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Commerce
WAEC 1995
Commerce 1995 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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Meaning and objectives of business
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Business Capital and Finance
Meaning and types of capital
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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
Channels of distribution
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
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Terms of trade: Discounts, C.O.D., C.I.F., F.O.B.
Means and terms of payment
Aids to Trade
Advertising
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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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16
The best method of making payment to an overseas supplier is by/
A.
bankdraft
B.
bill of exchange
C.
travellers cheque
D.
letter of credit
E.
certified cheque
View Answer & Discuss
WAEC 1995
17
Are fund usually granted for goods imported and later re-exported is called?
A.
commission
B.
discount
C.
customs drawback
D.
dock due
E.
demurrage
View Answer & Discuss
WAEC 1995
18
Which of the following is a declaration by the captain of a ship as to the cargo on board?
A.
Bill of ladlng
B.
Mates receipt
C.
Ships manifest
D.
Bill of sight
E.
Dock warrant
View Answer & Discuss
WAEC 1995
19
When the balance of trade is unfavourable which of the following conditions prevails?
A.
Exports exceed imports
B.
Imports exceed exports
C.
Customs duty is high
D.
lnvisible exports exceed visible imports
E.
The value money falls
View Answer & Discuss
WAEC 1995
20
When a seller decides to sell his goods at a specific price for a specific period, he is making?
A.
a sales promotion
B.
a bid
C.
an auction sale
D.
a firm offer
E.
an implied guarantee
View Answer & Discuss
WAEC 1995
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