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? 2018 JAN/FEB WAEC COMMERCE ANSWERS?
100% VERIFIED COMMERCE OBJ ANSWERS
100% VERIFIED COMMERCE PROSE ANSWERS
1. Double Coincidence of Wants
2. Lack of a Standard Unit of Account
3. Impossibility of Subdivision of Goods
4. Lack of Information
5. Production of Large and Very Costly Goods not Feasible.
i. Documents and Reports
Most businesses have some sort of
productivity software which typically
includes a word processor and
spreadsheet application. These two
programs allow businesses to create
reports, memos, tutorials and even
colorful ads for company events.
Businesses use computers to help
educate employees on software, company
policy, standard procedures and safety.
Instead of hiring teachers, computers can
be used to educate employees at their
own pace or through an online webinar
with live questions and answers. This
form of education fits the busy schedules
of businesses without sacrificing the
quality of the education.
From learning more about the
competition to discovering what
customers really want, research isn’t as
difficult as it once was, thanks to
computers. Search engines, forums, social
networks and industry specific websites
provide businesses with a wealth of
information and research data.
Instead of filing cabinets, businesses are
able to store millions of files using
computers and servers. Data can be
stored centrally for easy access from
multiple computers or stored locally for
individual use. Computerized storage
saves space and provides a far more
efficient organization strategy
Accounting without computers presents a
high risk for human error. Accounting
software allows businesses to simply
input their financial data and instantly see
gains and losses. All necessary tax reports
are available the moment the data is
entered. Using computers for invoicing,
managing expenses and calculating payroll
is vital for ensuring financial data is as
accurate as possible.
2ai) Livestock Farmers Association
Ii) Tractor Hiring Farmers’ Cooperatives
Iii) Fish Farmers Cooperatives
Iv. Agro Input Farmers’ Cooperative
V) Agro Processing Farmers’ Cooperative
vi) Cocoa Farmers’ Cooperative.
i. Survival is a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.
ii) Profit maximisation – try to make the most profit possible most like to be the aim of the owners and shareholders.
Iii) growth this is where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large.
iv) innovation is an organization’s process for introducing new ideas, workflows, methodologies,
services or products.
v) Social responsibility is the idea that businesses should balance profit-making activities with activities that benefit
(3a) Bill of exchange: A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received
International bank draft: This is more likely to be
accepted when purchasing goods
abroad because the foreign exporter knows that even if the company purchasing the goods goes bankrupt, it will still be paid off.
Traveler’s cheque: This is a medium of exchange that can be used in place of hard currency. They were generally used by people on vacation in foreign countries instead of cash, as many businesses used to accept traveler’s cheques as currency.
(3d) Electronic transfer:
This is Any transfer of funds from one account to another that occurs electronically. An electronic transfer
can take various forms, including a
transfer made between an individual’s various accounts (move
from savings to checking), from one
individual’s account to a corporation’s account for an automatic reoccurring bill payment, or via a credit or debit card swiped at a retail location to pay for a purchase.