2024 NECO CCP ANSWERS
NUMBER FOUR
4a.
A service salver is a flat, typically circular platter or tray that is used to serve food and beverages. It is usually made of materials like metal, wood, plastic, or porcelain, depending on the setting, and may have decorative edges or finishes. The edge of the salver may be raised to help keep items from rolling off, making it easier for the server to carry multiple dishes or drinks at once.
4ai.
PICK ANY TWO
i. Service trays are commonly used to present and serve meals, allowing for an organized presentation of multiple dishes.
ii. They are ideal for carrying beverages, such as cocktails or glasses of wine, ensuring they are delivered safely to guests without spills.
iii. Service trays can be used to arrange and display food items on a buffet table, making it easier for guests to serve themselves.
---
4b.
PICK ANY FOUR
I. Regular Cleaning: Clean the interior of the refrigerator regularly to prevent the buildup of odors and bacteria.
ii. Check Temperature Settings: Ensure the refrigerator is set to the appropriate temperature (usually around 37°F or 3°C) to keep food fresh and prevent spoilage. Regularly check the thermometer to confirm the correct settings.
iii. Maintain Door Seals: Inspect and clean the door seals to ensure they are airtight. Damaged or dirty seals can cause energy inefficiency and prevent the refrigerator from keeping the correct temperature.
iv. Defrost Regularly: For non-frost-free models, defrost the freezer compartment as ice buildup can reduce efficiency.
V. Leave Space for Airflows: Avoid overcrowding the refrigerator. Allow space between food items for proper air circulation, which helps maintain an even temperature throughout the appliance.
---
4c.
A sauce is a liquid or semi-liquid mixture that is typically used to accompany, enhance, or add flavor to dishes. Sauces can be savory, sweet, or tangy and are usually made from a combination of ingredients such as stock, cream, butter, vegetables, herbs, and seasonings.
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NUMBER SIX
6a.
*Sanitation* refers to the measures taken to ensure clean and hygienic conditions in both food preparation areas and the environment. It involves practices that prevent disease and promote health by reducing contamination and the proliferation of pathogens.
6b.
PICK ANY TWO
i.
- *Food Sanitation*: Concentrates on the cleanliness and safety of food handling, preparation, and storage to prevent foodborne illnesses. While
- *Environmental Sanitation*: Encompasses the overall sanitary conditions of the environment, including waste management, sewage systems, and clean drinking water.
ii.
- Food Sanitation: Includes practices such as washing hands before handling food, using clean utensils, and maintaining proper food temperatures. While
- Environmental Sanitation: Involves practices like waste disposal, air quality regulation, and controlling pollution.
iii. Food Sanitation Aims to reduce the risks associated with food contamination and ensure safe consumption of food products. While
Environmental Sanitation seeks to improve community health standards, support sustainable living, and create a clean environment for all.
---
6c.
PICK ANY FOUR
i. Reading
ii. Gardening
iii. Hiking
iv. Playing Sports
v. Arts and Crafts
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NUMBER FOUR
4a.
A service salver is a flat, typically circular platter or tray that is used to serve food and beverages. It is usually made of materials like metal, wood, plastic, or porcelain, depending on the setting, and may have decorative edges or finishes. The edge of the salver may be raised to help keep items from rolling off, making it easier for the server to carry multiple dishes or drinks at once.
4ai.
PICK ANY TWO
i. Service trays are commonly used to present and serve meals, allowing for an organized presentation of multiple dishes.
ii. They are ideal for carrying beverages, such as cocktails or glasses of wine, ensuring they are delivered safely to guests without spills.
iii. Service trays can be used to arrange and display food items on a buffet table, making it easier for guests to serve themselves.
---
4b.
PICK ANY FOUR
I. Regular Cleaning: Clean the interior of the refrigerator regularly to prevent the buildup of odors and bacteria.
ii. Check Temperature Settings: Ensure the refrigerator is set to the appropriate temperature (usually around 37°F or 3°C) to keep food fresh and prevent spoilage. Regularly check the thermometer to confirm the correct settings.
iii. Maintain Door Seals: Inspect and clean the door seals to ensure they are airtight. Damaged or dirty seals can cause energy inefficiency and prevent the refrigerator from keeping the correct temperature.
iv. Defrost Regularly: For non-frost-free models, defrost the freezer compartment as ice buildup can reduce efficiency.
V. Leave Space for Airflows: Avoid overcrowding the refrigerator. Allow space between food items for proper air circulation, which helps maintain an even temperature throughout the appliance.
---
4c.
