WAEC 2022 - MARKETING   ANSWER

MARKETING OBJ
1-10: ABDBDDBDAB
11-20: BDBDBDBCDC
21-30: DBBABCACCB
31-40: BBABACDBAA


(1ai)
Entrepreneurship is the act of coordinating the factors of production in a manner that makes a business venture profitable.

(1aii)
(i) Personal savings.
(ii) Loan and overdraft
(iii) Trade credit
(iv) Loan from cooperatives society

EXPLANATIONS:
(i) Personal savings: This is the funds put together by the entrepreneur.
(ii) Loan and overdraft: This is the funds from commercial banks.
(iii) Trade credit: This is the arrangement to receive goods and make payment in future date.
(iv) Loan from cooperatives society: This is the funds contributed via cooperative societies

(1b)
(PICK ANY SIX)
(i) Availability of customers.
(ii) Nearness to targeted customers.
(iii) Availability of road network.
(iv) The size of population.
(v) Availability and nearness to manufacturing plant.
(vi) Nearness to wholesaler and retailers.
(vii) Availabilty of raw materials
(viii) Availability of basic infrastructure
(ix) Economic policy

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(2a)
(Pick one)

Marketing consists of the performance of business activities that direct the flow of goods and services from the producer to the consumer or users in order to satisfy customers and accomplish the company's objectives.

OR

Marketing can be defined as the process of communicating the value of a product or services to customers. It is also a process by which companies create customer interest in products or services.

(2aii)
(Pick Any Six)

(i)Risk bearing
(ii)financing
(iii)storage/warehousing
(iv)Buying/selling/Exchange
(v)Grading and standardizing
(vi) Marketing information Research
(vii) Transportation

(2b)
(i)Production concept: The production concept is the idea that a firm should focus on in relation to those products that it could product most efficiently. This concept focusses more on solving the problems l of production and little concern for the public satisfaction.

(ii) Product concept: This concept assumes that customers will favour those products that offer the most quality for the price and therefore it is important for companies to produce quality products. It explains that customers are primarily interested in product quality.

(iii)The selling concept: Production of goods does not mean assure sales most times. The sales concept paid little attention to whether if the product was actually needed; the goal simply was to beat the competition to the sale with little regard to customer satisfaction

(iv) Marketing concept: Marketing concept focusses on increasing a company's ability to compete and achieve maximum profits by marketing the ways in which it offer better value to customers than its competitors. This concept lay emphasis on marketing management with the twin goals of customer orientation and profitable sales volumes.

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(3a)
(i) Receiving: Operations that involve the assignment of trucks to docks, the scheduling and execution of unloading activities

(ii) Storing: Material’s movement from unloading area to its designated place in inventory

(iii) Order Picking: This is the main and the most labour-intensive activity of warehouses. Amaka will be obtaining the right amount of the right products for a set of customer orders.

(iv) Shipping: Execution of packing and truck’s loading after picking, involving also the assignment of trucks to docks

(v) Delivery: The transit time for transportation from the warehouse to the customer is part of the activities that is carried out in Amaka's warehouse.

(3b)
(i) She must accept responsibility for the consequences of their activities and make every effort to ensure that their decisions, recommendations, and actions function to identify, serve, and satisfy all relevant public
(ii) Amaka should give a maximum privacy to every customer on internet by not bombarding potential customers with unwanted solicitations and information Provide customers
(iii) She should have a good customer service or commitmentment by notifying the customer immediately of items that are out of stock, have been discontinued, or other updates.
(iv) She should avoid copyright issues by asking for permission before using someone’s site or material.
(v) She should ensure the security of her customers, making sure their personal information is not be traded or sold without permission.

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(4ai)
Need: These are basic human requirements. They are the basic forces that motivate a person to think about and do something/take action.

(4aii)
Wants: These are things which you wish to have but they are not above your need. wants also refers to a wish or desire to own goods and services that give satisfaction

(4aiii)
Exchange:This means the act of obtaining a needed/wanted object by offering something in return. It is a value of creating process.

(4aiv)
Demand: This is the want for a specific product backed by an ability to pay. It's also consumer's desire to purchase goods and services and willingness to pay a price for a specific good

(4av)
Transaction: Transaction us an exchange between two things of value on agreed conditions and time and place of agreement.


(4b)


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WAEC 2022 - BOOK KEEPING   ANSWER


BOOKKEEPING OBJ
1-10: DABBDBCDBB
11-20: ADCCCCACCB
21-30: ADADABCBCB
31-40: BCCDCDBBCC

(1a)
(Pick Any Five)
(i)Invoice
(ii)Credit note
(iii)Debit note
(iv)Petty cash Voucher
(v) statement of account
(vi)Reciepts

(1bi)
Cashbook: cash book is used in accounting to records all cash transactions in detail.

(1bii)
Return inward book: Return Inward book is used to record the goods returned to the business enterprise

(1biii)
Purchases Day book: The purchases day book is used to record all the purchase invoices for goods and services supplied on credit to the firm

(1biv)
Sales Day book: Sales Day book is used for recording all the credit sales of the business in one distinct place

(1bv) Returns outward book: Returns outward book is used to record the debit notes

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(2a)
partnership business consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.

(2b)
(i)General partner
(ii)Limited partner

(i)General partner: General partners are active in the business, doing the work of the company (being CPAs, for example) but also participating in management and decision-making.

(ii)Limited partners: Limited partners are passive. They have invested in the business but they don't participate on a day-to-day basis in the running of the business.

(2c)
(Pick Four)
(i)The partners will share profits and losses equally.
(ii)Partners will not get a salary.
(iii)Interest on capital will not be payable.
(iv)Drawings will not be chargeable with interest.
(v)Partners will get 6% p.a. interest on loans to the firm if they mutually agree.

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(3a)
Entrepreneur is the person who co-ordinates, controls and organises the process of production inorder to make maximum output at minimum cost thereby making profits.

(3b)
(i)Leadership
(ii)Motivation
(iii)Vision
(iv)Creativity
(v)Adaptability
(vi)Tenacity
(vii)Risk-inclined
(viii) Positivity

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(8a)