Waec Commerce 2022 Answers – 26th May 2022
Waec Commerce Answers 2022 Obj & Essay is one of the underrated subjects in the Waec examination, but believe me, to pass and get an A in this particular subject is not really easy unless you are ready to take the necessary steps, and I think you landed on this page because you want to seek for Waec Commerce Obj & Essay exam help.
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Waec Commerce Obj & Essay Questions and Answers 2022
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Waec Commerce Obj & Essay 2022 Exam Date
The Waec Commerce Obj & Essay 2022 examination has been scheduled to hold on Thursday 26th May 2022 from 2:00 pm to 4:50 pm for both essay and objective.
|Paper||Start Time||End Time|
|Commerce 2 (Essay)||2:00pm||4:00pm|
|Commerce 1 (Objective)||4:00pm||4:50pm|
Countdown to Commerce Obj & Essay Exam 2022
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Past Commerce Obj & Essay Questions and Answers Provided by Expobite
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INSTRUCTIONS: ANSWER ONLY FIVE(5) QUESTIONS
(i) The cost
(ii) The target audience
(iii)Nature of the goods
(i)It increases profit
(ii) It provides information about features
(iii)It also stimulates demands
(iv)It helps I’m creating job opportunities
(i)improving the profitability of the firm.
(ii)Carrying out restriction of output ,
(iii)control of price,
(iv)allocation of market shares.
(i)They base their decisions on the full costs and benefits
(ii)They can be used to influence economic activity. To boost the country’s output, public corporations can be directly encouraged to increase their output.
(iii)In cases where it is practical to have only one firm in the industry, such as rail infrastructure, a public corporation would not abuse its market power.
(i)They can be difficult to manage and control. The large size of the organisations may mean that time has to be spent on meetings and communicating with staff, slowing down decision making.
(ii)They may become inefficient, produce low-quality products, and charge relatively high prices, due to a lack of competition and the knowledge that they cannot go bankrupt.
(iii)They will need to be subsidized if they are loss-making. The use of tax revenue to support them has an opportunity cost it could be used to spend on, say, training more teachers and nurses.
(i) Bill of exchange
(ii) Hire purchase contract
(iii) Promissory note
(vi) Credit card
(v) Bank draft
(i) Can get a significant amount of money at the rate of time
(ii) Allows emergency purchases
(iii) Money may not need to be paid back
(iv) Can create space for more profitable uses
(i) Might not get the full market value of the assets or even be able to sell them at all
(ii) Money may be lost if the business fails
(iii) Difficult for a new business to access
(i)Best Location: One of the key starting points in putting up a retail store is the right location. Getting into an ideal business location is a sustainable advantage since a competitor can’t copy or steal your spot.
(ii)Competitive Factors: Competitive factors also impact the effectiveness of a retail start-up. The ideal scenario exists when you start a distinct business that offers sizable marketplace goods or services they value and can’t get elsewhere.
(iii)Financial Capital: You have two basic ways to start a retail business. You can build one from scratch or invest in a franchise, where you purchase the rights to an existing model.
(iv)Legal and Regulatory Environment: You also need to understand legal and regulatory facts that impact your industry. Some industries are heavily regulated, while others have minimal government regulations.
(i)The government regulates business name registration through CAC – Corporate Affairs Commission
Government patent use law is a statute that is a “form of government immunity from patent claims.
The government regulates trademark through its trademark law
The Commission is the Government agency responsible for all copyright matters in Nigeria including the administration, regulation.
(Choose Any four)
(i) Through the stock exchange market which is part of the capital market ,fund or capital can be raised or mobilised by companies and investors
(ii)Stock exchange market provide Financial Market where people can invest their money in shares of companies
(iii)Stock exchange facilitates the transfer of ownership of shares between investors.
(iv)stock exchange market Provide Avenue for Government to Raise fund
(v)The stock exchange market provides professional advice to investors on sales and management of securities
(5bi)Debenture: A debenture is a document which acknowledges a loan generally under the company’s seal,bearing a fixed rate of interest . it usually gives security for replacement of loan as well as the interest. Holders of debenture certificate have no voting right
(5bii)Bond : A bond is a security issued by a government or its agency or private institution as a means of raising fund. Bonds are usually due to be redeemed at some future date,and they carry a fixed rate of interest.
(5biii)Shares: Shares can be defined as an individual portion of the company’s capital owned by shareholders. It is the interest which a shareholder has in a company . in other word, a share is a unit of capital measured by a sum of money.
