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WAEC GCE START ON THE 15TH OF THIS MONTH
GET PREPARED
If you have a friend doing both WAEC and NECO GCE, invite them via the channel link below 👇
https://t.me/ExamloadedCEO
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WAEC GCE START ON THE 15TH OF THIS MONTH
GET PREPARED
If you have a friend doing both WAEC and NECO GCE, invite them via the channel link below 👇
https://t.me/ExamloadedCEO
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NECO RESULT IS OFFICIALLY OUT
NECO PIN IS AVAILABLE
MESSAGE ME NOW TO BUY YOUR NECO PIN
IF YOU WANT TO CHECK YOUR RESULT AS WELL,MESSAGE ME
NOT FOR FREE SHA O
https://wa.me/+2347041280542
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Everybody Should Join our WhatsApp Channel for the easier distribution of runz in the upcoming exams
https://whatsapp.com/channel/0029VamXbE8DDmFdivzIyS45
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COMMERCE OBJ
1-10: BBDCBEACCC
11-20: DBEEEEBBCB
21-30: EAAAEBDBDB
31-40: DCCAACCABB
41-50: CADDBADDBC
51-60: ACBDBAEBBB
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(viii) Leadership: Entrepreneurs provide vision and direction for their businesses. They inspire and motivate their teams, fostering a culture of innovation, collaboration, and high performance.
(ix) Networking: Entrepreneurs build relationships with stakeholders, including customers, suppliers, investors, and other business leaders. Networking helps them gain access to resources, knowledge, and opportunities that can support business growth.
(5)
(i) Capital: The financial resources that a business uses to fund its operations and growth. It can include funds from equity investors, retained earnings, and debt. Capital is essential for purchasing assets, covering operational expenses, and investing in future projects to expand the business.
(ii) Profit: The financial gain realized when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining those activities. It is calculated as revenue minus expenses. Profit is a key indicator of a company's financial health and its ability to generate value for its owners and investors.
(iii) Authorised Capital: The maximum amount of share capital that a company is authorized to issue to shareholders as stated in its constitutional documents. It sets the limit for the shares a company can issue. Authorised capital provides a framework within which the company can raise funds by issuing shares, ensuring that the company does not exceed a predetermined financial structure.
(iv) Issued Capital: The portion of the authorized capital that has actually been issued to shareholders. It represents the total value of shares that have been sold to investors. Issued capital reflects the amount of funding that the company has raised from its shareholders and is a part of the company's equity structure.
(v) Called-up Capital: The amount of issued capital that shareholders are required to pay on demand. It is a portion of the subscribed capital that the company has requested shareholders to pay. Called-up capital represents the amount that the company can call upon to be paid by shareholders, ensuring that it has the necessary funds to meet its financial obligations and operational needs.
(6a)
A central bank is the principal monetary authority of a country responsible for overseeing the monetary system, regulating the supply of money, controlling interest rates, and ensuring financial stability. It often acts as a lender of last resort and oversees the commercial banking system.
(6b)
(PICK ANY FOUR)
(i) First Bank of Nigeria
(ii) Guaranty Trust Bank (GTBank)
(iii) United Bank for Africa (UBA)
(iv) Zenith Bank
(v) Access Bank
(vi) Ecobank Nigeria
(vii) Stanbic IBTC Bank
(6c)
*[YOU MUST TABULATE PLS]*
(PICK ANY SIX)
(i)
-Central Bank: Regulates the monetary system, manages the country's currency, money supply, and interest rates.
-Commercial Banks: Provides banking services such as accepting deposits, lending money, and offering financial products to the public and businesses.
(ii)
-Central Bank: Acts as the principal monetary authority of the country.
-Commercial Banks: Operate under the regulations and policies set by the central bank.
(iii)
-Central Bank: Not profit-oriented; focuses on maintaining economic stability and controlling inflation.
-Commercial Banks: Profit-oriented; aims to maximize profits for shareholders.
(iv)
-Central Bank: Has the sole authority to issue and regulate the currency.
-Commercial Banks: Cannot issue currency; they distribute currency provided by the central bank.
(v)
-Central Bank: Provides emergency funds to banks and financial institutions during financial crises.
-Commercial Banks: Cannot provide funds to other banks; they may seek assistance from the central bank in crises.
(vi)
-Central Bank: Primarily serves the government, commercial banks, and other financial institutions.
-Commercial Banks: Serves the general public, businesses, and individual customers.
(vii)
-Central Bank: Sets and regulates benchmark interest rates to influence the economy.
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COMMERCE ESSAY NECO 2024.
(1a)
Commerce refers to the activities, practices, and transactions related to the buying and selling of goods, services, and merchandise. It encompasses the exchange of goods, services, and ideas between businesses, organizations, and individuals, and involves the distribution, marketing, and sales of products.
(1b)
(PICK ANY FOUR)
(i) Buying and Selling
(ii) Transportation
(iii) Warehousing
(iv) Financing
(v) Risk bearing
(vi) Marketing
(vii) Insurance
(viii) Banking
(ix) Communication
(x) Market information
(xi) Standardization and Grading
(xii) Advertising
*EXPLANATIONS:*
(PICK THE FOUR YOU PICKED ABOVE)
(i) Buying and Selling: Commerce involves the purchase and sale of goods and services. This function ensures that products move from producers to consumers, meeting the demands of the market.
