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Commerce
WAEC 2014
Commerce 2014 WAEC Past Questions
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Question Type:
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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
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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
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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
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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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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
Public relations, customer service
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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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16
Which of the following is a function of marketing department in a firm?
A.
Add value to goods and services
B.
Protect those who engage in business transactions
C.
initiate general policies in the organization
D.
Handle all staff masters in the system
View Answer & Discuss
WAEC 2014
17
An individual or company that engages in the transportation of any type of goods for a fee is called a
A.
common carrier
B.
hawker
C.
porter
D.
clearing agent
View Answer & Discuss
WAEC 2014
18
Debentures which are secured by the fixed assets of a company are called
A.
Mortgaged Debenture
B.
Naked Debenture
C.
Redeemable debenture
D.
irredeemable Debenturs
View Answer & Discuss (1)
WAEC 2014
19
The central bank sometimes calls for special deposits from the commercial banks in order to
A.
reduce bank lending
B.
increase bank lending
C.
withraw defaced currencies
D.
issue notes and coins
View Answer & Discuss
WAEC 2014
20
A principal member of the stock exchange who buys and sells securities on his own is a
A.
jobber
B.
promoter
C.
broker
D.
speculator
View Answer & Discuss (1)
WAEC 2014
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