WAEC GCE 2024 COMMERCE ANSWER


COMMERCE OBJ
1-10: DCABBADCBB
11-20: ACDADCDABD
21-30: ABBDCBADAA
31-40: DBBDCCBADC
41-50: CDBACDCAAD

(1)
(i) Bills of Exchange: A bill of exchange is a written order from one person (the drawer) to another person (the drawee) to pay a certain amount of money to a third person (the payee) at a specified time. Bills of exchange have contributed to the growth of commerce by providing a convenient and secure method of payment for goods and services traded over long distances.

(ii) Letters of Credit: A letter of credit is a document issued by a bank or other financial institution that guarantees payment to a seller upon presentation of specified documents. Letters of credit have contributed to the growth of commerce by reducing the risk of non-payment for goods and services traded internationally.

(iii) Insurance: Insurance is a contract between an individual or business (the policyholder) and an insurance company, where the insurance company agrees to compensate the policyholder for losses or damages incurred as a result of specified risks. Insurance has contributed to the growth of commerce by providing protection against risks such as loss or damage to goods during transportation, and enabling businesses to operate with greater confidence.

(iv) Warehousing: Warehousing involves the storage of goods in a secure and controlled environment, often for a fee. Warehousing has contributed to the growth of commerce by providing a safe and secure place for goods to be stored while they are being transported or awaiting sale.

(v) Transportation: Transportation involves the movement of goods from one place to another, using various modes of transport such as roads, railways, air, and sea. Transportation has contributed to the growth of commerce by enabling goods to be moved quickly and efficiently over long distances, and facilitating international trade.

=============================

(2a)
Division of labour refers to the process of breaking down a complex task into simpler, more manageable tasks that can be performed by different individuals. Specialization, on the other hand, refers to the concentration of an individual's or a firm's efforts on a specific task or activity.

(2b)
(i)Geographical Specializaion: This type of specialization occurs when different regions or countries specialize in the production of different goods or services.
(ii)Occupational Specializaion: This type of specialization occurs when individuals specialize in a particular occupation or activity.

(2c)
(i)Primary Production: Mining, lumbering, fishing, and smiting (these activities involve the extraction of raw materials from the earth)
(ii)Secondary Production: Carpentry, pottery, and tailoring (these activities involve the processing of raw materials into finished goods)
(iii)Tertiary Production: Teaching, hair-dressing, and dentistry (these activities involve the provision of services to consumers)

=============================

(3a)
Brand name refers to name given to a product or service by the company that owns it. It is the unique name that identifies the product or service and helps in building the company's image and reputation. WHILE A trademark is a legal term that refers to a symbol, word, or design that uniquely identifies the source of a product or service. It is a registered and legally protected brand name or logo.

(3b)
(PICK ANY TWO)
(i) Helps in product differentiation and recognition
(ii) Builds brand loyalty and repeat business
(iii) Allows for premium pricing and increased profit margins
(iv) Facilitates effective marketing and advertising
(v) Enhances the perceived quality and value of the product
(vi) Protects the company's intellectual property

(3ci)
E. & O.E. (Errors and Omissions Excepted): This clause is used in invoices, quotations, and other commercial documents to indicate that the information provided is believed to be correct, but the issuer reserves the right to make corrections for any errors or omissions.

(3cii)
F.O.B. (Free on Board): This term indicates that the seller is responsible for delivering the goods to a specified location (e.g., a port or terminal) and the buyer is responsible for the transportation and insurance costs from that point onwards.

(3ciii)
C.I.F. (Cost, Insurance, and Freight): This term means that the seller is responsible for the cost of the goods, the freight charges, and the insurance costs until the goods reach the specified destination.

(3civ)
F.A.S. (Free Alongside Ship): This term indicates that the seller is responsible for delivering the goods alongside the ship at the specified port of shipment. The buyer is responsible for the loading and transportation costs from that point onwards.

