NECO Commerce Questions and Answers 2022/2023: Theory & OBJ Expo

NECO Commerce Questions and Answers for 2022/2022 examination is out for both Theory & OBJ.

On this page, you will find the real and live NECO commerce answers 2022. So if you’re searching for live NECO commerce answers in 2022, then this page is all you need to monitor.

This is the best NECO 2022 commerce question and answers sample. There are sample NECO commerce OBJ questions and answers for 2022, that you should practice with and not specifically expo.

NECO Commerce OBJ Answers 2022 To Questions

Use the following NECO Commerce OBJ questions and answers 2022 samples for practice.

There are common questions gotten from NECO past questions and answers for commerce that may likely show up in this year’s exam.

1. One of the benefits of consumer protection is____?

1. Reducing the price of all goods irrespective of their production cost.
2. Protection against exploitation by unscrupulous sellers.
3. Giving them access to buy directly from the manufacturer.
4. Adding a bonus to help them whenever they make a purchase.

The correct answer is B. Protection against exploitation by unscrupulous sellers.

2. Which of the following type of insurance is taken against claims made by staff who get injured while at work?

1. Employer’s guarantee insurance.
2. Employee’s guarantee insurance.
3. Employers’ liability insurance
4. Consequential employer insurance.
5. Employees’ liability insurance.

The answer is. C. Employers’ liability insurance

3. “The customer is always right” is a statement that describes the doctrine of ______?

1. Consumer sovereignty.
2. Human right.
3. Buying and selling.
4. Caveat emptor.
5. Consumer protection.

The answer is A. Consumer sovereignty.

4. A situation where the government takes over a business that was owned by a private individual is known as______?

1. Governmental
2. Privatization
3. Commercialization
4. Business take-over
5. Nationalization

The correct answer is E. Nationalization

5. The sales promotion method where the seller does a “buy-one-get-two-free” is known as ____?

1. Hoarding
2. Free sample
3. Gift
4. Take-away
5. Trade discount

The Answer is B. Free sample

6. Which of these documents is used to inform the buyer that the ordered goods are on the way?

1. Invoice note
2. Way-bill note
3. Quotation note.
4. Advice note.
5. Goods documents.

Advice note) is the correct answer

7. The direct exchange of goods in international trade is known as _____?

1. Export trade.
2. International trade.
3. Countertrade
4. Import trade.
5. Bilateral trade

C is the correct answer) Countertrade

8. Chain-shop is also known as?

1. Multiple shops
2. Supermarket
3. Hypermarket
4. Warehouse
5. Joint

Multiple shops) is the correct answer

9. Fully paid shares can be converted into____?

1. Money
2. Debentures
3. Salary
4. Shareholder
5. Stocks

The correct answer is B. Stocks

10. Legal tender refers to ____ and _____?

1. Banknotes and coins
2. Coins and cheques
3. Buyers and sellers.
4. Wholesalers and retailers
5. Government and business owners agreement.

A is the correct answer

NECO Past Questions and answers for Commerce Practice

You may also love to do some self-practice with free Commerce Past Questions. Below are some good past questions to test yourself with.

1. In stock exchange marks, Shares, stocks, government bonds trade are generally known as?

1. gut-edged stocks
2. debentures
3. treasure bills
4. securities
5. merchandises

2. The Act of selling goods below their market price so as to attract more customers is Termed?

1. profiteering
2. speculating
3. hoarding
4. market sharing
5. loss leader

3. The conversion of fully paid Shares into bulks is known as

1. stocks
2. debentures
3. capital reserves
4. bonds
5. guilt-edged securities

4. Which of the following provides Telecommunication services?

1. NITEL
2. Bureau De Change
3. NIPOST
4. Date Post
5. Courier Services

Use this information to answer question 5:

Kolawole’s Opening Stock was N10, 000. His purchases were N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000

5. What is the cost of the goods sold?

1. N180,000.00
2. N290,000.00
3. N279,000.00
4. N301,000.00
5. N227,000.00

6. Passing information from one person to another is known as?

1. Phone call
2. communication
3. coordination
4. Gossiping
5. Information

7. The document used for Deposits at Banks which states the reasons for payment and details of the payment is known as?

1. Statement Slip
2. Withdrawal Slip.
3. Account Slip
4. Cheque Slip
5. Payslip

8. Which other names can be given to an Inter-Country Ordering of goods.

1. catalog
2. exportation
3. Importation
4. International Buying
5. Foreign Sales

9. Which of the following Banks has Public debt management as one of its functions?

1. Central Bank
2. commercial banks
3. development banks
4. industrial Banks
5. merchant banks

10. Which of these concepts regards the consumer as a king?

1. marketing concept
2. pricing policy
3. consumer behavior
4. product mix
5. market mix

2022 NECO Theory Questions 2022 Samples

In addition to the 2022 NECO commerce objective questions and answers above, we add this NECO theory questions 2022 and their answers for candidates to use as sample questions when practicing for the exam.

Use them for study purposes only. Do well to take note of them as many of these same questions might appear in this exam.

1. Explain Visible and Invisible Import.

• Visible imports: Visible imports consist of tangible goods that can be seen and touched which are which come from other countries.
• Invisible imports: Invisible imports consist of services that cannot be seen or touched, rendered by other countries.

2. What is export trade? Export trade is the act of selling goods and services to other countries.

Second definition: Export trade is the selling of a country’s products abroad.

3. Define Merchant Wholesaler!

Merchant wholesaler buys and re-sells goods on their own account taking title to the products they handle and convey the title directly to those they deal with.

3 b. Mention 5 functions of Merchant Wholesaler.

• Arrange credit terms
• Undertake the storage of goods
• Provide delivery services
• They also provide promotional services.
• Lastly, they also provide advisory services.

Helpful! isn’t it? I am sure these NECO commerce questions and answers will help you prepare for the real examination.

Use them properly and study them for effective results and it will help you to score A or B in this subject.