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Home
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Commerce
NECO 2005
Commerce 2005 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
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Role of Bureau de Change
Trade Associations and Economic Groups
Trade and manufacturer associations
Chambers of Commerce
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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
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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.
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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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26
The following are advantages of division of labour specialization EXCEPT that it
A.
enhances interdependence
B.
increases output
C.
increases skill and dexterity
D.
leads to monotony
E.
promotes efficient of tools
View Answer & Discuss
NECO 2005
27
Branding is the assigning of trade marks to goods for the purpose of ……….. by the public.
A.
demand
B.
identification
C.
replacement
D.
stabilization
E.
standardization
View Answer & Discuss
NECO 2005
28
Which of the following advertising media preselects its readership through the nature of its content?
A.
Billboard
B.
Hand bill
C.
Magazine
D.
Newspaper
E.
Poster
View Answer & Discuss
NECO 2005
29
In the event of winding up of a company, who among the following is paid last?
A.
Cumulative preference shareholders
B.
Debenture holders
C.
Ordinary shareholders
D.
Preference Shareholders
E.
Trade creditors
View Answer & Discuss
NECO 2005
30
Which of the following is NOT a credit instrument?
A.
Bank Notes
B.
Bill of Exchange
C.
Bill of Lading
D.
Cheques
E.
Promissory Notes
View Answer & Discuss
NECO 2005
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