Neco GCE Commerce 2023 Questions and Answers

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Neco Gce Commerce 2023 Questions And Answers

The National Examination Council (Neco) Has Scheduled The Neco Gce Commerce 2022 Paper To Kick Of On The 4th December, 2023.

Neco gce commerce 2023 paper is categorized in to 2 parts:

  1. Neco gce commerce essay 2023
  2. Neco gce commerce objective 2023

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Past Neco gce commerce answers 2022

(1)
(PICK ANY FIVE)

(i) Banking
(ii)Transportation
(iii) Advertising
(iv) Communication
(v) Insurance
(vi) warehousing

(i)Banking: This makes trading possible by making funds available. The banks are financial institutions which make funds available to assist people in their daily purchases and capital for embarking on industrial activities They make funds available in the form of loans and overdrafts. Banks also accept savings from the people. Examples of banks are commercial, merchant and mortgage banks.

(ii)Transportation: Transportation provides the means of carrying raw materials, finished goods and people from one place to another either by road, sea, rail, pipe or air. Improved means of transportation have brought about a speedy or faster diffusion of ideas and expansion of the industrial areas.

(iii) Advertising: Advertising is the process of creating awareness in the minds of the public about the existence of a product. Advertising may be used to stimulate demand so as to increase sales. It ensures that customers are aware of the existence and availability of a particular product and they are persuaded to buy it.

(iv)Communication: This is the means of sending and receiving information from one place to another. Suppliers and customers can be easily linked together through communication services, e.g. telephone, telex and internet/e-mail. The development of tele- communication systems has also eased and hastened contacts between people within commercial centres and all over the world.

(v)Insurance: Insurance is a security made against loss. It is the protection against loss or liabilities suffered in the day-to-day business operation. In return for premiums, individuals and corporate organisations are compensated for losses arising from fire, flood, accident, etc. Insurance is an essential element in local and international trade.

(vi) Warehousing: warehousing is a process which ensures that goods produced are stored until they are needed. Warehousing as an important aspect of commerce is aimed at seeing that there is a regular and steady supply of goods. It ensures that there is no fluctuation in the price of goods. Warehouses can be ordinary bonded , public etc

(2a)
Occupation can be defined as any economic or productive activities which people engage in to create and procure goods and services in order to make a living. Today, people engage in various activities to earn a living and to satisfy their numerous wants.

(2b)
(i)Extractive occupation is concerned with the activities of those who engage in obtaining raw material and natural resources from the soil or sea WHILE Manufacturing occupation is concerned with the activities of those who engage in processing and turning raw materials produced in the primary industry into finished products.

(ii)Extractive occupation is concerned with making available raw materials and natural products from the land or sea WHILE Manufacturing occupation engaged in utilizing or using the raw materials to produce finished goods.

(2c)

(i)Land: Land is defined as a free gift of nature. Land does not only include land surface of the earth but all other free gifts of nature or natural resources like forest, mineral resources, rivers, oceans and atmosphere. Unlike other factors of production, the supply of land is limited. The reward for land is rent.

(ii)Labour: Labour as a factor of production is defined as all forms of human efforts put into or utilised in production. It also refers to man’s mental and physical exertions in the process of production.The reward for labour as a factor of production comes in form of wages and salaries

(iii) Capital: Capital may be defined as man-made assets used in production. In other words, capital refers to man-made wealth or goods used to produce other goods and services. It may also be defined as the stock of previous wealth invested in order to produce future wealth.

(4)

(i)Increase in standard of living
(ii) Means of meeting Temporary needs for cash
(iii) Reduction in problem of stock being Tied down
(iv) Increase in sales and profits
(v) Encouragement of bulk purchase and enjoyment of goods without payment.

EXPLANATION:

(i)Increase in standard of living: Credit sales can increase the living standard of people as buyers can buy goods they never thought they could afford to buy. e.g car.

(ii) Means of meeting Temporary needs for cash: Credit can serve as a means of meeting Temporary needs for cash because the individual can buy on credit and use the cash for other things

(iii)Reduction in problem of stock being Tied down: Credit sales will reduce the problem of holding stock for too long as the goods can be outdated or become expired

(iv) Increase in sales and profits: Credit sales can lead to increase in sales of goods. It can bring increase in profit as higher prices are charged for credit transaction.

