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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
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Meaning and objectives of business
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Meaning and types of capital
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Sources of finance
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Role of Bureau de Change
Trade Associations and Economic Groups
Trade and manufacturer associations
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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
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Trade - Foreign Trade
Balance of trade/payment, terms of trade
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Roles of Customs, Excise, Ports Authority
Purchase and Sale of Goods
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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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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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21
Credit in business transaction is?
A.
a form of loan
B.
compliment to a good customer
C.
provision of services
D.
a means of saving money
E.
a rebate for large purchases
View Answer & Discuss
WAEC 1998
22
Which of the following is true of rail transport?
A.
Suitable for perishable goods
B.
Fast over long distances
C.
Maximum handling of goods
D.
Gaurantees safety of goods
E.
Does not travel on schedule
View Answer & Discuss
WAEC 1998
23
Which of the following is not a means of controlling credit by the Central Bank?
A.
Fixing the bank rate
B.
Open market operations
C.
Clearing inter-bank indebtedness
D.
Special deposits
E.
Cashliquidity ratio
View Answer & Discuss
WAEC 1998
24
Which of the following is not a function of Development Banks?
A.
Give long-term loans
B.
invest directly into Agriculture
C.
Issue currency notes
D.
Give technical advice to investors
E.
Embark on priority projects of governments
View Answer & Discuss
WAEC 1998
25
Which of the following is an example of insurable risk?
A.
Change in consumer's taste
B.
The probability of a third world war
C.
Flood resulting from excessive rain in a year
D.
The death of a business partner
E.
Loss due to change in fashion
View Answer & Discuss
WAEC 1998
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