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Author Topic: 2013/2014 WAEC WASSCE Commerce Objectives OBJ, Theory & Essay, Real Questions & Answers  (Read 14784 times)

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Offline MEGAX

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2013/2014 WAEC WASSCE Commerce Objectives OBJ, Theory & Essay, Real Questions & Answers
NOTE: The Below Answers was posted @ EarlyFace Examination Room for Only Registered members during The Exam. You must first Register Or Login as an EarlyFace member to be able to gain access any of the Links in Order to get this 2013/2014 Real WAEC Questions And Answers Free Of Charge.

LINK: http://www.earlyface.com.ng/index.php?action=ezportal;sa=page;p=4

COMMERCE ANSWERS:
(1a) Trade is simply the buying and selling of goods and services while commerce is involved in all activities in the distribution.
(1bi)

(1bii)ACTIVITIES:
(a) Wharehousing: The storage of goods until they are needed thus binding the gap btw demand and supply.
(b) Transport: The moving of raw material and finished goods from production point to consumption points through transport.

(2a)i) Ownership
(ii) Accountability
(iii) Not profit oriented
(iv) Establishment
(v) High capital requirement.

(2b)i) Shares raised by shareholders: Shares are usually raised by shareholders(owners) which form the capital base of the company.
(ii) Hire purchase: Facilities can be granted to the company to buy and pay by instalments.
(iii) Retained profits: The profits made by the company can be set aside or re-invested.
(iv) Equipment leasing: Equipment can be leased out by companies for money.
(v) Trade credit: Raw materials can be purchased by the company on credit.

(3a) Mail order business: this is a form of large retaining in which buying and selling is carried out by post.
3b) Six trade in retaiting are:
(i) Branding.
(ii)Self service.
(iii) Vending machines.
(iv) Pre-packing.
(v) After saler service.
(v) credit card.

(3b)Explanations: (i.) Branding: this is d act of attaching a trade name to a product, so as to distinguish it frm d product of other firms.
(ii.) Self service: this allows d customer to go around and select d product he wants without d help of d shop attendant.
(iii.) Vending Machine: this is a retail outlet dat automatically dispenses pre-packed items such as drinks stored in it whenever d appropriate value coin is inserted.

(iv.) Pre-packaging: is a system whereby goods are packed, wrapped or put inside containers, weighed and priced b4 dey are arranged on d shelves in a store.

(v.) After Service: can b referred to as d service provided to customers in d form of home delivery, installation and maintenance of products purchased frm d store.

(vi.) Credit Card: this is system which involves d use of plastic cards to purchase goods and service on credit for specified sellers up to a specific amount and payment for such goods and services are later paid for.
(5)a) Proximate cause: This principle states that only the losses or liabilities which arise from the direct and immediate cause of the event insured against are indemnified.
(b) Surrender value: This is the amount in cash an insurance company will pay to an endowment policy holder if he wishes to discontinue.
(c) Contributions: This states that where a person gap insured a certain risk with many insurance companies, he cannot claim compensation in full from each of the insurance companies.
(d) Utmost Good faith: This states that in any insurance contract, all relevant inform that will affect the validity of the agreement must be disclosed by the parties involve. The true values of the property must not be under or overstated.
(e) Premium: This is the payment made to an insurance company for an insurance.
It can be paid annually or weekly depending on the agreement .

(8a)
Market segmentation is the process  of dividing a total market into market groups, consisting of people who have relatively similar product need. Market will be subdivided into homogeneous subsets of customers where any subset may be selected.

(8b)Explain:
*PRICING- it assist in fixing price at a level reasonable enough to give profit

*Transportation- It cover movement of goods and services from where they are produced to the  point where they are required.

*Grading and Standardizing - it involves ensuring that the goods confirmed to the required standard and quality with respect to shape,colour.
*Storage- this maakes it possible for goods to be produced ahead of demand so that they can be available when needed.


Verified Commerce OBJ:
1-10: cbdabdbcbd
11-20: acbaaacbaa
21-30: cddcdababc
31-40: acbdbcabcd
41-50: cbaddcbbda


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