(v) Encouragement of bulk purchase and enjoyment of goods without payment: Credit can also encourage bulk purchase. Customers can possess and enjoy goods without giving value immediately

(5a)
Debenture is a bond, acknowledging a loan, generally under the company’s seal and bearing a fixed rate of interest, usually giving security for the repayment of the loan and the payment of the interest. In order words , it is a document setting out the terms of a loan to a company , i.e a certificate of indebtedness

(5b)
In a Tabular Form

Ordinary shares:

(i) Holders recieve fluctuating rate of dividend
(ii) Dividends are paid only if profits are made
(iii) Recieve dividend after preference shareholders are paid
(iv) Ordinary shares have voting rights
(v) Ordinary shares are not redeemable

Preference shares:

(i) Holders recieve fixed rate of dividend
(ii) Dividends are paid whether or not profits are made
(iii) First to recieve dividend
(iv) Preference shares have restricted voting rights
(v) preference shares are redeemable

(5c)
(PICK ANY SIX)

(i) voluntary liquidation
(ii) Voluntary winding Up, subjects to the Court
(iii) Compulsory Winding up
(iv) By Order of the Court Without Winding up
(v) Name is Removed from the Register
(vi) Insufficient shareholders.
(vii) Failure to commence Operation on Time.

(9)
[PICK ANY FOUR]
(i) By agreement
(ii) By performance
(iii) By breach
(iv) By frustration
(v) By lapse of time
(vi) Bankruptcy

EXPLANATION
(i) By agreement:
Before any of the two parties perform their part of the contract, they may both agree to terminate it.

(ii) By performance:
When each party has performed their part of the contract, it is automatically terminated.

(iii) By breach:
A contract is terminated if one party fails to perform its part of the contract.

(iv) By frustration:
When the performance of a contract by one party is rendered impossible due to factors beyond its control or no contemplated by the two parties e.g. death, ill-health and government legislation

(iv) By lapse of time:
A contract is terminated after the period stipulated for it has ended.

(vi) Bankruptcy:
A contract can be terminated when either of the parties is declared bankrupt.

(7a)
Surrender Value’ It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity, usually a whole life policy.

(7b)
[PICK ANY SIX]
(i) It is a useful way of providing for funeral and death expenses.
(ii) It is a useful way of providing for the welfare of the assured’s dependants after his death.
(iii) The life assurance policy can be used as collateral for obtaining a bank loan.
(iv) To provide for a lump sum on retirement and a saving for the future.
(v) To provide for loan repayment in the events of death.
(vi) It provides for the repayment of capital on a partner’s death.
(vii) Endowment insurance makes provision for permanent disability.
(viii) Group assurance for employees would be paid out of the amount assured in the event of retirement or death of any of them.

(7c)
MARINE INSURANCE
(i) marine insurance has only the element of protection
(ii) Marine insurance policy is for one or period of voltage or mixed

LIFE INSURANCE
(i) Life insurance has the element of protection and investment or both
(ii) Life insurance policy usually exceeds a year and is taken for longer period ranging from 5 to 30 years or whole life

(9)
(PICK ANY FIVE)

(i) By Agreement of the parties.
(ii) By Frustration
(iii) By Breach
(iv) By Performance
(v) Death or Insanity of the party
(vi) By Lapse of Time and Bankruptcy

EXPLANATION:
*(Pick Any Five)*

(i) By Agreement of the parties: A contract can come to an end when both parties agree to release each other from contractual obligations. It can be bilateral or unilateral.

(ii) By Frustration: A contract can be discharged when the subject matter or basis of the contract has been destroyed or frustrated by an act of God e.g Flood, war etc or there has been a change in law .

(iii) By Breach: A contract can be discharged when one of the parties failed to perform his own part of the contract, e.g if he does not perform on the agreed date or he delivers inferior goods.

(iv)By Performance: The general rule is that when both parties have performed their obligations or duties, the contract can come to an end, e.g a supplier agreed to supply 1000 crates of coke. When he delivered the goods, he was paid the agreed price. It is assumed that the contract has come to an end.

(v) Insanity of the party and Illegality of objects: The insanity of one of the parties will automatically bring a contract to an end. If the subject matter is illegal e.g prostitution , the contract can be terminated.

(vi) By Lapse of time and bankruptcy : A contract can be brought to an end or terminated when the period fixed for the agreement comes to an end. Contract can be brought to an end when either of the parties is bankrupt.

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