Waec 2016 Commerce Objective And Theory Answers - May/June Expo

Waec 2016 Commerce Objective And Theory Answers - May/June Expo

VERIFIED WAEC 2016 COMMERCE QUESTIONS AND ANSWERS

Tuesday 3rd May 2016
COMMERCE 2 (ESSAY) 2.00PM – 4.00PM
COMMERCE 1 (OBJ) 4.00PM – 4.50PM

COMMERCE OBJ:
1-10: BDBDCBADBA
11-20: CDACBCDCDB
21-30: BDADBABDCA
31-40: CCDCDCCAAA
41-50: BBDADCCADD

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(1a)
Creation of wealth for nations:It helps to create wealth for nations as duties are charged on goods and services either exported or imported

(1b)
Creation of public awareness:It also makes public aware of availability of goods and services through advertising

(1c)
Unity among nation:If forsters unity among nations thus nations become interdependent as they engage in trading activities for mass production of goods and services.

(1d)
It also facilitate mass production and people all over the world can enjoy goods and services produced both within and outside the country

(1e)
Employment opportunities:It offers employment opportunities to a large number of people such as traders,bankers,insurance brokers etc


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(2a)
-Few shop attendants:Only few shop attendants are required
-Large scale required:There is need to provide large scale for easy movement of customers
-Use of price tags:Goods are deployed with price tags
-Use of trolleys:The use of trolleys and basket are permitted

(2b)
-There is impullse buying:It encourages impulse buying
-Increase in sales:It leads to more sales of goods
-Customer convinience:It ensures the convinience of customer
-Saves time:It saves time and labour since bargaining is avoided


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(3a)
-Financing of distribution:The wholesalers helps to finance distribution by allow!ng credit to retailers.they provide the opportunity for retailers to buy goods oncredit
-Provision of variety of goods:The wholesaler stock the variety of goods from which retailer can buy
-Giving advise to retailers:They provide retailers with technical information about product and market
-Transport and delivery services:Thewholesaler makes proper arrangement for the transportation of goods to the retailer

(3b)
-Small capital:The small scale retailer are able to survive because they need just small capital to start their trade unlike big business which require huge capital to start
-Low overhead cost:Most of the small scale traders pay little or nothing on overhead cost
-Low prices:Most of the goods are sold reasonably low price and thus increase customers patronage
-Door to door service:Their customer do not need to go far distance before they obtain what they want to buy
-No formality required for formation


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(4a)
Marine insurance:This is a kind of insurance,which covers risk which are likely to occur during sea transit.The policy provides protection for goods or cargoes and perils of the sea.It is a contract by which the insurer undertake to indemnify the insured against marine losses

(4b)
Accident insurance:This policy covers all types of insurance except life and marine.An accident ia an unforeseen situation which may bring injury or death to a person

(4c)
Group insurance:This covers the risks suffered by a group of employer when they lose their life or get injured while in the service of the company.it is used to cover a number of people instead of issuing each person with separate policy

(4d)
Fidelity guarantee Insurance:This is the kind of policy which is to protect the organization against the losses that may arise from employee's deliberate action,stealing or misappropriation of fund


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(8a)
Turnover can be defined as the total net sales during a particular period eg a year

(8b)
-Advertisement: Regular advertisement,publicity and sales promotion added turnover
-Nearness to customers: There will be high turnover when a business is located near the customers
-Availability of goods: Constant availability of goods determines the turnover of a firm
-Availability of credit facilities:Regular availability of credit to customers determines turnover
-Reduction in prices: Products with low prices will have high sales
-Types of goods: Types of goods involved will also determines turnover of a firm


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