CORRECT: WAEC COMMERCE 2024 ANSWERS (OBJ & ESSAY)

By: Chidusky / Posted: 10th June 2024 / Views: 4,127

COMMERCE OBJ:

1-10: BBBADBCCCA

11-20: CCBABDABAD

21-30: DCCABACCAA

31-40: BCCDDADDBA

41-50: DACBCDDABA

NOTE: YOU’RE TO ANSWER FIVE QUESTIONS IN ALL.

WE GAVE YOU 1 to 8.

CHOOSE ONLY FIVE

(1)

(1b)

-Finance Department:

(i) Preparing financial budgets, forecasts, and plans to ensure the company operates within its means and achieves its financial goals.

(ii) Managing financial records, producing financial statements, and ensuring compliance with financial regulations and standards.

-Marketing Department:

(i) Conducting market research to understand customer needs, market trends, and the competitive landscape to inform marketing strategies.

(ii) Developing and implementing sales strategies and promotional campaigns to drive sales and increase market share.

-Production Department:

(i) Planning and organizing production schedules to ensure timely and efficient manufacturing of products.

(ii) Implementing quality control measures to maintain high standards in the production process and ensure the final product meets quality specifications.

-Administration Department:

(i) Managing recruitment, training, employee relations, and performance evaluations to ensure a competent and motivated workforce.

(ii) Overseeing the maintenance and operations of company facilities, ensuring a safe and productive work environment.

(2a)

Memorandum of Association:

(PICK ANY FIVE)

(i) Name of the company

(ii) Registered Office of the company

(iii) Objective and purpose of the company

(iv) Liability of members

(v) Capital clause

(vi) Association clause

(vii) Subscription clause

Articles of Association:

(PICK ANY FIVE)

(i) Name of the company

(ii) Purpose of the company

(iii) Share capital and shares

(iv) Classes of shares

(v) Voting rights

(vi) Transfer of shares

(vii) Meetings and resolutions

(viii) Directors and their powers

(ix) Dividends and reserves

(x) Accounts and audit

(2b)

(PICK ANY FIVE)

(i) Political Interference: Government influence in the operations and decision-making processes of public corporations often leads to inefficiency and mismanagement.

(ii) Bureaucracy: Excessive bureaucratic procedures and red tape can slow down decision-making and operational efficiency.

(iii) Financial Constraints: Public corporations often face budgetary constraints and rely heavily on government funding, which may be insufficient or irregular.

(iv) Corruption and Mismanagement: Incidences of corruption and poor management practices can lead to the misuse of resources and loss of public trust.

(v) Lack of Accountability: Public corporations may lack accountability mechanisms, leading to poor performance and lack of responsibility among employees.

(vi) Inefficiency: Public corporations may be characterized by inefficiency due to lack of competition, innovation, and motivation among employees.

(vii) Poor Service Delivery: Due to various operational challenges, public corporations may fail to provide high-quality services to the public, leading to dissatisfaction and criticism

(3a)

(PICK ANY FIVE)

(i) Credit History: A bank manager will review the applicant’s credit history to assess their financial behavior and reliability. This includes checking any previous loans, credit cards, and their repayment records.

(ii) Collateral: The presence of collateral (assets that can secure the loan) is crucial. Collateral reduces the risk for the bank by providing a fallback option if the borrower defaults.

(iii) Purpose of the Loan: A bank manager will evaluate if the loan is for productive purposes (e.g., starting a business, furthering education) that have the potential to generate income or other benefits, thereby ensuring the ability to repay the loan.

(iv) Repayment Plan: The applicant’s proposed schedule for repaying the loan will be scrutinized. This includes the amount and frequency of payments and the source of repayment.

(v) Income Stability: Evidence of a stable and sufficient income stream to cover the loan repayments is critical. For a school leaver, this might include future earning potential from a job offer or income from a part-time job, supported by a co-signer or guarantor if needed.

(vi) Guarantors: Availability of co-signers or guarantors who can take responsibility if the applicant defaults.

(vii) Educational Background: The applicant’s level of education and any professional qualifications can indicate future earning potential.

(3b)

(PICK ANY FIVE)

(i) Insufficient Funds: If the account balance is not enough to cover the amount of the cheque, the bank will dishonor it. This is one of the most common reasons for cheque dishonoring and is referred to as "bouncing" a cheque.

(ii) Post-Dated Cheque: A cheque presented for payment before its due date will be dishonoured. Banks cannot process cheques that are dated for a future date as they are not valid until that date.

(iii) Signature Mismatch: If the signature on the cheque does not match the signature on file with the bank, the cheque will be dishonoured. This discrepancy raises concerns about the authenticity of the cheque

(iv) Alterations on the Cheque: Any unauthorized alterations or corrections on the cheque will lead to it being dishonoured. Alterations can indicate tampering, and banks require cheques to be free from modifications.

