2016 WAEC GCE COMMERCE ANSWERS BY DONIZZY
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Commerce Obj
1-10 BBDADAAACC
11-20 CADCADDCBA
21-30 CCBDABBCDB
31-40 CBBABAABAB
41-50 CBCDDCADBC
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1a)
(i) No payment of rent
(ii) It is Door to Door service
(iii) Small capital is involve to set up
(iv) Consumable goods are sold majorly
(1b)
-Land is a free gift of nature and also a place where every other factors of productions take place.
-labour is both mental and physical input on the factors of production
-capital is the amount invested in the factor of production
-enterpreneur is the person responsible to supervise all other factors of production
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2ai) Features of cooperative society
1. there is perpetual existence or
continuity
B. It is registered as a limited
liability.members liability is limited to
the share held
C. It is democratic in nature
D.profit is shared based on patronage.
2aii)
Mail order business
a. It is shopping by post
B.it is peculiar with cash on delivery
transaction and cash with order terms of
payment
C. Goods are delivered at the buyer's
destination
D. Packages are usually to customers
taste.
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2bi) by expiration of agreement:-
Where the partnership is entered into for
a fixed period of time,it is assumed
dissolved at the expiration of the fixed
date
ii. Bankruptcy of a partner:-
Partnership will be desolved when one
of the partners is bankrupt
iii. Insolvency of the business:- when the
business can not meet its obligations
Iv. Death of partner:- the death of a
partner will bring to an end
V. Insanity of a partnership:- if one of
the partners become insane,the
remaining partners can apply to the
court for dissolution.
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4a)Consignment note
Document prepared by a consignor and countersigned by the carrier as a proof of receipt of consignment for delivery at the destination. Used as an alternative to bill of lading (specially in inland transport), it is generally neither a
contract of carriage nor a negotiable instrument
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5i) medium of exchange: money is
generally acceptable by people in
exchange of goods and services.
(ii) transfer of value: since money is
generally acceptable means of payment
and acts as a store of value,it keeps on
transferring value from person to person
and place to place
(iii) measure of value and unit of
account:- money serve as a unit of which
the value of goods is measured and
expressed.its helps to express the price
of current and future transactions.
(Iv) store of value:- money as a store of
value is meant to meet unforeseen
emergency , with the use of money,
current spending as well as savings for
the future is permitted.
(5b)
-It is saver to carry cheque than cash
-It is easy for drawer to stop payment so as to prevent fraud
-Cheque can serve as a receipt and a proof of payment
-It is more convenient to carry chque about than cash
-cheque help to economise in the use of currency notes and coins
-Cheque counterfoil slip can be used by drawer for proper payment and receipt
(7a)
Market segmentation is a process of the
total heterogenous market for a product
into several sub marked or segments
each of which tends to be homogeneous
in all important aspects.
(7b)
(i) Risk bearing: Marketing anticipates
risk inherent in business and tries to
minimize the risk and ensure adequate
protection by taking the necessary
insurance cover.
(ii) Storage of goods: It helps in storage
and warehousing of goods until they are
demanded in order to ensure regular and
constant supply.
(iii) Prices: Marketing assists the
organizations to fix reasonable price for
their products that would ensure enough
profit.
(iv) Packaging: This involves designing
and producing the container or wrapper
for the product so as to protect it during
distribution.
(v) Transportation of goods: It ensures
that raw materials, finished gooods and
services are transferred to places where
they are needed.
(vi) Standardization and grading: A major
function of marketing is to ensure that
products conform to the required
standard and qualify in terms of taste
and durability.
7b)
1) Marketing Helps in Transfer, Exchange and Movement of Goods
(2) Marketing Is Helpful In Raising And Maintaining The Standard Of Living Of The Community
(3) Marketing Creates Employment
(4) Marketing as a Source of Income and Revenue
(5) Marketing Acts as a Basis for Making Decisions
(6) Marketing Acts as a Source of New Ideas
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