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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
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Meaning and types: Primary, secondary, tertiary
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Meaning and objectives of business
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Trade Associations and Economic Groups
Trade and manufacturer associations
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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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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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71
Which of the following functions may not be performed by a whole saler?
A.
Transporting
B.
Warehousing
C.
Financing
D.
Branding
E.
Manufacturing
View Answer & Discuss
WAEC 1996
72
The commercial term "Caveat emptor" means, Let the
A.
buyer beware
B.
seller beware
C.
manufacturer beware
D.
account be settled
E.
endorser be careful
View Answer & Discuss
WAEC 1996
73
Which of the following is not a business resource?
A.
Wages
B.
Man
C.
Money
D.
Material
E.
Machine
View Answer & Discuss
WAEC 1996
74
In which of the following business units are the owners mostly the customers?
A.
Co-operatives
B.
Partnerships
C.
Public corporations
D.
Limited liability companies
E.
Sole proprietorship
View Answer & Discuss
WAEC 1996
75
Which of the following is not a way of raising capital for business?
A.
Issuing of bonds
B.
Borrowing
C.
Savings
D.
Ploughing back profit
E.
Issuing dividend warrants
View Answer & Discuss
WAEC 1996
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