ESSAY/OBJECTIVES WAEC Commerce Questions and Answers 2022/2023 IS AVAILABLE NOW

ESSAY/OBJECTIVES WAEC COMMERCE QUESTIONS AND ANSWERS 2022/2023 IS AVAILABLE NOW Today, I have a collection of WAEC Commerce Questions and Answers 2022/2023. This OBJ/ESSAY is to assist you with your studies for the West African Senior School Certificate Examination (WASSCE). In fact, these exam questions are to assist your preparation. These questions will reveal a lot of what you do not know well enough. As a matter of fact, these Commerce questions can also be used as tool to manage your time better. You have the opportunity to plan according to each section of the paper.

Furthermore, revision is better than memorizing facts and going over notes. In fact, you can practice your Commerce WAEC Exam preparation by answering real questions from this 2022 WAEC commerce questions papers. We wish you good luck in gaining a better chance of passing your exams with a very good grade.

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WAEC Commerce Objectives Questions and answers

Furthermore, here are exceptional WAEC Commerce Questions and Answers 2022/2023

OBJ QUESTIONS

1. One of the functions of advertisement in business is to __ buyers?

A.Ship Goods
B.Deliver
C.Package
D.Brand
E.Persuade
The answer is E) Persuade

2. Which of the following must be present in an agency by agreement?

A. intentions
B. will
C. consent
D. authority
ANSWER: A ( intentions )

3. An agreement to sell is distinguishable from sale because in the former, the transfer of goods is

A. not anticipated
B. not discussed
C. deferred
D. immediate
ANSWER: C ( deferred )

4.Mr Amusa says to Mr Bello ‘i will sell you this hat for N30’. And Mr Bello replied ‘i will pay N29’. The contract is

A. an offer and acceptance
B. an implied contract
C. a complete simple contract
D. an offer but no acceptance
ANSWER: D ( an offer but no acceptance )

ESSAY/OBJECTIVES WAEC Commerce Questions and Answers 2022/2023 IS AVAILABLE NOW

5.Nationalization of an industry means that its ownership becomes that of

A. government
B. shareholders
C. taxpayers
D. indigenes
ANSWER: A ( government )

6.The comprehensive import supervision scheme was set up by the federal government in order to

A. reverse Nigeria’s unfavourable balance of trade
B. promote fair trade between Nigeria and other countries
C. counteract all fraudulent business deals of Nigeria with other nationals
D. ensue that import into Nigeria are of the correct quality, value and quantity
ANSWER: D ( ensue that import into Nigeria are of the correct quality, value and quantity )

7. Commerce can be defined as the study of how

A. man utilizes the resources in his physical environment
B. man produces, distributes and consumes his goods and services
C. man buys, sells and distributes goods and services
D. raw materials are changed into finished goods
ANSWER: C (man buys, sells and distributes goods and services)

8. …… activity turns processed raw materials into consumer and industrial goods is described as

A. extractive
B. manufacturing
C. constructive
D. processing
ANSWER: B ( manufacturing )

9. The production process that combines two or more raw materials into one end product is

A. conditioning
B. blending
C. merging
D. synthesis
ANSWER: B (blending)

Furthermore;

10. A demonstration of social responsibility by a business is the payment of

A. taxes to government
B. dividends to shareholders
C. interests on loans
D. premium on insurance
ANSWER: A (dividends to shareholders)

11. A distinguishing characteristics of a limited liability company is that it

A. is a collection of many sole proprietors
B. is a multiple partnership
C. can sue and be sued
D. has limited resources
ANSWER: C (can sue and be sued)

12. The common name given to the trade that involves exchanging goods for other goods is?

A.Exportation
B.Sales
Trading
C.Trade by barter
D.Foreign exchange
The answer is D) Trade by barter.

13. A______ limited company’s shares are not easily transferable?

QUESTIONS AND ANSWERS:

Options

A.Federal
B.Public
C.Private
D.Corporative
The answer is C) Private Limited Company

14. Shifting of goods from one country to another is best-done through____?

A.Water transportation
B.Air transportation
C.Land transportation
D.Motors and Vans
The correct answer is A) Water transportation

15.The shifting of goods from one country to another is known as___?

A.Importation/Exportation
B.International sales
C.Foreign exchange
D.Foreign trade
The correct answer is A) Importation/Exportation.

16. What is an advantage of telephone communication in business?
    A copies of documents may be transmitted
    B messages can be corrected before transmission
    C problems may be discussed
    D visual contact is made.
17. Which methods of transport are most likely to be used to transport oil from Australia to
    Singapore?
    A canal and sea
    B pipeline and sea
    C rail and pipeline
    D road and air.

COMMERCE QUESTIONS AND ANSWERS 2022/2023:

16. What is an advantage of containerization in sea transport?
    A avoidance of customs duty
    B carriage of one type of product at a time
    C fast turnaround of ships at ports
    D quick unpacking of goods at docks.
17. A washing machine manufacturer wishes to promote a newly-designed product.
    Which advertising medium would reach the most consumers?
    A cinema
    B flyers
    C radio
    D television.
18. Which factor plays a part in the increasing volume of air freight that is being transported
    worldwide?
    A availability of larger aircraft
    B fluctuating aviation fuel prices
    C increased international terrorism
    D increased tourism.
19. Which airport facility is likely to be the most important to a business exporting goods through an airport?
    A currency exchanges
    B duty free shops
    C lifting gear
    D luggage handling.

