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WAEC 2018 COMMERCE OBJ AND THEORY QUESTIONS AND ANSWERS
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👑 2018 MAY/JUNE WAEC COMMERCE ANSWERS👑
100% VERIFIED COMMERCE OBJ ANSWERS
100% VERIFIED COMMERCE THEORY ANSWERS
(i) The size of the market: 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.
(ii) Level of technology: The level of technology available to a business can limit the extent of specialisation
(i) Momotony of task: Working on the same job everyday and everytime may make an employee get bored and lose interest ie work becomes dull and monotonous
(ii) Unemployment: The use of machine can render some workers redundant, leading to retrenchment and unemployment. Specialists also finds it more difficult to get employed.
(iii) Immobility of labour: When an employee becomes a specialist in a particular job, it becomes practically impossible for him to move from one job to another.
(i) Increase in Production
(ii) Reduction in the Cost of Production
(iii) Availability of Commodities at a Cheaper Price
(iv) Saving of Capital and Tools
(v) Increase in the Number of Efficient-Organizers
(i) Accessibility to the retail outlet for example is it close to the road so people can easily reach it not in some back alleyway
(ii) Target group of customers to be attracted
(iii) Competition from other retail outlets
(iv) The development potential of the area in case of future expansion plans
(v) Nearness to customers
(i) 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.
(ii) 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.
(iii) 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.
(iv) Transportation: Wholesaler buys goods in bulk from the producers and transports them in his own go down. The wholesaler also provides the facility of transporting the goods from
warehouse to the retailer shop.
(v) 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.
(i) Helpful in planning: Marketing provides information to management related with planning for future programmers.
(ii) Helpful in making profit: Marketing can generate revenue at a cost which will leave some surplus in the form of net profits.
(iii) Helpful in distribution: In business organization marketing department provides information about quantity, time, means and medium of transportation etc. of delivery of goods in different places.
(iv) Helpful in exchanging information: Marketing plays an important role for exchanging information among consumers and firms.
(i) Advertising: The masses of customers dispersed geographically can be reached with the Promotional Tools of advertising, which can be repeated for a number of
times. The popularity, size and success of the selling organization are enhanced by the large scale advertising.
(ii) Personal Selling: At certain stages of the buying process, personal selling is the most effective promotion tool in creating customer’s preferences, convictions and actions.
(iii) Sales Promotion: These Promotional tools include sales promotion which further contains a broad assortment of elements like Coupons Cent-off Deals Premiums.
(iv) Public Relations: Public relations are much different from the ads and they are more influential than these ads.
A second tier security market 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
(i) It is an avenue for companies, investors to raise capital.
(ii) The market provides opportunity for buying and selling of shares of companies.
(iii) SSM affords investors the opportunity of assessing the profitability and efficiency of companies in order to know which company to invest.
(iv) Investors are provided with the opportunity of obtaining loans.
(i) Application for Listing will only be entertained if sponsored by a Dealing Member of The Exchange.
(ii) 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.
(iii) All securities for which listing is sought shall first be registered with the securities and Exchange Commission.
(iv) 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.
(v) 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.
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
(i) 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.
(ii) 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.
(iii) 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.
(iv) 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.