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Commerce
WAEC 1991
Commerce 1991 WAEC Past Questions
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Question Type:
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Objective
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Topics:
All
Introduction to Commerce
Meaning, scope, characteristics and functions of Commerce
History of Commerce
Relationship of Commerce with other areas of production
Importance of Commerce in the economy
Occupations
Meaning and Importance
Types of occupations: Industrial, commercial, direct and indirect services
Factors influencing choice of occupation
Production
Meaning and types: Primary, secondary, tertiary
Factors of production, characteristics & rewards
Division of labour and specialization
Inter-relationship between production and exchange
Business Units
Meaning and objectives of business
Forms: Sole proprietorship, Partnership, Limited liability companies, Public enterprises, Cooperative societies
Characteristics, formation, advantages and disadvantages
Business mergers
Choice of business units
Dissolution and liquidation
Business Capital and Finance
Meaning and types of capital
Working capital, profit and turnover calculations
Sources of finance
Problems of sourcing finance
Role of Bureau de Change
Trade Associations and Economic Groups
Trade and manufacturer associations
Chambers of Commerce
Employers’, Consumers’ and Manufacturers’ associations
Economic groups: ECOWAS, IMF, IBRD, UNCTAD, etc.
Trade - Home Trade
Retail trade: Types, functions, advantages and disadvantages, trends
Wholesale trade: Types, functions
Warehousing: Types, functions
Channels of distribution
Trade - Foreign Trade
Balance of trade/payment, terms of trade
Export, import and entrepôt procedures and documents
Barriers to international trade
Roles of Customs, Excise, Ports Authority
Purchase and Sale of Goods
Documents: Enquiry, quotation, invoice, bill of lading, etc.
Terms of trade: Discounts, C.O.D., C.I.F., F.O.B.
Means and terms of payment
Aids to Trade
Advertising
Banking
Insurance
Transportation
Communication
Tourism
Finance and Financial Institutions
Money
Credit
Credit unions and thrift societies
Stock Exchange
Marketing
Meaning, importance and functions
Marketing concept and mix
Market segmentation
Public relations, customer service
Sales promotion
Personal selling
Legal Aspects of Business
Simple contract
Agency, Sale of Goods Act, Hire Purchase Act
Employer/employee rights
Government regulations
Consumer protection
ICT in Commerce
Computer applications
ICT terms
E-commerce, E-banking, E-business
Business Environment and Social Responsibility
Types of environment
Safe products and pollution
Corporate social responsibility
Nationalisation, Indigenisation and Divestiture
Meaning, aims, advantages, disadvantages
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1
Which of the following is a commercial service?
A.
Transporting
B.
Garri processing
C.
Oil drilling
D.
Lumbering
E.
Tailoring
View Answer & Discuss
WAEC 1991
2
The tendency for firms and individuals to concentrate on the activity which is of most advantage of them is known as?
A.
decentralization
B.
diversification
C.
commercialization
D.
specialization
E.
rationalization
View Answer & Discuss
WAEC 1991
3
The major divisions of commerce are?
A.
import, export and banking
B.
home trade and foreign trade
C.
trade and aids to trade
D.
exchange, consumption and production
E.
trade and banking
View Answer & Discuss
WAEC 1991
4
The sole purpose of production is?
A.
employment
B.
promotion
C.
consumption
D.
competition
E.
enterprising
View Answer & Discuss
WAEC 1991
5
Commerce developed as a result of?
A.
speculation
B.
competition
C.
specialization
D.
importation
E.
exportation
View Answer & Discuss
WAEC 1991
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