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Commerce
WAEC 2014
Commerce 2014 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
Factors of production, characteristics & rewards
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
Dissolution and liquidation
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
Banking
Insurance
Transportation
Communication
Tourism
Finance and Financial Institutions
Money
Credit
Credit unions and thrift societies
Stock Exchange
Marketing
Meaning, importance and functions
Marketing concept and mix
Market segmentation
Public relations, customer service
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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11
The term "fiduciary issue" means
A.
money issued without gold backing
B.
money issued with gold backing
C.
money issued as currency note
D.
gold reserve
View Answer & Discuss
WAEC 2014
12
An insurance principle which prevents an insured from making profit when compensated is known as
A.
proximate cause
B.
indemnity
C.
insurable interest
D.
utmost good faith
View Answer & Discuss (2)
WAEC 2014
13
A retail outlet with many branches all dealing in similar line of goods is described as a
A.
department store
B.
supermarket
C.
chain store
D.
hypermarket
View Answer & Discuss
WAEC 2014
14
A person who gave his building as a security for loan is known as a
A.
trustee
B.
mortgagee
C.
mortgagor
D.
guarantor
View Answer & Discuss
WAEC 2014
15
A firm that specializes in packing and shipping of goods is known as a
A.
forwarding agent
B.
general agent
C.
del credere agent
D.
cargo handling company
View Answer & Discuss
WAEC 2014
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