Furthermore,

16. Warehousing is unlikely to be part of the chain of distribution for
    A canned food.
    B clothes.
    C milk.
    D toys.
17. The diagram shows part of a credit note.
    How is the document used?
    A The buyer sends it to the supplier after goods have arrived damaged.
    B The buyer sends it to the supplier’s bank to pay for goods supplied.
    C The supplier sends it to the buyer after goods have been returned damaged.
    D The supplier sends it to the buyer’s bank to cancel over-payments.
18. Which of the following take place when firms producing at different stages in the same industry combine.
    A. Conglomeration
    B. Vertical integration
    C. Horizontal integration
    D. Cartel.
19. What are the fixtures and fittings in a balance sheet?
    A. Liquid capital
    B. Current assets
    C. Fixed assets
    D. Working capital.

COMMERCE QUESTIONS AND ANSWERS 2022/2023:

16. One of the functions of sea ports is the provision of __
    A. Berthing and land facilities
    B. Loading and offloading facilities
    C. Control room for relaying radio messages
    D. Ware house of storage of cargo.
17. What does the term commerce describe?
    A aids to trade and direct services
    B direct services and industry
    C industry and trade
    D trade and aids to trade.
18. Division of labour in a firm leads to
    A diseconomies of scale.
    B longer working hours for the workforce.
    C standardisation of products.
    D the workforce being multi-skilled.
19. Industry, commerce and direct services are all needed for production because
    A they are dependent on each other.
    B they exist to create specialisation.
    C they provide services to each other.
    D they sell goods to each other.
20. Which function is not performed by a retailer?
    A displaying goods
    B grading goods
    C manufacturing goods
    D supplying goods.
21. What is the main disadvantage of e-commerce to the customer?
    A danger of credit card fraud
    B power failure during a transaction
    C retailer running out of stock of the items ordered
    D wrong goods supplied by the retailer.
22. Many people obtain credit from their local shops.
    What is this called?
    A cash discount
    B lay-by
    C leasing
    D overdraft.

In addition, are;

16. Problems with faulty goods have led to the growth of
    A consumer protection.
    B insurance.
    C mail order.
    D persuasive advertising.
17. What is a disadvantage of rapid and accurate communication systems?
    A ability to communicate one message to multiple addresses
    B employees within a company re not linked using networks
    C greater speed of communication between businesses in different countries
    D increased cost and complexity of methods used.
18. What is an advantage of telephone communication in business?
    A copies of documents may be transmitted
    B messages can be corrected before transmission
    C problems may be discussed
    D visual contact is made.

ESSAY/OBJECTIVES WAEC Commerce Questions and Answers 2022/2023 IS AVAILABLE NOW

(a) Differentiate between Industry and commerce
(b) List and explain four activities of those engaged in commercial occupation.
ANS: (b) (i) Banking: Those working as bankers provide facilities for saving, borrowing, investing and payments for business transactions.
(ii) Advertising: Advertising practioners inform potential buyers and sellers about existence, nature, use, price of goods and services through various advertising media.
(iii) Insurance: Insurers provide cover for business risks and compensation in case of loss etc.

1.(a) State five features of partnership business.
(b) Explain five reasons why government participate in business.

2.Explain five benefits that would be derived and five losses that would be suffered when a Sole trader admits other partners.
ANS: (a) Benefits to a Sole Trader
(i) Better decision making
(ii) Possibility of more profit
(iii) Greater degree of continuity etc.
(b) Losses to Sole Trader
(i) The death of a general partner may collapse the business
(ii) Disagreement among members can affect the smooth running of the business
(iii) Actions of a partner is binding on the firm. Therefore misconduct of an unscrupulous partner may ruin the business.

COMMERCE QUESTIONS AND ANSWERS 2022/2023:

3.List and explain four documents involved in the formation of a Public Limited Company.
ANS: (a) Declaration:
(i) This is a statement in writing to the registrar of Companies by the promoter.
(ii) It is states that the requirement of the companies’ve been compiled with
(iii) It is a declaration that adequate capital has been raised etc.
(b) Trading Certificate:
(I) This is document issued by the Registrar of companies
(II) It gives the public company the right to commence the business for
which it was formed, etc.

4.(a) Explain the following:
(i) counter trade;
(ii) entreport trade;
(iii) import trade;
(iv) invisible trade.
(b) State four burners to International trade.
ANS: (i) Counter Trade: This is a system of International trade where countries instead of paying cash for the goods they purchase from other Countries will pay.
(ii) Entreport Trade: This is a system of trade where goods imported into a country re re-export while the goods re still in the same form as they wre received.
(iii) Import Trade: This is a system of trade where goods re brought into a country from another country.
(iv) Invisible Trade: This is a type of International trade involving intangible products such as services or Banking, shipping services colu requires payment of money.

5.Explain the following insurance terms:
(a) proximate cause
(b) contribution
(c) utmost good faith
(d) re-insurance;
(e) contract of non-indemnity (compensation).

READ ALSO: ESSAY/OBJECTIVES WAEC Commerce Questions and Answers 2022/2023 IS AVAILABLE NOW

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