NECO Commerce Questions 2024 Objective and Theory Latest Update
– NECO Commerce Questions 2024 –
NECO Commerce Questions 2024 is out now on our website. In this article, I will be showing you past NECO Commerce random repeated questions for free.
About NECO
The establishment of the National Examinations Council (NECO) in April 1999 is a culmination of the reaction of the Federal Government.
This was too widespread escalating agitations for a national examination outfit that would respond to the Nigerian needs and demands.
As well as cope with the annually increasing number of secondary school candidates to take Senior School Certificate Examination (SSCE) nationwide.
A Series of panels had earlier been set up to address the issues before this vital decision was taken.
The Mission
To deliver examinations whose results are trusted worldwide for their credibility.
The Vision
To become a major player in the global assessment industry.
Core Value
Redefining the future of the Nigerian child through quality assessment.
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 in June/July and December/January, respectively.
NECO Commerce Questions 2024
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 Commerce is 50.
The Following Are Sample NECO Objective Questions. They are likely Commerce questions for Neco
- A. cultural
- B. economic
- C. political
- D. social
- E. technological
- A. number of lines contained by the message
- B. the 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
- 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 average stock is?
- A. N9,000.00
- B. N10, 000.00
- C. N279,000.00
- D. N280,000.00
- E. N290,000.00
- A. advice note
- B. consignment note
- C. credit note
- D. debit note
- E. statement
- A. Assisting Companies in raising 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
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
- A. N180
- B. N240
- C. N300
- D. N360
- E. no option
- A. pays the full cost of the goods
- B. agrees with the hire purchase terms
- C. takes possession of the goods
- D. pays part of the instalments
- A. an e-mail
- B. a satellite
- C. a telex
- D. the Internet
NECO Commerce Questions 2022
- A. debentures
- B. gut-edged stocks
- C. merchandises
- D. securities
- E. treasure bills
- A. hoarding
- B. loss leader
- C. market sharing
- D. profiteering
- E. speculating
- A. bonds
- B. capital reserves
- C. debentures
- D. guilt-edged securities
- E. stocks
- A. Bureau De Change
- B. Courier Services
- C. Date Post
- D. NIPOST
- E. NITEL
The 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
- A. communication
- B. co-ordination
- C. delegation
- D. direction
- E. Motivation
- A. bank draft
- B. cash book
- C. cheque
- D. payslip
- E. voucher
- A. catalogue
- B. export
- C. import
- D. indent
- E. quotation
- A. central
- B. commercial
- C. development
- D. industrial
- E. merchant
- A. consumer behaviour
- B. marketing concept
- C. market mix
- D. pricing policy
- E. product mix
- A. aeroplane
- B. caravan
- C. lorry
- D. ship
- E. train
- A. agent
- B. auctioneer
- C. broker
- D. offeree
- E. offeror
NECO Commerce Questions 2022
- A. A.C.I.F
- B. F.A.S
- C. F.O.B
- D. L.O.C.O
- E. E.O.E
- A. bonus
- B. commission
- C. dividend
- D. interest
- E. premium
- 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 illustrating 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 the 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.
NECO Commerce Questions 2024
5. a) State five features of a cooperative society.
(b) Explain five disadvantages of a cooperative society.
6. (a) What is public relations?
(b) List and explain six methods of public relations.
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-Ans
1i)
credit sales- is a Purchase made by a consumer that does not require a payment made in full at the time of purchase.
1ii)
hire purchase- is a system by which a buyer pays for a thing in regular instalments while enjoying the use of it.
1iii)
-Loan refers to long term debt given by the bank to the borrower
-overdraft refers to a short term facility given by the bank to the account holder to withdraw money from his or her account up to a certain limit fixed by the bank.
1iv)
mortgage- is a legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender(the mortgagee) as security for a loan.
1v)
Rental is an item that is leased out for a specific amount of time and is governed by either a verbal or written agreement.
2a)
Usury laws 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 cardholders.
The objective is to reduce the extent of credit card fraud by teaching consumers how to protect themselves.
2bii)
Identify an Audience- they can reach the audience through the 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.
NECO Commerce Questions 2024
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.
NECO Commerce Questions 2024
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 customer’s 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 jams 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 neighbourhoods 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.
NECO Commerce Questions 2024
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 endorsements for which there may not be sufficient space on the bill itself.
9ii)
Dishonoured Bill- Is a cheque or similar financial instrument whose payment has been refused.
9iii)
Endorsement- Is an 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 note issued by a bank and payable to the bearer on demand.
9v)
Protest- This 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 a calculator to solve
5. Make sure that you fill in 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 the expo.
DISCLAIMER! These are not real NECO Commerce Questions, but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to note every question provided on this page.
If you need us to help you with updated questions and answers at the right time about NECO Commerce Questions, kindly provide us with your phone number and email address in the comment box below.
Also, feel free to ask any questions pertaining to this guide.
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