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2019/20 Waec Commerce Obj And Theory Questions And Answers Now Available Here

Answer 5 questions

(i) Accountant
(ii) Banker
(iii) Company secretary
(iv) Advertising agent

(i)He organises and cordinates other factors of production.
(ii)He provides capital needed.

(i) Extractive industry : This is the industry that involves in bringing out natural resources from land and sea. Examples: Farmers and fishermen.

(ii) Constructive Industry : It is the type of industry that involves in assembling of manufactured products into usable forms. Tailors and bricklayers.

(iii) Manufacturing Industry : This industry involves in conversion of raw materials to finished goods eg limestone to cement and cotton to textile materials.

(iv) Tertiary Industry : This industry refers to all the people involved in the distribution and exchange of goods produced by the industrial sector eg transporters, exporters.

-wholesale co-operative

-Retail co-perative

2c *Advantages*
-Encourage of saving
-Democratic in nature
-perpetual Existence
-helps in making member’s product

-problem of loan recovery
-high level of illiteracy
-low dividend
-wholesale co-operative

-Retail co-perative

2c *Advantages*
-Encourage of saving
-Democratic in nature
-perpetual Existence
-helps in making member’s product

-problem of loan recovery
-high level of illiteracy
-low dividend..

(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
(ii) Warehousing
(iii) Clearing system
(iv) Standardizing


(v)Window display

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


(i)Overnight Service: Want to get your parcel shipped the very next day? Then you must opt for overnight courier service. Once you go and give your parcel to the courier service in your locality, they will ensure that it reaches the receiver in 24 hrs.
(ii)Same Day Express Courier; Do you want your parcel to reach the concerned person as soon as possible preferably on the same day? Same day express courier provides service to those who need a last minute or urgent delivery to be sent and received on the same day.
(iii)Standard Courier Service; If you are not in any urgency and want to opt for the cheapest mode of transferring your goods, then standard courier service is the best option. When you receive your receipt from the courier company, the estimated time and the tracking ID will be mentioned.
(iv)International Courier: The name of the service says it all! International courier services help the customers who want to deliver their package from one country to another. This is usually done by the courier company which is popular on a large scale using ships and planes.


(i)Safety: Transportation by the means of railway ensures safety for the desired goods because unlike the road transports a train only stops at a desired station instead of the will of the driver.
Railway transport any day is cheaper as compared to air transport. As a matter of fact, railway transport is even cheaper than road transport because of the reason that goods in bulk quantities are carried from a desired destination to the other.
(iii)Increases Employment:
Railway transport helps people to carry cheap products from a place to another and sell them at high prices. As a result of this, a number of people who are unemployed find a source of their daily bread.
(i)Loss of Goods: Because goods in bulk quantities are carried chances of goods getting lost are high in case of railway transport as compared to air and road transport.
(ii)Unsafe for Fragile Items: Railway transportation is particularly unsafe for carrying fragile items like glass because these items can easily break at times when a train halts unexpectedly of when the train is speeding up at times.
(iii)Late Bookings: Because railway is the cheapest medium of transport, it is hard to find suitable bookings for the transportation of your goods. Railway transport is not suitable in cases of emergency.

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
= 30000
= N260,000
Les 10% trade discount = 10% x 260,000
= N26,000
Invoice price = 26,000
– (26,000)/134,000
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
Total Expanses
Rent and rates = N3,500
Salaries and wages = N8,000
Fuel = N2,000
Electricity = N1,500
= N15,000
Net Profit = 25,192 – 15,000
= N10,192


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