2024 NECO Commerce Questions and Answers Expoz

2024 NECO Commerce Questions and Answers verified expoz

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2024 NECO Commerce Questions and Answers Expoz

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2024 NECO Commerce Theory (Essay) Answers

COMMERCE-OBJ
1-10: BBDCBEACCC
11-20: DBEEEEBBCB
21-30: EAAAEBDBDB
31-40: DCCAACCABB
41-50: CADDBADDBC
51-60: ACBDBAEBBB
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COMMERCE-ESSAY ANSWERS
(1a)
Commerce refers to the exchange of goods, services, and ideas between businesses, organizations, and individuals, often involving the buying and selling of products, as well as the provision of services.

(1b)
(i) Buying and Selling: Commerce facilitates the exchange of goods and services between producers and consumers, enabling businesses to purchase raw materials, goods, and services, and sell their products to customers.

(ii) Transportation and Storage: Commerce involves the movement of goods from one place to another, ensuring that products reach their intended destinations. Storage facilities also play a crucial role in holding goods until they are needed.

(iii) Finance and Banking: Commerce relies on financial systems, including banks, to facilitate transactions, provide credit, and manage risk. This function enables businesses to access capital, manage cash flow, and invest in growth.

(iv) Marketing and Advertising: Commerce involves promoting products and services to potential customers, creating awareness, and stimulating demand. Effective marketing and advertising help businesses reach their target audience and drive sales.
(2a)
International Trade refers to the exchange of goods and services between different countries, involving the import and export of products across international borders.

(2b)
=MAIN DIVISIONS OF HOME TRADE=
(i) Wholesale Trade: Involves the sale of goods in large quantities to retailers or other intermediaries.
(ii) Retail Trade: Involves the sale of goods directly to consumers in small quantities.

=DIVISIONS OF FOREIGN TRADE=
(i) Import Trade: Involves the purchase of goods from foreign countries for sale in the domestic market.
(ii) Export Trade: Involves the sale of domestically produced goods to foreign countries.

(2c)
(i) Geographic Area: Home trade operates within a country’s borders, while foreign trade involves international transactions.

(ii) Currency: Home trade uses the local currency, while foreign trade involves exchanging currencies.

(iii) Language and Culture: Home trade involves a common language and culture, while foreign trade requires understanding different languages and cultural nuances.

(iv) Regulations: Home trade is subject to domestic laws and regulations, while foreign trade must comply with international laws, tariffs, and trade agreements.

(v) Transportation: Home trade typically involves shorter transportation distances, while foreign trade requires longer distances and more complex logistics.

(vi) Risk: Foreign trade involves higher risks due to factors like political instability, exchange rate fluctuations, and trade restrictions.

(3)
(i) Market Demand: Understanding the demand for your product or service is crucial. Identify your target audience, their needs, and preferences. Ensure there’s a sufficient market for your offering.

(ii) Financial Resources: Starting a small business requires capital. Determine your startup costs, funding options, and revenue projections. Consider your financial situation, funding sources, and cash flow management.

(iii) Business Structure: Decide on a business structure (sole proprietorship, partnership, LLC, corporation) that suits your needs. Consider factors like liability, taxation, ownership, and control.

(iv) Marketing Strategy: Develop a marketing plan to reach your target audience. Consider factors like branding, advertising, sales tactics, and customer service. Identify your unique selling proposition (USP) and competitive advantage.

(v) Operational Planning: Plan your business operations, including production, logistics, supply chain management, and human resources. Consider factors like location, equipment, staffing, and workflow efficiency.

(4a)
An entrepreneur is an individual who creates, organizes, and manages a business or enterprise, often with the goal of earning a profit. They are typically characterized by their willingness to take risks, innovate, and adapt to changing circumstances.

(4b)
(i) Risk-Taking: Entrepreneurs assume financial, operational, and reputational risks to start and grow their businesses. They invest their time, money, and resources, often with uncertain outcomes.

(ii) Innovation: Entrepreneurs develop new products, services, or processes to meet customer needs or improve existing offerings. They innovate to differentiate themselves from competitors and stay ahead in the market.

