2018 neco commerce questions and answers expo/runz
NECO 2018 COMMERCE OBJ & THEORY ANSWERS
board of directors is a recognized group of people who jointly oversee the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency.
company secretary is a senior position in a private sector company or public sector organisation.
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.
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.
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
Specialization is a method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system.
i)Education and skill: These also affect and determine the type of occupation, as learned people will be placed in a skillful or expert job area.
ii)Natural Resources: The availability of resources does determine the choice of occupation that people will engage in. For instance, miners will be many an area where there are mineral resources.
iii)Government Policies: This also determines the type of occupation as the government places age limit on those seeking for employment.
iv)Salary and Wages: Here, the remuneration involved and condition of service also affect and determine the kind of occupation people involve in.
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.
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.
7(a) Indent is the process Where Order for goods (placed often through a local or foreign agent of a foreign supplier) under specified conditions of sale, the acceptance of which by the supplier (or the agent) constitutes a contract of sale.
(b) Bill of sight refers to a declaration made to customs officer by an importer who is unsure about what is being shipped.
(c) bill of entry (plural bills of entry) 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.
(d) dock warrant 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.
(e) Export invoices are a critical component of theexport paperwork. Invoices indicate the buyer and seller of the goods, a description of the items, their value and the terms or proposed terms of the sale.
i. Licensing: Gives the business people authority/permission to carry out business activities legally
ii. Fixing quotes : quantitative restrictions on goods that should be produced,consumed or imported at any given time
iii. Imposing total bans -prohibition / abolishing or stopping certain activities in the country
iv. setting of standards: 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.