NECO Commerce Objective & Essay 2023 Questions and Answers: OBJ

The National Examination Council (NECO) conducts the School Certificate Examination for various subjects, including Commerce. The NECO Commerce exam for 2023 is scheduled to take place on Tuesday, 25th July 2023. In this article, we will provide you with a comprehensive guide to the NECO Commerce Objective & Essay 2023 questions and answers.

Note: This questions may not be 100% accurate, This article is meant to guide students for their exams.

Section A: NECO Commerce Objective 2023 Questions and Answers

The objective section of the NECO Commerce exam consists of multiple-choice questions. Candidates are required to shade their answers on the provided answer booklet. Here are some sample objective questions that you may encounter in the examination:

1. Question: What does the term commerce describe? Options: A. aids to trade and direct services B. direct services and industry C. industry and trade D. trade and aids to trade. Answer: C. industry and trade.
2. Question: Division of labour in a firm leads to Options: A. diseconomies of scale. B. longer working hours for the workforce. C. standardization of products. D. the workforce being multi-skilled. Answer: C. standardization of products.
3. Question: Industry, commerce, and direct services are all needed for production because Options: 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. Answer: A. they are dependent on each other.
4. Question: Which function is not performed by a retailer? Options: A. displaying goods B. grading goods C. manufacturing goods D. supplying goods. Answer: C. manufacturing goods.
5. Question: What is the main disadvantage of e-commerce to the customer? Options: 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. Answer: A. danger of credit card fraud.
6. Question: Many people obtain credit from their local shops. What is this called? Options: A. cash discount B. lay-by C. leasing D. overdraft. Answer: D. overdraft.
7. Question: Problems with faulty goods have led to the growth of Options: A. consumer protection. B. insurance. C. mail order. D. persuasive advertising. Answer: A. consumer protection.
8. Question: What is a disadvantage of rapid and accurate communication systems? Options: 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. Answer: D. increased cost and complexity of methods used.
9. Question: What is an advantage of telephone communication in business? Options: A. copy of documents may be transmitted B. messages can be corrected before transmission C. problems may be discussed D. visual contact is made. Answer: C. problems may be discussed.
10. Question: Which methods of transport are most likely to be used to transport oil from Australia to Singapore? Options: A. canal and sea B. pipeline and sea C. rail and pipeline D. road and air. Answer: B. pipeline and sea.
11. Question: What is an advantage of containerization in sea transport? Options: 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. Answer: C. fast turnaround of ships at ports.
12. Question: A washing machine manufacturer wishes to promote a newly-designed product. Which advertising medium would reach the most consumers? Options: A. cinema B. flyers C. radio D. television. Answer: D. television.

Section B: NECO Commerce Essay 2023 Questions and Answers

The essay section of the NECO Commerce exam requires candidates to answer four questions. Candidates are expected to write their answers in the answer booklet provided. Here are sample essay questions along with their answers:

1. Question: (a) With the aid of a diagram, illustrate the branches of production. (b) List and explain the three types of production. Give one example each. Answer: (a) The diagram below illustrates the branches of production: (b) The three types of production are as follows:
   1. Extractive Production: This type of production involves the extraction or harvesting of natural resources. Examples include mining, fishing, and farming.
   2. Manufacturing Production: This type of production involves the transformation of raw materials into finished goods. Examples include the production of automobiles, electronics, and clothing.
   3. Construction Production: This type of production involves the creation of infrastructure and buildings. Examples include the construction of roads, bridges, and houses.
2. Question: (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. Answer: (a) A contract of indemnity is a type of contract where one party agrees to compensate the other party for any loss or damage suffered. On the other hand, a contract of non-indemnity is a type of contract where one party does not agree to compensate the other party for any loss or damage suffered.(b) Insurance is important to a business in the following ways:
   1. Risk Mitigation: Insurance helps businesses mitigate financial risks by providing compensation for covered losses or damages.
   2. Business Continuity: Insurance ensures that businesses can continue their operations even in the face of unexpected events or disasters.
   3. Legal Compliance: Many jurisdictions require businesses to have certain types of insurance coverage to comply with legal obligations.
   4. Employee Well-being: Insurance coverage for employees, such as health insurance and workers’ compensation, helps ensure their well-being and provides financial support in case of injury or illness.
   5. Customer Confidence: Having insurance coverage can instill confidence in customers, as it demonstrates that the business is prepared to handle unforeseen circumstances and fulfill its obligations.

These are just a few sample essay questions and answers for the NECO Commerce 2023 exam. It is important to note that the actual exam may have different questions. Candidates should thoroughly study the Commerce syllabus and past question papers to prepare effectively for the exam.

Conclusion

In conclusion, the NECO Commerce Objective & Essay 2023 exam is an important evaluation of students’ knowledge in the field of commerce. By understanding the format and content of the exam, candidates can adequately prepare for success. Remember to study the syllabus, practice past question papers, and seek clarification on any areas of confusion. Good luck with your preparation and the upcoming exam!

Additional Information: For more information and updates on the NECO Commerce Objective & Essay 2023 exam, please visit the official NECO website or contact your school’s examination coordinator.

Tone of Voice: The tone of this article is informative and helpful, aiming to guide candidates preparing for the NECO Commerce Objective & Essay 2023 exam. The language used is professional and authoritative, providing clear explanations and examples to aid understanding.