NECO Commerce Questions and Answers 2020/2021

The National Examination Council (NECO) free questions and answers is here.

Candidates who want to sit for NECO exam should not miss to prepare with sample questions given here.

If you are writing NECO for the first time, this post will help you know how NECO exam is set.

NECO is O-level examination just like WAEC. For each subject, there is part A and part B.

The section A which is the first part has the objective questions while section B it Theory and sub objectives.

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NECO expo for commerce

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How can I pass NECO easily?

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Students will find out every information that will be helpful to them here.

Read Also: Can I Combine NECO and WAEC Result For Admission?

NECO Commerce Questions and Answers 2020/2021 | Essay and Obj

1. Income distribution, nature of natural resources, investment etc. forms part of —–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. marker research

E. product mix

4. Use the following information to answer 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 raise 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

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

A. pays full cost of the goods

B. agrees with the hire purchase terms

C. takes possession of the goods

D. pays part of the instalments

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

A. an e-mail

B. a satellite

C. a telex

D. the Internet

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

A. debentures

B. gut-edged stocks

C. merchandises

D. securities

E. treasure 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 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
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. aeroplane

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

B. Petroleum Product

C. Processed Rice

D. Processed Milk

E. Processed Yam Flour.

That’s all for now!.

NECO Commerce questions and answers (expo) 2020 loading…

Helpful Tips That Will Help You Pass NECO Commerce Exam 2020/2021

We have also included tips to help you pass your exams very well.

As discussed earlier, NECO is similar to WAEC and other o’level examination. However, NECO GCE seems to be more difficult

Helpful exam tips are;

  1. Early preparation
  2. Make use of NECO syllabus
  3. Study comprehensive past questions
  4. Know answers to most questions
  5. Try group study
  6. Most importantly, pray before you start your exam

Candidates who are interested in NECO expo for commerce should visit this page on examination day. We will post free runz here.

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