How to Answer Commerce Obj & Essay Questions with Answers
How to Answer Commerce Obj & Essay Questions with Answers -These relate to WAEC Commerce Questions and Answers Objective and Theory. The WAEC GCE commerce answer objectives to Essay questions. Candidates that applied for the West African Examination Council( WAEC) SSCE Examination will get the commerce test question papers 2 and 1. These WAEC GCE commerce questions and answers are relevant for commerce test papers 2 and 1, Essay & obj. that will commence at 8.30 am and end by 11.20 am. In this post, we will be presenting samples of the WAEC commerce questions for candidates that will partake in the examination. Then read through How to Answer Commerce Obj & Essay Questions with Answers
Now, when it comes to answering commerce objective and essay questions, it’s crucial to approach them strategically and demonstrate a comprehensive understanding of the subject matter. Commerce encompasses a wide range of topics, including business, economics, finance, and trade, making it essential to have a solid grasp of key concepts and theories. This guide aims to provide you with effective strategies and techniques to tackle commerce objective and essay questions, enabling you to formulate well-rounded answers that showcase your knowledge and analytical skills. Whether you’re preparing for an exam or looking to enhance your understanding of commerce, the following tips will help you navigate through objective and essay questions with confidence, providing thorough and insightful responses.
Why should students read How to Answer Commerce Obj & Essay Questions with Answers?
Students should read “How to Answer Commerce Obj & Essay Questions with Answers” for several reasons:
- Comprehensive guidance: This guide offers comprehensive guidance on how to tackle both objective and essay questions in the field of commerce. It provides step-by-step strategies and techniques that can help students approach these questions effectively and efficiently.
- Subject knowledge enhancement: Commerce encompasses a broad range of topics, and reading this guide can significantly enhance students’ understanding of key concepts and theories related to business, economics, finance, and trade. It covers important aspects of commerce and equips students with the necessary knowledge to answer questions accurately.
- Exam preparation: For students preparing for commerce-related exams, this guide can be an invaluable resource. It not only familiarizes them with the types of questions they might encounter but also provides insights into how to structure their answers and present their knowledge in a clear and organized manner.
- Analytical and critical thinking skills development: Commerce questions often require students to analyze information, apply concepts, and think critically. This guide emphasizes developing these skills by providing practical tips on how to approach different question types and formulate well-rounded answers. It encourages students to think deeply about the subject matter and present their arguments effectively. How to Answer Commerce Obj & Essay Questions with Answers
- Confidence building: By reading this guide and practicing the strategies outlined within, students can gain confidence in their ability to answer commerce questions. Understanding the best approaches to answering different question formats can alleviate anxiety and enhance overall performance in exams or academic assessments.
Overall, “How to Answer Commerce Obj & Essay Questions with Answers” is a valuable resource that equips students with the necessary tools, knowledge, and techniques to excel in commerce-related exams and assessments. It fosters a deeper understanding of the subject matter while also honing analytical and critical thinking skills, ultimately empowering students to approach commerce questions with confidence and produce high-quality answers. Check out How to Answer Commerce Obj & Essay Questions with Answers for more information.
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How to Answer Commerce Obj & Essay Questions with Answers
WAEC GCE Commerce Questions Answers Paper 2:
Under listed are the frequently asked questions from WAEC Commerce’s past questions and answers. They are bankable questions for students’ exam preparation.
- WAEC GCE Commerce Questions Answers
- Paper 2 [Essay]
- Answer any FOUR questions.
- Write your answers in the answer booklet provided.
Paper 2 [Essay] – How to Answer Commerce Obj & Essay Questions with Answers
- (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.
How to Answer Commerce Obj & Essay Questions with Answers
- Explain the following insurance terms:
(a) proximate cause
(b) contribution
(c) utmost good faith
(d) re-insurance;
(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 states 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 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.
How to Answer Commerce Obj & Essay Questions with Answers
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.
How to Answer Commerce Obj & Essay Questions with Answers
- (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
(ii) seller. - (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.
How to Answer Commerce Obj & Essay Questions with Answers
Paper 1 [Objectives]
Answer ALL questions.
Shade your answers on 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.
How to Answer Commerce Obj & Essay Questions with Answers
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
B lay-by
C leasing
D overdraft. - Problems with faulty goods have led to the growth of
A. consumer protection.
B insurance.
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 re 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
Singapore?
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.
How to Answer Commerce Obj & Essay Questions with Answers
- 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. - 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. - 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.
B clothes.
C milk.
D toys. - The diagram shows part of a credit note.
How is the document used?
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 ve been returned damaged.
D The supplier sends it to the buyer’s bank to cancel over-payments.
How to Answer Commerce Obj & Essay Questions with Answers
- Which of the following takes place when firms producing at different stages in the same industry combine?
A. Conglomeration
B. Vertical integration
C. Horizontal integration
D. Cartel. - 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
C. Advertising
D. Merchandising. - In the event of liquidation of a company, the first to be settled re;
A. Debenture holders
B. Members of the board
C. Preference shareholders
D. Ordinary shareholders.
Commerce Obj & Essay Questions with Answers
How to Answer Commerce Obj & Essay Questions with Answers:
When it comes to answering commerce objectives (multiple-choice) and essay questions, there are specific strategies you can follow to maximize your chances of providing accurate and comprehensive answers. Here’s a step-by-step guide to help you:
- Read the question carefully: Take the time to understand the question’s requirements and any specific instructions provided. Pay attention to keywords that indicate what the question is asking for.
- Break down the question: Break the question down into its components to ensure you grasp all its aspects. Identify key concepts, theories, or topics that are relevant to the question.
- Review your knowledge: Recall the relevant concepts and information related to the question. If needed, refer to your textbooks, lecture notes, or other reliable sources to refresh your memory. And more about How to Answer Commerce Obj & Essay Questions with Answers
- Start with objective questions: If the exam includes multiple-choice or objective questions, begin by tackling them first. Read each option carefully, eliminating incorrect answers. Look for clues or keywords in the question that can help you identify the correct response. If you’re unsure, make an educated guess or flag the question to revisit later.
- Structure your essay response: For essay questions, it’s crucial to have a well-structured and organized response. Begin with an introduction that provides a clear thesis statement or main argument that addresses the question. Outline the main points or subtopics you will discuss in the body of your essay. Check out How to Answer Commerce Obj & Essay Questions with Answers
- Provide supporting evidence: Back up your points with relevant and accurate information. Use examples, case studies, or statistics to strengthen your arguments. Whenever possible, relate the information to real-world scenarios or applications.
- Be concise and focused: Write clearly and concisely, addressing the question directly. Avoid unnecessary tangents or excessive details that are unrelated to the question. Stick to the main points and ensure your arguments are coherent and logical.
- Use appropriate terminology: Demonstrate your understanding of key commerce concepts by using appropriate terminology and vocabulary. This showcases your knowledge and helps convey your ideas more effectively.
- Use proper formatting and citation: If required, follow the prescribed formatting guidelines for your essay. Include proper citations for any external sources used, adhering to the referencing style specified by your instructor or institution.
- Review and revise: Once you have completed your responses, take some time to review and revise your answers. Check for any errors in spelling, grammar, or syntax. Ensure that your arguments are well-supported and that you have fully addressed the question’s requirements.
Remember, practice is key to improving your performance in answering commerce questions. Familiarize yourself with the subject matter, practice answering sample questions, and seek feedback from your instructors or peers to refine your approach.
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