(5biv)Stock: stock can be defined as the bundle of shares or mass of capital which can be transferred in fractional amount. They are always fully paid ,e.g it can be quoted per #100 nominal value.
(i)Provides Technical Support To Exporters
(ii)Simplifies Export Procedures
(iii)Provides Grants And Incentives
(iv)Simplifies Export Procedures
(v)Provides Exportable Products’ List
(i)Collect and revenue for the government by charging customs excise duties.
(ii)keep and analyze records of imported and exported goods and services.
(iii)Control bonded warehouses to ensure that duty is collected for imported dutiable goods before releasing them.
(iv)Supervise public health by arranging quarantine for animals, pets coming into the country thus controlling infectious disease.
(v)Supervise entrepots (re-export) trade to ensure that no duty is charged and collected on goods destined to another country.
Trading profit and loss account
Opening stock 20,000
Carriage inward 4000
Less closing stock 35,000
Cost of goods sold 139,000
Gross profit 91,000
Net profit 62,00
cost of goods sold = Le 139,000
Gross profit = Le 91,000
Net profit = Le 62,000
Percentage of Gross profit Gross profit/sales * 100/1
91,000/230,000 * 100/1
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(i) Cartel is an agreement between two or more producers of the same commodity to regulate the production and sale of the product with a view to obtain dominance in the market.
(ii) Consortium: this is an agreement, combination, or group (as of companies) formed to undertake an enterprise beyond the resources of any one member.
(iii) Trust is an arrangement in which a party gives control of his or her property to another party (trustee) for the benefit of a third party (the beneficiary).
(i) To obtain the economies of large scale.
(ii) To gain security from cut- throat competition.
(iii) To diversify their activities.
(iv) To raise enough capital for expansion.
(i)Financing an Enterprise
(iii)Product and Service Management
(i)Financing an Enterprise; It takes money to make money. As a business owner, an important function of marketing a product is finding the money through investments, loans, or your personal capital to finance the creation and advertising of your goods or services.
(ii)Setting Prices; Setting the correct price for your product or service can be a challenge. If you price it too high, you might lose customers but if you price it too low you might be robbing yourself of profits.
(iii)Product and Service Management; Once you’ve determined the target market and set the price of your product or service, the goal becomes to effectively manage the product or service. This involves listening to customers, responding to their wants and needs, and keeping your products and services fresh and up to date.
Form utility; refers to how well a product or service meets the customer’s needs. For example, a company might design a product to target a specific client’s needs or wants. In other words form utility might include offering consumers lower prices, more convenience, or a wider selection of products.
Possession utility; refer to the amount of usefulness or perceived value from owning a product. For example, owning a car or truck might be considered to have a high possession utility. In other words It also, increasing the ease of ownership boosts the possession utility or the perceived value of a product.
Entrepot: this is a port where goods for import or export can be stored without paying import duties.
(i) Protecting established domestic industries from foreign competition: If foreign goods and services easily enter the domestic market, it increases domestic competition.
(ii) Keeping infant industries until they become mature and internationally competitive: Some countries want to make sure their strategic industries thrive. Such industries usually contribute to national security, employment, technology, or value chains with various other industries.
(iii) Securing domestic employment and income: Imports benefit foreign producers as money flows from domestic to them. Besides, when imports increase, they will increase production. It creates jobs and income in their country but not domestically.
(iv) To generate government revenue: By imposing import tariffs, the government obtains a source of income other than individual taxes or business taxes.
Fear of domination; members are always suspicious and afraid of each other because of the uneven development in the region.
Political Instability; the constant changes in government among member nations as a result of coups lead to political instability in the sub-regions.
Currency differences; the differences in currency among member nations
had made the transfer of capital difficult and also reduced trading activities.
Political Ideology /Colonial Ties; the West African region is split into
French and English Speaking countries. Member countries still lean to their colonial masters.
A breach of contract is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation such as the failure to deliver a promised asset.
A contract is a legally binding agreement between two or more people which is enforceable in a court of law.
A contract under seal, or a deed, is a written document that, when “sealed”, is distinguishable from a contract. A deed is a formal document that gives the clear indication that a person or entity gives its most sincere promise that they will fulfil contractual obligations.
A void contract is a contract that isn’t legally enforceable, starting from the time it was created. While both a void and voidable contract are null, a void contract cannot be ratified.
Terminating a contract means legally ending the contract before both parties have fulfilled their obligations under the terms of the contract.
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Waec Commerce Obj & Essay 2022 questions and answers. Waec Commerce 2022 Answers – 26th May 2022