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.
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 was N280,000 Goods returned outward was 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 trade 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 places 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
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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