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Commerce
WAEC 1996
Commerce 1996 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
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
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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
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
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Finance and Financial Institutions
Money
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Credit unions and thrift societies
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Meaning, importance and functions
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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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61
Which of the following activities makes the consumer its focus in decision making?
A.
Selling concept
B.
Marketing concept
C.
Product concept
D.
Production concept
E.
Market research
View Answer & Discuss
WAEC 1996
62
Which of the following is a direct service?
A.
Banking
B.
Teaching
C.
Advertising
D.
Fishing
E.
Warehousing
View Answer & Discuss (2)
WAEC 1996
63
Which of the following is a disadvantage of foreign trade?
A.
Encourages dumping
B.
Makes available the products that a country cannot produce
C.
Widens the world market
D.
Encourages specialization
E.
Makes possible the transfer of technology
View Answer & Discuss
WAEC 1996
64
An agreement that is enforceable in law is called?
A.
a contract
B.
an offer
C.
an acceptance
D.
a consideration
E.
an injuction
View Answer & Discuss
WAEC 1996
65
A document signed by a customs officer of the exporting country to confirm the country of export of the goods is
A.
an export invoice
B.
a consular invoice
C.
a certificate of origin
D.
a letter of hypothecation
E.
a bill of laden
View Answer & Discuss
WAEC 1996
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