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Home
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Commerce
WAEC 1997
Commerce 1997 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
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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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Meaning, importance and functions
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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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86
Which of the following is used in home trade?
A.
Bill of lading
B.
Bank draft
C.
Letter of credit
D.
Certificate of origin
E.
Documentary credit
View Answer & Discuss
WAEC 1997
87
To which of the following occupations does a broker belong?
A.
Extractive
B.
Manufacturing
C.
Commercial
D.
Constructive
E.
Direct services
View Answer & Discuss
WAEC 1997
88
When firms that operate at different stages in the production of a commodity merge, this is known as
A.
horizontal intergration
B.
vertical intergration
C.
absorption
D.
conglomerate
E.
cartel
View Answer & Discuss
WAEC 1997
89
The document which gives the current price and terms of trade of a product is called?
A.
a letter of credit
B.
an invoice
C.
an advice note
D.
a consignment note
E.
an order form
View Answer & Discuss
WAEC 1997
90
Which of the following is not a function of merchant banks?
A.
Granting long term loans
B.
Advising corporate institutions
C.
Underwriting shares
D.
Discounting bills
E.
Printing new bank notes
View Answer & Discuss
WAEC 1997
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