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Home
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Commerce
NECO 2001
Commerce 2001 NECO Past Questions
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Introduction to Commerce
Meaning, scope, characteristics and functions of Commerce
History of Commerce
Relationship of Commerce with other areas of production
Importance of Commerce in the economy
Occupations
Meaning and Importance
Types of occupations: Industrial, commercial, direct and indirect services
Factors influencing choice of occupation
Production
Meaning and types: Primary, secondary, tertiary
Factors of production, characteristics & rewards
Division of labour and specialization
Inter-relationship between production and exchange
Business Units
Meaning and objectives of business
Forms: Sole proprietorship, Partnership, Limited liability companies, Public enterprises, Cooperative societies
Characteristics, formation, advantages and disadvantages
Business mergers
Choice of business units
Dissolution and liquidation
Business Capital and Finance
Meaning and types of capital
Working capital, profit and turnover calculations
Sources of finance
Problems of sourcing finance
Role of Bureau de Change
Trade Associations and Economic Groups
Trade and manufacturer associations
Chambers of Commerce
Employers’, Consumers’ and Manufacturers’ associations
Economic groups: ECOWAS, IMF, IBRD, UNCTAD, etc.
Trade - Home Trade
Retail trade: Types, functions, advantages and disadvantages, trends
Wholesale trade: Types, functions
Warehousing: Types, functions
Channels of distribution
Trade - Foreign Trade
Balance of trade/payment, terms of trade
Export, import and entrepôt procedures and documents
Barriers to international trade
Roles of Customs, Excise, Ports Authority
Purchase and Sale of Goods
Documents: Enquiry, quotation, invoice, bill of lading, etc.
Terms of trade: Discounts, C.O.D., C.I.F., F.O.B.
Means and terms of payment
Aids to Trade
Advertising
Banking
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Transportation
Communication
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Finance and Financial Institutions
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Credit unions and thrift societies
Stock Exchange
Marketing
Meaning, importance and functions
Marketing concept and mix
Market segmentation
Public relations, customer service
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Personal selling
Legal Aspects of Business
Simple contract
Agency, Sale of Goods Act, Hire Purchase Act
Employer/employee rights
Government regulations
Consumer protection
ICT in Commerce
Computer applications
ICT terms
E-commerce, E-banking, E-business
Business Environment and Social Responsibility
Types of environment
Safe products and pollution
Corporate social responsibility
Nationalisation, Indigenisation and Divestiture
Meaning, aims, advantages, disadvantages
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36
The term ‘caveat emptor’ means ‘let the
A.
account be settled’
B.
buyer beware’
C.
debtor be careful’
D.
manufacturer beware'
E.
seller beware'
View Answer & Discuss
NECO 2001
37
What is NOT a lecture of a co-operative society?
A.
banks easily lend money to them
B.
it is a corporate body with a right to sue and be sued
C.
members have to buy shares to form the initial capital
D.
members have equal opportunity in the control of the society
E.
there is no liability after shareholding is fully paid
View Answer & Discuss
NECO 2001
38
lf the price of a good falls and the demand for that good also fall, then that good is .......
A.
a normal good
B.
an inferior good
C.
a supper good
D.
an expensive good
E.
none
View Answer & Discuss (1)
NECO 2001
39
What is NOT a supplementary service of banks?
A.
agents for payment
B.
custody of valuables
C.
dealing in foreign exchange
D.
investments
E.
referees
View Answer & Discuss
NECO 2001
40
What is NOT an instrument of credit?
A.
bills of exchange
B.
cheque
C.
money order
D.
postal order
E.
source document
View Answer & Discuss
NECO 2001
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