2020/2021 WAEC/NECO Answers: 2021 neco commerce answers



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4a)
(i) Market research and analysis: The first component of a marketing plan allows you to gather pertinent information about the potential market for your product(s) and/or service(s), evaluate strengths and weaknesses, and identify a target audience. 
(ii) Marketing and financial goals and objectives: This component of a marketing plan consists of defining your marketing and financial goals and objectives. 
(iii) Marketing budget: This component of a marketing plan consists of developing a marketing budget, which will allow you to plan for marketing expenditures. 
(iv) Monitoring and evaluating market response: This component of a marketing plan describes the strategies you will use to monitor and evaluate the market response to your marketing strategies. 

(4b)
(i) Product Rationalization or Reduction
(ii) Entering New Markets & Retailers
(iii) Evaluating Line Extensions
(iv) Determining the Optimal Product Line

(4c)
ADVANTAGES:
(i) It conveys more information with personal selling than with other forms of promotion, like advertising.
(ii) It Creates More Impact on buyers than advertising or direct mail. The customer does not have to wait to get his questions answered.

DISADVANTAGES:
(i) It cannot reach as many customers as quickly. Therefore, it will take longer to build awareness of your brand and products, especially if you use personal selling exclusively.
(ii)It is expensive, especially when considering the salesperson's salary, commission, bonus and travel time.

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(3a)
Voluntary Liquidation is a procedure in which the company's directors choose to voluntarily bring the business to an end by appointing a liquidator (who must be a licensed insolvency practitioner) to liquidate all of its assets while Involuntary Liquidation a situation in which a company is forced by a court of law to stop doing business because it owes money and cannot pay its debts.

(3b)
(i) Authorized Capital: This is the total amount of shares that a Company is allowed to issue to the shareholders. In other word's it included in the deed of establishment when the Company is established.
(ii) Issued Capital: This is the capital that is issued by the Company to the shareholders
(iii) Paid Up Capital: This is the capital obtained from the shareholders. 
(iv) Uncalled share capital: This is the amount which the company is entitled to call on shareholders to contribute.

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(6)
(i) Existence of business:
The objective of partnership must be to do some type of business. Business here means any activity leading to earn profit persons joining together and agreed to do charitable work or for formation of any club for entertainment would not be treated as partnership due to absence of the business.


(ii) Numbers of persons:
There must be at least two or more persons to form a partnership firm. As per Indian partnership Act, the minimum number of person required is to buy it does not prescribe the maximum limit for the purpose.

(iii) Sharing of Profits:
Business is carried on to share profit and not to incur losses. The profits generated by the firm are to bestaned among the partners on an agreeable proportion. Loss it any has also to be borne by them on that ratio.

(iv) Agency:
Partnership contract is based on principle of agency. Each partner is an agent of other partners. The business is carried on by all or any one of them acting on behalf of all other partners.

(v) Unlimited liability:
Like sole proprietorship, every partner has an unlimited liability in respect of debts of the firm. If the property or the assets of the firm are insufficient to meet the claims of the creditors, the private property of the partners can be attached to meet the claims of the creditors.


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(7i)
Indent: This is a document used in international trade; it is an order or privilege to buy goods conveyed by an importer to a potential buyer.
Indent is an official order or requisition for goods;it gives details of the goods, approximate price, date of delivery etc.

(7ii)
Bill of sight: This is a document that a person importing that a person importing goods who cannot fully describe them, gives to the customs authorities, allowing them to examine the goods
when they arrive.

(7iii)
Bill of entry: This is An account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination.

(7iv) Dock warrant: 
This is an instrument issued by a ware housekeeper, licensed by the state to traders who deposit goods with them. A dock warrant certifies that the holder is entitled to goods imported and warehoused in the docks. It transfers the absolute right to the goods described in it.

(7v)Export invoice: 
This is a critical component of the export paperwork which is issued by an exporter to an importer listing the goods or services supplied and stating the sum of money due.

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(2i)
Board of Directors is a team of people elected by a corporation's shareholders to represent the shareholders' interests and ensure that the company's management acts on their behalf.

(2ii)
Company secretary is an officer appointed by the directors of a firm as responsible for ensuring that firm's legal obligations under the corporate legislation are complied with.

(2iii)
A managing director is someone who is responsible for the daily operations of a company, organization, or corporate division. Managing Director is the most senior role in any company with ultimate responsibility for the company's performance. The Managing Director will report in to the Chairman and shareholders whilst leading a Board of Directors.

(2iv)
Chief Accountant, often taking on the title of CFO, or Chief Financial Officer, serves as an advisor, educator and consultant on all financial matter affecting the company.

(2v)
Director of personnel is responsible for all activities related to hiring and firing employees of the city. In other words is ultimately responsible for development, revision and implementation of those policies



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(8)
(i) Licensing: Government gives the business people permission to carry out business activities legally. By so doing, they are able to checkmate the activities or the kind of businesses going on in the country.
(ii) Fixing quotes: Government imposes quantitative restrictions on goods that should be produced,consumed or imported at any given time
(iii) Imposing total bans: They introduce prohibition or stopping certain business activities in the country.
(iv) Setting of standards: Government set quality and security standards for goods to be sold or consumed in the country
(v) Tax code regulations: The form of business you run determines what taxes you pay. Your business structures determines what your business tax would be. 
E.g Income tax, estimated tax, employment tax, and excise taxes.



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