Commerce (Essay & Objective)
Neco 2017 Free Expo Answers
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Monday 19th June 2017
OBJ & Essay – Commerce – 10am –
12:40pm
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COMMERCE OBJ
1-10 BDBDBDCBCB
11-20 AACBABDDAD
21-30 DCBABBCEEC
31-40 CADBBDCADA
41-50 CBDCBCEBBC
51-60 ACCEBDABAB
*COMMERCE THEORY*
1i)
credit sales-is a Purchases made by a
consumer that do not require a payment made
in full at the time of purchase.
1ii)
hire purchase- is a system by which a buyer
pays for a thing in regular installments while
enjoying the use of it.
1iii)
-Loan refers to long term debt given by the bank
to the borrower
-overdraft refers to short term facility given by
the bank to the account holder to withdraw
money from his or her account up to certain
limit fixed by the bank.
1iv)
mortgage- is legal agreement that conveys the
conditional right of ownership on an asset or
property by its owner (the mortgagor) to a
lender(the mortgagee) as security for a loan.
1v)
Rental-is an item that is leased out for a
specific amount of time and is governed by
either a verbal or written agreement.
2a)
Usury law are regulations governing the amount
of interest that can be charged on a loan.
2bi)
Identify a Public Concern- correctly identify an
issue that concerns the public. For example,
credit card fraud affects both businesses and
credit card holders. The objective is reducing
the extent of credit card fraud by teaching
consumers how to protect themselves.
2bii)
Identify an Audience- they can reach the
audience through mail from the credit card
company , credit card websites or at points of
sale in stores.
2biii)
Knowledge Transfer- their aim is to present
knowledge to the general public or to the
specific group affected by the issue.
2biv)
Teach the Consumer Role- teaching the public
about consumers’ and businesses’ roles in
society. Consumers can then appreciate their
roles in supply and demand.
2bv)
Skills Training- to implement consumer
knowledge. For example, after learning about a
particular issue, the public should be able to
write an effective letter of complaint,
referencing the appropriate consumer laws and
authorities.
2ci)
Standards library- The Organisation shall
assemble, maintain and extend a collection of
books and publications and such other matter
as it considers appropriate for a standards
library of the highest standing.
2cii)
Power to charge for services- For all
comparisons, tests or investigations performed
by the Organisation under this Act, except those
performed for the Government of the Federation
or a State, or such other public bodies or
institutions as may be approved by the Council.
2ciii)
Qualification and experience of Director-
General– Any person who may be appointed as
the Director-General shall have such
qualifications and experience as are appropriate
for a person required to perform the functions
conferred on the Director-General by or under
this Act.
3)
i) opportunity cost
ii)public transportation
iii)Environmentally Responsible
iv) traffic congestion
v)transit and commuter service
3i)
opportunity cost- In the case of cars, we
often sacrifice time, money for auto-
related expenses, and safety in order to
have the convenience and privacy to customers
driving to and from work.
3ii)
public transportation- It helps the customers
transport service which is available for use by
the general public, as distinct from modes such
as taxicab, carpooling, hired buses, and
transportation network companies.
3iii)
Environmentally Responsible- to have a positive
influence on the environment by inviting
customers to utilize shared or public
transportation or walk or bike to work– and for
this reason ease traffic jam and decrease
vehicle-based emissions.
3iv)
traffic congestion- to reducing the use of
customer single-occupancy vehicles in the City,
while increasing the use of transit and
alternative modes of transportation.”
3v)
transit and commuter service- they offer the
Customers idea on how they can create
neighborhoods that rely less on single-
occupancy vehicle use and more on transit,
biking and walking. In the Seattle area, another
transit incentive program is taking place.
8)
i)Sampling
ii)Free Trial
iii)Free Gifts
iv)Contests
v)Special Pricing
8i)
Sampling- Providing free samples is a technique
used to introduce new products to the
marketplace. Samples give the consumer a
chance to see how well they like a product or
try something they otherwise would not normally
buy
8ii)
Free Trial-
a free trial is a way for a consumer to try a new
product while eliminating risk. It may be used
when a product is unique to the marketplace,
which can make consumers leery of trying it
out.
8iii)
Free Gifts-
Free gifts entice consumers to make a purchase
by including a bonus along with the product.
The gift may be included in the outer part of the
product packaging to serve as a visual
attraction.
8iv)
Contests-
Contests offer the customer a chance to win
prizes like cash or store merchandise. For
example, an electronics retailer could hold a
karaoke contest at its store, while using local
celebrities as judges.
8v)
Special Pricing-
Special pricing is used to offer consumers a
lower price for a period of time or to purchasen
in multiple quantities.
9i)
Allonge- is a slip of paper affixed to a negotiable
instrument, as a bill of exchange, for the
purpose of receiving additional endorsements for
which there may not be sufficient space on the
bill itself.
9ii)
Dishonoured Bill- Is a cheque or similar financial
instrument whose payment has been refused.
9iii)
Endorsement- Is a acceptance or time draft,
that assures the counter party that the bank will
stand behind the obligations of the creator of
the instrument.
9iv)
Noting- is a negotiable promissory note issued
by a bank and payable to the bearer on demand.
9v)
Protest- Is When a bank receives instructions
from another bank not to protest items in the
event that a negotiable instrument is not paid or
accepted.
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