WAEC Commerce Obj And Theory/Essay Answer – May/June 2017 Expo

WAEC Commerce Essay/Theory and OBJ Questions and Answer Solution – May/June 2017 Real Expo Runs

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Verified Commerce OBJ:
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1a). E-commerce can be said asThe buying and selling of products and services by businesses and consumers through an electronic medium, without using any paper
documents .
1b)
Advantages
-The biggest advantage of
privatization is that once a
privatization is done completely
there is no interference from
political leaders and also one does
not need to do undue favor to them
which in itself is a big boost when it
comes to doing business and
increasing profitability.
-It increases the overall efficiency
and reduces the bureaucratic
culture which is the main culprit
because typically in government
organizations work happens at its
own leisurely pace which results in
delay in decision making and
therefore reduces the effectiveness
and competence of public sector
enterprise.
-As far government is concerned it
has also benefits from doing
privatization because majority of
governments all over the world has
fiscal deficit and by doing
privatization government can reduce
fiscal deficit to an extent, however
full control is possible only when
government control its unnecessary
expenditures.
Disadvantages
-Private companies do not care
about the society and their main
motive is to earn profits, which is
with contrast to government
companies which keeps doing social
work and therefore if privatization
happens it will result in fewer funds
for society because private
companies have no obligation to do
social work.
-Privatization also affects the
employees because in private sector
enterprises there is emphasis on
performance which indirectly results
in work pressure and meeting
deadlines or targets and individuals
who have been doing work for years
without much pressure find it
difficult to adjust to new setting and
many end up resigning from their
service.
– In privatization there is a risk that it
may take decisions of starting a
project which results in short term
benefits but may not good for long
term.
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2a)
Communication is simply the act of
transferring information from one place to
another.
2b)
i)Postal Services
ii)Telegraph Services
iii)Courier Services:
iv)Telecommunications
v)Internet Service
vi)Radio and Television
2c)
i)Builds and maintains relationships Relationships are built and can be
maintained by positive encounters with
others.
ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all-time high.
iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will
emerge.
iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected
from them.
========================
3ai)
department store or magazine is a retailestablishment offering a wide range of consumer goods in different product categories.
3aii)
Mobile shop A large vehicle that travels from place to place and from which goods are sold.
3aiii)
Chain store or retail chain are retail outlets that share a brand and central management, and usually have standardized business methods and practices
3aiv)
Mail order business the buying of goods or servicesby mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as through a telephone call or web site.
3av)
Supermarket a large retail market that sells food and other household goods and that is usually operated on a self-service basis.
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6a)
advertising the activity or profession of producing advertisements for commercial products or services.
6b)
i)Adds to Costs: An organisation has to spend large amount on advertising. It increases the cost of the products. To meet this expenditure, price of the product is
raised.
ii)Undermines Social Values: Advertisement is a sort of day-
dreaming for the people. In other words it is taking the people away from
reality and into the realm of
artificiality.
iii)Confuses the Buyers: Many a time distorted version of reality is shown in the advertising. Believing in advertising, consumers buy the product.
iv)Encourages Sale of Inferior Products: Every manufacturer projects his
product as superior one in the
advertisement.
6c)
i)Identify Your Audience
You cannot win your audience until you properly identify who they are.
ii)Social Media Contests
Another thing people can’t resist is a contest, because there’s a chance they can win something. Ask contestants to submit a photo or video, or an idea that others can vote on.
iii)Matchless Personality
Millions of Internet memes pay homage to the Most Interesting Man in the World, the spokesperson for Dos Equis beer
iv)Free Stuff
Nobody will pass up a freebie. Nobody. Put your brand name on anything from shop right to slot to to Band-Aids.
v)Referral Programs
Users will gladly spread word of your product or service when they know they’ll get an added perk.
==========================
7 a )
Standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization .
7 b )
Bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank . A draft ensures the payee a secure form of payment .
7 c )
Legal tender is a medium of payment recognized by a legal system to be
valid for meeting a financial obligation .
7 d )
Money orders are a secure payment
method . They are convenient , affordable,
and widely accepted . Money orders are a
good way to send cash that never
expires .
7 e )
I . O . U is usually an informal document acknowledging debt . An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms
such as the time of repayment.
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8a)i)C. O. D- Cash on delivery
ii) C. I. F- Cost, insurance and freight
Iii)F. O. B- FREE ON BOARD
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