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NECO Chockes: See 2016/2017 Commerce Objectives & Theory Answers Posted Here


CURRENT EXAMINATION:

NECO May/June Commerce Objectives & Theory Questions & Answers;
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COMMERCE OBJECTIVES ANSWERS:
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COMMERCE THEORY ANSWERS
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.
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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
==================================================================== 
(3a)
-Trading
-Insurance
-Banking
-Advertistment
-Transportation
-Warehousing
-Tourism
(3b)
(i) Provision of employment opportunities: It offers
jobs to a large number of unemployed like
traders,bankers,insurance brokers,tourist etc
(ii) Exchange of goods and services: It brings about
the exchange of goods and services
(iii) Linkage of buyers and sellers: It helps to bring
together the sellers and buyers through
communication without physical contact
(iv) Raising capital: It helps in the country to raise
capital for capital projects and other financial
institutions
(v) Unity among Nigerians: It fosters unity among
the Nigerians and other Nations as they engage in
trading activities
(vi) Creation of wealth for Nigerians: Commerce
helps to create wealth for Nigerians and other
Nations as duties are charged on goods and
services either exported or imported

===================================================================
(4a)
Credit as the transfer of goods and services from a
seller to a buyer without any value being given
immediately in return
(4b)
(i) It is a solution to necessity: Credit gives solution
to necessity where there is no cash to solve such
necessary needs
(ii) Higher standard of living: A credit customer can
enjoy a higher standard of living because imported
items can be purchased on credit
(iii) Better services: A credit customer stands
chance of being served better because if any item
bought on credit turn to be unsatisfactory there is
ease of placement
(iv) Convenience: Credit makes it convenient for the
buyer to have immediate possession of goods and
services he needs even through he does not pay
once
(v) Credit worthiness: A credit customer who
settled his bills as and when due builds a good
reputation of credit worthiness for himself

===================================================================== 
(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 recommendations
(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)
i)Delivery of standard of living of Nigerians: A society is a mixture of diverse people with diverse tastes and preferences. Modern marketing always aims for customer satisfaction. So, main liability of marketing is to produce goods and services for the society according to their needs and tastes at reasonable price.

ii)Decrease in distribution cost:
marketing controls the cost of distribution. Through effective
marketing the companies can reduce
their distribution costs to a great extent.

iii)Increasing employment opportunities: Marketing comprises of advertising, sales, distribution, branding and many more activities. Also successful operation marketing activities requires the services of different enterprises and organisation such as wholesalers,
retailers, transportation, storage,
finance, insurance and advertising.

iv)Protection against business slump:
Business slump cause unemployment,
slackness in the success of business
and great loss to economy. Marketing
helps in protecting society against all
these problems.

v)Increase in national income:
Successful operation of marketing
activities creates, maintains and
increases the demand for goods and
services in society. To meet this increased demand the companies need to increase the level of production in turn raising their income.

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