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2024 WAEC/GCE COMMERCE ANSWERS
A Merger occurs when two separate entities combine forces to create a new, joint organization. while; An Acquisition refers to the takeover of one entity by another. The two terms have become increasingly blended and used in conjunction with one another.
–Choose any 5- out of the 11 answers provided to waec gce Commerce no 1b.
(i) Commerce promotes rapid transfer of both oral and written messages through communication.
(ii) Commerce facilitates exchange of goods and services which people all over the nation enjoy produced within or outside their own nation.
(iii) Commerce creates revenue/wealth for the nation through collection of tariff duties royalties and tourism.
(iv) Commerce makes for the protection against risk in the day-to-day business operations through insurance.
(v) Commerce creates awareness of the existence of goods and services through advertising.
(vi) Commerce ensures that goods and produced are stored until needed, thus making sure that there is steady supply of goods for the nation through warehousing.
(vii) Commerce offers employment to a large number of people in a nation such as traders, retailers, wholesalers, bankers brokers.
(viii) Commerce provides money and banking facilities through creation of means of payment, loans and advances.
(ix) Commerce assist in movement of people, materials and finished goods from production point to consumption point.
(x) Commerce encourages cooperate and friendliness among nations.
(xi) Commerce improves peoples standard of living through provision of varieties of goods and services.
Aim for A1 In your forthcoming Commerce Exams
(i) It is used as a medium of exchange;
(ii) It serves as a standard of deferred payment. Goods can be bought on credit and payment made in a month’s time
(iii) Unit of Account: Money serves as a standard and numerical unit of measurement of market value of goods and services
(iv) It serves as a store of value which enables money to be kept for use in future.
(i) A bull market is the condition of a financial market in which prices are rising or are expected to rise.
(ii) A jobber is an independent dealer in securities. He only deals with brokers who are associated with the investors.
(iii) A stockbroker is a professional trader who buys and sells shares on behalf of clients. The stockbroker may also be known as a registered representative or an investment advisor.
(iv) Stag is a slang term for a short-term speculator a day trader, for example who attempts to profit from short-term market movements by quickly moving in and out of positions.
[Pick any FIVE]
(i) Cash payment
(iii) Bill of exchange
(iv) Money order
(v) Credit cards
(vi) Bank draft
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(i) Accounting purposes: Accounting software enables a business to quickly and accurately obtain large- and small-scale pictures of the company’s financial situation. All the employees need to do is to input his financial information into the software which helps the employees understand everything about the financial health of the business’ operations
(ii) Document creation: Most businesses will need to produce numerous documents, either in the form of written documents or spreadsheets. Computers provide word processors and spreadsheet software to help with this.
(iii) Marketing: With a computer, a business can create and execute entire marketing campaigns that span across every social media platform on the internet. The business can create ads to run on websites and social media platforms, using special software, and it can also buy marketing services from other businesses.
(iv) Storage purposes: Computers also enable a business to store its data in different ways. The business could store the data in a central location, and it could have other computers on the network access the data whenever the business needs to; when the business has the permission to; or, when the business could store the data locally on individual computers.
(5a) An entrepôt trade is a port, city, or trading post where merchandise may be imported, stored or traded, usually to be exported again.
A bill of lading: is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading is a document of title, a receipt for shipped goods, and a contract between a carrier and shipper.
Consignment: Note means the document containing all the particulars of the Goods issued by the Carrier for the movement of the Consignment delivered to the Customer by the Carrier.
Bill of sight
Bill of sight is a document that a person importing that a person importing goods who cannot fully describe them, gives to the customs authorities, allowing them to examine the goods when they arrive.
1) Increased Price of The Product.
(2) Multiplication of Needs.
(4) It Leads to Monopoly.
(5) Harmful For the Society.
(6) Wastage of Precious National Resources.
Pick any 5
Continuation 2024 Waec Commerce Past Questions pdf (syllabus)
Economic grouping may be defined as the coming together of different countries with a common economic interest and goals with a view to promoting economic cooperation and development among member States.
(i) the sustainable and equitable management of Lake Chad and other shared water resources.
(ii) the preservation of ecosystems.
(iii) the promotion of integrating and preserving of peace and transboundary security in the Lake Chad Basin.
(i) Promotion of Cooperation and development.
(ii) Harmonization of Agricultural, Economic, Monetary and Industrial Policies.
(iii) Abolition of trade restrictions and Customs Duties.
(i) To ensure the most effective utilization of the resources of the river.
(ii) To streamline the construction of dams on the Niger.
(iii) To ensure the most effective use of the Niger water.
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