2024 WAEC GCE SECOND SERIES (NOVEMBER) COMMERCE: 2024 WAEC GCE Second Series COMMERCE QUESTIONS AND ANSWERS (5182)

(1a)
(i) Development of modern techniques of production: This gives rise to production of goods in large quantity and makes buying and selling possible thereby helping to promote the growth of commerce

(i) Ware housing: Availability of ware housing makes it possible for goods produced ahead of time to be stored until they are needed, creates space for further production, helps to stabilize price of goods, etc. These go a long way in promoting commerce

(iii) Development of efficient means of transport and communication: Efficient transport system makes it possible for raw materials and workers to be carried to manufacturing centers, and goods produced to be distributed to areas where they are needed. Development of telecommunication system makes contacts in commercial centers easier.

(iv) Insurance: Insurance helps to reduce the risks associated with commercial activities like production, distribution and exchange of goods and services.

(v)Development of financial institutions: The world of commerce cannot develop without money. This money that is crucial for the development of commerce is made 'copied from e x p o c o d e . n e t free' available by banks.

(1b)
(i) Lack of proper capital: Retail businesses require a good amount of capital, both to start off the venture, as well as to sustain operations. Even after starting up, many retail businesses soon reach a stage where they require additional funds to continue operating.

(ii) Disasters: Disasters, either manmade or natural, can be the death blow to a retail business. While it is often difficult to anticipate and escape disasters, retail business owners must ensure that they have a plan to combat an emergency scenario.

(iii) Underestimating costs of overheads: While a large number of business owners pay close attention to all details of their business, the cost of overheads is often overlooked.

(iv) Negligence: Negligence is one of the biggest reasons retail ventures fail. Often, entrepreneurs are the ones who start off a retail venture. However, entrepreneurs, being visionaries, relish challenges and once the challenge of setting up a venture passes, their interest begins to wane.

(v) Poor sales figures: Businesses make money by 'copied from e x p o c o d e . n e t free' conducting sales and without sales, no business can survive. Sales are linked to many factors, including economic trends and market awareness and company management must always look to increase sales figures in order for the business to grow.

(2a)
-FORMATION-
(i) Public Enterprise:
It is formed by an act of parliament
(ii) Public Company:
It is incorporated by the promoters according to the company’s act.

(2b)
-OWNERSHIP-
(i) Public Enterprise:
It is owned by government or general public.
(ii) Public Company:
It is owned by the shareholders

(2c)
-PURPOSE-
(i) Public Enterprise:
To provide essential services to the general public
(ii) Public Company:
To make profit for the shareholders

(2d)
-MANAGEMENT-
(i) Public Enterprise:
The government appoints a board of directors
(i) Public Enterprise:
A board of directors is elected by shareholders.

(2e)
-SOURCES OF FUNDS-
(i) Public Enterprise:
It is provided by government through subventions, subsidies or grants/ tax payers money.
(ii) Public Company:
It is provided through sales of shares, debentures and credit facilities.

(3ai)
Self service: Self service allows the customer to go round and select the products he want without the help of shop attendant. In order words, self service system is adopted by the retailer in order to encourage people in helping themselves rather than being served

(3aii)Vending machines: Vending machine is a retail outlet that automatically dispenses pre packed items such as drinks stored in it whenever the appropriate value coin is inserted. In other words ,vending machines involves the sale of goods to ultimate customers through coin operated machines.

(3aiii)
Credit cards: Credit card is one of the modern trends in retail trading. It is a system which involves the use of plastic cards to purchase goods and services on credit from specified sellers up to a specify amount and payment for such goods and services are later paid for. The use of credit cards in modern days now leads to cashless economy

(3aiv)
Branding: Branding is the act of attaching a trade name to a product so as to distinguish it from the products of other firms. It allows for standardization of goods. In other words, 'copied from e x p o c o d e . n e t free' branding means given name or mark to a product in accordance with the trade mark.

(3av)
Fuel voucher: Fuel voucher means a sales voucher or receipt generated by the Equipment and evidencing the agreement entered into between the Merchant and the Cardholder for the sale of Petroleum products. Fuel voucher means a voucher issued by a merchant for Fuel product sales.

(3b)
(Pick Any Five)
(i)Difference in Currency: Fluctuations in exchange rate may work against the volume of transactions as well as non availability of foreign currency.

(ii)Difference in Language is a serious set back international trade: Most countries experience translation problems which result in loss of accurate meaning to words and terms.Also understanding communications among countries becomes more difficult. Engagement of interpreters involves extra cost.

(iii)Religious/cultural problems: Plays important role in slowing down the pace of international trade. In particular, the choice of symbols, signs and trademarks are limited since the country may not understand them.Cultural taboos inhibit 'copied from e x p o c o d e . n e t free' trade.

(iv)Difference in business laws and regulations: Business is not regulated by the law of the importing country but by international law. There is need for the of other countries’ laws, to assist countries/business men in trade transactions.

(v)Problem of distance: The cost of freight, whether by road, air or sea is high , as well as the risk of loss of damage since most merchant do not always take insurance policy.

(vi)Political stability: The issue of frequent change of government and rampant coups as well as wars and disagreement among nations disturb trade.

(vii)Government policy: International trade van be hindered by the political ideologies of different countries. A country can deliberately decide not to trade with another country because of its political difference. Eg The USA and Libya owing to the 1988 Lockerbie aircraft bombing.

(7a)
(i)Benin
(ii)Burkina Faso
(iii)Cabo Verde
(iv)Cote d’Ivoire,
(v)The Gambia
(vi)Ghana
(vii)Guinea (viii)Guinea-Bissau
(ix) Liberia
(x) Mali

(7b)
(i)The adoption of the Macroeconomic Convergence Report by the ECOWAS Convergence Council and establishment of the ECOWAS Monetary Institute (EMI)

(ii) Adoption of methodological guides for the harmonization of Public Finance Statistics, Government Financial Operations Tables (TOFE), External Trade Statistics, Balance of Payment (BOP) and International Investment Position (IIP).

(iii) Conclusion of the review of the Sahel Strategy document and its action plan to boost regional security. And formulation of an ECOWAS Common Trade Policy (CTP) and ECOWAS Trade Development Strategy

(iv)Completion of the Economic 'copied from e x p o c o d e . n e t free' Partnership Agreement (EPA) with the signing by 13 Member States. And Custom Union in the offing with the implementation of the CET by Eight Member-States

(v)Free Movement of goods and persons boosted with the adoption of the ECOWAS Biometric Identity Card to facilitate mobility and promote security in the region. And Drafting of a Regional Border Management Manual for use in immigration/security training institutions.