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NECO Commerce 2020 Objective and Theory Updates

Filed in Exam, NECO News by on February 6, 2020

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NECO Commerce 2020 Objective and Theory Updates.

NECO Commerce 2020 QuestionsCommerce NECO Expo Questions is out now on our website. In this article, I will be showing you past NECO Commerce random repeated questions for free. You will also understand how NECO Commerce are set and many more examination details. All you need to do is to stay focus and follow this guide.


NECO Commerce 2020 Questions

The National Examinations Council (also known as NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education. NECO was created by former Head of State Abdulsalami Abubakar in April 1999. It was the first Federal organization to offer subsidized registration to academic candidates in Nigeria.

To make this topic easier for you to understand, I will be working on three sections which are;

  1. NECO 2019 Commerce Objective Questions
  2. 2019 Neco Commerce Theory Questions And Answers.
  3. Instructions To Pass Neco 2019 Examination.

NECO Commerce OBJ Questions.

As usual, you will be given questions and options A to E to choose from. Normally, the number of objective questions (OBJ) you are to answer in NECO 2018 Commerce is 50.

The Following Are Sample NECO Objective Questions. They are likely Commerce questions for Neco 2018.

1. Income distribution, nature of natural resources, investment etc. forms part of —–business environment.
  • A. cultural
  • B. economic
  • C. political
  • D. social
  • E. technological
2. The fee for sending a telegram depends on the
  • A. number of lines contained by the message
  • B. number of words contained in the message
  • C. the security of the message
  • D. time it would take the message to reach its destination
  • E. urgency of the message
3. The combination of product, price,
  • A. consumer orientation
  • B. marketing concept
  • C. marketing mix
  • D. marker research
  • E. product mix

4. Use the following information to answer question

Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
Kolawole’s average stock is?

  • A. N9,000.00
  • B. N10, 000.00
  • C. N279,000.00
  • D. N280,000.00
  • E. N290,000.00
5. When the supplier changes a retailer for not returning empty packages, the supplier sends him a/an
  • A. advice note
  • B. consignment note
  • C. credit note
  • D. debit note
  • E. statement
6. Which of the following is NOT a function of Commerce?
  • A. Assisting Companies in raise capital
  • B. Assisting in transporting men and materials to production points
  • C. Extracting goods for further production and processing
  • D. Storing goods until they are needed
  • E. Offering employment opportunities to a large number of people
7. In which order are the following documents used?

I. Enquiry
II. Delivery note
III. Order
IV. Invoice
V. Quotation

  • A. I, II, III, IV and V
  • B. I, V, III, IV and II
  • C. II, I, IV, III and V
  • D. III, II, V, I and IV
  • E. V, IV, I, III and II
8. The price of an item is N 300 with a trade discount of 20%, What is the selling price?
  • A. N180
  • B. N240
  • C. N300
  • D. N360
  • E. no option
9. A hire purchase transaction becomes a sale when the hirer
  • A. pays full cost of the goods
  • B. agrees with the hire purchase terms
  • C. takes possession of the goods
  • D. pays part of the instalments
10. An electronic system of communication which serves as the international information bank is called
  • A. an e-mail
  • B. a satellite
  • C. a telex
  • D. the Internet
11. Shares, stocks, government bonds trade in the stock exchange marks: are known as
  • A. debentures
  • B. gut-edged stocks
  • C. merchandises
  • D. securities
  • E. treasure bills
12. The practice of selling some goods below market price to attract more customers is known as
  • A. hoarding
  • B. loss leader
  • C. market sharing
  • D. profiteering
  • E. speculating
13. Shares that are fully paid can be converted into bulks known as
  • A. bonds
  • B. capital reserves
  • C. debentures
  • D. guilt-edged securities
  • E. stocks
14. Telecommunication services are provided by
  • A. Bureau De Change
  • B. Courier Services
  • C. Date Post
  • D. NIPOST
  • E. NITEL
15. Use the following information to answer question

Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
Cost of goods sold is

  • A. N180,000.00
  • B. N227,000.00
  • C. N279,000.00
  • D. N290,000.00
  • E. N301,000.00
16. The process of passing information from one person to another in an organization is known as
  • A. communication
  • B. co-ordination
  • C. delegation
  • D. direction
  • E. Motivation
17. A financial document stating the reasons for making a payment and details of the payment is
  • A. bank draft
  • B. cash book
  • C. cheque
  • D. payslip
  • E. voucher
18.Another name for a foreign order is
  • A. catalogue
  • B. export
  • C. import
  • D. indent
  • E. quotation
19. Public debt management is one of the functions of a —– bank
  • A. central
  • B. commercial
  • C. development
  • D. industrial
  • E. merchant
20. Which of the following regards the consumer as king?
  • A. consumer behavior
  • B. marketing concept
  • C. market mix
  • D. pricing policy
  • E. product mix
21. The most suitable mode of transporting very bulky goods from Lagos to Kaduna is the
  • A. aero plane
  • B. caravan
  • C. lorry
  • D. ship
  • E. train
22. Adeleke places his vehicle for sale at N150,000,00 Ibrahim had agreed to pay the amount. In this Trans: Adeleke is the
  • A. agent
  • B. auctioneer
  • C. broker
  • D. offeree
  • E. offeror
23. The following are methods of quoting prices EXCEPT
  • A. A.C.I.F
  • B. F.A.S
  • C. F.O.B
  • D. L.O.C.O
  • E. E.O.E
24. The amount receivable by shareholders after the declaration of profit is called
  • A. bonus
  • B. commission
  • C. dividend
  • D. interest
  • E. premium
25. Which of the following is an invisible item of trade?
  • A. Banking Service
  • B. Petroleum Product
  • C. Processed Rice
  • D. Processed Milk
  • E. Processed Yam Flour.

NECO Commerce Theory Questions.

PAPER II [Essay]
Answer any  questions.
Write your answers on the answer booklet provided.

1. (a) With the aid of a diagram illustrate the branches of production.
(b) List and explain the three types of production. Give one example each.

2. (a) Differentiate between a contract of indemnity and a contract of non-indemnity.
(b) State five ways in which insurance is important to a business.

3. (a) Differentiate between balance of Trade and Balance of payment.
(b) Explain five functions of the Export Promotion Council.

4. Explain the following documents, stating the drawer, two contents and one use of each.
(i) Letter of enquiry
(ii) proforma invoices
(iii) quotation
(iv) debit note.

5. a) State five features of a co-operative society.
(b) Explain five disadvantages of a co-operative society.

6. (a) What is public relation?
(b) List and explain six methods of public relation.

7. (a) Explain the term clearing of cheques.
(b) Explain eight functions of a Commercial bank.

8. (a) State five duties of an agent to his principal.
(b) State five duties of a principal to his agent.

Most Recent Commerce Expo Questions.

1-10:CDBCCCAACE
11-20 BAAEBADDAC
21-30 DCBCBBEDCC
31-40 BADBBDEEDE
41-50 ABDBBEACEE
51-60 BDCABADABA

OBJ & Essay – Commerce.

Commerce OBJ and Theory

Commerce-Ans
1i)
credit sales-is a Purchases made by a consumerthat do not require a paymentmade in full at the time of purchase.
1ii)
hire purchase- is a systemby which a buyerpays for a thing in regular installments while enjoying the use of it.
1iii)
-Loan refers to long term debt given by the bank to the borrower
-overdraft refers to short term facility given by the bank to the account holder to withdraw money from his or her account up to certain limit fixed by the bank.
1iv)
mortgage- is legal agreementthat conveys the conditional rightof ownershipon an assetor propertyby its owner (the mortgagor) to a lender(the mortgagee) as securityfor a loan.
1v)

Rental-is an item that is leased out for a specific amountof time and is governed by either a verbal or written agreement.

