The neco gce commerce answers 2021 for objective and essay questions can be seen here. The National Examination Council (NECO) School Certificate Examination candidates will write their Commerce paper on Tuesday 23rd November 2021.

The Neco GCE Commerce 2021 exam is for Paper III & II: Objective & Essay which will commence at 2.00 pm and end by 4.40 pm. In this post, we will be posting samples of the Neco commerce questions for candidates that will participate in the examination.

Note that below is the questions from NECO Economics past questions and answers that we feel are likely questions for SSCE preparation.

NECO GCE Commerce Answers 2021.

2021 NECO GCE COMMERCE ANSWER

COMMERCE OBJ
01-10: ECBBBCDACC
11-20: DBBDABACAA
21-30: CECCDDBADA
31-40: ACABADDECB
41-50: CAAABEDECA
51-60: DDCBDECBCE

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(2a)
Speculation refers to the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain.

(2b)
(i)It is an avenue for companies to raise more capital.

(ii)It assists and compliments the efforts of the stock exchange market by buying/ selling the shares of companies which cannot be traded on the stock exchange market.

(iii)It ensures the survival and development of companies without fear of liquidation in the short run.

(iv)It provides financial advice to companies in areas of profitable investments.

(v)It helps companies to save advertising cost when shares are floated.

(vi)They provide expert advice on matters relating to finance, thereby enabling companies to know where to invest and when to do so.

(vii)It aim is to serve small and medium sized companies, some of which have good prospects for growth.

(viii) It enables the investing public to make long term investments. And it ensures survival and development of companies.

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(4)
(i) To ensure maximum satisfaction: Consumers are protected so as to get a maximum satisfaction from goods bought and value for money spent.

(ii) Right to choose should not be restricted: This will ensure that a consumer gets the type of goods and services he demanded for.

(iii) Protection against harmful and dangerous goods: They should be protected against dangerous goods or goods which may be harmful. This will ensure that goods offered for sale are safe and uncontaminated eg fake or exposed goods.

(iv) Unreasonable high price: The consumers must be protected from exploitation caused by high prices. This will ensure that fair and reasonable prices are maintained.

(v) Incorrect weights and measures: The consumers are offered protection in order to avoid the use of deceptive weight and measure in the sales of goods by the sellers.

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(5a)
[TABULATE]

PARTNERSHIP
(i) It has no separate legal entity
(ii) It has unlimited Liability
(iii) It has a minimum of two and a maximum of twenty
(iv) Death of Partner can bring it to an end
(v) Capital is raised through members’ contribution
(vi) There is no auditing

PUBLIC COMPANY
(i) It has separate and distinct legal entity
(ii) It has limited liability
(iii) It has a minimum of seven and no maximum limit
(iv) Company enjoy perpetual existence
(v) Capital can be raised through insurance of shares to the public
(vi) Law prescribes an annual audit of company’s account

(5b)
(i) Commercial banks accepts deposit from the public for safekeeping
(ii) They are agents of payment
(iii) They lend to customers
(iv) Safekeeping of variables
(v) Insurance of bank statements
(vi) Discounting bills of exchange
(vii) Insurance of travelers’ cheque
(viii) They provide financial advice

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(9)
(i)Transportation helps in political development
(ii)Transportation helps in industrial and agricultural development
(iii)Transportation helps in bringing people closer during natural calamities
(iv)Transportation helps in cultural development
(v)Transportation helps in economic development

(i)Transportation helps in political development; it helps in political development. It enables political and economic interdependence by encouraging the division of labor and strengthening national unity and integration. It helps in maintaining peace and harmony as the deployment of troops in any nook and corner of a country is no longer difficult.

(ii)Transportation helps in industrial and agricultural development; that it has helped in the industrial as well as agricultural development of a country. It has been possible to use good fertilizers, qualitative seeds, and numerous modern equipment and techniques because they could be transported from one place to another at reasonable costs.

(iii)Transportation helps in bringing people closer during natural calamities; it helps in bringing people closer during natural calamities. Floods, drought, earthquake, and famine are natural disasters that are unpredictable by nature. It is next to impossible to make predictions about their arrival, length or severity. One can just wait for the time it loses its fury and dies a natural death.

(iv)Transportation helps in cultural development; it has facilitated a better understanding between people as they are no longer divided by specific boundaries of a place. As it has become easier to maintain contact there has been an increase in the sharing of cultural ideas and promoting co-operation in the world.

(v)Transportation helps in economic development; it has become a crucial element of economic growth as it can transport resources easily enabling societies to prosper and grow at a good rate. There is now better accessibility to investors for new as well as existing business entities. It is easy to see the emergence of markets, schools, colleges, and other facilities that have been a sign of increased economic growth in a place.

PAPER-II [Essay]
Answer any FOUR questions.
Write your answers on the answer booklet provided.

1. (a) With the aid of a diagram illustrating the branches of production.
   (b) List and explain the three types of production. Give one example each.

2. (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.

1. (a) Differentiate between the Balance of Trade and Balance of payment.
   (b) Explain five functions of the Export Promotion Council.

2. Explain the following documents, stating the drawer, two contents, and one use of each.
   (i) Letter of enquiry
   (ii) proforma invoices
   (iii) quotation
   (iv) debit note.

3. a) State five features of a cooperative society.
   (b) Explain five disadvantages of a cooperative society.

4. (a) What is public relations?
   (b) List and explain six methods of public relations.

7. (a) Explain the term clearing of cheques.
(b) Explain eight functions of a Commercial bank.

8.

NECO GCE Commerce Objective 2021.

Section A [Objectives]
Answer ALL questions.
Shade your answers on the answer booklet provided.

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

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

2. Industry, commerce, and direct services are all needed for production because
   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.

3. Which function is not performed by a retailer?
   A displaying goods
   B grading goods
   C manufacturing goods
   D supplying goods.

4. What is the main disadvantage of e-commerce to the customer?
   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.

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

6. Problems with faulty goods have led to the growth of
   A. consumer protection.
   B insurance.
   C mail order.
   D persuasive advertising.

8. What is a disadvantage of rapid and accurate communication systems?
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.

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

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

3. What is an advantage of containerization in sea transport?
   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.

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

NECO GCE Commerce 2021 Answers

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2021/2022 NECO GCE Commerce Questions: Commerce NECO GCE Expo Questions is out now on our website. In this article, I will be showing you the recent NECO GCE Commerce questions with answers.

BUT IF YOU THINK WHAT YOU’VE READ AND WHAT YOU’VE BEEN TAUGHT BY YOUR TEACHER IS ENOUGH TO TACKLE NECO GCE Commerce Paper III & II (Objective & Essay) QUESTIONS SET BY PROFESSORS, THEN GO AND RISK IT, I PRAY YOU WON’T REWRITE THESE EXAMS AGAIN. BUT KNOW THAT SUCCESS IS YOUR VICTORY”

You will also understand how NECO GCE Commerce Objective & Essay is set and many more examination details. All you need to do is to stay focused and follow this guide. Check out MATHEMATICS Answer to Question solution.

NECO GCE Commerce Answers Latest Update

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NECO GCE Commerce EXAMINATION HAS BEEN SCHEDULED TO TAKE PLACE ON

Tuesday 7th December, 2021

• Commerce Paper III & II (Objective & Essay) 2.00 pm – 4.40 pm

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Conclusion 

Please note that the answers presented in this post is a guide to the forthcoming national examination council NECO GCE exam Commerce. We have prepared it to aid the student in preparing for the practical. If you have any questions about the NECO GCE 2021 Commerce Objective & Essay questions and answers, kindly let us know in the comment box

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