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Neco 2016 Commerce Objective and theory Answers – june/July Expo

Neco 2016 Commerce Objective and theory Answers – june/July Expo

VERIFIED NECO 2016 COMMERCE OBJECTIVE AND ESSAY QUESTIONS AND ANSWERS

Tuesday 14th June.
Paper III & II: Objective & Essay – Commerce 10:00am – 12:40pm

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Commerce-obj:
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1a)
span of control is the number of subordinates for whom a manager is directly responsible.

1b)
i)Diversity
ii)Dispersion
iii)Complex
iv)volume
i)Diversity: Diversity is all about dissimilarity of the work being supervised. There must be more effect and attention, a manager must devote to planning, organizing leading and controlling.
ii)Dispersion: The more widely separated
(geographically) the activities being
supervised; the more difficult it to plan, organize, lead and control them.
iii)Complex: The complexity of work being performed will determine the frequency with which new kind of problems arise and the difficulty of handling them. It is more difficult to plan, organize, lead and control complex work because of the breadth of knowledge and information require to do an effective job.
iv)Volume: The volume of work being performed by those being supervised will influence the manager’s ability to plan, organize, lead and control, the workers.

2a)
i) both international trade and internal trade
improve the standard of living
ii ) they both create employment opportunity
iii ) they both use insurance provison
iv) they both uses warehouses
v ) they both uses currency

2b)
TABULATE
INTERNATIONAL TRADE
i) government policy is restricted
ii ) trade bamer exised
iii ) foreign exchange is used as the term of
payment
iv) there is big problem of language difference
v ) there is difficultyin the balance of payment
trade
TABLULATE
INTERNAL TRADE
i) it is free from government policy
ii ) no trade bamer exist
iii ) local currency is the term of payment
iv) there is a little problem of language
difference
v ) there is no problem of balance of payment
trade

4a) the ability of a customer to obtain goods or
services before payment, based on the trust
that payment will be made in the future.

4b)
(i) Credit instruments replace
metallic money to some extent. This
means a great economy.
Expenditure is avoided on precious
metals for monetary purposes.
Also, there is no loss arising from
wear and tear of coins.
(ii) Trade and industry are
financed mostly by the aid of
credit. No industrial or commercial
progress would be possible if the
business were to be conducted
strictly on a cash basis. In the
absence of credit, trade would be
on a very restricted scale.
(iii) Credit makes capital more
productive. It is through credit that
capital is transferred from persons
who cannot use it themselves to
persons who are in a position to do
so. Without credit facilities, a good
deal of capital would have
remained unused.
(iv) Credit enables banks to lend far
beyond their cash reserves. Thus
they are able to make profits for
themselves besides helping trade
and industry. The banks can in this
way ‘create money’.

7a
(i)they have the right to choose between alternatives
(ii)consumers have the right to good things of life
(iii)they have the right to safety
(iv)the consumers also have the right to be heard
(v)they have right to be informed

(7b)
(i)formation of consumer associations to test whether items are of good quality or not and to make recommedations
(ii)price control measures should be put in place to curb any arbitrary price increases.
(iii)Formation of standard board or quality of every item before allowing its introduction to the market
(iv)there should be an efficient hire purchase act to prevent repossession after 2/3 payment of the purchasing price.
(v)Advertising organisation/board should be setup to censor all adverts before shown on the screens.

(8)
-pricing
-transportation
-storage
-exchange
-financing
(i)pricing:marketing,assisting in fixing price at a level reasonable enogh to give profit to the company.
(ii)transportation:this covers involvement of goods from where they are produced to the point where they are required.
(iii)storage:this make it possible for goods to be produced ahead of demand so that they can be available when needed
(iv)exchange:this cover the purchase of raw materials and goods from so may sources and transfer of ownership of such .
(v)financing:this cover the provision of funds throughtout the period of production to the point of selling through loans and credit facilities 

Posted by on June 13, 2016.

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