NECO 2023 Commerce Obj And Essay Answer – July/Aug Expo
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COMMERCE OBJ
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*NECO COMMERCE ANSWERS*
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_Answer any five questions_
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(1)
(PICK ANY FIVE)
(i) Informative role: Advertising serves as a means to disseminate information to the target audience about new products, features, services, or changes in existing offerings. It educates consumers about various options available to them, such as different brands, features, pricing, and other information.
(ii) Persuasive role: Advertising is used to persuade potential customers to purchase or use a particular product or service. It can create awareness about the benefits of a product and convince them to make a purchase by highlighting the advantages over competitors.
(iii) Comparative role: Advertising can be used to compare the features of different products to enable customers to make an informed decision. This helps in better understanding of a product and its features and allows customers to choose the best suited one for their needs.
(iv) Sales Promotion role: Advertising can also be used for promotion of sales. It can be used to highlight offers and discounts related to products and services and create a sense of urgency among customers to make a purchase.
(v) Competitive role: Advertising can also be used to gain competitive advantage over other similar products or services. It can be used to differentiate a product from its competitors in terms of features, quality, price, etc.
(vi) Reminder role: Advertising can also be used to remind customers of existing products and services and encourage repeat purchases.
(viii) Image Creating role: Advertising can also be used to create an image of a product or company in the minds of the consumers. It can be used to emphasize the unique features or qualities of a product or service and create a lasting impression on customers.
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(2a)
(PICK ANY TWO)
(i) An employer has the authority to direct and control the work of the employee, including setting tasks and deadlines. *WHILE* An employee, on the other hand, follows the instructions and guidance of their employer.
(ii) Employers have the right to make decisions about staffing levels, wages and hours worked, as well as policies and procedures. *WHILE* Employees have the right to receive wages for the work they complete and protection from harassment and discrimination.
(iii) Employers are responsible for providing a safe and healthy work environment, paying taxes, complying with regulations, and compensating employees for services rendered. *WHILE* Employees are responsible for fulfilling the duties and obligations outlined in the employment contract.
(iv) Employers are liable for any harm caused to an employee while they are performing their job duties. *WHILE* Employees may be held responsible for failing to carry out tasks correctly or performing actions that violate company policy.
(v) Employers have the power to hire and fire employees, set pay rates and conditions of employment, and delegate duties and responsibilities. *WHILE* Employees typically have limited power to influence the decisions of their employer.
(2b)
(PICK ANY FOUR)
(i) Complying with Company Policies: Employees must adhere to the rules and regulations of their organization at all times, including dress codes, safety protocols, and attendance requirements.
(ii) Providing Quality Work: Employees are expected to produce high-quality work that meets or exceeds the standards of their employer.
(iii) Meeting Deadlines: Employees should make sure to meet all deadlines given by their employers.
(iv) Representing the Company: Employees should serve as ambassadors for their employer, demonstrating a professionally respectful attitude, particularly when dealing with customers.
(v) Showing Respect Towards Others: Employees should show respect to their colleagues, superiors, and customers at all times.
(vi) Protecting Confidentiality: Employees are expected to maintain an appropriate level of confidentiality regarding information related to the job.
(vii) Being Punctual: Employees should arrive to work on time and be prepared to begin their duties immediately.
(viii) Taking Responsibility: Employees should take personal responsibility for their actions and accept the consequences, whether good or bad.
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(3a)
Insurance is a contract between an individual or entity (the insured) and an insurance company (the insurer) where the insured pays regular premiums in exchange for financial protection against potential losses or damages. The insurer agrees to compensate the insured for specific losses, damages, or liabilities as outlined in the policy.
(3b)
(PICK ANY FOUR)
(i) Utmost Good Faith: Both parties to an insurance contract must act in utmost good faith towards each other or the contract may be invalidated.
(ii) Insurable Interest: The insured must demonstrate that a potential loss or damage would have financial consequences for them.
