Waec Gce 2016 Commerce Obj And Theory Answers – Nov/Dec Expo - Uniquewap

Commerce obj:
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NOTE: No1, 2, 3, 5 and 7 Updated,, please scrol down to view the answers

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
-store of value.
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2a)
-There is perpetual erxistence or continuity.Death of a member cannot bring the organisation to an end
-It is registered as a limited liability.Members liability is limited to the shares held
-It is democratic in nature
-Profit is shared based on patronage

(ii) Mail order business
-It is shopping by post
-It is perculiar with cash on delivery transactions and cash with order terms of payment
-Goods are delivered at the buyer’s destination
-Packages are usually to customer’s tastes

(2b)
-By expiration of agreement:where theb patnership is entered into for afixed period of time,it is assumed dissolved at the expiration of the fixed date
-Bankrupty of a patner:Patnership will be dissolved when one of the patners is bankrupt
-Insolvency of the business:when the business cannot meet its obligations
-Deathof as patner:The death of a patner will bring the business to anend
-Insanity of a patner:If one of the patners become insane the remaining patners can apply to to the court for dissolution
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3a)
Entrepot of trade
Entrepot of Trade is a trade in which imported goods are re-
exported with or without any additional
processing or repackaging.

3bi)
Advantages of International Trade:
(i) Optimal use of natural resources:
International trade helps each country to make optimum
use of its natural resources. Each country can concentrate
on production of those goods for which its resources are
best suited. Wastage of resources is avoided.
(ii) Availability of all types of goods:
It enables a country to obtain goods which it cannot
produce or which it is not producing due to higher costs, by
importing from other countries at lower costs.
(iii) Specialisation:
Foreign trade leads to specialisation and encourages
production of different goods in different countries. Goods
can be produced at a comparatively low cost due to
advantages of division of labour.

3bii)
Disadvantages of International Trade:
(i) Impediment in the Development of Home Industries:
International trade has an adverse effect on the
development of home industries. It poses a threat to the
survival of infant industries at home. Due to foreign
competition and unrestricted imports, the upcoming
industries in the country may collapse.
(ii) Economic Dependence:
The underdeveloped countries have to depend upon the
developed ones for their economic development. Such
reliance often leads to economic exploitation. For instance,
most of the underdeveloped countries in Africa and Asia
have been exploited by European countries.
(iii) Political Dependence:
International trade often encourages subjugation and
slavery. It impairs economic independence which endangers
political dependence. For example, the Britishers came to
India as traders and ultimately ruled over India for a very
long time.
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5a)
i)Medium of Exchange:
The most important function of money is that it serves as a medium of exchange. In the barter economy a great difficulty was experienced in the exchange of goods as the exchange in the barter system required double coincidence of wants. Money has removed this difficulty.
ii)Measure of Value:
Another important function of money is that it serves as a common measure of value or a unit of account..
iii)Standard of Deferred Payment:
Another function of money it that it serves as a standard for deferred payments.
iv)Store of Value:
Lastly, money acts as store of value. Money being the most liquid of all assets is a convenient form in which to store wealth, that is, money can be held as an asset.

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
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(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 goods 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.
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