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NECO Commerce Objective & Essay 2023 Questions and Answers: A Comprehensive Guide

NECO Commerce Objective & Essay 2023 Questions and Answers: OBJ

NECO Commerce Objective & Essay 2023 Questions and Answers: A Comprehensive Guide

Introduction:

Welcome to our ultimate guide to the NECO Commerce Objective & Essay 2023 questions and answers! If you are a candidate preparing for the upcoming NECO Commerce examination, you’ve come to the right place. In this post, we’ll provide you with valuable insights and tips to excel in both the Objective (OBJ) and Essay sections of the Commerce paper. Let’s dive in!

Section I: Understanding the NECO Commerce Objective (OBJ) Examination The Objective section of the NECO Commerce paper comprises multiple-choice questions that assess your knowledge and understanding of fundamental commerce concepts. To succeed in this section, follow these strategies:

  1. Thoroughly Review Commerce Concepts: Ensure you have a solid grasp of key commerce topics such as trade, marketing, finance, business ethics, and entrepreneurship. Focus on understanding definitions, principles, and applications.
  2. Practice with Past Questions: To familiarize yourself with the exam pattern, attempt past Objective questions. This will help you identify recurring themes and the level of difficulty, enabling you to concentrate your efforts effectively.
  3. Time Management: Manage your time wisely during the exam. Quickly read through the questions and allocate time proportionally to each question based on the marks allotted.

Section II: Excelling in the NECO Commerce Essay Section The Essay section evaluates your ability to express yourself coherently and logically on various commerce topics. Follow these tips to excel in this section:

  1. Master Essay Writing Techniques: Practice writing essays using proper structure, including an introduction, main body paragraphs, and a conclusion. Organize your thoughts logically and support your arguments with relevant examples and data.
  2. Understand the Marking Scheme: Familiarize yourself with the essay marking scheme to know how your answers will be evaluated. Allocate your time based on the marks allotted to each question.
  3. Revise Key Concepts: Revisit important commerce topics and understand the underlying principles. This will enable you to provide comprehensive and accurate answers during the exam.

Section III: Key Revision Resources and Materials To enhance your preparation, consider using the following resources:

  1. NECO Commerce Syllabus: Refer to the official NECO Commerce syllabus to identify the topics you should cover during your preparation.
  2. Commerce Textbooks: Use reputable commerce textbooks that align with the NECO syllabus. These books provide in-depth explanations and examples.
  3. Online Study Platforms: Leverage online study platforms and educational websites that offer commerce-related quizzes, practice papers, and study materials.

 

Section A: NECO Commerce Objective 2023 Questions and Answers

The objective section of the NECO Commerce exam consists of multiple-choice questions. Candidates are required to shade their answers on the provided answer booklet. Here are some sample objective questions that you may encounter in the examination:

1.Question: What does the term commerce describe? Options: A. aids to trade and direct services B. direct services and industry C. industry and trade D. trade and aids to trade. Answer: C. industry and trade.

2.Question: Division of labour in a firm leads to Options: A. diseconomies of scale. B. longer working hours for the workforce. C. standardization of products. D. the workforce being multi-skilled. Answer: C. standardization of products.

3.Question: Industry, commerce, and direct services are all needed for production because Options: A. they are dependent on each other. B. they exist to create specialization. C. they provide services to each other. D. they sell goods to each other. Answer: A. they are dependent on each other.

4.Question: Industry, commerce, and direct services are all needed for production because Options: A. they are dependent on each other. B. they exist to create specialization. C. they provide services to each other. D. they sell goods to each other. Answer: A. they are dependent on each other.

5.Question: What is the main disadvantage of e-commerce to the customer? Options: A. danger of credit card fraud B. power failure during a transaction C. retailer running out of stock of the items ordered D. wrong goods supplied by the retailer. Answer: A. danger of credit card fraud.

6.Question: Many people obtain credit from their local shops. What is this called? Options: A. cash discount B. lay-by C. leasing D. overdraft. Answer: D. overdraft.

7.Question: Problems with faulty goods have led to the growth of Options: A. consumer protection. B. insurance. C. mail order. D. persuasive advertising. Answer: A. consumer protection.

8,Question: What is a disadvantage of rapid and accurate communication systems? Options: A. ability to communicate one message to multiple addresses B. employees within a company are not linked using networks C. greater speed of communication between businesses in different countries D. increased cost and complexity of methods used. Answer: D. increased cost and complexity of methods used.

9.Question: What is an advantage of telephone communication in business? Options: A. copy of documents may be transmitted B. messages can be corrected before transmission C. problems may be discussed D. visual contact is made. Answer: C. problems may be discussed.