(iii) Proximate Cause: A loss or damage must be caused by the peril (risk) specified in the insurance policy in order for compensation to be paid out.
(iv) Subrogation: The insurer’s right to pursue a claim against a third party on behalf of the insured.
(v) Indemnity: The insured cannot receive more money from the insurer than the actual amount of the loss or damage.
(vi) Contribution: All those who share liability for the loss or damage must contribute their fair share to the settlement.
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(4a)
(i) Niche market: Small businesses often cater to niche markets that larger businesses might overlook or not serve as effectively. By focusing on a particular customer base, small businesses are better able to provide the specialized services and products that their customers desire.
(ii) Customer service: Small businesses often prioritize in providing personalized services to their customers. By taking the time to understand each customer’s unique needs, small businesses are able to provide a higher quality of customer service.
(iii) Adaptability: Small businesses are usually more agile in their operations and can respond quickly to changing market conditions. This allows them to adjust their products and services to meet customer demand and stay competitive.
(iv) Staff motivation: Small businesses often have more motivated staff members because they are typically more invested in the success of the business. This creates a culture of collaboration and innovation that can help small businesses compete with larger ones.
(4b)
(PICK ANY TWO)
(i) Size: Small business units tend to be smaller in size than large retail outlets.
(ii) Revenue: Small business units typically generate lower revenues than large retail outlets.
(iii) Inventory: Small business units usually carry less inventory than large retail outlets.
(iv) Customer service: Small business units often focus on providing personalized customer service that large retail outlets may not offer.
(v) Location: Small business units are often located in more local markets where large retail outlets are more likely to be found in shopping malls and other larger areas.
(4c)
-small retail outlets-
(PICK ANY FOUR)
(i) Bakeries
(ii) Grocery stores
(iii) Jewelry stores
(iv) Clothing boutiques
(v) Bookstores
(vi) Home accessory shops
-large retail outlets-
(PICK ANY FOUR)
(i) Supermarkets
(ii) Department stores
(iii) Shopping malls
(iv) Electronic stores
(v) Pharmacies
(vi) Furniture stores
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(5a)
A second-tier securities market, also known as a secondary market, is a platform where already issued securities, such as stocks or bonds, are bought and sold by investors. It is distinct from the primary market where new securities are initially offered for sale to the public.
(5b)
(PICK ANY FOUR)
(i) Organizations must be registered with the regulatory body in their region.
(ii) Organizations must have satisfactory financial and accounting records and disclosure documents.
(iii) Organizations must be compliant with all applicable rules and regulations related to trading in the secondary market.
(iv) Organizations must pass a due diligence review by the regulatory body.
(v) Organizations must demonstrate a commitment to continuing disclosure obligations.
(vi) Organizations must provide a potentially liquid market for the security, meaning it must actively facilitate the buying and selling of the security.
(5c)
(PICK ANY FOUR)
(i) Direct listing.
(ii) Reverse merger.
(iii) Reg-A+ IPO.
(iv) Self underwriting.
(v) Special acquisition company.
(vi) Over-the-counter Bulletin Board (OTCBB).
(vii) Pink sheets.
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(6a)
Economic grouping refers to the process of forming a collective organization or union among countries with the goal of enhancing economic cooperation and integration. Such groupings are typically established to promote regional trade, economic development, and collaboration among member states.
(6b)
(PICK ANY EIGHT)
(i) To promote economic integration in all fields of activity of the countries of the Community;
(ii) To create a single wide market through free movement of people and capital;
(iii) To ensure effective joint action in order to raise living standards of citizens in member states;
(iv) To develop industry and enhance its contribution to the Gross Domestic Product (GDP);
(v) To achieve and maintain a stable price level;
(vi) To promote agricultural development by harmonizing and ensuring increased food production;
(vii) To promote balanced economic growth;
(viii) To promote full employment for citizens of member states;
(ix) To secure better standards of social conditions and services;
(x) To encourage collective self-reliance.
