2021 WAEC COMMERCE Questions & Answers: 2020 WAEC COMMERCE ANSWERS Night before Exam

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Tuesday 25th August 2020
Commerce 2 (Essay) – 2:00pm – 4:00pm
Commerce 1 (Objective) – 4:00am – 4:50pm

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COMMERCE OBJ


1 -  10: BABBCBDBCD

11 - 20: CCAACBBDCB

21 - 30: DBBBADADBC

31 - 40: DCBDDDCDBC

41 - 50: CCCBCDDADC

 

==COMPLETED==



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(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

 


2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
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(2a)
(i)improving the profitability of the firm.
(ii)Carrying out restriction of output,
(iii)control of price,
(iv)allocation of market shares.


(2b)
-Advantages-
(i)They base their decisions on the full costs and benefits
involved.

(ii)They can be used to influence economic activity. To boost the country’s output, public corporations can be directly encouraged to increase their output.

(iii)In cases where it is practical to have only one firm in the industry, such as rail infrastructure, a public corporation would not abuse its market power.

-Disadvantages-
(i)They can be difficult to manage and control. The large size of the organisations may mean that time has to be spent on meetings and communicating with staff, slowing down decision making.

(ii)They may become inefficient, produce low-quality products and charge relatively high prices, due to a lack of competition and the knowledge that they cannot go bankrupt.

(iii)They will need to be subsidized if they are loss-making. The use of tax revenue to support them has an opportunity cost it could be used to spend on, say, training more teachers and nurses.


2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
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(3a)
(i) Bill of exchange
(ii) Hire purchase contract
(iii) Promissory note
(vi) Credit card
(v) Bank draft

(3b)
-ADVANTAGES-
(i) Can get a significant amount of money at the rate of time
(ii) Allows emergency purchases
(iii) Money may not need to be paid back
(iv) Can create space for more profitable uses

-DISADVANTAGES-
(i) Might not get the full market value of the assets or even be able to sell them at all
(ii) Money may be lost if the business fails
(iii) Difficult for a new business to access

 


2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
======

(4a)
(i)Best Location: One of the key starting points in putting up a retail store is the right location. Getting into an ideal business location is a sustainable advantage since a competitor can't copy or steal your spot.

(ii)Competitive Factors: Competitive factors also impact the effectiveness of a retail start-up. The ideal scenario exists when you start a distinct business that offers a sizable marketplace goods or services they value and can't get elsewhere.

(iii)Financial Capital: You have two basic ways to start a retail business. You can build one from scratch or invest in a franchise, where you purchase the rights to an existing model.

(iv)Legal and Regulatory Environment: You also need to understand legal and regulatory facts that impact your industry. Some industries are heavily regulated, while others have minimal government regulations.

(4bi)
(i)The government regulates business name registration through CAC- Corporate Affairs Commission

(4bii)
Government patent use law is a statute that is a "form of government immunity from patent claims.

(4biii)
The government regulates the trademark through its trademark law

(4biv)
The Commission is the Government agency responsible for all copyright matters in Nigeria including the administration, regulation.

 


2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
======

(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 a ready market for sale and purchase of securities.
(iv) It ensures the safety of Transactions

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

(5bii)
Bond: This is a security issued by the government or its an agency or private institution as a means of raising fund.

(5biii)
Shares: can be defined as the individual portion of the company's capital, owned by shareholders. It is the interest which a shareholder 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.


2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)

2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
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(6a)
(i)Provides Technical Support To Exporters
(ii)Simplifies Export Procedures
(iii)Provides Grants And Incentives
(iv)Simplifies Export Procedures
(v)Provides Exportable Products’ List

(6b)
(i)Collect and revenue for the government by charging customs excise duties.

(ii)keep and analyse records of imported and exported goods and services.

(iii)Control bonded warehouses to ensure that duty is collected for imported dutiable goods before releasing them.

(iv)Supervise public health by arranging quarantine for animals, pets coming into the country thus controlling infectious disease.

(v)Supervise entrepots ( re-export) trade to ensure that no duty is charged and collected on goods destined to another country


2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)

2021 WAEC COMMERCE Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
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2021 WAEC COMMERCE Questions & Answers: 2020 WAEC COMMERCE ANSWERS Night before Exam

 

 

 

 

 


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QUESTIONS AND ANSWERS FOR 2021 WAEC COMMERCE ANSWERS


EXAM DETAILS:


PIN: 4441
Subject: Commerce
Exam:
Year:
Updated At: April 17th 2021, (06:04:42)

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