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Approaches to Answer Commerce Obj & Essay Questions Now
WAEC GCE Commerce Questions Answers :
Paper 2 [Essay]
Answer any FOUR questions.
Write your answers in the answer booklet provided.
Approaches to Answer Commerce Obj & Essay Questions 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 practitioners inform potential buyers and sellers about the existence, nature, use, and price of goods and services through various advertising media.
(iii) Insurance: Insurers provide cover for business risks and compensation in case of loss etc.
- 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 are binding on the firm. Therefore misconduct of an unscrupulous partner may ruin the business.
- (a) State five features of the partnership business.
(b) Explain five reasons why government participates in business.
- Explain the following insurance terms:
(a) proximate cause
(c) utmost good faith
(e) contract of non-indemnity (compensation).
- 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 stated that the requirement of the companies have been compiled with
(iii) It is a declaration that adequate capital has been raised etc.
(b) Trading Certificate:
(I) This is a 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.
- (a) Explain the following:
(i) counter trade;
(ii) entreport trade;
(iii) import trade;
(iv) invisible trade.
(b) State four burners to International trade.
Approaches to Answer Commerce Obj & Essay Questions Now
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 are re-export while the goods are still in the same form as they were received.
(iii) Import Trade: This is a system of trade where goods are 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, and shipping services colu require payment of money. Approaches to Answer Commerce Obj & Essay Questions Now
- (a) What is transportation?
(b) Explain dead freight.
(c) List and explain five factors that will determine a seller’s mode of transportation.
- (a) What is a hire purchase?
(b) Give two advantages and two disadvantages of each hire purchase:
(i) The buyer
- (a) Explain four functions of the Stock Exchange
(b) Explain four ways by which the Central Bank regulates the activities of Commercial banks.
- (a) State five factors that can affect the rate of turnover of a company
(b) What is Working Capital?
(c) Explain four importance of working Capital.
WAEC GCE Commerce Objective Questions Answers – Approaches to Answer Commerce Obj & Essay Questions Now
.Paper 1 [Objectives]
Answer ALL questions.
Share your answers in the answer booklet provided.
- 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.
- Division of labor in a firm leads to
A dis-economies of scale.
B longer working hours for the workforce.
C standardization of products.
D the workforce being multi-skilled.
- Industry, commerce, and direct services are all needed for production because
A. they are dependent on each other.
B they exist to create specialization.
C they provide services to each other.
D they sell goods to each other.
- Which function is not performed by a retailer?
A displaying goods
B grading goods
C manufacturing goods
D supplying goods.
- The picture below shows a plastic card used by consumers.
Approaches to Answer Commerce Obj & Essay Questions Now
Which type of card is shown?
A cash and carry card
B credit card
C debit card
D loyalty card.
- 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.
- Many people obtain credit from their local shops.
What is this called?
A cash discount
- Problems with faulty goods have led to the growth of
A. consumer protection.
C mail order.
D persuasive advertising.
- What is the disadvantage of rapid and accurate communication systems?
A. ability to communicate one message to multiple addresses
B employees within a company are not linked using networks
C the greater speed of communication between businesses in different countries
D increased cost and complexity of methods used.
- What is the 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.
- Which methods of transport are most likely to be used to transport oil from Australia to
A canal and sea
B pipeline and sea
C rail and pipeline
D road and air.
- What is the 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.
- A washing machine manufacturer wishes to promote a newly-designed product.
Which advertising medium would reach the most consumers?
- Which factor plays a part in the increasing volume of air freight that is being transported
A. availability of larger aircraft
B fluctuating aviation fuel prices
C increased international terrorism
D increased tourism.
- 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.
- Warehousing is unlikely to be part of the chain of distribution for
A canned food.
- The diagram shows part of a credit note.
How is the document used? Check Approaches to Answer Commerce Obj & Essay Questions Now
A . The buyer sends it to the supplier after the goods have arrived damaged.
B The buyer sends it to the supplier’s bank to pay for the goods supplied.
C The supplier sends it to the buyer after the goods have been returned damaged.
D The supplier sends it to the buyer’s bank to cancel over-payments.
- Which of the following takes place when firms producing at different stages in the same industry combine?
B. Vertical integration
C. Horizontal integration
- What are the fixtures and fittings in a balance sheet?