A sauce is a liquid or semi-liquid mixture that is typically used to accompany, enhance, or add flavor to dishes. Sauces can be savory, sweet, or tangy and are usually made from a combination of ingredients such as stock, cream, butter, vegetables, herbs, and seasonings.
--------------------
NUMBER SIX
6a.
*Sanitation* refers to the measures taken to ensure clean and hygienic conditions in both food preparation areas and the environment. It involves practices that prevent disease and promote health by reducing contamination and the proliferation of pathogens.
6b.
PICK ANY TWO
i.
- *Food Sanitation*: Concentrates on the cleanliness and safety of food handling, preparation, and storage to prevent foodborne illnesses. While
- *Environmental Sanitation*: Encompasses the overall sanitary conditions of the environment, including waste management, sewage systems, and clean drinking water.
ii.
- Food Sanitation: Includes practices such as washing hands before handling food, using clean utensils, and maintaining proper food temperatures. While
- Environmental Sanitation: Involves practices like waste disposal, air quality regulation, and controlling pollution.
iii. Food Sanitation Aims to reduce the risks associated with food contamination and ensure safe consumption of food products. While
Environmental Sanitation seeks to improve community health standards, support sustainable living, and create a clean environment for all.
---
6c.
PICK ANY FOUR
i. Reading
ii. Gardening
iii. Hiking
iv. Playing Sports
v. Arts and Crafts
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LAST PAPER NECO 2024
COMMERCE #1000
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COMMERCE #1000
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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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(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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(v) Home trade is conducted in the local language while foreign trade may involve multiple languages.
(vi) Home trade uses local payment methods while foreign trade uses international payment methods like letters of credit.
(vii) Home trade generally involves lower risks while foreign trade involves higher risks due to factors like exchange rate fluctuations, political instability, and cultural differences.
(viii) Home trade requires less documentation while foreign trade requires more extensive documentation, such as customs forms and certificates of origin.
(3)
(PICK ANY FIVE)
(i) _Business Idea and Purpose_: Define your business concept, mission, and goals. Identify your target market, products/services, and unique selling proposition (USP).
(ii) _Market Research and Analysis_: Understand your industry, target audience, and competitors. Gather data on market trends, customer needs, and potential barriers to entry.
(iii) _Business Plan and Strategy_: Develop a comprehensive business plan outlining your business model, marketing and sales strategies, financial projections, and operational plan.
(iv) _Financial Resources and Funding_: Determine your startup costs, funding requirements, and potential sources of capital (e.g., loans, grants, investors). Create a budget and cash flow projections.
(v) _Location and Infrastructure_: Choose a suitable business location, considering factors like accessibility, zoning regulations, and proximity to suppliers and customers. Ensure you have the necessary infrastructure (e.g., equipment, technology, utilities).
(vi) _Regulatory Compliance and Licenses_: Familiarize yourself with relevant laws, regulations, and permits required to operate your business. Obtain necessary licenses and registrations.
(vii) _Management and Organization_: Define your business structure (e.g., sole proprietorship, partnership, corporation). Identify key roles and responsibilities, and recruit skilled employees or partners as needed.
(4a)
(PICK ANY ONE)
An entrepreneur is a person who creates, organizes, and manages a business or enterprise, often with the goal of earning a profit, and is willing to take on greater than normal financial risks in order to do so.
OR
An entrepreneur is an individual who creates, organizes, and manages a business or businesses, taking on greater than normal financial risks to do so. Entrepreneurs are often seen as innovators, generating new ideas, goods, services, and business procedures.
(4b)
(PICK ANY FOUR)
(i) Innovation: Entrepreneurs introduce new products, services, and technologies to the market. They innovate by creating novel solutions to existing problems, which can improve efficiency and drive progress.
(ii) Risk-Taking: Entrepreneurs assume financial risks by investing their resources into new business ventures. They manage uncertainties and make decisions that can lead to significant rewards or losses.
(iii) Resource Allocation: Entrepreneurs organize and allocate resources such as capital, labor, and materials efficiently to maximize productivity and profitability. They ensure that resources are used in the most effective way to achieve business goals.
(iv) Decision Making: Entrepreneurs make critical decisions regarding the direction of their businesses. This includes strategic planning, setting objectives, and determining the best courses of action to achieve desired outcomes.
(v) Management: Entrepreneurs manage the day-to-day operations of their businesses. They oversee staff, handle finances, and ensure that business activities are aligned with strategic goals.
(vi) Opportunity Identification: Entrepreneurs identify and exploit opportunities in the market. They analyze market trends, customer needs, and competitive landscapes to find niches where they can create value.