(ii) Transportation: Goods need to be transported from the place of production to the place of consumption. Commerce facilitates this movement, ensuring that products are available where they are needed.
(iii) Warehousing: Storage is necessary to maintain a steady supply of goods and manage inventory. Warehousing helps bridge the gap between production and consumption, ensuring products are available when demanded.
(iv) Financing: Commerce involves providing the necessary funds for the production, transportation, and sale of goods. This includes credit facilities, loans, and other financial services that help businesses operate smoothly.
(v) Risk Bearing: There are various risks associated with trade, including damage, theft, and fluctuations in market prices. Commerce provides mechanisms, such as insurance, to manage and mitigate these risks.
(vi) Marketing: Marketing involves promoting and selling products to consumers. This includes advertising, sales promotions, and other strategies to attract buyers and increase sales.
(vii) Insurance: Commerce includes insurance services that protect against potential losses from various risks, such as fire, theft, or natural disasters.
(viii) Banking: Banking services are crucial for facilitating transactions, providing credit, and ensuring smooth financial operations within commerce.
(ix) Communication: Effective communication is vital for commerce. It ensures that buyers and sellers can interact, negotiate, and complete transactions efficiently. This includes traditional means as well as digital communications.
(x) Market Information: Commerce involves the collection and dissemination of market information, such as prices, demand, supply, and market trends. This information helps businesses make informed decisions.
(xi) Standardization and Grading: Standardization ensures that products meet certain quality and specification criteria. Grading involves categorizing products based on quality, size, or other characteristics, making it easier for buyers and sellers to trade.
(xii) Advertising: Through advertising, businesses can inform potential customers about their products or services, influencing their purchasing decisions and increasing sales.
(2a)
International trade refers to the exchange of goods, services, and capital across international borders or territories. It allows countries to expand their markets for both goods and services that otherwise may not have been available domestically.
(2b)
Home Trade:
(i) Wholesale Trade
(ii) Retail Trade
Foreign Trade:
(PICK ANY TWO)
(i) Import Trade
(ii) Export Trade
(iii) Entrepot Trade
(2c)
(PICK ANY SIX)
(i) Home trade occurs within a country's borders while foreign trade occurs between countries.
(ii) Home trade uses local currency while foreign trade uses foreign currency.
(iii) Home trade is subject to domestic regulations while foreign trade is subject to international laws and regulations.
(iv) Home trade typically involves shorter transportation distances while foreign trade involves longer distances and international shipping.
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[7/25, 9:14 PM] More Blessing: 9. ✍️
I. Marketing: Marketing is the process of promoting and selling products or services to customers. It involves understanding customer needs, identifying target markets, and developing strategies to attract and retain customers.
II. Price: Price is the monetary value assigned to a product or service. It plays a crucial role in marketing and commerce, as it directly affects customer demand and a company's revenue.
III. Promotion: Promotion refers to the activities a company undertakes to create awareness and generate interest in its products or services. This can include advertising, public relations, sales promotions, and personal selling.
IV. Product: A product is any item or service that is offered to customers for sale. It can range from physical goods to intangible services. The success of a product depends on factors such as quality, design, functionality, and customer demand.
V. Transportation: Transportation refers to the movement of goods, people, or information from one place to another. It is a critical component of commerce, as it facilitates the distribution of products and services to customers.
[7/25, 9:14 PM] More Blessing: COMMERCE
8
a) Certificate of Incorporation: A Certificate of Incorporation is a legal document that officially registers a company and its articles of incorporation with the government.
b)
1. Both types of companies offer limited liability to their owners, protecting them from personal responsibility for the company's debts and liabilities.
2. Both types of companies have a separate legal identity from their owners, allowing them to enter into contracts, sue or be sued, and own assets.
3. Both types of companies require a minimum number of shareholders or members to form and maintain legal status.
4. Both types of companies must file annual reports and pay fees to the relevant government authorities to remain in good standing.
c)
1. Limited Liability: An LLC provides limited liability protection to its owners (known as members), which means that their personal assets are protected from the company's debts and liabilities.
2. Flexible Management Structure: LLCs can have any number of members and can choose whether to be managed by members or by appointed managers. This flexibility makes LLCs suitable for a wide range of business structures and sizes.
3. Pass-through Taxation: LLCs are considered pass-through entities for tax purposes, meaning that the company itself does not pay federal income taxes. Instead, the income is passed through to the members, who report it on their personal tax returns.
4. Perpetual Existence: Unlike some other business structures, an LLC can continue to exist even if its members change over time. This provides stability and continuity to the business.
5. Ability to Issue Shares: LLCs can issue shares of stock to raise capital and attract investors. However, these shares do not represent ownership in the company; instead, they represent a claim on the company's assets.
6. Ability to Make Tax Elections: LLCs have the option to make certain tax elections, such as electing to be taxed as a partnership or sole proprietorship for tax purposes. This allows LLCs to tailor their tax treatment to their specific needs and circumstances.
