100% Correct and Real WAEC 2019 Commerce Answer Obj and Essay– May/June Expo WAEC-COMMERCE-ANSWERS
(i) Actuarial Science
(iii) Chartered Accountancy (C.A)
(iv) Company Secretary (C.S)
(i)Provision of capital
(i) Extractive Industry: its the process that involve the extraction of raw materials from the earth to be used by consumers. The extractive industry consists of any operations that remove metals, mineral and aggregates from the earth.
(ii) Tertiary Industry: The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector
(iii) Manufacturing industry refers to those industries which involve in the manufacturing and processing of items and indulge in either creation of new commodities or in value
(iv)Constructive industry is an industry that is involved in making finished goods from raw materials at a bigger scale. Constructive industry mainly involves works in the building sector such as building houses, hotels, offices, roads, banks, bridges etc.
-Encourage of saving
-Democratic in nature
-helps in making member’s product
-problem of loan recovery
-high level of illiteracy
(i)Insufficient Fund: When the amount written on a cheque is more than what the drawer has in his account in the bank.
(ii)The Death Of The Drawer: If the bank receives information about the death of its customer, the bank will not honour any cheque presented on the account of the dead customer, until further notice.
(iii)Irregular Signature: It the signature the drawer signs on the cheque differs from the specimen signature in the bank.
(iv) Non-Existing Account: Sometimes. swindlers who have no bank account but possess false cheque books may issue cheques to those whom they have swindled.
(v)Bankruptcy: if one is judged by a law court to be unable to pay his debts in full. the bank will dishonour any cheque presented, on behalf of that customer.
(i) To Correct Balance Of Payments Deficit
(ii) To Protect Infant Industries
(iii ) To Avoid Unemployment
(iv) Source Of Revenue
(v) The Standard Of Living Argument
(i) It results in increase in agricultural production
(ii) It brings about stabilization in agricultural product pricing
(iii) It improves agricultural output and quality
(i) Open outery: This is a tradition method of trading on commodities. It involves the use of natural voicess, and other means like whistles, bells, trumpets, and flutes, etc to make the availability of certain commodities known to certain buyers.
(ii) Electronic means: This involves the use computer system to trade either nationally or internationally. The computer system enables the traders to do business successfully. The computer provides useful information on how buyers and sellers can communicate on all matters that borders on tradable commodities.
(i) Grading system
(iii) Clearing system
Personal selling can be defined as an oral presentation in a conversation with one or more potential buyers for the purpose of making sales.The aim is to inform and encourage the customer to buy or at least try the product
(i)It arouses interest of buyers:This is because the buyer will be given the opportunity to ask question about the suitability of the product
(ii)It creates product awareness:The product will be popular among the customers or consumers
(iii)product information gathered from personal contact can be used to develop product preferences based on consumer needs
(iv)Personal selling enables inputs at individual level to be gathered by the company executives which non personal cannot do
(i)It is a relatively expensive method of selling.This is so because high capital costs are required
(ii)It is an extremely labour intensive method:it requires a lot of labour to perform the personal selling
Adverse or deficit balance of payment
(i)Foreign exchange control:Foreign exchange control involves the rationing forign exchange in order to reduc balance of payment deficit
(ii)Expenditure reduction:This is used in order to cut down domestic demand and reduce imports
(iii)Expenditure switching:This involves the manipulationof exchange rates to induce people to patronize locally made goods.
(iv)Fiscal control:This involves the raising of tarriffs ie increase import duties in order to reduce balance f payment deficit
(v)Devaluation:Devaluation cheapens exports and makes imports expensive,thus improving balance of payments
(vi)Reduction of imports: The government can restricts imports by the use of tarriffs,quotas and outright embargo on imports
– Packaging services –
Most international parcel delivery companies offer packaging services to their customers. They also ensure that your goods are packed or wrapped properly before shipping. The right type of packaging will help to protect your goods from external conditions as well as from bumps and knocks during transit.
– Door-to-door shipping –
These days, most courier companies pick up parcels from your office/residence and deliver to the recipient’s door. After hiring a courier company that offers door-to-door shipping, the need to worry about parcel delivery is completely eliminated.
– Tracking services –
This is a crucial service offered by most courier companies. With the help of GPS technology and a unique tracking number, you can know the status of your shipment at a given point of the day.
– It is relatively safer to travel by train than to travel by road transport or air transport.
– Rail transport has the ability of conveying heavy and bulky goods; it is also very cheap, safe and comfortable for passengers over a long distance.
– Rail transport provides a fast and reliable service; trains running on their own tracks can be timed to minimize the chance of congestion and delay.
– Heavy and bulky goods can be carried as well as large quantities of any cargo.
– It involves high construction costs, maintenance costs and operating costs, this remains true whether the system is used or not.
– It can be expensive to use, especially over short distances or for small amounts of cargo.
– Rail transport is relatively slower than some other means of transport especially in Africa.
– Inflexible service since tracks cannot easily be moved and transhipment of cargo is often necessary at termini.
15 cartons of sweets @ N2,000 per carton
= 15 x 2000 = N30,000
25 cartons of milk @ N4000 per carton
= 25 x 4000 = N100,000
154 cartons of sugar @ N3,000 per carton
= 15 x 3000 = N45,000
17 cartons of soap @ N5,000 per carton
= 17 x 5,000 = N85,000
(i) Total cost price
Les 10% trade discount = 10% x 260,000
Invoice price = 26,000
Less 6% cash discount (8,040)
Cash paid N125,960
(ii) mark up = profit/cost price x 100/1
Therefore 20/100 = profit/125960
Therefore gross profit = 125,960 x 20/100 = N25,192
Selling price = cost price + Gross profit
= 125,960 + 25192 = N151,152
(iii) Net profit
Gross profit – Expense
Rent and rates = N3,500
Salaries and wages = N8,000
Fuel = N2,000
Electricity = N1,500
Net Profit = 25,192 – 15,000
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