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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
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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
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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41
Retail outlets which sell from specialised vans are
A.
supermarkets
B.
multiple shops
C.
mail orderfirms
D.
department stores
E.
mobile shops
View Answer & Discuss
WAEC 1994
42
Which of the following is a problem facing mail order business?
A.
Expensive shop fronts
B.
cost of postage and advertisement
C.
Commission to agents
D.
Increase in branded goods
E.
increase in the variety of catalogues
View Answer & Discuss
WAEC 1994
43
When the exporter arranges for the dispatch of goods but leaves the cost of transport to be paid by the importer, the price quoted is?
A.
carriage forward
B.
franco
C.
Loco
D.
free on board
E.
A free alongside ship
View Answer & Discuss
WAEC 1994
44
The practice of selling goods in foreign countries at lower prices than obtainable in the exporting country is known as?
A.
hedging
B.
black market
C.
dumping
D.
speculation
E.
speculation
View Answer & Discuss
WAEC 1994
45
The process of entrusting part of the work of a superior and the corresponding authority to a subordinate in an
organisation is called?
A.
delegation
B.
deputising
C.
coordinating
D.
supervision
E.
motivation
View Answer & Discuss
WAEC 1994
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