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WAEC 2023 COMMERCE VERIFIED ANSWER
COMMERCE OBJ
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2023 WAEC COMMERCE ANSWER
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(1a.)
1. Geographic barriers: The natural features of West Africa, such as dense forests, harsh desert climates, and vast rivers, made it difficult for trade to be conducted on a large scale. These barriers hindered the movement of people and goods, limiting the ability of traders to reach new markets.
2. Political instability: Frequent tribal conflicts and wars prevented the establishment of stable societies necessary for commerce. Rulers often prioritized war and conquest over trade, resulting in a lack of trade routes and the destruction of existing ones.
3. Lack of infrastructure: In the pre-colonial era, West Africa had limited infrastructure such as roads, bridges, and ports. The absence of efficient modes of transportation hindered the flow of goods and the connection between regional markets.
4. Slave trade: The transatlantic slave trade led by European powers hijacked many West African resources and human capital, diverting energy away from commercial activities and obstructing the establishment of stable and productive economic systems.
5. Agricultural barriers: Many West African societies relied heavily on subsistence agriculture, with little surplus output. This scarce surplus output was inadequate to facilitate the establishment of commercial trade and exchange activities on a large scale.
1b.
i. Blue-Collar Worker – Oil Driller
ii. Artisan Worker – Potter
iii. Law Enforcement – Police Man
iv. Manufacturing Industry – Brewer
v. Finance Industry – Stock Broker
vi. Construction Industry – Mason
vii. Agriculture Industry – Farmer
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2a)
Five problems Samba could face as a sole trader include:
i. Unlimited Liability: As a sole trader, Samba would be personally liable for all debts and obligations of the business. If the business incurs significant debts or legal liabilities, Samba’s personal assets could be at risk.
ii. Limited Resources: As a sole trader, Samba may face limitations in terms of financial resources and capital. It may be challenging to raise significant funds or secure loans without the backing of a partnership.
iii. Lack of Expertise: Running a business as a sole trader means that Samba would be responsible for all aspects of the business, including operations, finance, marketing, and administration. Samba may lack expertise or experience in certain areas, which could impact the efficiency and effectiveness of the business.
iv. Workload and Time Management: Samba would be solely responsible for managing and operating the business. This could result in a heavy workload, making it challenging to balance the demands of running the business with personal life commitments.
v. Limited Growth Potential: Without the resources, skills, and shared decision-making of a partnership, Samba may face limitations in terms of business growth and expansion opportunities. It may be more challenging to enter new markets, invest in research and development, or expand the business’s operations.
2b) Five benefits Samba could enjoy if he remained in the partnership include:
i. Shared Responsibility: By remaining in the partnership, Samba can share the responsibilities, workload, and decision-making with Victor. This can help distribute the burden and provide support in managing the business.
ii. Shared Resources: The partnership would provide access to shared resources, including capital, expertise, networks, and assets. Samba could benefit from shared financial resources, which can be crucial for business operations, expansion, and investment.
iii. Division of Labor: In a partnership, Samba can focus on his areas of expertise and delegate tasks to Victor, who may have complementary skills. This division of labor can enhance efficiency and productivity within the business.
iv. Risk Sharing: In a partnership, both partners share the risks and liabilities of the business. Samba would not bear the entire burden of debts or legal obligations alone, reducing his personal liability.
v. Collaboration and Support: By remaining in the partnership, Samba can benefit from collaboration, idea generation, and support from Victor. The partners can pool their knowledge, skills, and experience to overcome challenges, make informed decisions, and drive the business forward.
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(3a)
(Pick Any Four)
(i) Warehouse ensures that there is no fluctuation in prices of goods. It helps to stabilise prices of goods
(ii) Warehouses serve as storage facilities; they are provided for keeping the goods safely
(iii) warehouse facilities ensure that goods are produced ahead of demand
(iv) Warehousing creates job opportunities for many people eg clerks and managers
(v) warehouse ensures effective check and adequate security for the products
(3bi)
Chain store:
(Pick Any Two)
(i)chain stores are known to have identical store design, layout and stock display.
(ii) chain stores have centralised form of administration and workshop as headquarters where they managed the business.
(iii)The headquarters usually purchases and distributes goods in bulk to other chain stores all over the nation.
(iv) chain store sells similar range of products or line of merchandise.
(v)chain store operate the same price all over the nation in all other shop.
(3bii)
Mobile shop:
(Pick Any Two)
(i)Mobile shop makes sure of special motor van which carry the vendor and their goods from one place to another.
(ii)Mobile shops deal in limited range of goods based on the capacity of the motor van.
(iii)Mobile shops do display the goods inside the motor van in a well arranged pattern
(iv)Mobil shop do advertise their wares through music; ringing of bells etc , in order to attract customers.
(3biii)
Mail order business:
(Pick Any Two)
(i)It is more suitable in dealing on consumer durable goods only.
(ii) It is one of the means of by passing the wholesaler and retailer by the manufacturer.
(iii)mail order shopping is usually carried out by post
(iv)It requires considerable or intensive advertising
(v) It maintains large warehouse and use catalogues
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4a) As an employee of the stock exchange market, I would explain to a group of investors five securities they could trade in:
i. Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.
ii. Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.
iii. Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.
iv. Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.
v. Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.
4b) Five duties of an agent to his principal are:
i. Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.
ii. Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.
iii. Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.
iv. Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.
v. Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.
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(5a).
Indent: An indent means an order of goods by the importer on the exporter. An indent may be placed either directly with the exporter or through an indent house.
WHILE
Quotation:
A quotation is a document that a seller provides to a buyer to offer goods or services at a stated price, under specified conditions. Also known as quotes, sales quotes or sales quotations, quotations are used to let a potential buyer know how much goods or services will cost before they commit to the purchase.
(5b).
Export promotion council
– market Research
– export promotion
– export documentation
– captivity building
CUSTOMS AND EXCISE AUTHORITY
– revenue collection
-boarder control
– trade facilitation
– security
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(6a) Tourism reffers to activities of persons travelling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity remunerated from within the places visited.
(6b)
(i) Economy: Tourism can lead to leakage of revenue, where a significant portion of the money spent by tourists goes to foreign companies instead of benefiting the local economy.
(ii) Society: Tourism can result in the commodification of culture, where local traditions and practices are reduced to mere entertainment or souvenirs, leading to the loss of authenticity and cultural heritage.
(iii) Environment: Tourism can cause ecological degradation, including increased waste generation, pollution, habitat destruction, and disturbance to wildlife, as well as contributing to deforestation and climate change through the development of tourism infrastructure.
(6c)
(i)Economy :
(i) Job creation: Tourism creates jobs in various sectors, boosting employment and reducing unemployment rates.
(ii) Economic growth and revenue generation: Tourism brings in money through visitor spending, which stimulates the local economy and generates revenue for businesses and governments.
(ii)Society :
(ii) Cultural exchange and understanding: Tourism promotes interaction between tourists and locals, fostering appreciation for different cultures and traditions.
(ii) Community development: Tourism supports local businesses, encourages infrastructure improvements, and boosts community pride and identity.
(iii)Environment :
(i) Conservation and preservation: Tourism provides incentives for protecting natural and cultural resources, such as national parks and historical sites.
(ii) Environmental awareness and education: Tourism raises awareness about environmental issues and promotes sustainable practices among tourists and local communities.
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