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Commerce
WAEC 2005
Commerce 2005 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
Forms: Sole proprietorship, Partnership, Limited liability companies, Public enterprises, Cooperative societies
Characteristics, formation, advantages and disadvantages
Business mergers
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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
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Finance and Financial Institutions
Money
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Credit unions and thrift societies
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Meaning, importance and functions
Marketing concept and mix
Market segmentation
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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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31
Which of the following coordinates other factors of production to achieve set objectives?
A.
Land
B.
Labour
C.
Enterpreneur
D.
Capital
View Answer & Discuss (2)
WAEC 2005
32
Production is defined as
A.
an industrial undertaking
B.
creation of utility
C.
earning one's daily bread
D.
the changing of raw materials
View Answer & Discuss (1)
WAEC 2005
33
An advantage of a public limited company over a private one is the
A.
limited liability of share holders
B.
easy transferability of shares
C.
access to retained earnings
D.
less taxation by government
View Answer & Discuss (3)
WAEC 2005
34
The distribution of profits based upon the level of patronage in the business is a common feature of
A.
partnership firms
B.
public limited companies
C.
co-operative societies
D.
private limited companies
View Answer & Discuss (3)
WAEC 2005
35
The fee which the bank charges for services rendered to their current account customers is
A.
commission on turnover
B.
bank rate
C.
minimum lending rate
D.
interest
View Answer & Discuss
WAEC 2005
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