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Home
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Commerce
WAEC 1998
Commerce 1998 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
Characteristics, formation, advantages and disadvantages
Business mergers
Choice of business units
Dissolution and liquidation
Business Capital and Finance
Meaning and types of capital
Working capital, profit and turnover calculations
Sources of finance
Problems of sourcing finance
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
Banking
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Finance and Financial Institutions
Money
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Credit unions and thrift societies
Stock Exchange
Marketing
Meaning, importance and functions
Marketing concept and mix
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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81
A supplier who needs to make additional charges for goods delivered will send
A.
a debit note
B.
a credit note
C.
a consignment note
D.
a advice note
E.
a delivery note
View Answer & Discuss
WAEC 1998
82
Gross profit is correctly ascertained by
A.
adding opening stock to purchases
B.
adding closing stock to sales
C.
subtracting returns outwards from purchases
D.
subtracting returns inwards from sales
E.
subtracting cost of goods sold from sales
View Answer & Discuss
WAEC 1998
83
The returns from capital investment are known as
A.
turnover
B.
commission
C.
annuity
D.
profit
E.
bonus
View Answer & Discuss
WAEC 1998
84
The total asset of business minus its total liability is the
A.
net profit
B.
capital owned
C.
working capital
D.
capital employed
E.
gross profit
View Answer & Discuss
WAEC 1998
85
The production process is completed when what is produced
A.
is in the manufacturer's warehouse
B.
has reached the manufacturer's agent
C.
is in the wholesaler's warehouse
D.
has reached the retailers
E.
has reached the final users
View Answer & Discuss
WAEC 1998
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