(iii) Resource Allocation: Entrepreneurs manage resources (human, financial, material) efficiently to achieve business objectives. They allocate resources to optimize production, marketing, and other business activities.

(iv) Leadership and Management: Entrepreneurs lead and manage their teams, making strategic decisions, setting goals, and motivating employees to achieve business success. They foster a positive company culture, build relationships with stakeholders, and adapt to changing circumstances.

(5)
(i) Capital: The total amount of money invested in a business to start or expand its operations. It can come from various sources, such as shareholders, loans, or retained earnings.

(ii) Profit: The financial gain or surplus earned by a business after deducting total expenses from total revenue. It’s the reward for entrepreneurship and risk-taking.

(iii) Authorised Capital (Nominal Capital): The maximum amount of capital a company is allowed to raise, as specified in its Memorandum of Association. It’s the upper limit of capital a company can issue.

(iv) Issued Capital: The portion of authorised capital that a company has actually issued to shareholders in exchange for cash or other considerations. It represents the amount of capital raised from shareholders.

(v) Called-up Capital: The portion of issued capital that a company has actually received from shareholders. It’s the amount of capital paid by shareholders, which can be less than the issued capital if not all shares are fully paid up.
(7a)
Business environment refers to the internal and external factors that affect a company’s operations, decisions, and performance. It encompasses various elements that influence the business, including economic, social, political, technological, and natural factors.

(7b)
(i) Economic Environment: Refers to the economic conditions and trends that impact business, such as inflation, interest rates, unemployment, and GDP growth. This environment affects demand, supply, and pricing.

(ii) Social Environment: Encompasses demographic, cultural, and social factors that influence consumer behavior and preferences. This includes population growth, age distribution, lifestyle changes, and social values.

(iii) Political Environment: Comprises government policies, laws, regulations, and political stability that affect business operations. This includes taxation, trade policies, labor laws, and environmental regulations.

(iv) Technological Environment: Refers to the current state and future developments in technology that impact business, such as advancements in IT, automation, and innovation. This environment influences product development, process efficiency, and competitive advantage.
(8a)
A Certificate of Incorporation is a legal document issued by a government agency, typically the Registrar of Companies, to confirm the registration and existence of a company. It serves as proof that the company has been duly incorporated and is authorized to operate.

(8b)
(i) Separate Legal Entity: Both public and private limited companies have a separate legal identity from their shareholders.
(ii) Limited Liability: Shareholders’ liability is limited to the amount of their share capital.
(iii) Perpetual Succession: Both types of companies have perpetual succession, meaning they can continue to exist even if shareholders change.
(iv) Ability to Sue and be Sued: Both public and private limited companies can sue and be sued in their own name.

(8c)
(i) Separate Legal Entity: A limited company has its own distinct legal identity.
(ii) Limited Liability: Shareholders’ personal assets are protected in case of business debts or liabilities.
(iii) Perpetual Succession: The company can continue to exist even if shareholders change.
(iv) Ability to Sue and be Sued: The company can take legal action and be held liable.
(v) Transferability of Shares: Shares can be easily transferred, allowing for changes in ownership.
(vi) Capacity to Enter Contracts: The company can enter contracts and agreements in its own name.

(9)
(i) Marketing: The process of identifying and satisfying customer needs, wants, and preferences through creating, communicating, and delivering value to customers. It involves understanding target audiences, developing marketing strategies, and building brand awareness.

(ii) Price: The amount of money charged for a product or service. Pricing decisions consider factors like production costs, competition, demand, and target audience willingness to pay. Effective pricing balances revenue goals with customer affordability and perceived value.

(iii) Promotion: The communication and persuasion efforts used to inform, persuade, and influence target audiences about a product, service, or brand. Promotion includes advertising, sales promotions, public relations, personal selling, and digital marketing.

(iv) Product: A tangible or intangible offering that meets customer needs, wants, or preferences. Products can be goods, services, experiences, or ideas. Effective product development considers factors like quality, features, design, and branding.

(v) Transportation: The movement of goods, products, or supplies from one place to another. In a business context, transportation involves managing logistics, supply chains, and distribution channels to ensure timely, efficient, and cost-effective delivery of products to customers.

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2024 NECO Commerce Objective Answers