A. Liquid Capital
B. Current assets
C. Fixed assets
D. Working capital.
- One of the functions of seaports is the provision of __
A. Berthing and land facilities
B. Loading and offloading facilities
C. Control room for relaying radio messages
D. Warehouse of storage of cargo.
- Stimulation of demand is a kind of communication in marketing that connotes __
A. Personal selling
B. Sales promotion
- In the event of liquidation of a company, the first to be settled are
A. Debenture holders
B. Members of the board
C. Preference shareholders
D. Ordinary shareholders.
50 WAEC Commerce Questions and Answers: Approaches to Answer Commerce Obj & Essay Questions Now
Here are 50 WAEC Commerce questions and answers:
- What is commerce? Answer: Commerce refers to the exchange of goods and services between individuals, businesses, or countries.
- What is a retailer? Answer: A retailer is a business or individual that sells goods or services directly to consumers.
- Define demand in economics. Answer: Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price and time.
- What is a sole proprietorship? Answer: A sole proprietorship is a business owned and operated by a single individual.
- What is a stock exchange? Answer: A stock exchange is a marketplace where shares of publicly traded companies are bought and sold.
- Define marketing. Answer: Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through the creation and exchange of products and services.
- What is inflation? Answer: Inflation is the sustained increase in the general price level of goods and services in an economy over time.
- What is a partnership? Answer: A partnership is a business structure in which two or more individuals share the ownership and management of a company.
- Define advertising. Answer: Advertising is a form of communication that promotes or sells a product, service, or idea through various media channels.
- What is a franchise? Answer: A franchise is a legal and commercial relationship between the owner of a trademark, brand, or business model (franchisor) and an individual or group (franchisee) that operates the business under the franchisor’s guidance and support.
- What is a wholesaler? Answer: A wholesaler is a business or individual that buys goods in bulk from manufacturers or producers and sells them to retailers.
- Define supply in economics. Answer: Supply refers to the quantity of a product or service that producers are willing and able to offer for sale at a given price and time.
- What is a limited liability company (LLC)? Answer: A limited liability company (LLC) is a business structure that combines the limited liability protection of a corporation with the flexibility and tax benefits of a partnership.
- What is a market economy? Answer: A market economy is an economic system in which the production, distribution, and pricing of goods and services are determined by the interactions of buyers and sellers in the marketplace.
- Define e-commerce. Answer: E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the Internet. Now read more about Approaches to Answer Commerce Obj & Essay Questions Now
- What is a cooperative? Answer: A cooperative is a business organization owned and operated by a group of individuals who share the profits and benefits of the business collectively.
- What is depreciation? Answer: Depreciation is the decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors.
- Define market segmentation. Answer: Market segmentation is the process of dividing a market into distinct groups of consumers with similar characteristics and needs.
- What is a multinational corporation (MNC)? Answer: A multinational corporation (MNC) is a company that operates in multiple countries and has a global presence.
- What is a balance sheet? Answer: A balance sheet is a financial statement that provides a snapshot of a company’s assets, liabilities, and shareholder’s equity at a specific point in time.
- Define entrepreneurship. Answer: Entrepreneurship refers to the process of creating, launching, and managing a new business venture, often with a focus on innovation and taking on financial risks.
- What is a trademark? Answer: A trademark is a distinctive sign or symbol used by a business to identify its products or services and differentiate them from those of competitors.
- What is a tariff? Answer: A tariff is a tax or duty imposed on imported goods and services by a government to protect domestic industries or generate revenue.
- Define consumer surplus. Answer: Consumer surplus is the difference between the maximum price a consumer is willing to pay for a product or service and the actual price they pay.
- What is a cooperative society? Answer: A cooperative society is an organization owned and democratically controlled by its members, who work together for their mutual economic, social, and cultural benefits.
- What is market research? Answer: Market research is the process of collecting, analyzing, and interpreting data about a specific market, including customers, competitors, and industry trends, to make informed business decisions.
- Define trade deficit. Answer: A trade deficit occurs when a country’s imports exceed its exports, resulting in a negative balance of trade. See to Approaches to Answer Commerce Obj & Essay Questions Now
- What is a commercial bank? Answer: A commercial bank is a financial institution that provides a range of services to individuals, businesses, and organizations, including accepting deposits, granting loans, and facilitating transactions.
- What is a monopoly? Answer: A monopoly is a market structure in which a single company or entity has exclusive control over the supply of a particular product or service, resulting in limited or no competition.
