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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
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Business mergers
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Business Capital and Finance
Meaning and types of capital
Working capital, profit and turnover calculations
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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
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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
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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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41
Commercial banks usually settle their interbank indebtedness through the
A.
money market
B.
clearing house
C.
discount house
D.
stock exchange
View Answer & Discuss
WAEC 2006
42
Which of the following retail outlets is described as selling without shops
A.
Multiple stoes
B.
Supermarket
C.
Mail order business
D.
Department stores
View Answer & Discuss
WAEC 2006
43
Which of the following arranges for the conveyance of goods abroad
A.
Ports Authority
B.
Customs and Excise Authority
C.
Airports Authority
D.
Export Promotion Council
View Answer & Discuss
WAEC 2006
44
The difference between the cost of goods sold and the sales value is known as
A.
net profit
B.
net loss
C.
gross profit or loss
D.
surplus
View Answer & Discuss (4)
WAEC 2006
45
Which of the following is not a feature of a sole trader
A.
quick decision making
B.
Guaranteed profits
C.
Unlimited liability
D.
Bearing losses alone
View Answer & Discuss
WAEC 2006
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