to serve small and medium sized companies, some of which have good prospects for growth.

(viii) It enables the investing public to make long term investments. And it ensures survival and development of companies.

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(4)
(i) To ensure maximum satisfaction: Consumers are protected so as to get a maximum satisfaction from goods bought and value for money spent.

(ii) Right to choose should not be restricted: This will ensure that a consumer gets the type of goods and services he demanded for.

(iii) Protection against harmful and dangerous goods: They should be protected against dangerous goods or goods which may be harmful. This will ensure that goods offered for sale are safe and uncontaminated eg fake or exposed goods.

(iv) Unreasonable high price: The consumers must be protected from exploitation caused by high prices. This will ensure that fair and reasonable prices are maintained.

(v) Incorrect weights and measures: The consumers are offered protection in order to avoid the use of deceptive weight and measure in the sales of goods by the sellers.

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(6a)
Markert segmentation is the process of dividing a total market into market groups , consisting of people who have relatively similar product need

(6b)
(i) To introduce new product
(ii) To persuade customers to buy
(iii) It promote the image of the firm
(iv) it educated people on the use of a product

(6c)
(i) Ensure Safety: An employer is under a duty, at common law, to take reasonable care to ensure that his employee is not exposed to risk of injury at his work. Where, therefore, an employee suffers injury at his work as a result of the neglect or default of his employer to take reasonable care for his safety, the employer is obliged to pay damages in respect of the injury to the injured employee.

(ii) Provide Work: Generally every employer must provide his workers and employees with the number of hours as lined out in the employment contract, however, in cases where the number of hours is not determined in the contract the employer would not be legally obliged to provide work for the employee as long as the employee still receives his salary even though no work is available.

(iii) Duty of Employer to Keep Workers’ Attendance: It is the duty of an employer and not its workers to keep workers’ record of attendance. An employer has a duty to ensure that the employee is punctual to work. An employee’s unauthorized absenteeism and poor attendance can lead to disciplinary action against him or her.

(iv) To provide adequate training: It is the duty of an employer to provide new employees with specialised induction training to help them become familiar with their new work environment, procedures, equipment and materials so they can do their job safely. Induction should be much more than having a chat with your supervisor, completing a few forms and being introduced to your workmates.

(v) Pay Wages: Though the amount of remuneration is generally is a matter of the agreement between both parties the employer and the employee almost every adult worker or employee is entitled to be paid a minimum wage.

(vi) Provide adequate rest periods: Principally working times are part of the mutual agreement between employer and employee. In other words Every employer is responsible for ensuring that all employees are given adequate rest periods.

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(9)
(i) It serves as a link between the manufacturing facilities and consumer markets
(ii)Transportation helps in industrial and agricultural development
(iii) Transportation helps in bringing people closer during natural disasters
(iv) Transportation helps in cultural development
(v) Transportation helps in economic development

(i) It serves as a link between the manufacturing facilities and consumer markets: Transportation is a reality of our life and without effective and affordable transportation it becomes impossible for any kind of movement from one place to another. It helps in movement of goods and services from producers to consumers.

(ii) Transportation helps in industrial and agricultural development: Transportation has helped in the industrial as well as agricultural development of a country. It has been possible to use good fertilizers, qualitative seeds, and numerous modern equipment and techniques because they could be transported from one place to another at reasonable costs.

(iii) Transportation helps in bringing people closer during natural disasters: It helps in bringing people closer during natural calamities. Floods, drought, earthquake, and famine are natural disasters that are unpredictable by nature. It is next to impossible to make predictions about their arrival, length or severity. One can just wait for the time it loses its fury and dies a natural death.

(iv) Transportation helps in cultural development: Transportation has facilitated a better understanding between people as they are no longer divided by specific boundaries of a place. As it has become easier to maintain contact there has been an increase in the sharing of cultural ideas and promoting co-operation in the world.

(v) Transportation helps in economic development: Transportation has become a crucial element of economic growth as it can transport resources easily enabling societies to prosper and grow at a good rate. There is now better accessibility to investors for new as well as existing business entities. It is easy to see the emergence of markets, schools, colleges, and other facilities that have been a sign of increased economic growth in a place.

OR


(9a)
(i)Movement of goods and persons
(ii)Prevention of wastage of perishable goods
(iii)Widening of the firm market
(iv)Encouragement of international trade
(v)Employment opportunities

(i)Movement of goods and persons: Transport facilitates the movement of goods and persons from one place to another.

(ii)Prevention of wastage of perishable goods: A good and efficient transport system will ensure quick distribution of perishable goods to areas where they are needed, and therefore prevents wastage.

(iii)Widening of the firm market: Transportation has the ability to extend a firm market for the sales of the firm's products. It aids the movement of people and goods to the inferior, thereby widening its market.

(iv)Encouragement of international trade: The development of transport by air and sea has greatly promoted and encouraged trading activities between one country and another.

(v)Employment opportunities: All means of transportation employ lots of people, thereby enabling them to earn a living.

NECO GCE COMMERCE (OBJECTIVE) ANSWERS 2021:

1-10: ECBBBCDACC
11-20: DBBDABACAA
21-30: CECCDDBADA
31-40: ACABADDECB
41-50: CAAABEDECA
51-60: DDCBDECBCE


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