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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
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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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Marketing
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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41
A nation's earnings from tourism are classified as
A.
visible exports
B.
invisible exports
C.
visible imports
D.
invisible imports
E.
entrepot trade items
View Answer & Discuss
WAEC 1996
42
An association of employees in an organization is called a
A.
trade union
B.
trade association
C.
consumer association
D.
credit union
E.
co-operative society
View Answer & Discuss
WAEC 1996
43
A firm that accepts a portion of the risk involved in an insurance contract is
A.
a broker
B.
an actuary
C.
a speculator
D.
an underwriter
E.
an assessor
View Answer & Discuss
WAEC 1996
44
Musa places the bicycle for sale at #800.00 and Dada had agreed to pay the amount. In this transaction, Musa is the
A.
offerer
B.
offeree
C.
buyer
D.
guarantor
E.
auctioner
View Answer & Discuss
WAEC 1996
45
When goods are sent through an independent carrier, the document used by the sender is
A.
a delivery note
B.
an advice note
C.
an invoice
D.
a consignment note
E.
a reciept
View Answer & Discuss
WAEC 1996
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