Neco 2017 Commerce Obj And Theory Exam Expo Runs Free Answers
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credit sales-is a Purchases made by a consumerthat do not
require a paymentmade in full at the time of purchase.
hire purchase- is a systemby which a buyerpays for a thing in
regular installments while enjoying the use of it.
-Loan refers to long term debt given by the bank to the
-overdraft refers to short term facility given by the bank to
the account holder to withdraw money from his or her
account up to certain limit fixed by the bank.
mortgage- is legal agreementthat conveys the conditional
rightof ownershipon an assetor propertyby its owner (the
mortgagor) to a lender(the mortgagee) as securityfor a loan.
Rental-is an item that is leased out for a specific amountof
time and is governed by either a verbal or written agreement.
Usury law are regulations governing the amount of interest
that can be charged on a loan.
Identify a Public Concern- correctly identify an issue that
concerns the public. For example, credit card fraud affects
both businesses and credit card holders. The objective is
reducing the extent of credit card fraud by teaching
consumers how to protect themselves.
Identify an Audience- they can reach the audience through
mail from the credit card company, credit card websites or at
points of sale in stores.
Knowledge Transfer- their aim is to present knowledge to the
general public or to the specific group affected by the issue.
Teach the Consumer Role- teaching the public about
consumers’ and businesses’ roles in society. Consumers can
then appreciate their roles in supply and demand.
Skills Training- to implement consumer knowledge. For
example, after learning about a particular issue, the public
should be able to write an effective letter of complaint,
referencing the appropriate consumer laws and authorities.
Standards library- The Organisation shall assemble, maintain
and extend a collection of books and publications and such
other matter as it considers appropriate for a standards
library of the highest standing.
Power to charge for services- For all comparisons, tests or
investigations performed by the Organisation under this Act,
except those performed for the Government of the Federation
or a State, or such other public bodies or institutions as may
be approved by the Council.
Qualification and experience of Director-General- Any person
who may be appointed as the Director-General shall have
such qualifications and experience as are appropriate for a
person required to perform the functions conferred on the
Director-General by or under this Act.
v)transit and commuter service
opportunity cost- In the case of cars, we
often sacrifice time, money for auto-
related expenses, and safety in order to
have the convenience and privacy to customers driving to and
public transportation- It helps the customers transport
service which is available for use by the general public, as
distinct from modes such as taxicab, carpooling, hired buses,
and transportation network companies.
Environmentally Responsible- to have a positive influence on
the environment by inviting customers to utilize shared or
public transportation or walk or bike to work– and for this
reason ease traffic jam and decrease vehicle-based
traffic congestion- to reducing the use of customer single-
occupancy vehicles in the City, while increasing the use of
transit and alternative modes of transportation.”
transit and commuter service- they offer the Customers idea
on how they can create neighborhoods that rely less on
single-occupancy vehicle use and more on transit, biking and
walking. In the Seattle area, another transit incentive program
is taking place.
Sampling- Providing free samples is a technique used to
introduce new products to the marketplace. Samples give the
consumer a chance to see how well they like a product or try
something they otherwise would not normally buy
a free trial is a way for a consumer to try a new product while
eliminating risk. It may be used when a product is unique to
the marketplace, which can make consumers leery of trying it
Free gifts entice consumers to make a purchase by including
a bonus along with the product. The gift may be included in
the outer part of the product packaging to serve as a visual
Contests offer the customer a chance to win prizes like cash
or store merchandise. For example, an electronics retailer
could hold a karaoke contest at its store, while using local
celebrities as judges.
Special pricing is used to offer consumers a lower price for a
period of time or to purchase in multiple quantities.
Allonge- is a slip of paper affixed to a negotiable instrument,
as a bill of exchange, for the purpose of receiving additional
endorsementsfor which there may not be sufficient space on
the bill itself.
Dishonoured Bill- Is a chequeor similar financial
instrumentwhose paymenthas been refused.
Endorsement- Is a acceptance or time draft, that assures the
counterparty that the bank will stand behind the obligations of
the creator of the instrument.
Noting- is a negotiable promissory noteissued by a bank and
payable to the bearer on demand.
Protest- Is When a bank receives instructions from another
bank not to protest items in the event that a negotiable
instrument is not paid or accepted.