2017/18 VERIFIED WAEC COMMERCE QUESTIONS AND ANSWERS BY COOLBOY

*COMMERCE ANSWER BY COOLBOY*
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11-20: DDCDCADBDA
21-30: ACCBDDBDBD
31-40: DDDACACABB
41-50: CCDBBBCDAA

1a)
E-commerce ( electronic
commerce or EC) is the buying and selling of
goods and services, or the transmitting of
funds or data, over an electronic network,
primarily the internet.

1b)
Advantages

-The biggest advantage of
privatization is that once a
privatization is done completely
there is no interference from
political leaders and also one does
not need to do undue favor to them
which in itself is a big boost when it
comes to doing business and
increasing profitability.

-It increases the overall efficiency
and reduces the bureaucratic
culture which is the main culprit
because typically in government
organizations work happens at its
own leisurely pace which results in
delay in decision making and
therefore reduces the effectiveness
and competence of public sector
enterprise.

-As far government is concerned it
has also benefits from doing
privatization because majority of
governments all over the world has
fiscal deficit and by doing
privatization government can reduce
fiscal deficit to an extent, however
full control is possible only when
government control its unnecessary
expenditures.

Disadvantages
-Private companies do not care
about the society and their main
motive is to earn profits, which is
with contrast to government
companies which keeps doing social
work and therefore if privatization
happens it will result in fewer funds
for society because private
companies have no obligation to do
social work.

-Privatization also affects the
employees because in private sector
enterprises there is emphasis on
performance which indirectly results
in work pressure and meeting
deadlines or targets and individuals
who have been doing work for years
without much pressure find it
difficult to adjust to new setting and
many end up resigning from their
service.

- In privatization there is a risk that it
may take decisions of starting a
project which results in short term
benefits but may not good for long term.

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2a )
Communication is simply the act of
transferring information from one place to
another .

2 b )
i ) Postal Services
ii ) Telegraph Services
iii ) Courier Services:
iv ) Telecommunications
v ) Internet Service
vi ) Radio and Television

2 c )
i ) Builds and maintains relationships Relationships are built and can be
maintained by positive encounters with
others .

ii ) Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all - time high .

iii ) Builds an effective team If open communication within a workplace is encouraged , a more cohesive and effective team will emerge .

iv ) Managing employees When managers are effective communicators , they are more able to inform staff adequately of their responsibilities and what is expected from them .

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3ai)A department store is a large outlet (a large shop ) that has several department under one roof, and each department sells a line (one type ) of goods.

ii)

3iii)A chain store is a group of similar retail shops
that sell the same type of goods. All these shops or
branches are under the control of the head office.
Branches are opened in different parts of the city
or even in different parts of the country.
Chain stores specialize in a particular product.
The same product is offered in different varieties
and in different models.

3iv)Mail order business is a kind of retail trade wherein
business is done through post. The seller gives
advertisements in newspapers, etc., and sends
catalogues, circulars, etc., to prospective customers

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4a)
-They help to make goods available to their members when they cannot buy their own.
-cooperative society encourages their members to save.this is because they make contribution.
-cooperative society helps it members financially.
-they also provide education and social welfare benefits to it's members.
-they are also encourage hard working among their members.

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5a)
- The location of the warehouse should be
suitable and convenient. It should either be near
the source of production or the market. This will
reduce the transportation cost and hence cost of
production.

- The warehouse should be designed to fit the
need of the product. A warehouse storing
perishable goods e.g. milk should have
refrigeration services. This will prevent damage
to the good and loss to the producer.

- An effective warehouse is one that is
equipped with machinery that makes the
handling of the goods easier. When dealing with
bulky goods, the warehouse should have cranes
to carry them. This will make the warehouse
more effective in the handling of goods.

- A warehouse should be fitted with equipment
to deal with an emergency. Safety of the
workers should be given priority. The warehouse
should have firefighting equipment and first aid
tools to deal with such incidences.

- A warehouse should be in a place that is
easily accessible by whoever uses it. It does not
make sense to locate the warehouse in a remote
area. This will only make it difficult to access it
and you will incur additional costs of accessing
it.

- The warehouse should be in a place with good
infrastructure. Roads and communication lines
will make the transporting of goods easier and
encourage the business operations of the firm. A
warehouse should be in a well-connected area.

- A warehouse should be spacious enough. This
is to promote easy movement in and out of the
goods. It will also help in the organization of the
warehouse.

5b)
- Central location:
A warehouse is a central location that allows
shippers to receive, store and distribute
products. As products arrive at the warehouse,
the responsibility for the products will transfer to
the personnel in the warehouse. Safety measures
should be established. In addition, the product’s
organization influences shipping times. For this
reason, opt for wooden pallets which make your
products easy to move.
- Value-adding:
The primary objective of a logistics system is to
increase efficiency and clientele service by
reducing cycle times and lowering overall costs.
- Storage offers added value to the logistics:
system allowing businesses to keep an inventory
so that products ordered are shipped on time.
- Economic benefits:
Storage reduces delivery costs not only for
business but also for customers since the
products are shipped from a central location and
not from multiple locations. In a similar light,
storage can effectively manage supply and
demand. Since businesses need to remain
competitive, the economic benefits produced by
a warehouse that is running efficiently will
positively impact the profitability of the entire process

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6a

the activity or profession of producing advertisements for commercial products or services.

6b

(i) Adds to Costs:
An organisation has to spend large amount on advertising. It increases the cost of the products. To meet this expenditure, price of the product is raised. No manufacturer pays for the advertising expenses out of his pocket. Advertising, therefore, leads to unnecessary rise in prices. In this reference it is said that advertising costs are passed on to the consumers in the form of high prices.
(ii) Undermines Social Values:
Advertisement is a sort of day-dreaming for the people. These days it is taking the people away from reality and into the realm of artificiality. Through its medium people get information about new products.
(iii) Confuses the Buyers:
Many a time distorted version of reality is shown in the advertising. Believing in advertising, consumers buy the product. On its use, they feel cheated.
(iv) Encourages Sale of Inferior Products:
Every manufacturer projects his product as superior one in the advertisement. Therefore, the buyer is unable to decide as to which product is really good.
Consequently, it is difficult to get good quality product even after paying a handsome price for it. If a seller gets good price for some inferior product, it becomes a habit with him. It affects other sellers also. Therefore, it is said that advertisement encourages the sale of inferior products.

6c

i. Identify Your Audience
You cannot win your audience until you properly identify who they are. You may have a product or service that you believe will appeal to one segment of the consumer market, only to realize later that another segment prefers it better.
ii. Social Media Contests
Another thing people can’t resist is a contest, because there’s a chance they can win something. Ask contestants to submit a photo or video, or an idea that others can vote on.

iii. Matchless Personality
Millions of Internet memes pay homage to the Most Interesting Man in the World, the spokesperson for Dos Equis beer

iv. Free Stuff
Nobody will pass up a freebie. Nobody. Put your brand name on anything from Kleenex to Frisbees to Hula Hoops to Band-Aids. See what I did there?

V.Referral Programs
Users will gladly spread word of your product or service when they know they’ll get an added perk. Dropbox is a great example of how smart referral programs can growth hacka business.
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7 a )
standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization .
7 b )
bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank . A draft ensures the payee a secure form of payment .
7 c )
Legal tender is a medium of payment recognized by a legal system to be
valid for meeting a financial obligation .
7 d )
Money orders are a secure payment
method . They are convenient , affordable,
and widely accepted . Money orders are a
good way to send cash that never
expires .
7 e )
I . O . U is usually an informal document acknowledging debt . An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms
such as the time of repayment.