10.Question: Which methods of transport are most likely to be used to transport oil from Australia to Singapore? Options: A. canal and sea B. pipeline and sea C. rail and pipeline D. road and air. Answer: B. pipeline and sea.

11.Question: What is an advantage of containerization in sea transport? Options: A. avoidance of customs duty B. carriage of one type of product at a time C. fast turnaround of ships at ports D. quick unpacking of goods at docks. Answer: C. fast turnaround of ships at ports.

12.Question: A washing machine manufacturer wishes to promote a newly-designed product. Which advertising medium would reach the most consumers? Options: A. cinema B. flyers C. radio D. television. Answer: D. television.

Section B: NECO Commerce Essay 2023 Questions and Answers

The essay section of the NECO Commerce exam requires candidates to answer four questions. Candidates are expected to write their answers in the answer booklet provided. Here are sample essay questions along with their answers:

1. Question: (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. Answer: (a) The diagram below illustrates the branches of production: (b) The three types of production are as follows:

1.Extractive Production: This type of production involves the extraction or harvesting of natural resources. Examples include mining, fishing, and farming.
2.Manufacturing Production: This type of production involves the transformation of raw materials into finished goods. Examples include the production of automobiles, electronics, and clothing.
3.Construction Production: This type of production involves the creation of infrastructure and buildings. Examples include the construction of roads, bridges, and houses.

2.Question: (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. Answer: (a) A contract of indemnity is a type of contract where one party agrees to compensate the other party for any loss or damage suffered. On the other hand, a contract of non-indemnity is a type of contract where one party does not agree to compensate the other party for any loss or damage suffered.(b) Insurance is important to a business in the following ways:

1.Risk Mitigation: Insurance helps businesses mitigate financial risks by providing compensation for covered losses or damages.
2. Business Continuity: Insurance ensures that businesses can continue their operations even in the face of unexpected events or disasters.
3. Legal Compliance: Many jurisdictions require businesses to have certain types of insurance coverage to comply with legal obligations.
4. Employee Well-being: Insurance coverage for employees, such as health insurance and workers’ compensation, helps ensure their well-being and provides financial support in case of injury or illness.
5. Customer Confidence: Having insurance coverage can instill confidence in customers, as it demonstrates that the business is prepared to handle unforeseen circumstances and fulfill its obligations.

Thoroughly reviewing commerce concepts is essential for excelling in the NECO Commerce Objective & Essay 2023 examination. Here are some key commerce concepts you should focus on:

  1. Trade: Understand the various types of trade, including domestic and international trade, import, export, and balance of trade. Familiarize yourself with trade barriers, trade agreements, and their impact on the economy.
  2. Marketing: Learn about the marketing mix (product, price, place, promotion) and how companies use it to reach their target audience. Understand market segmentation, consumer behavior, branding, and advertising strategies.
  3. Finance: Comprehend financial management principles, including budgeting, financial statements (income statement, balance sheet, cash flow statement), and financial ratios. Study concepts like profit and loss, working capital, and sources of finance.
  4. Business Ethics: Gain insights into ethical issues in business, such as corporate social responsibility, fair trade practices, and environmental sustainability. Understand the importance of ethical decision-making and its impact on a company’s reputation.
  5. Entrepreneurship: Study the characteristics of successful entrepreneurs and the process of starting a new business venture. Learn about risk management, business planning, and the role of innovation and creativity in entrepreneurship.
  6. Business Communication: Familiarize yourself with effective communication techniques in business settings, including verbal and non-verbal communication, written communication, and the use of technology in business communication.
  7. Business Organizations: Understand different types of business organizations, such as sole proprietorship, partnership, corporation, and cooperative societies. Know their advantages, disadvantages, and legal implications.
  8. International Business: Learn about the global business environment, international trade agreements, and multinational corporations. Understand the challenges and opportunities of conducting business on a global scale.
  9. E-commerce: Explore the world of electronic commerce, including online transactions, e-payment systems, e-marketing, and the impact of e-commerce on traditional business models.
  10. Economics: Review basic economic principles like supply and demand, price elasticity, inflation, and economic indicators. Understand how economic factors influence business decisions.

Remember to use the NECO Commerce syllabus as a guide to ensure you cover all the necessary topics. Additionally, practice solving Objective questions and writing essays on these concepts to reinforce your understanding and exam readiness. Consistent revision and active engagement with the material will boost your confidence and performance in the exam.

Conclusion:

With adequate preparation and a strategic approach, you can conquer the NECO Commerce Objective & Essay 2023 examination. Remember to focus on understanding key concepts, practice regularly, and manage your time efficiently during the exam. Best of luck on your journey to success! Remember that success is achieved through hard work and dedication. Happy studying

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