2024 NECO Commerce Questions and Answers: Commerce Expo

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2024 NECO COMMERCE

(6a)

~ DIRECT SERVICE

(i) Direct service is paid directly by those who enjoy it.

(ii) Direct service providers render their services to people who are willing to pay for them.

 

~ INDIRECT SERVICE

(i) Indirect service providers render services to the general public and are paid indirectly by the general public through taxes paid to the government.

(ii) Indirect service is a government-funded service that is delivered to the general public.

 

(6b)

– Devaluation

– Imposition on the embargo

– Import quota

– Reduction of exercise duty

– Licence

– Tariff

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(6c)

– Regulatory Measures:

Every country wants to export its surplus natural resources, agricultural produce, and manufactured goods to the extent, that it can import only these goods and products that are not produced or manufactured within the country. For this purpose regulatory measures like tariff barriers (custom duties) non-tariff barriers, quota restrictions, foreign exchange restrictions, technological and administrative regulations, consulter for­malities, state trading and preferential arrangements, trade agreements, and joint commis­sions, etc. Come in the way of free trade and unfettered flow of foreign business.

 

– Procedural Difficulties:

Different countries have evolved different procedures, practices, and documents to regulate the export trade. Some of these such as foreign exchange control regulations and others have been formulated after keeping in view the national objectives and have posed certain procedural problems to exporters and importers.

 

– Risk in transit:

Foreign trade involves much greater risk than home trade. Goods have to be transported over long distances and they are exposed to the perils of the sea. Many of these risks can be covered through marine insurance but increase the cost of goods.

 

– Lack of information about foreign businessmen:

In the absence of a direct and close relationship between buyers and sellers, special steps are necessary to verify the creditworthiness of foreign buyers. It isn’t easy to obtain reliable information concerning foreign traders’ financial position and business standing. Therefore, credit risk is high.

 

– Import and export restrictions:

Every country charges customs duties on imports to protect its home industries. Similarly, tariff rates are put on exports of raw materials. Importers and exporters have to face tariff restrictions.

They are required to fulfill several customs formalities and rules. Foreign trade policy, procedures, rules and regulations differ from country to country and keep on changing from time to time.

NECO COMMERCE

(7a)

Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period.

 

(7b)

– Current account: This account scans all the incoming and outgoing of goods and services between countries. All the payments made for raw materials and constructed goods are covered under this account. Few other deliveries that are included in this category are from tourism, engineering, stocks, business services, transportation, and royalties from licenses and copyrights. All these combine to make a BOP of a country.

 

– Capital account: Capital transactions like the purchase and sale of assets (non-financial) like lands and properties are monitored under this account. This account also records the flow of taxes, acquisition, and sale of fixed assets by immigrants moving into different country. The shortage or excess in the current account is governed by the finance from the capital account and vice versa.

 

(7c)

– To protect nascent industries

– To fortify national defense programs

– To support domestic employment opportunities

– To combat aggressive trade policies

– To protect the environment

NECO COMMERCE

NUMBER EIGHT

(8a)
Communication is the transmission of messages or information from one source to another.

(8b)
[PICK ANY FOUR]
(i) It enhances contact with suppliers of goods and services
(ii) For advertisements need to inform the public about the availability of their products
(iii) Communication is needed for payment of business transactions
(iv) Communication aids effective business management by providing the necessary information for sound decisions and also keeping staff and management well informed.
(v) Feedback/contact with customers Communication helps a business to interact with its customers/market research thus enabling firms to improve their products.