(vii) Business Development: Entrepreneurs focus on growing their businesses by expanding their market reach, increasing sales, and enhancing product or service offerings. They develop strategies to scale their operations and enter new markets.
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(vi) Home trade uses local payment methods while foreign trade uses international payment methods like letters of credit.
(vii) Home trade generally involves lower risks while foreign trade involves higher risks due to factors like exchange rate fluctuations, political instability, and cultural differences.
(viii) Home trade requires less documentation while foreign trade requires more extensive documentation, such as customs forms and certificates of origin.
(3)
(PICK ANY FIVE)
(i) _Business Idea and Purpose_: Define your business concept, mission, and goals. Identify your target market, products/services, and unique selling proposition (USP).
(ii) _Market Research and Analysis_: Understand your industry, target audience, and competitors. Gather data on market trends, customer needs, and potential barriers to entry.
(iii) _Business Plan and Strategy_: Develop a comprehensive business plan outlining your business model, marketing and sales strategies, financial projections, and operational plan.
(iv) _Financial Resources and Funding_: Determine your startup costs, funding requirements, and potential sources of capital (e.g., loans, grants, investors). Create a budget and cash flow projections.
(v) _Location and Infrastructure_: Choose a suitable business location, considering factors like accessibility, zoning regulations, and proximity to suppliers and customers. Ensure you have the necessary infrastructure (e.g., equipment, technology, utilities).
(vi) _Regulatory Compliance and Licenses_: Familiarize yourself with relevant laws, regulations, and permits required to operate your business. Obtain necessary licenses and registrations.
(vii) _Management and Organization_: Define your business structure (e.g., sole proprietorship, partnership, corporation). Identify key roles and responsibilities, and recruit skilled employees or partners as needed.
(4a)
(PICK ANY ONE)
An entrepreneur is a person who creates, organizes, and manages a business or enterprise, often with the goal of earning a profit, and is willing to take on greater than normal financial risks in order to do so.
OR
An entrepreneur is an individual who creates, organizes, and manages a business or businesses, taking on greater than normal financial risks to do so. Entrepreneurs are often seen as innovators, generating new ideas, goods, services, and business procedures.
(4b)
(PICK ANY FOUR)
(i) Innovation: Entrepreneurs introduce new products, services, and technologies to the market. They innovate by creating novel solutions to existing problems, which can improve efficiency and drive progress.
(ii) Risk-Taking: Entrepreneurs assume financial risks by investing their resources into new business ventures. They manage uncertainties and make decisions that can lead to significant rewards or losses.
(iii) Resource Allocation: Entrepreneurs organize and allocate resources such as capital, labor, and materials efficiently to maximize productivity and profitability. They ensure that resources are used in the most effective way to achieve business goals.
(iv) Decision Making: Entrepreneurs make critical decisions regarding the direction of their businesses. This includes strategic planning, setting objectives, and determining the best courses of action to achieve desired outcomes.
(v) Management: Entrepreneurs manage the day-to-day operations of their businesses. They oversee staff, handle finances, and ensure that business activities are aligned with strategic goals.
(vi) Opportunity Identification: Entrepreneurs identify and exploit opportunities in the market. They analyze market trends, customer needs, and competitive landscapes to find niches where they can create value.
(vii) Business Development: Entrepreneurs focus on growing their businesses by expanding their market reach, increasing sales, and enhancing product or service offerings. They develop strategies to scale their operations and enter new markets.
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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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(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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-Commercial Banks: Set interest rates for loans and deposits based on the rates and guidelines provided by the central bank.
(viii)
-Central Bank: Regulates and supervises the entire banking system to ensure stability and compliance with monetary policy.
-Commercial Banks: Subject to regulation and supervision by the central bank and other regulatory bodies.
(7a)
The business environment refers to the combination of internal and external factors that influence a company's operating situation. It encompasses all the conditions, events, and influences that affect a business's performance and decision-making process.
(7b)
(PICK ANY FOUR)
(i) Economic environment
(ii) Political and legal environment
(iii) Sociocultural environment
(iv) Technological environment
(v) Competitive environment
(vi) Global environment
*EXPLANATIONS:*
(PICK THE FOUR YOU PICKED ABOVE)
(i) Economic Environment: This involves the overall economic conditions affecting businesses, such as inflation, unemployment rates, economic growth, and interest rates. Economic factors can influence consumer purchasing power and business profitability.
(ii) Political and Legal Environment: This includes government policies, regulations, and legal issues that affect how businesses operate. This environment covers aspects like labor laws, trade regulations, and taxation policies.
(iii) Sociocultural Environment: This pertains to the societal and cultural factors that impact business practices, such as demographic changes, cultural norms, and social values. Understanding these factors helps businesses cater to the preferences and needs of their target market.
