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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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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
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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
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
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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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36
The agreed amount payable to a policy holder when the event insured against occurs is?
A.
surrender value
B.
sum assured
C.
indemnity
D.
insurable interest
E.
endowment
View Answer & Discuss
WAEC 1994
37
The rate at which one country”s products are exchanged for the products of another is?
A.
balance of trade
B.
balance on current account
C.
terms of trade
D.
balance of payments
E.
foreign exchange
View Answer & Discuss (2)
WAEC 1994
38
The rate at which one country”s products are exchanged for the products of another is?
A.
balance of trade
B.
balance on current account
C.
terms of trade
D.
balance of payments
E.
foreign exchange
View Answer & Discuss (2)
WAEC 1994
39
Which of the following is not performed by the shipping and forwarding agents?
A.
Reservation ofshipping space
B.
Collection of payment from the importer
C.
Collection of goods from the factory
D.
Preparation of the bill of lading
E.
Arrangementfor marine insurance
View Answer & Discuss
WAEC 1994
40
A group of trims that produce similar goods or sen/ices is called?
A.
an industry
B.
a trade association
C.
a cartel
D.
a holding company
E.
an amalgam
View Answer & Discuss
WAEC 1994
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