2017/2018 WAEC GCE EXPO: COMMERCE THEORY AND OBJ QUESTIONS AND ANSWERS NOW AVAILABLE HERE

 

Exam Time: Thursday, 21st September, 2017
Commerce 2 (Essay)
9.30am – 11.30am
Commerce 1 (Objective)
11.30am – 12.20pm

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WAEC GCE COMMERCE OBJ AND THEORY ANSWERS FROM EXAMHOT.COM
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COMMERCE OBJ:
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1-10: BCDADDCBAB
11-20: BABBDACDBA
21-30: CCDBCADBCA
31-40: DDABBBCABC
41-50: ABCBCBAAAC⁠⁠⁠⁠
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(1a)
Pipeline transportation can be defined as thetransportation of goods or material through a pipe. ..Such as Crude oil, natural gas, oil

(1b)
(i) Comfortable and Quick Services: It provides a regular, comfortable, efficient and quick service.
(ii) High Speed: The major advantage of air transport is its high speed. It is the fastest mode of transport and thus it is the most suitable mean where time is an important factor.
(iii) No Physical Barriers: It follows the shortest and direct route as seas, mountains or forests do not come in the way of air transport.
(iv) Easy Access: Air transport can be used to carry goods and people to the areas which are not accessible by other means of transport.
(v) Most Suitable for Carrying Light Goods of High Value: It is most suitable for carrying goods of perishable nature which require quick delivery and light goods of high value such as diamonds, bullion etc. over long distances.

(1c)
(i) Product:
Perishable goods need speedy movement and shorter route of distribution

(ii) Market:
(a) For consumer market, retailer is essential whereas in business market we can eliminate retailing
(b) For large market size, we have many channels, whereas, for small market size direct selling may be profitable
(c) For highly concentrated market, direct selling is preferred whereas for widely scattered and diffused markets, we have many channels of distribution

(iii) Middlemen:
(a) Middlemen who can provide wanted marketing services will be given first preference
(b) The middlemen who can offer maximum co-operation in promotional services are also preferred

(iv) Company:
(a) The company’s size determines the size of the market, the size of its larger accounts and its ability to set middlemen’s co-operation. A large company may have shorter channel
(b) The company’s product-mix influences the pattern of channels. The broader the product- line, the shorter will be the channel.

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(2a)
(i) Memorandum of Association is subsidiary to the Companies Act, whereas Articles of Association is subsidiary to both Memorandum of Association as well as the Act.
(ii) Memorandum of Association contains the information about the powers and objects of the company. Conversely, Articles of Association contain the information about the rules and regulations of the company.

(2b)
ADVANTAGES:
(i) Raising capital through public issue of shares: The most obvious advantage of being a public limited
company is the ability to raise share capital,particularly where the company is listed on a recognised exchange.
(ii) Other finance opportunities: As well as share capital, a public limited company will often find itself in a better position when looking at other potential sources of finance.
(iii) Growth and expansion opportunities: The value of being able to raise finance is in how it can be employed to serve the business
(iv) Widening the shareholder base and spreading risk: Offering shares to the public gives the opportunity to spread the risk of company ownership among a large
number of shareholders .

DISADVANTAGES:
(i) There is a possibility that the original owners can lose control of the public limited company in the
issue of a dispute or violation
(ii) In order to protect public investors, there are many controls and regulations that the business
must follow.
(iii) Some public limited companies can grow very large. As a result, many can suffer from mismanagement and slow decision making.
(iv) There must be at least two shareholders before the
Public limited company can be formed.

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4a)
(i)By performance of the parties i.e. each party completing his obligations as stipulated by the
contract.

(ii) By frustration i.e. an event through no fault of
the parties that make one party unable to perform the contract. For example:if one party
suffers a prolonged illness which makes him unable to perform the contract.

(iii) By lapse of time i.e. if the time limit set for the contract to be executed by both parties has been passed. For example, sellers of real estate usually require that the buyers pay the full balance on the property within a certain time period after the initial down payment has been made.

(iv) By changes in law i.e. where a legal contract is rendered illegal through changes in law.

(4b)
(i) Act on behalf of and be subject to the control of the principal

(ii) Act within the scope of authority or power delegated by the principal

(iii) Discharge his or her duties with appropriate care and diligence

(iv) Avoid conflict between his or her personal interests and those of the principal

(v) Promptly hand over to the principal all monies collected on principal’s behalf.

(vi) Agent owes a duty to the principal to act in the principal’s best interests within the authority of the agent .

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(5a)
(i) As a Ready Market for Natural Resources:
(ii) Supplementing Home Food Consumption:
(iii) Sources of Manufactured Goods:
(iv) Supply of Raw Materials and Spare Parts:
(v) Centres of Commerce:

(5b)
(i) Adjustment through Exchange Depreciation (Price Effect): Under flexible exchange rates, the disequilibrium in the balance of payments is automatically solved by the forces of demand and supply for foreign exchange.
(ii) Devaluation or Expenditure-Switching Policy: Devaluation raises the domestic price of imports and reduces the foreign price of exports of a country devaluing its currency in relation to the currency of another country.
(iii) Direct Controls: To correct disequilibrium in the balance of payments, government also adopts direct controls which aim at limiting the volume of imports.
(iv) Adjustment through Capital Movements:
A country can use capital imports to correct a deficit in its balance of payments. A deficit can be financed by capital inflows.
(v) Adjustment through Income Changes:
Given the foreign exchange rate and prices in a country, an increase in the value of exports, causes an increase in the incomes of all persons associated with the export industries.

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(6a)
(i)Accepting deposits: Commercial banks accepts deposits from public for safekeeping.Money can be kept in current,fixed and savings account
(ii)Agents of payment: Commercial banks can act as an agent of payment on behalf of their customers. They encourage and permit customers to have current account in which they can withdraw without notice by cheque
(iii)Lending to customers: This is perhaps the most profitable function of a commercial bank.Deposits from different customers are pooled together and given out as loan with interest to people and firms for profitable investment
(iv)Safekeeping of valuables: One of the function of commercial bank is to keep customers valuables such as jewellery,certificates etc
(v)Discount bill of exchange: Creditors can be paid by the bank immediately by discounting bill of exchange of their customers.This enables the creditor to be paid instantly and the debtor is allowed a period of credit

(6b)
(i) Intercepting contraband (such as illegal drugs)
(ii) Checking travellers and their baggage, cargo and mail
(iii) Assessing and collecting Customs duties, excise taxes and Goods and Services Tax (GST) on imports
(iv) Protecting a country businesses against illegal trade
(v) Enforcing import and export restrictions and prohibitions collecting accurate import and export data

 

 

 

 

 

 

 

 

 

 

 

 

 

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