(iv) Technological Environment: This encompasses advancements in technology that can affect business operations and innovation. Technological changes can lead to new product developments, improve efficiency, and alter market dynamics.
(v) Competitive Environment: This refers to the nature of competition within the industry, including the number and strength of competitors, the threat of new entrants, and the bargaining power of suppliers and customers. It affects strategic planning and market positioning.
(vi) Global Environment: This involves international factors such as global trade policies, economic conditions in other countries, and global market trends. Businesses operating internationally must navigate diverse regulatory landscapes and cultural differences.
(8a)
A Certificate of Incorporation is a legal document issued by a government agency, typically the Registrar of Companies, to confirm the formation and registration of a new company. It serves as proof that the company exists and has been duly incorporated under the laws of the jurisdiction.
(8b)
(PICK ANY FOUR)
(i) In both types of companies, the shareholders' liability is limited to their investment in the company.
(ii) Both public and private limited liability companies are considered separate legal entities from their owners.
(iii) Both types of companies have a formal structure that includes a board of directors responsible for managing the company’s affairs and making strategic decisions.
(iv) Both types of companies continue to exist independently of changes in ownership or the death of shareholders.
(v) Both public and private limited liability companies raise capital by issuing shares to shareholders.
(vi) Both types of companies must adhere to statutory and regulatory requirements, including maintaining proper accounting records, filing annual returns, and holding regular meetings.
(2c)
(PICK ANY SIX)
(i) Owners (members) are not personally liable for the company's debts and liabilities beyond their investment in the company.
(ii) The LLC is a distinct legal entity from its owners, capable of entering into contracts, owning property, and being sued in its own name.
(iii) limited liability companies can be managed by members (owners) or by appointed managers, providing flexibility in how the company is run.
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(viii)
-Central Bank: Regulates and supervises the entire banking system to ensure stability and compliance with monetary policy.
-Commercial Banks: Subject to regulation and supervision by the central bank and other regulatory bodies.
(7a)
The business environment refers to the combination of internal and external factors that influence a company's operating situation. It encompasses all the conditions, events, and influences that affect a business's performance and decision-making process.
(7b)
(PICK ANY FOUR)
(i) Economic environment
(ii) Political and legal environment
(iii) Sociocultural environment
(iv) Technological environment
(v) Competitive environment
(vi) Global environment
*EXPLANATIONS:*
(PICK THE FOUR YOU PICKED ABOVE)
(i) Economic Environment: This involves the overall economic conditions affecting businesses, such as inflation, unemployment rates, economic growth, and interest rates. Economic factors can influence consumer purchasing power and business profitability.
(ii) Political and Legal Environment: This includes government policies, regulations, and legal issues that affect how businesses operate. This environment covers aspects like labor laws, trade regulations, and taxation policies.
(iii) Sociocultural Environment: This pertains to the societal and cultural factors that impact business practices, such as demographic changes, cultural norms, and social values. Understanding these factors helps businesses cater to the preferences and needs of their target market.
(iv) Technological Environment: This encompasses advancements in technology that can affect business operations and innovation. Technological changes can lead to new product developments, improve efficiency, and alter market dynamics.
(v) Competitive Environment: This refers to the nature of competition within the industry, including the number and strength of competitors, the threat of new entrants, and the bargaining power of suppliers and customers. It affects strategic planning and market positioning.
(vi) Global Environment: This involves international factors such as global trade policies, economic conditions in other countries, and global market trends. Businesses operating internationally must navigate diverse regulatory landscapes and cultural differences.
(8a)
A Certificate of Incorporation is a legal document issued by a government agency, typically the Registrar of Companies, to confirm the formation and registration of a new company. It serves as proof that the company exists and has been duly incorporated under the laws of the jurisdiction.
(8b)
(PICK ANY FOUR)
(i) In both types of companies, the shareholders' liability is limited to their investment in the company.
(ii) Both public and private limited liability companies are considered separate legal entities from their owners.
(iii) Both types of companies have a formal structure that includes a board of directors responsible for managing the company’s affairs and making strategic decisions.
(iv) Both types of companies continue to exist independently of changes in ownership or the death of shareholders.
(v) Both public and private limited liability companies raise capital by issuing shares to shareholders.
(vi) Both types of companies must adhere to statutory and regulatory requirements, including maintaining proper accounting records, filing annual returns, and holding regular meetings.
(2c)
(PICK ANY SIX)
(i) Owners (members) are not personally liable for the company's debts and liabilities beyond their investment in the company.
