February 26, 2024

If you are a candidate seeking Commerce NECO Questions and Answers, you have arrived at the right place as we will break them down for you. We will go further to show you how Commerce NECO Questions are set and the best way to answer for full marks.

Commerce NECO Questions and Answers

The National Examinations Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January, respectively.

Commerce NECO Questions and Answers

As usual, you will be given questions and options A to E to choose from. Normally, the number of objective questions (OBJ) you are to answer in Neco Commerce is 50.

The Following Are Sample Neco Objective Questions. They are likely Commerce questions for Neco 2023.

1. Income distribution, nature of natural resources, investment, etc. forms part of the business environment.

A. cultural

B. economic

C. political

D. social

E. technological

 

2. The fee for sending a telegram depends on the

A. number of lines contained by the message

B. number of words contained in the message

C. the security of the message

D. time it would take the message to reach its destination

E. urgency of the message

 

3. The combination of product, price,

A. consumer orientation

B. marketing concept

C. marketing mix

D. market research

E. product mix

 

4. Use the following information to answer the question

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

Kolawole’s average stock is?

A. N9,000.00

B. N10, 000.00

C. N279,000.00

D. N280,000.00

E. N290,000.00

 

5. When the supplier changes a retailer for not returning empty packages, the supplier sends him a/an

A. advice note

B. consignment note

C. credit note

D. debit note

E. statement

 

6. Which of the following is NOT a function of Commerce?

A. Assisting Companies in raising capital

B. Assisting in transporting men and materials to production points

C. Extracting goods for further production and processing

D. Storing goods until they are needed

E. Offering employment opportunities to a large number of people

 

7. In which order are the following documents used?

I. Enquiry

II. Delivery note

III. Order

IV. Invoice

V. Quotation

A. I, II, III, IV and V

B. I, V, III, IV and II

C. II, I, IV, III and V

D. III, II, V, I and IV

E. V, IV, I, III and II

 

8. The price of an item is N 300 with a trade discount of 20%, What is the selling price?

A. N180

B. N240

C. N300

D. N360

E. no option

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9. A hire purchase transaction becomes a sale when the hirer

A. pays the full cost of the goods

B. agrees with the hire purchase terms

C. takes possession of the goods

D. pays part of the installments

 

10. An electronic system of communication that serves as the international information bank is called

A. an e-mail

B. a satellite

C. a telex

D. the Internet

 

11. Shares, stocks, and government bonds traded in the stock exchange marks: are known as

A. debentures

B. gut-edged stocks

C. merchandises

D. securities

E. treasury bills

 

12. The practice of selling some goods below market price to attract more customers is known as

A. hoarding

B. loss leader

C. market sharing

D. profiteering

E. speculating

 

13. Shares that are fully paid can be converted into bulks known as

A. bonds

B. capital reserves

C. debentures

D. guilt-edged securities

E. stocks

 

14. Telecommunication services are provided by

A. Bureau De Change

B. Courier Services

C. Date Post

D. NIPOST

E. NITEL

 

15. Use the following information to answer the question

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

The cost of goods sold is

A. N180,000.00

B. N227,000.00

C. N279,000.00

D. N290,000.00

E. N301,000.00

 

16. The process of passing information from one person to another in an organization is known as

A. communication

B. co-ordination

C. delegation

D. direction

E. Motivation

 

17. A financial document stating the reasons for making a payment and details of the payment is

A. bank draft

B. cash book

C. cheque

D. payslip

E. voucher

 

18. Another name for a foreign order is

A. catalogue

B. export

C. import

D. indent

E. quotation

 

19. Public debt management is one of the functions of a —– bank

A. central

B. commercial

C. development

D. industrial

E. merchant

 

20. Which of the following regards the consumer as king?

A. consumer behavior

B. marketing concept

C. market mix

D. pricing policy

E. product mix

 

21. The most suitable mode of transporting very bulky goods from Lagos to Kaduna is the

A. airplane

B. caravan

C. lorry

D. ship

E. train

 

22. Adeleke placed his vehicle for sale at N150,000,00 Ibrahim had agreed to pay the amount. In this Trans: Adeleke is the

A. agent

B. auctioneer

C. broker

D. offeree

E. offeror

 

23. The following are methods of quoting prices EXCEPT

A. A.C.I.F

B. F.A.S

C. F.O.B

D. L.O.C.O

E. E.O.E

 

24. The amount receivable by shareholders after the declaration of profit is called

A. bonus

B. commission

C. dividend

D. interest

E. premium

 

25. Which of the following is an invisible item of trade?

A. Banking Service

B.Petroleum Product

C. Processed Rice

D. Processed Milk

E. Processed Yam Flour

Commerce NECO Theory Questions and Answers

The following are the kind of questions you should expect in Neco commerce Theory or Essay. They are hot cake questions:

1. Distinguish between commerce and Industry

2. Explain three activities involved in the industry

3. Explain five activities involved in commerce

4. State five features of a public corporation

5. What is mail order business

6. State 5 importance of personal selling to a business

7. Explain the meaning of market segmentation

8. Define Nationalism and Indigenization

9. Define Commercialization and Privatization

10. State four reasons why the government should participate in business

DISCLAIMER! These are not real Commerce NECO Questions and Answers but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to take note of every question provided on this page.

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