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(7a)
(PICK ANY FOUR)
(i) Commercial Banks: These institutions play a significant role in the money market by borrowing and lending money to individuals, businesses, and other institutions. They also provide various financial services such as checking accounts, savings accounts, and loans.
(ii) Central Banks: These institutions are responsible for controlling and regulating the money supply and setting interest rates in their respective countries. They also guide the economic and fiscal policies of their country.
(iii) Mutual Funds: These institutions provide investors with the option to diversify their investments by investing in a variety of different securities, such as stocks, bonds, and derivatives.
(iv) Investment Banks: These institutions help companies access capital markets by issuing new securities and providing a range of other services such as underwriting, merger advice, and asset management.
(v) Hedge Funds: These institutions use a variety of complex investment strategies to generate returns for investors.
(vi) Insurance Companies: These institutions manage the risks of individuals and businesses by providing insurance products such as life insurance, health insurance, and property insurance.
(7b)
(PICK ANY TWO)
(i) Soft commodities are often perishable and are subject to seasonal demand swings, while hard commodities are generally non-perishable and less sensitive to seasonal demand variation.
(ii) Soft commodities are usually consumed before reaching the market, while hard commodities are consumed further down the production chain.
(iii) Soft commodities are mostly traded on futures exchanges, while hard commodities are mainly traded in over-the-counter (OTC) markets.
(iv) Soft commodities tend to have more volatile prices than hard commodities, since they are affected by factors such as weather patterns and crop yields.
(v) Soft commodities typically require more intensive management by producers, while hard commodities require less intensive management.
(vi) Soft commodities are more easily transported than hard commodities, which tend to be bulky and heavy.
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(8a)
Customs and Excise Authority refers to a government agency responsible for regulating and enforcing customs and excise laws and policies. They are responsible for controlling the import and export of goods, collecting customs duties and excise taxes, and ensuring compliance with trade laws.
(8b)
(PICK ANY FOUR)
(i) Collecting duties and taxes: Customs and Excise Authorities are responsible for collecting customs duties and excise taxes from the import and export of goods.
(ii) Enforcing trade laws: Customs and Excise Authorities are responsible for enforcing trade laws and regulations in order to protect domestic industries and ensure international trade is fair and free of illegal activities.
(iii) Managing export controls: Customs and Excise Authorities are responsible for managing export controls, which involves setting quotas and regulations on exports of certain goods.
(iv) Controlling imports: Customs and Excise Authorities are responsible for controlling the importation of goods, by imposing restrictions, levying taxes, and other measures.
(v) Issuing licenses: Customs and Excise Authorities are responsible for issuing licenses to authorized importers and exporters, which allow them to trade legally.
(vi) Monitoring traffic: Customs and Excise Authorities are responsible for monitoring traffic at ports and airports to ensure that all goods are declared and taxes are paid.
(vii) Investigating violations: Customs and Excise Authorities are responsible for investigating any violations of trade laws and regulations, including smuggling and evasion of taxes.
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(9i)
Bond: A bond is a financial instrument issued by governments, companies, or organizations to borrow money from investors. The bond defines the terms of the loan, including the amount, interest rate, payment schedule, and maturity date.
(9ii)
Carrier: A carrier is an entity that is responsible for the transport of goods from one place to another. Carriers can include airplanes, trucks, ships, trains, and other modes of transportation.
(9iii)
Communication: Communication is the exchange of information between two or more people. Communication can take place in various forms, such as verbal, written, nonverbal, digital, and visual.
(9iv)
Debenture: A debenture is a type of debt security issued by corporations or governments. It is similar to a bond, except that it does not provide the issuer with collateral or other assets to secure the loan.
(9v)
Transportation: Transportation is the movement of people, animals, and goods from one location to another. There are various modes of transportation, including roads, railways, waterways, pipelines, and airways.
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