(v) Stop Payment Order: If the account holder has instructed the bank to stop payment on the cheque, the bank will dishonour it. This can occur if the cheque is lost, stolen, or if the account holder disputes the transaction.

(vi) Closed Account:A cheque drawn on a closed account will be dishonoured as there are no funds available to cover it. This can happen if the account holder has closed their account without cancelling outstanding cheques.

(vii) Frozen Account: An account that has been frozen due to legal or regulatory issues will result in any cheques being dishonoured. Accounts can be frozen for various reasons, including legal disputes, court orders, or suspicious activity.

(4a)

(PICK ANY FIVE)

(i) Traveling Merchants: Itinerate traders are merchants who travel from place to place, selling their goods or services.

(ii) Temporary Locations: Itinerate traders set up their stalls or shops in temporary locations, such as markets, fairs, or roadside stops.

(iii) Diverse Products: Itinerate traders often sell a variety of products, including food, clothing, tools, and crafts.

(iv) Limited Inventory: Itinerate traders typically have a limited inventory due to the challenges of transportation.

(v) Seasonal Nature: Itinerate trade is often seasonal, occurring during specific times of the year or at special events.

(vi) Face-to-Face Interaction: Itinerate traders have direct face-to-face interactions with their customers, allowing for personalized service.

(4b)

(PICK ANY FIVE)

(i) Large Assortment of Products: Supermarkets offer a wide variety of food, household items, and other products.

(ii) Self-Service Shopping: Customers browse and select products from the shelves without assistance.

(iii) Centralized Location: Supermarkets are typically located in convenient areas, such as shopping centers or busy urban areas.

(iv) Large Floor Space: Supermarkets have large floor spaces to accommodate the extensive product offerings and customer traffic.

(v) Modern Infrastructure: Supermarkets are equipped with modern refrigeration, lighting, and checkout systems.

(vi) Competitive Pricing: Supermarkets often offer competitive prices due to their economies of scale and bulk purchasing.

(4a)

(PICK ANY FIVE)

(i)Mobility: Itinerant traders are not fixed to one location. They travel from place to place, often visiting different neighborhoods, towns, or markets to reach their customers.

(ii)Direct Customer Interaction: Itinerant traders often have direct contact with their customers, allowing for personalized service and immediate feedback.This face-to-face interaction can help build trust and customer loyalty.

(iii)Flexible Operating Hours: Unlike fixed-location stores, itinerant traders can operate at various times of the day, often adjusting their schedules based on customer availability and demand.

(iv)Low Overhead Costs: Itinerant traders typically have lower operating costs compared to traditional retailers since they do not have to pay for rent, utilities, and other expenses associated with maintaining a permanent shop.

(v)Limited Inventory: Due to the need for mobility, itinerant traders usually carry a limited amount of stock, focusing on items that are easy to transport and have high turnover rates.

(vi)Adaptability: Itinerant traders can quickly adapt to changing market conditions and customer preferences. They can move to areas with higher demand or adjust their product offerings based on customer needs.

(vii)Targeted Markets: These traders often target specific markets or customer groups. For example, they may frequent areas with high foot traffic, such as busy streets, public events, or rural villages where access to goods is limited.

(viii)Diverse Product Range: Itinerant traders may sell a wide variety of goods, ranging from fresh produce and household items to clothing and handcrafted products. The diversity of products can attract a broad customer base and cater to different needs.

(4b)

(PICK ANY FIVE)

(i)Self-Service: Supermarkets typically operate on a self-service basis, allowing customers to browse and select products on their own, which enhances the shopping experience and reduces the need for extensive staff.

(ii)Wide Range of Products: Supermarkets offer a broad selection of goods, including fresh produce, dairy products, meats, packaged foods, beverages, household cleaning supplies, personal care items, and sometimes even clothing and electronics.

(iii)Organized Layout: Products in supermarkets are systematically arranged in aisles and sections, usually grouped by type. This organized layout helps customers easily find what they need.

(iv)Checkout Counters: Supermarkets have multiple checkout counters, often including both staffed checkouts and self-checkout machines, to facilitate quick and efficient payment processing.

(v)Competitive Pricing: Supermarkets often engage in competitive pricing strategies, offering discounts, promotions, and loyalty programs to attract and retain customers.

(vi)Convenient Location: Supermarkets are usually located in easily accessible areas, such as in or near residential neighborhoods, shopping centers, or major roads, to maximize convenience for customers.

(vii)Extended Hours: Many supermarkets offer extended hours of operation, some even operating 24/7, to accommodate the varying schedules of their customers and provide greater convenience.

(viii)Additional Services: Supermarkets often provide additional services such as bakeries, delis, pharmacies, floral departments, banking services, and sometimes cafes or prepared food sections, making them one-stop shops for many customer needs.

(5ai)

A broker is a commercial agent who does not take possession of the goods while a factor is an agent who takes possession of goods. The broker receives commission known as brokerage while the factor receives commission known as factor age. Factors may offer additional services like credit checks on customers, collection of receivables, and financial advice while brokers provide market information, negotiate deals, and ensure transactions are executed smoothly.

