WAEC 2018 Commerce (Essay and OBJ) answer – May/June Expo

The Real and Verified WAEC Commerce OBJ, ESSAY/Theory Questions and Answer – May/June 2018 Expo Runz

Commerce Obj

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1a)

-The size of the market: The most common limitation to division of labor is the size of the market. By the size of the market, what is meant is the size of the demand for a particular commodity. If the size of the market is very small and demand of the commodity or product is not high, then division of labor cannot really be practiced.

-Some work cannot be broken down into a number of processes. Not all work can be compatible with division of labor. The production of certain commodities is so simple that it involves only one or two processes. And in these cases it is rational and also economically rational to avoid division of labor.

1b)

– Higher productivity

– Lower costs

– Simplified training

– Inventions

– Greater cooperation

– Better goodwill

1c)

– Monotony:

– Lack of responsibility

– Lack of job pride

– Too much interdependence

– Limited market

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2a)

-Legal and Regulatory Environment

-Financial Capital

-Competitive Factors

-Target Market

-Best location

(2b)

1. Assembling

The wholesaler buys goods from different

manufacturers producing the same line of

goods. He assembles them in his warehouse for the purpose of sale to the retailers.

2. Storage: A wholesaler stores the goods in his warehouse.

He makes them available in proper and required quantities as and when they are required by retailer.

3. Grading and Packing:

A wholesaler sorts out the goods according to

their quality size, shape, content etc and then

packs them carefully to sell them to the retailer.

4. Transportation:

Wholesaler buys goods in bulk from the producers and transports them in his own godown. The wholesaler also provides the facility of transporting the goods from

warehouse to the retailer shop.

5. Financing: This is an important function of a wholesaler. A wholesaler used goods on cash from the producers and sells on credit to the retailers. In this way, the financing facilities to trade transaction.

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5a.

1. Getting Word Out

For a business to succeed, the product or service it provides must be known to potential buyers.

2. Higher Sales

Once your product, service or company gets on the radar screen of your prospects, it increases your chances that consumers will make a purchase.

3. Higher Sales

Once your product, service or company gets on the radar screen of your prospects, it increases your chances that consumers will make a purchase.

4. Healthy Competition

Marketing also fosters an environment in the marketplace for healthy completion.

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6a)

It is an appendage to the stock exchange market where owners of existing security and buyers of security meet in order to negotiate and bargain on the exchange of goods and services

6b)

– It is an avenue for companies, investors to raise capital.

– The market provides opportunity for buying and selling of shares of companies.

– SSM affords investors the opportunity of assessing the profitability and efficiency of companies in order to know which company to invest.

– Investors are provided with the opportunity of obtaining loans.

6c)

– Application for Listing will only be entertained if sponsored by a Dealing Member of The Exchange.

– The company must be a public company, which will issue or has issued an invitation to the public to subscribe for its shares or has satisfied Council that the public is sufficiently interested in the company’s shares to warrant Listing.

– All securities for which listing is sought shall first be registered with the securities and Exchange Commission.

– Before the grant of Listing, all applicant companies shall sign a General

Undertaking that they will provide promptly certain information about their

operations and that they will follow certain administrative procedures.

– All companies admitted to Listing on The Exchange shall pay a listing fee as

laid down in Appendix iv and these fees are subject to review from time to time.

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7a)

contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract law recognises and governs the rights and duties arising from agreements

7b)

– To Protect against Poor Quality

Companies rarely produce shoddy products on purpose. However, manufacturers may be tempted to use low-quality material in making certain appliances, causing them to be defective. 

– To Stop Unethical Practices

The modern economy is fiercely competitive and unethical business owners will cut corners without regard to the health or safety of the consumers. Unethical practices also produce incredibly bad service and no consumer should have to deal with it.

– To See Consumer Justice Is Done

States have various laws protecting the consumer, which sometimes are ignored by business. One group legal services benefit that can be performed is correspondence. 

– Countrywide Wants to Keep Consumers Safe

Defective products can be dangerous. When a plan member needs consumer protection advice the Countrywide attorney moves quickly. The right counsel is given as a necessary part of the group legal services provided, and options are explained patiently to the plan member.

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