- Define profit margin. Answer: Profit margin is a financial metric that measures the profitability of a business by calculating the percentage of revenue that remains as profit after deducting all expenses.
- What is foreign direct investment (FDI)? Answer: Foreign direct investment (FDI) refers to the investment made by a company or individual from one country into another country, typically through the establishment of business operations or the acquisition of assets.
- What is a business plan? Answer: A business plan is a written document that outlines the goals, strategies, and financial projections of a business venture.
- Define the break-even point. Answer: The break-even point is the level of sales or revenue at which a business neither makes a profit nor incurs a loss. It represents the point where total costs equal total revenue.
- What is a contract? Answer: A contract is a legally binding agreement between two or more parties that establishes their rights and obligations.
- Define corporate social responsibility (CSR). Answer: Corporate social responsibility (CSR) refers to a company’s voluntary initiatives and activities to contribute to the well-being of society and the environment, beyond its legal and economic obligations.
- What is market share? Answer: Market share refers to the percentage of total sales or revenue in a specific market that a company captures.
- What is a cooperative bank? Answer: A cooperative bank is a financial institution that is owned and operated by its members, who are typically customers and shareholders of the bank.
- Define recession. Answer: A recession is a significant decline in economic activity characterized by a contraction in GDP, increased unemployment rates, and reduced business and consumer spending.
- What is outsourcing? Answer: Outsourcing is the practice of contracting specific business functions or processes to external third-party providers, often located in other countries, to reduce costs or gain access to specialized expertise.
- Define intellectual property. Answer: Intellectual property refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols, which are protected by laws such as copyrights, patents, and trademarks.
- What is a letter of credit? Answer: A letter of credit is a financial instrument issued by a bank on behalf of a buyer, guaranteeing payment to the seller upon meeting specified terms and conditions.
- Define market price. Answer: Market price refers to the current price at which a product or service is traded in the marketplace, determined by the interaction of supply and demand.
- What is corporate governance? Answer: Corporate governance refers to the system of rules, practices, and processes by which a company is directed, controlled, and managed. It involves the relationships between the company’s management, board of directors, shareholders, and other stakeholders.
- What is a joint venture? Answer: A joint venture is a business arrangement in which two or more companies collaborate and pool their resources and expertise to undertake a specific project or venture.
- Define economic globalization. Answer: Economic globalization refers to the increasing interconnectedness and integration of economies through the flow of goods, services, capital, and information across national borders.
- What is market segmentation? Answer: Market segmentation is the process of dividing a market into distinct groups of consumers with similar characteristics, needs, and preferences, allowing businesses to target their marketing efforts more effectively. Read more about Approaches to Answer Commerce Obj & Essay Questions Now
- Define profit maximization. Answer: Profit maximization is the objective of a business to generate the highest possible level of profit within a given period by optimizing revenue and minimizing costs.
- What is a demand curve? Answer: A demand curve is a graphical representation of the relationship between the quantity of a product or service consumers are willing to buy and the price of that product or service, assuming all other factors remain constant.
- Define business ethics. Answer: Business ethics refers to the moral principles and values that guide the behavior and decision-making of individuals and organizations in the business context.
- What is a business cycle? Answer: A business cycle refers to the recurring fluctuations in economic activity, including periods of expansion (growth) and contraction (recession), typically characterized by changes in GDP, employment levels, and investment patterns.
Approaches to Answer Commerce Obj & Essay Questions Now.
Approaches to Answer Commerce Obj & Essay Questions Now
I. Introduction – Commerce exams often include a combination of objective and essay questions, which require different approaches for effective answering. Objective questions assess knowledge and comprehension, while essay questions test critical thinking and analytical skills. It is essential to employ the right strategies to maximize your performance in both question types. Approaches to Answer Commerce Obj & Essay Questions Now.
II. Approaches to Answering Commerce Objective Questions
A. Understand the question
- Read the question carefully: Pay close attention to the wording and structure of the question to grasp its intended meaning.
- Identify key terms and concepts: Highlight or underline important terms and concepts that provide clues about the correct answer.
B. Review relevant material – Approaches to Answer Commerce Obj & Essay Questions Now
- Refer to textbooks, lecture notes, and other resources: Utilize your course materials to refresh your knowledge on the relevant topics covered in the question.
