Neco Gce Commerce Answers 2022

Here is the neco gce commerce answers

*NECO GCE COMMERCE*

(1)
[PICK ANY FIVE]
(i) Warehousing
(ii) Advertising
(iii) Banking
(iv) Transport
(v) Insurance
(vi) Communication

*EXPLANATION*
(i) Warehousing:
Warehousing ensures the storage of goods till they are wanted. The storage of manufactured goods enables the manufacturers to meet the demands of their customers and to stabilise the prices of goods.

(ii) Advertising:
Advertising stimulates the demand for goods and services by informing the public about the uses of such goods and where to obtain them. The volume of sales is increased.

(iii) Banking:
Banks aid trade by making funds available to traders and other business establishments in the form of loans. Overdrafts payments for goods are also made through banks.

(iv) Transport:
Transport provides the means of carrying both raw material and finished goods to where they are needed.

(v) Insurance:
Insurance enables compensation to be paid to the trader. Traders are likely to suffer risks in the course of their trading. These risks can result through loss of the goods in transit. Loss of goods can also result from fire, flood, etc.

(vi) Communication:
Communication is the transmission of information from one place to another. The customers and suppliers can get in touch through telephone, telex and postal.

*NECO GCE COMMERCE*

(6)
(i) Product
(ii) Price
(iii) Promotion
(iv) Place

*EXPLANATION*
(i) Product: This is the merchandise/goods and services offered for sale. – Product features, Packaging, Labeling Product equality etc.

(ii) Price: This is the value placed on a product. It includes: – Price level, Discounts , Payment terms.

(iii) Promotion: This is concerned with informing customers of product features and persuading them to buy the product. It consists of: – Advertising, Sales promotion , Personal selling, Public relations.

(iv) Place: This is concerned with putting the right quantity of products in the right location at the appropriate time. It comprises: Market overage, Channels of distribution , Inventory planning, Physical distribution (warehousing) Transport etc.

*NECO GCE COMMERCE*

(8)
[PICK ANY FOUR]
(i) By agreement
(ii) By performance
(iii) By breach
(iv) By frustration
(v) By lapse of time
(vi) Bankruptcy

*EXPLANATION*
(i) By agreement:
Before any of the two parties perform their part of the contract, they may both agree to terminate it.

(ii) By performance:
When each party has performed their part of the contract, it is automatically terminated.

(iii) By breach:
A contract is terminated if one party fails to perform its part of the contract.

(iv) By frustration:
When the performance of a contract by one party is rendered impossible due to factors beyond its control or no contemplated by the two parties e.g. death, ill-health and government legislation

(iv) By lapse of time:
A contract is terminated after the period stipulated for it has ended.

(vi) Bankruptcy:
A contract can be terminated when either of the parties is declared bankrupt.

*NECO GCE COMMERCE*

(9)
[PICK ANY FOUR]
(i) By agreement
(ii) By performance
(iii) By breach
(iv) By frustration
(v) By lapse of time
(vi) Bankruptcy

*EXPLANATION*
(i) By agreement:
Before any of the two parties perform their part of the contract, they may both agree to terminate it.

(ii) By performance:
When each party has performed their part of the contract, it is automatically terminated.

(iii) By breach:
A contract is terminated if one party fails to perform its part of the contract.

(iv) By frustration:
When the performance of a contract by one party is rendered impossible due to factors beyond its control or no contemplated by the two parties e.g. death, ill-health and government legislation

(iv) By lapse of time:
A contract is terminated after the period stipulated for it has ended.

(vi) Bankruptcy:
A contract can be terminated when either of the parties is declared bankrupt.