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Commerce
WAEC 2007
Commerce 2007 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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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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Meaning, importance and functions
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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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21
Which of the following refers to a voluntary association that represents a cross-section of business interests in an area?
A.
Manufacturers Association
B.
Chamber of Commerce
C.
Consumers Association
D.
Employers Association
View Answer & Discuss
WAEC 2007
22
Which of the following is used to show that goods imported were produced in an ECOWAS member country
A.
Insurance policy
B.
Bill of lading
C.
Certificate of origin
D.
Bill of exchange
View Answer & Discuss
WAEC 2007
23
Importing goods into a country re-exporting is know as
A.
home trade
B.
retail trade
C.
entrepot trade
D.
counter trade
View Answer & Discuss
WAEC 2007
24
Which of the following is a function of the small retailer?
A.
Financing manufactures
B.
Warehouse of goods
C.
Branding of goods
D.
Selling to consumers
View Answer & Discuss
WAEC 2007
25
The content of a bill of lading does not include the
A.
name of the shipper
B.
date and place of shipment
C.
name and destination of the vessel
D.
demurrage payable
View Answer & Discuss
WAEC 2007
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