2a)
Usury law are regulations governing the amount of interest that can be charged on a loan.
2bi)
Identify a Public Concern- correctly identify an issue that concerns the public. For example, credit card fraud affects both businesses and credit card holders. The objective is reducing the extent of credit card fraud by teaching consumers how to protect themselves.
2bii)
Identify an Audience- they can reach the audience through mail from the credit card company, credit card websites or at points of sale in stores.
2biii)
Knowledge Transfer- their aim is to present knowledge to the general public or to the specific group affected by the issue.
2biv)
Teach the Consumer Role- teaching the public about consumers’ and businesses’ roles in society. Consumers can then appreciate their roles in supply and demand.
2bv)
Skills Training- to implement consumer knowledge. For example, after learning about a particular issue, the public should be able to write an effective letter of complaint, referencing the appropriate consumer laws and authorities.
2ci)
Standards library- The Organisation shall assemble, maintain and extend a collection of books and publications and such other matter as it considers appropriate for a standards library of the highest standing.
2cii)
Power to charge for services- For all comparisons, tests or investigations performed by the Organisation under this Act, except those performed for the Government of the Federation or a State, or such other public bodies or institutions as may be approved by the Council.
2ciii)

Qualification and experience of Director-General- Any person who may be appointed as the Director-General shall have such qualifications and experience as are appropriate for a person required to perform the functions conferred on the Director-General by or under this Act.

3)
i)opportunity cost
ii)public transportation
iii)Environmentally Responsible
iv)traffic congestion
v)transit and commuter service
3i)
opportunity cost- In the case of cars, we
often sacrifice time, money for auto-
related expenses, and safety in order to
have the convenience and privacy to customers driving to and from work.
3ii)
public transportation- It helps the customers transport service which is available for use by the general public, as distinct from modes such as taxicab, carpooling, hired buses, and transportation network companies.
3iii)
Environmentally Responsible- to have a positive influence on the environment by inviting customers to utilize shared or public transportation or walk or bike to work– and for this reason ease traffic jam and decrease vehicle-based emissions.
3iv)
traffic congestion- to reducing the use of customer single-occupancy vehicles in the City, while increasing the use of transit and alternative modes of transportation.”
3v)

transit and commuter service- they offer the Customers idea on how they can create neighborhoods that rely less on single-occupancy vehicle use and more on transit, biking and walking. In the Seattle area, another transit incentive program is taking place.

8)
i)Sampling
ii)Free Trial
iii)Free Gifts
iv)Contests
v)Special Pricing
8i)
Sampling- Providing free samples is a technique used to introduce new products to the marketplace. Samples give the consumer a chance to see how well they like a product or try something they otherwise would not normally buy
8ii)
Free Trial-
a free trial is a way for a consumer to try a new product while eliminating risk. It may be used when a product is unique to the marketplace, which can make consumers leery of trying it out.
8iii)
Free Gifts-
Free gifts entice consumers to make a purchase by including a bonus along with the product. The gift may be included in the outer part of the product packaging to serve as a visual attraction.
8iv)
Contests-
Contests offer the customer a chance to win prizes like cash or store merchandise. For example, an electronics retailer could hold a karaoke contest at its store, while using local celebrities as judges.
8v)
Special Pricing-

Special pricing is used to offer consumers a lower price for a period of time or to purchase in multiple quantities.

9i)
Allonge- is a slip of paper affixed to a negotiable instrument, as a bill of exchange, for the purpose of receiving additional endorsementsfor which there may not be sufficient space on the bill itself.
9ii)
Dishonoured Bill- Is a chequeor similar financial instrumentwhose paymenthas been refused.
9iii)
Endorsement- Is a acceptance or time draft, that assures the counterparty that the bank will stand behind the obligations of the creator of the instrument.
9iv)
Noting- is a negotiable promissory noteissued by a bank and payable to the bearer on demand.
9v)
Protest- Is When a bank receives instructions from another bank not to protest items in the event that a negotiable instrument is not paid or accepted.

Success Instructions for NECO.

  1. Do not open your question paper until you are told to do so
  2. USE HB pencil throughout in the OBJ Section
  3. You are free to use Biro in the theory part
  4. You are allowed to use calculator to solve
  5. Make sure that you fill your name, Subject, paper, write WASSCE, paper code and other examination details where necessary.
  6. Ensure that the texts in your question papers are boldly printed
  7. Behave yourself.
  8. Don’t let invigilators catch you using expo.

Related Searches.

DISCLAIMER! These are not real NECO Commerce questions but likely repeated questions over the years to help candidate understand the nature of their examinations. Ensure to take note of every questions provided on this page.

If you need us to help you with more updated information at the right time about NECO Commerce Answers kindly provide us with your  Email Address in the comment box below.

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