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Commerce
WAEC 1999
Commerce 1999 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
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Meaning and objectives of business
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Business Capital and Finance
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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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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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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36
Which of the following is not an economic grouping?
A.
ECOWAS
B.
GATT
C.
ECOMOG
D.
EEC
View Answer & Discuss (1)
WAEC 1999
37
Business losses in nationalized industries are borne by the
A.
Shareholders
B.
Debenture holders
C.
Board of directors
D.
Public
View Answer & Discuss
WAEC 1999
38
Which of the following can be sold through a vending machine?
A.
cigarettes
B.
shirts
C.
handbags
D.
shoes
View Answer & Discuss
WAEC 1999
39
Which of the following is the most suitable channel of distribution for technical goods?
A.
manufacturer-retailer-consumer
B.
manufacturer-wholesaler-retailer-consumer
C.
manufacturer-wholesaler-consumer
D.
manufacturer-consumer
View Answer & Discuss
WAEC 1999
40
Which of the following implies that the price quoted includes the cost of insurance and carriage?
A.
F.O.B
B.
F.A.S
C.
C.O.D
D.
C.I.F
View Answer & Discuss
WAEC 1999
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