- Focus on topics related to the question: Identify the main subject areas or themes that align with the question and concentrate your review on those specific areas.
C. Organize your thoughts
- Create an outline or mental framework: Develop a structured approach to tackle the question by organizing your thoughts and identifying the main points to address.
- Prioritize key points and concepts: Determine the most significant aspects of the question and prioritize them when formulating your answer.
D. Eliminate incorrect options – Approaches to Answer Commerce Obj & Essay Questions Now
- Use the process of elimination: Eliminate incorrect answer options, reducing the number of choices and increasing your chances of selecting the correct answer.
- Identify and eliminate distractors: Look for answer options that may sound plausible but are ultimately unrelated or incorrect, allowing you to narrow down the choices further.
III. Approaches to Answering Commerce Essay Questions – Approaches to Answer Commerce Obj & Essay Questions Now
A. Analyze the question
- Understand the specific requirements and expectations: Break down the question to identify the specific tasks or prompts you need to address in your essay.
- Identify the main issues or themes to address: Determine the key topics or concepts that the question intends for you to explore and include them in your essay.
B. Plan your essay – Approaches to Answer Commerce Obj & Essay Questions Now
- Develop a clear thesis statement: Craft a concise and focused thesis statement that outlines the main argument or position you will present in your essay.
- Outline the main points and supporting arguments: Create an outline that maps out the main ideas you will discuss and the supporting arguments or evidence you will provide for each point.
C. Gather evidence and examples
- Research to support your arguments: Use reputable sources to gather relevant information and evidence that supports your thesis statement and strengthens your arguments.
- Include relevant real-life examples or case studies: Incorporate real-world examples or case studies to illustrate your points and provide practical applications of the concepts discussed.
D. Structure your essay – Approaches to Answer Commerce Obj & Essay Questions Now
- Introduction: Begin with an engaging introduction that provides context, establishes the importance of the topic, and presents your thesis statement.
- Body paragraphs: Organize your essay into coherent paragraphs, each focusing on a specific main point or argument. Support each point with evidence and examples.
- Conclusion: Summarize the key points discussed in your essay and restate your thesis statement. Provide a thoughtful conclusion that leaves a lasting impression.
E. Revise and proofread
- Review your essay for clarity, coherence, and accuracy: Read through your essay carefully to ensure that your arguments are clear, logical, and well-supported.
- Check for grammar, spelling, and punctuation errors: Proofread your essay for any language or formatting mistakes that could detract from the overall quality and effectiveness of your response.
IV. Tips for Success – Approaches to Answer Commerce Obj & Essay Questions Now
A. Time management
- Allocate time for each question based on marks or complexity: Prioritize your time by allocating a specific amount for each question based on its weightage or level of difficulty.
- Pace yourself to ensure all questions are addressed: Maintain a steady pace throughout the exam to ensure that you have enough time to answer all the questions and avoid rushing through any of them.
B. Practice past papers
- Familiarize yourself with the format and types of questions: Practice solving past commerce exams to get accustomed to the structure, style, and types of questions that are typically asked.
- Identify areas for improvement and practice time management: Analyze your performance in practice papers, identify weak areas, and focus on improving them. Additionally, practice managing your time effectively to complete the exam within the given timeframe. Approaches to Answer Commerce Obj & Essay Questions Now
C. Seek clarification if needed – Approaches to Answer Commerce Obj & Essay Questions Now
- Ask your instructor or classmates for clarification on questions: If you encounter a question that is unclear or confusing, don’t hesitate to seek clarification from your instructor or discuss it with your classmates.
- Avoid making assumptions or misinterpreting questions: Ensure that you fully understand the requirements of each question to provide accurate and relevant answers. Making assumptions can lead to incorrect responses.
Conclusion – Approaches to Answer Commerce Obj & Essay Questions Now
In conclusion, effective approaches to answering commerce objectives and essay questions are crucial for success in examinations. By understanding the questions, reviewing relevant material, organizing thoughts, and eliminating incorrect options, you can excel in objective questions. Similarly, analyzing the question, planning your essay, gathering evidence, structuring your essay, and revising your work are key to tackling commerce essay questions effectively. By applying these approaches, managing time wisely, practicing past papers, and seeking clarification when needed, you can enhance your performance and achieve better results in your commerce exams and essays. Remember, practice, preparation, and critical thinking are key to excelling in commerce assessments.
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