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COMMERCE (OBJ & ESSAY) NECO GCE 2015 FREE EXPO ANSWERS




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Monday 9th Nov. 2015
COMMERCE (OBJ & ESSAY)
2.00PM-4.40PM
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COMMERCE OBJ

1 - 10 : ECDCDEBACA
11 - 20 : DADDEBCACD
21 - 30 : DAABDCADCB
31 - 40 : BCDCDEDECA
41 - 50 : BACAACADAA
51 - 60 : CEECDCCEEA


1a) Commercial banks are financial
institutions owned by individuals,
institutions or government which accepts
deposits and other valuables from their
customers for safekeeping and also make
a profit.
1b)
i) Agent of payment: Commercial banks
encourage and permits their customers to
have accounts which can be used to
receive or make payment.
ii) Lending to customers: Commercial banks lends to their
customers in form of loans. These loans
are deposits from different customers
pulled together and given out with
interest to people and firms for profitable
investment.
iii) Issuance of Bank statement:
These banks at regular interval, prepare
and send bank statement of accounts to
their customers to show their
transactions.
iv) Facilitate international trade:
Commercial banks provide credits to
exporters, and this facilitates payment in
foreign trade.


2a)
Advertising is a branch of commerce
which is used to create awareness
to the
customers on particular products,
services and ideas, and it must be paid for. It is
used to educate, inform and
persuade people to buy the
advertised goods or
services.

2b) i) Customers persuasion
ii) Introduction of new products and
services
iii) Promotion of firms' images
iv) Development of large markets
v) Improvement of quality of Goods vi) To create brand loyalty
vii) It increase firm's turnover or
profit
viii) Educates consumers on the
uses of particular goods


9i)
Bonded warehouse: This is a place
where goods whose custom duties have
not been paid are stored until the duties
are settled.They are usually located at the
port for storing goods are paid

ii) State warehouse: This is owned and
controlled by the government of a country.
It is a place where contraband or
smuggled goods seized by the custom
authority are kept until they are
auctioned or sold.

iii) Wholesale warehouse: This is owned
by the wholesaler to keep or store all the
variety of goods bought from the stored
goods,retailer are assured of adequate
and regular supply of goods. They are
located near distribution or sales centre

iv) Public warehouse: This is owned and
operated by private individuals who let it
out to anybody for safekeeping of
goods.They are usually located near
seaports,airports etc

v) Manufacturers warehouse: This is owned by the producer of goods to store
their products until they are demanded.
Many producers have warehouse which
are located in the factory to store goods
produced.



6i)
Extractive industry: This industry
involves people whose activities
are directed at
the process of bringing out natural
resources from the soil and sea.Things
extracted by the people in this
industry
are known as raw materials. The
early
stage of production is known as primary production.
ii)
Manufacturing industry:Workers
involved
in this industry engage in in
changing the form of the raw materials extracted
from
the soil or sea by the extractive
industry workers.The
transformation of raw
materials into finished goods by the workers of this industry is known
as
adding utility to raw materials
iii)
Constructive industry:This is a kind
of industry in which the workers are
involved in the assembling of
different
component extracted and
manufactured
by both the extractive and manufacturing
industrial workers to construct them
into
organized whole
iv)
Commercial Industry:This is industry
which involves the activities of
those
whose work in different groups as a
team
in order to make production of goods and
services possible and available to
those who need them.
v)
Direct services:These include those
whose economic activities involve giving
satisfaction,amusement enjoyment
and
rendering personal services to
others.These services rendered are
regarded as part of production since they
satisfy human wants.



3i)
Capital: Before setting up a
business,the initial amount of capital
available must be taken into consideration.Consideration must be
given by to the money at at hand for such
a venture
ii) Pricing policy: The retailer must take
into consideration which price to put on
his product.He will choose the best pricing policy eg market penetration policy
iii) Source supply: He must determine
source of supply so as to ensure constant
supply.He must decide whether to buy
directly from the manufacturer or
wholesaler so as to suit his purpose
iv) Types of good:Another factor to be
considered is the type of goods to be
sold.He must determine whether it is
going to be perishable goods or industrial
goods
v) Experience: The experience,business acumen and managerial abilities of the
retailer will determine the scope of the
retail trade.

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