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Commerce
WAEC 1994
Commerce 1994 WAEC Past Questions
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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
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Inter-relationship between production and exchange
Business Units
Meaning and objectives of business
Forms: Sole proprietorship, Partnership, Limited liability companies, Public enterprises, Cooperative societies
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Business mergers
Choice of business units
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Business Capital and Finance
Meaning and types of capital
Working capital, profit and turnover calculations
Sources of finance
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Role of Bureau de Change
Trade Associations and Economic Groups
Trade and manufacturer associations
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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
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Trade - Foreign Trade
Balance of trade/payment, terms of trade
Export, import and entrepôt procedures and documents
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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
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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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61
The art of achieving stated objectives of a business organisation in a most efficient way through the use of human and material resources is?
A.
planning
B.
co-ordinating
C.
management
D.
motivation
E.
control
View Answer & Discuss
WAEC 1994
62
ECOWAS headquarters is located in?
A.
Ghana
B.
Nigeria
C.
Senegal
D.
Sierra Leone
E.
Togo
View Answer & Discuss
WAEC 1994
63
Which of the following encourages free trade among member nations?
A.
lMF
B.
UNO
C.
WHO
D.
OAU
E.
EEC
View Answer & Discuss
WAEC 1994
64
Which ofthe following refers to the practice ofimporting forre-export?
A.
Counter trade
B.
Dumping
C.
Entrepot trade
D.
Forward trading
E.
Bilateral trade
View Answer & Discuss
WAEC 1994
65
Firms merge in order to?
A.
discourage the employment of specialists
B.
encourage competition
C.
discourage the use of each other’s bye-products
D.
create a monopoly
E.
decrease the size of the business
View Answer & Discuss
WAEC 1994
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