2018 NECO COMMERCE QUESTIONS AND ANSWERS
Wednesday 13th June 2018
COMMERCE (OBJ & ESSAY) – 02:00pm – 04:00pm
board of directors is a recognized group of people who jointly oversee the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency.
company secretary is a senior position in a private sector company or public sector organisation.
Managing Director is the most senior role in any company. With ultimate responsibility for the company’s performance the Managing Director will report in to the Chairman and shareholders whilst leading a Board of Directors.
chief accountant, often taking on the title of CFO, or Chief Financial Officer, serves as an advisor, educator and consultant on all financial matter affecting the company.
director of personnel is responsible for all activities related to hiring and firing employees of the city. In other words is ultimately responsible for development, revision and implementation of those policies
voluntary liquidation is a procedure in
which the company’s directors choose to voluntarily bring the business to an end by appointing a liquidator (who must be a licensed insolvency practitioner) to
liquidate all of its assets. While involuntary liquidation a situation in which a company is forced by a court of law to stop doing business because it owes money and cannot pay its debts.
(i)Authorized Capital, means the total amount of shares that a Company is allowed to issue to the shareholders. In other word’s it included in the deed of establishment when the Company is established;
(ii)Issued Capital means the capital that is issued by the Company to the shareholders
(iii)paid Up Capital means the capital obtained from the shareholders.
(iv)Uncalled share capital: the amount which the company is entitled to call on shareholders to contribute
(i)Market research and analysis: The first component of a marketing plan allows you to gather pertinent information about the potential market for your product(s) and/or service(s), evaluate strengths and weaknesses, and identify a target audience.
(ii)Marketing and financial goals and objectives: This component of a marketing plan consists of defining your marketing and financial goals and objectives.
(iii)Marketing budget: This component of a marketing plan consists of developing a marketing budget, which will allow you to plan for marketing expenditures.
(iv)Monitoring and evaluating market response: This component of a marketing plan describes the strategies you will use to monitor and evaluate the market response to your marketing strategies.
(i)SKU Rationalization and/or Reduction
(ii)Entering New Markets & Retailers
(iii)Evaluating Line Extensions
(iv)Determining the Optimal Product Line
(i)convey more information with personal selling than with other forms of promotion, like advertising.
(ii)Create More Impact on buyers than advertising or direct mail. The customer does not have to wait to get his questions answered.
(i)cannot reach as many customers as quickly. Therefore, it will take longer to build awareness of your brand and products, especially if you use personal selling exclusively.
(ii)expensive, especially when considering the salesperson’s salary, commission, bonus and travel time.
Specialization is a method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system.
(i)Education and skill: These also affect and determine the type of occupation, as learned people will be placed in a skillful or expert job area.
(ii)Natural Resources: The availability of resources does determine the choice of occupation that people will engage in. For instance, miners will be many an area where there are mineral resources.
(iii)Government Policies: This also determines the type of occupation as the government places age limit on those seeking for employment.
iv)Salary and Wages: Here, the remuneration involved and condition of service also affect and determine the kind of occupation people involve in.
Restrictions on Transfer of Share: No partner can transfer his share to any outside person without seeking the consent of all other partners.
Utmost Good Faith and Honesty:A partnership business solely rests on utmost good faith and trust among the partners.
Contractual Relationship: Partnership is formed by an agreement-oral or written-among the partners.
Profit and Loss Sharing: There is an agreement among the partners to share the profits earned and losses incurred in partnership business.
Existence of Lawful Business: Partnership is formed to carry on some lawful business and share its profits or losses. If the purpose is to carry some charitable works, for example, it is not regarded as partnership.
Indent is the process Where Order for goods (placed often through a local or foreign agent of a foreign supplier) under specified conditions of sale, the acceptance of which by the supplier (or the agent) constitutes a contract of sale.
Bill of sight is a payment due on demand. An at sight payment will require the party receiving the good or service to pay a certain sum immediately upon being presented with the bill of exchange.
bill of entry is An account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination.
dock warrant is an instrument issued by a ware housekeeper, licensed by the state to traders who deposit goods with them.
Export invoice is a document issued by an exporter to an importer listingthe goods or services supplied and stating the sum of money due
Licensing: Gives the business people authority/permission to carry out business activities legally
Fixing quotes : quantitative restrictions on goods that should be produced,consumed or imported at any given time
Imposing total bans -prohibition / abolishing or stopping certain activities in the country
setting of standards: quality and security standards for goods to be sold or consumed in the country
Tax code regulations: The form of business you run determines what taxes you pay. Your business structures determines what your business tax would be
E.g Income tax, estimated tax, employment tax, and excise taxes.
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