(ii) The LLC is a distinct legal entity from its owners, capable of entering into contracts, owning property, and being sued in its own name.
(iii) limited liability companies can be managed by members (owners) or by appointed managers, providing flexibility in how the company is run.
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(iv) Profits and losses can pass through to the members' personal tax returns, avoiding double taxation that affects corporations.
(v) Unlike corporations, LLCs do not issue stock; ownership is represented by membership interests.
(vi) LLCs often have an operating agreement outlining the management structure and operating procedures, although it is not always legally required.
(vii) LLCs can continue to exist independently of changes in ownership or the death of members, unless otherwise stated in the operating agreement.
(9)
(i) Marketing: Marketing involves activities and strategies used to identify, create, and satisfy customer needs. It encompasses market research, product development, distribution, advertising, and sales. The goal is to build strong customer relationships and create value for both the customer and the company.
(ii) Price: Price is the amount of money customers must pay to acquire a product or service. It plays a crucial role in the marketing mix, affecting demand, sales, and profitability. Pricing strategies consider factors such as production costs, market conditions, competition, and perceived value.
(iii) Promotion: Promotion refers to the various methods used to communicate with customers and persuade them to purchase a product or service. It includes advertising, sales promotions, public relations, and personal selling. The aim is to inform, persuade, and remind potential buyers about the product.
(iv) Product: A product is any good, service, or idea offered to the market to satisfy a need or want. It encompasses the physical item or intangible service, along with its features, quality, design, brand, and packaging. Product decisions include innovation, modifications, and product line extensions.
(v) Transportation: Transportation involves the movement of goods from one location to another. It is a critical component of the supply chain, affecting delivery times, costs, and the overall efficiency of distributing products. Modes of transportation include road, rail, air, sea, and pipelines, each with its own advantages and limitations.
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(v) Unlike corporations, LLCs do not issue stock; ownership is represented by membership interests.
(vi) LLCs often have an operating agreement outlining the management structure and operating procedures, although it is not always legally required.
(vii) LLCs can continue to exist independently of changes in ownership or the death of members, unless otherwise stated in the operating agreement.
(9)
(i) Marketing: Marketing involves activities and strategies used to identify, create, and satisfy customer needs. It encompasses market research, product development, distribution, advertising, and sales. The goal is to build strong customer relationships and create value for both the customer and the company.
(ii) Price: Price is the amount of money customers must pay to acquire a product or service. It plays a crucial role in the marketing mix, affecting demand, sales, and profitability. Pricing strategies consider factors such as production costs, market conditions, competition, and perceived value.
(iii) Promotion: Promotion refers to the various methods used to communicate with customers and persuade them to purchase a product or service. It includes advertising, sales promotions, public relations, and personal selling. The aim is to inform, persuade, and remind potential buyers about the product.
(iv) Product: A product is any good, service, or idea offered to the market to satisfy a need or want. It encompasses the physical item or intangible service, along with its features, quality, design, brand, and packaging. Product decisions include innovation, modifications, and product line extensions.
(v) Transportation: Transportation involves the movement of goods from one location to another. It is a critical component of the supply chain, affecting delivery times, costs, and the overall efficiency of distributing products. Modes of transportation include road, rail, air, sea, and pipelines, each with its own advantages and limitations.
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WAEC SET TO RELEASE 2024 WASSCE RESULTS ON AUGUST 5TH📝
WAEC 2024 Results: Countdown Begins!!🤭
The wait is almost over! The West African Examinations Council (WAEC) has officially
announced that the 2024 WASSCE results will be
released on August 5th, 2024.
Over 1.5 million candidates who sat for the examination can now breathe a sigh of relief as the release date is just around the corner. Students, parents, and guardians are eagerly anticipating the outcome, hoping for outstanding results.
Candidates who sat for the exam can check their results on the WAEC website or at their respective schools from the stipulated date.
Mark your calendars for August 5th and get ready to check your results!
GOOD LUCK TO ALL CANDIDATES!! 🤞🎯✅
WAEC 2024 Results: Countdown Begins!!🤭
The wait is almost over! The West African Examinations Council (WAEC) has officially
announced that the 2024 WASSCE results will be
released on August 5th, 2024.
Over 1.5 million candidates who sat for the examination can now breathe a sigh of relief as the release date is just around the corner. Students, parents, and guardians are eagerly anticipating the outcome, hoping for outstanding results.
Candidates who sat for the exam can check their results on the WAEC website or at their respective schools from the stipulated date.
Mark your calendars for August 5th and get ready to check your results!
GOOD LUCK TO ALL CANDIDATES!! 🤞🎯✅
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