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Home
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Commerce
WAEC 2006
Commerce 2006 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
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
Banking
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Transportation
Communication
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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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26
The amount the assured receives if he decides to discontinue the life policy is known as
A.
refund value
B.
net value
C.
surrender value
D.
sum assured
View Answer & Discuss
WAEC 2006
27
A specialized market where stocks and shares are bought and sold is
A.
money market
B.
commodity exchange market
C.
perfect market
D.
stock exchange market
View Answer & Discuss
WAEC 2006
28
The principle where many insurance companies join to compensate one policy holder is called?
A.
contribution
B.
subrogation
C.
compensation
D.
indemnity
View Answer & Discuss
WAEC 2006
29
Demurrage is paid by a vessel for
A.
overloading
B.
travelling along unplanned route
C.
delaying at the port
D.
not using the services at the wharf
View Answer & Discuss
WAEC 2006
30
In a limited partnership, one of the members must be
A.
a general partner
B.
a nominal partner
C.
an active partner
D.
a dormant partner
View Answer & Discuss (1)
WAEC 2006
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