============================

(4a)
(PICK ANY FOUR)
(i) Initial Public Offering (IPO): A public limited company can raise funds by selling shares to the general public for the first time, attracting new investors and generating capital.
(ii) Rights Issue: Existing shareholders are offered the opportunity to purchase additional shares at a discounted price, allowing the company to raise funds while maintaining the existing ownership structure.
(iii) Bonus Issue: The company issues new shares to its existing shareholders free of charge, using its accumulated profits or reserves to capitalize the business and expand its capital base.
(iv) Debentures or Bonds: The company can raise funds by issuing debt instruments, such as debentures or bonds, which are sold to investors and promise a fixed rate of return.
(v) Retained Earnings: Public limited companies can reinvest their profits back into the business, using retained earnings as a source of internal funding for expansion, investment, or working capital.
(vi) Sale of Assets: The company can raise funds by selling off non-core assets or investments that no longer align with its strategic objectives, generating cash that can be used for other purposes.

(4b)
(PICK ANY FOUR)
(i) Risk Management: Insurance protects businesses from various risks, such as property damage, liability claims, and interruption of operations, allowing them to operate with greater confidence and stability.
(ii) Access to Credit: Insurance coverage can help businesses obtain loans and credit from financial institutions, as it reduces the perceived risk for lenders.
(iii) Facilitating Investment: Insurance coverage enables businesses to undertake riskier yet potentially more profitable investments, as the risks are transferred to the insurance provider.
(iv) Protecting Employees: Employee-related insurance, such as life, health, and disability coverage, helps businesses attract and retain talented employees, contributing to overall business growth.
(v) Enabling Trade and Transactions: Insurance policies, such as marine cargo insurance and trade credit insurance, facilitate international trade and transactions, fostering commercial growth.
(vi) Promoting Entrepreneurship: The availability of insurance coverage encourages entrepreneurship by mitigating the risks associated with starting and expanding a new business, thereby supporting commerce.

============================


(5ai)
Persuasive advertising: This type of advertising aims to convince the target audience to purchase the energy drink. It could highlight the product's unique features, such as its high-energy formula, fast-acting ingredients, and ability to enhance athletic performance. The messaging could emphasize how the energy drink can give sportsmen a competitive edge.

(5aii)
Informative advertising: This approach focuses on providing detailed information about the product's benefits, ingredients, and how it can help sportsmen achieve their fitness goals. It could include facts about the drink's nutritional value, caffeine content, and scientific research supporting its effectiveness.

(5aiii)
Competitive advertising: This involves directly comparing the energy drink to rival products, highlighting its superior quality, taste, or performance-enhancing abilities. It could showcase testimonials from athletes or fitness experts praising the product's effectiveness.

(5aiv)
Mass advertising: This refers to using large-scale media channels, such as television, radio, or billboards, to reach a broad audience of sportsmen and fitness enthusiasts. It can create widespread brand awareness and foster a sense of desirability for the product.

(5av)
Direct advertising: This involves targeted communication with the target audience, such as email campaigns, direct mail, or social media advertising. It allows for personalized messaging and the ability to track the effectiveness of the marketing efforts.

(5b)
=MERITS=
(PICK ANY THREE)
(i) Increased brand awareness and visibility
(ii) Ability to reach a large, targeted audience
(iii) Enhanced customer engagement and loyalty
(iv) Differentiation from competitors
(v) Increased sales and revenue
(vi) Improved brand reputation and positioning

=DEMERITS=
(PICK ANY TWO)
(i) High costs associated with advertising campaigns
(ii) Potential for ad fatigue and decreased effectiveness over time
(iii) Risk of message misinterpretation or negative perception
(iv) Difficulty in measuring the exact impact on sales and ROI
(v) Potential legal or ethical concerns with certain advertising practices
(vi) Increased competition and market saturation, making it harder to stand out.

