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WAEC 2020 - COMMERCE ANSWER
WAEC 2020 - COMMERCE ANSWER

WAEC 2020 - COMMERCE ANSWER


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Commerce OBJ
1-10: BACBBBDBCB
11-20: CCAACCCDCA
21-30: DCCDDDADBC
31-40: CCBDCCCDBC
41-50: CCCBCDBAAA


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ANSWERS:

(1ai)
(i) Television
(ii) Radio
(iii) Newspaper
(iv) Billboard

(1aii)
(i) Coverage or extent of circulation
(ii) Nature of goods
(iii) The target audience
(iv) Cost

(1b)
(i) It provides an edge for her product in the competitive market
(ii) It helps to easily educate the public on the features of her products
(iii) It boosts her business's image and strengthen the quality of her brand
(iv) It stimulates her sales thereby increasing her profit


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(2a)
(i) Cartel help to increase the profit potentials of the members
(ii) Cartel help to reduce waste by eliminating competition
(iii) Cartel help to keep up the price of their products
(iv) Cartel help to allocate quantity quotas which can regulate output


(2b)
Advantages of public enterprises:
(i) Provision of infrastructural facilities: Public enterprises provides infrastructural facilities, such as roads,schools,railway,electricity, to populace.
(ii) Availability of large capital: Since public enterprises are owned by government ,there is always availability of sufficient capital to ensure expansion of the enterprises.
(iii) There is continuity: public enterprises can last for a long period of time. in other words, there is a perpetual existence.
(v)Generation of revenue: Revenue is generated by the government from public enterprises, e.g water rate or electricity bill,to finance other project.

Disadvantage of public enterprises:
(i) Requires large capital: The cost of establishing a public enterprises is very high, i.e large capital is involved.
(ii) Government interference: Government can interfere in the activities of public enterprises through the appointment of unqualified and incompetent people as board members.
(iii) Inefficiency in operation: Lack of competition can bring about inefficiency in business operation.

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(4ai) Capital: This is the fund required to purchase goods, make payments and other requirements for starting up the retail business.

(4aii) Service of supply: Where the goods to be sold are to be purchased from, logistics required, as well as lead time needed to bring them to have them on the shelves.

(4aiii) The nature of the goods: This determines quantity of goods to start up with. It also determines the conditions for storage and shelve life. This factor is applicable for perishable goods, fragile goods, goods with or without expiration dates.

(4aiv) Experience: This is the previous training or experience need to successfully set up and manage the business.

(4bi)
Registration of Business name: Corporate Affair commission has mandated every newly established business entity to register under them, creating a directory of registered businesses, so as to prevent duplication of business names, and to forestall any crises that may arise as a result of such duplicity.

(4bii)
Patent: the government regulates businesses by issuing declaration of sole rights to an inventor of a new invention, thereby denying others the privilege to claim that invention.

(4biii)
Trade Mark: This is a given name or Branding to a product I order to distinguish it from other similar products. Government mandates every business to brand their products for ease of identification.

(4biv)
Copyright : This is a form of intellectual property law by the government to protect original creative products, such as literary, dramatic, musical and artistic works. This give sole ownership of the creative work to the Creator of such art works and protects them from plagiarism.

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(5a)
(i) The stock market helps to value the securities on the basis of demand and supply factors
(ii) Stock exchange is a reliable barometer to measure the economic condition of a country
(iii) Stock market provides ready market for sale and purchase of securities.
(iv) It ensures safety of Transactions

(5bi)
Debentures: These are documents which acknowlwdge a loan generally under the company seal, bearing a fixed rate of interest. It usually gives security for repayment of loan as well as the interest. It can also be described as a document setting out the terms of loan to a company; that is certificate of indebtedness. Holders of debentures have no voting right.

(5bii)
Bond: This is a security issued by the govenrment or it's agency or private institution as a means of raising fund.

(5biii)
Shares: can be defined as the individual portion of company's capitial, owned by share holders. It is the nterest which a share holder has in a company. In other words, a share is a unit of capital measured by a sum of money. A share also represents the mechanism by which the shareholders of a company can have limited liability.

(5biv)
Stock: This can be defined as the bundle of shares or mass of capital which can be transferred in fractional amount. They are always fully paid ,e.g it can be quoted per #100 nominal value.

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(6a)
(i) They assist exporters in the course of exporting goods.
(ii) They use government export incentives to encourage and boost export trade.
(iii) They liberalize and simplify export procedure and documentation.
(iv)They approve export and provide export license and set out procedure for exporting goods abroad.
(v)To work hand in hand with central Banks and customs authority concerning the preparation of export documents as well as assisting in finance of exporter etc.

(6b)
(i) Customs and excise authority collect taxes inform of imports, export and excise duties imposed on goods and services.
(ii) The authority generate revenue to the government from it's activities like collection of taxes.
(iii) The authority regulates imports and exports to make sure that the quantity of goods imported and exported are within the limit stipulated on the licence issued for that.
(iv) Customs and excise authority prevents smuggling.
(v) The authority prevents the importation of banned goods.

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(8)
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