=============================

(6a)
(PICK ANY BEST FOUR)
(i) Improved Customer Service: Effective communication helps businesses understand customer needs, resolve issues promptly, and provide personalized services, leading to increased customer satisfaction and loyalty.

(ii) Increased Productivity: Clear communication within teams and departments ensures that tasks are completed efficiently, deadlines are met, and resources are utilized optimally, resulting in increased productivity.

(iii) Better Decision-Making: Accurate and timely communication enables businesses to make informed decisions, respond to changes in the market, and mitigate risks.

(iv) Enhanced Collaboration and Teamwork: Communication fosters collaboration, encourages idea-sharing, and promotes a sense of teamwork among employees, leading to innovative solutions and improved problem-solving.

(v) Conflict Resolution and Reduced Errors: Open communication helps resolve conflicts, clarifies expectations, and reduces misunderstandings, resulting in fewer errors, improved quality, and increased efficiency.

(vi) Competitive Advantage and Reputation: Effective communication helps businesses build a strong brand reputation, establish trust with customers and stakeholders, and differentiate themselves from competitors, ultimately leading to increased market share and revenue growth.


(6b)
(PICK ANY BEST FOUR)
(i) Protection from Deceptive Advertising: Consumers need protection from false or misleading advertising that can lead to purchase decisions based on incorrect information.

Relevant Law: Federal Trade Commission (FTC) Act (1914) in the United States, which prohibits unfair or deceptive acts or practices in commerce.

(ii) Safety from Hazardous Products: Consumers need protection from products that can cause harm or injury.

Relevant Law: Consumer Product Safety Act (1972) in the United States, which establishes safety standards for consumer products.

(iii) Prevention of Unfair Business Practices: Consumers need protection from unfair business practices, such as price gouging or bait-and-switch tactics.

Relevant Law: Unfair Contract Terms Act (1977) in the United Kingdom, which prohibits unfair contract terms and provides consumers with remedies for breach of contract.

(iv) Protection of Personal Data: Consumers need protection from unauthorized use or disclosure of their personal data.

Relevant Law: General Data Protection Regulation (GDPR) (2016) in the European Union, which regulates the processing of personal data and provides consumers with rights to control their data.

(v) Prevention of Price Fixing and Monopolies: Consumers need protection from price fixing and monopolies that can lead to higher prices and reduced choices.

Relevant Law: Sherman Antitrust Act (1890) in the United States, which prohibits monopolies and price fixing.

(vi) Right to Redress and Compensation: Consumers need protection and a means to seek redress and compensation when they are treated unfairly or receive substandard goods or services.

Relevant Law: Consumer Rights Act (2015) in the United Kingdom, which provides consumers with statutory rights to redress and compensation for faulty goods or services

=============================

(7a)
(PICK ANY FIVE)
(i) Promotion of Sustainable Water Management: To ensure the sustainable management of the water resources of the Lake Chad Basin, including the conservation and protection of the lake and its tributaries.

(ii) Food Security and Agricultural Development: To promote food security and agricultural development in the Lake Chad Basin through the sustainable use of natural resources.

(iii) Environmental Protection and Conservation: To protect and conserve the environment of the Lake Chad Basin, including its biodiversity, forests, and wildlife.

(iv) Promotion of Regional Cooperation and Integration: To promote regional cooperation and integration among the member states of the LCBC, including the sharing of experiences, expertise, and resources.

(v) Poverty Reduction and Socio-Economic Development: To contribute to the reduction of poverty and the promotion of socio-economic development in the Lake Chad Basin through the sustainable use of natural resources.

(vi) Climate Change Mitigation and Adaptation: To promote climate change mitigation and adaptation in the Lake Chad Basin through the development and implementation of climate-resilient projects and programs.

(vii) Peacebuilding and Conflict Prevention: To contribute to peacebuilding and conflict prevention in the Lake Chad Basin by promoting dialogue, cooperation, and sustainable natural resource management among the member states and local communities.

=============================

(8)



============================