(5aii)

A stock exchange is a platform where securities such as stocks and bonds are bought and sold. Investors buy and sell shares of ownership in companies, and the value of these shares fluctuates based on market demand and company performance. On the other hand, a commodity exchange is a marketplace where commodities such as agricultural products, metals, energy, and other raw materials are traded. Unlike stocks, commodities are tangible goods that are produced and consumed globally. Trading in commodity exchanges involves buying and selling contracts for future delivery of these goods at a predetermined price.

(5b)

(i) Open Outcry: Open outcry is a method of communication used in trading pits where traders shout and use hand signals to convey buy and sell orders. It is a traditional method of trading used on commodity exchanges, involving face-to-face interactions.

(ii) Futures Contract: A futures contract is a standardized agreement to buy or sell a specific quantity of a commodity or financial instrument at a predetermined price at a specified time in the future. It is used for hedging or speculative purposes.

(iii) Clearing System: A clearing system is an intermediary mechanism that facilitates the settlement of trades by ensuring the transfer of funds and commodities between buyers and sellers. It involves the confirmation, matching, and netting of transactions to ensure efficient and secure trade settlements.

(iv) Pit Outcry: Pit outcry refers to the vocal and physical trading conducted in a designated area, known as the trading pit, on a commodity exchange. Traders gather in the pit to shout orders and use hand signals, engaging in a competitive and fast-paced trading environment.

(6a)

(PICK ANY FOUR)

(i)Non-Delivery or Delay: If Digital Trading Limited fails to deliver the 200 computers within the stipulated 30 days, Mr. Konteh may choose to cancel the agreement due to breach of delivery terms.

(ii)Quality Issues: If the computers delivered do not meet the specified quality standards or are found to be defective, Mr. Konteh can cancel the agreement based on non-conformity to the agreed specifications.

(iii)Payment Issues: If Mr. Konteh fails to make the payment as agreed upon, Digital Trading Limited may cancel the agreement due to non-fulfillment of financial obligations.

(iv)Mutual Agreement: Both parties can mutually agree to cancel the contract if circumstances change, making the completion of the contract undesirable or impractical for either party.

(v)Force Majeure: Unforeseen events such as natural disasters, political instability, or other significant disruptions that prevent the fulfillment of the contract can lead to its cancellation.

(6b)

(PICK ANY FOUR)

(i)Offer and Acceptance: The agreement must include a clear offer from Digital Trading Limited to supply 200 computers at D10,000 each, and an explicit acceptance of this offer by Mr. Konteh.

(ii)Consideration: This refers to something of value that is exchanged between the parties. In this case, the consideration is the payment of D10,000 per computer by Mr. Konteh to Digital Trading Limited

(iii)Intention to Create Legal Relations: Both parties must have the intention to enter into a legally binding agreement. This intention is typically evidenced by the formal nature of the agreement and the serious nature of the transaction.

(iv)Capacity: Both Digital Trading Limited and Mr. Konteh must have the legal capacity to enter into the contract. This means they must be of sound mind, not minors, and not disqualified by law

(v)Legal Purpose: The purpose of the agreement must be legal. Supplying and purchasing computers is a lawful activity, thus fulfilling this requirement.

(vi)Certainty and Completeness: The terms of the agreement must be clear and complete, with no ambiguity. This includes the number of computers (200), the price per computer (D10,000), and the delivery timeline (within 30 days).

(7a)

(i)Deregulation Involves changes at the industry level, affecting how businesses operate within that sector. WHILE Commercialization focuses on individual products or services and their introduction to the market.

(ii)Deregulation driven by government decisions to create more competitive and efficient markets. WHILE

Commercialization driven by businesses aiming to innovate and generate revenue from new products or services.

(iii)Deregulation aims to increase competition and reduce government interference in the market. WHILE

Commercialization aims to bring new products or services to consumers and make them profitable.

(7bi)

The policy that the government of country Z wishes to adopt is privatization.

(7bii)

(PICK ANY FIVE)

(i)Financial Pressure: Governments often face budgetary constraints, and selling state-owned assets like a transport company can inject much-needed funds into the government coffers. This revenue can be used to fund public services, infrastructure projects, or reduce public debt.

(ii)Efficiency: State-owned enterprises may suffer from inefficiencies due to bureaucratic processes, lack of competition, and political interference. Privatization introduces competition and market discipline, incentivizing the transport company to operate more efficiently to remain competitive.

(iii)Reducing Burden: Managing a transport company requires significant resources, including financial investments, human resources, and expertise. By privatizing the company, the government can transfer the responsibility of managing and operating it to the private sector, freeing up government resources for other priorities.

(iv)Innovation: Private companies often have more flexibility and incentives to innovate compared to state-owned enterprises. Privatization can attract private investment and expertise, leading to technological advancements, new services, and improved infrastructure in the transport sector.

(v)Cost Reduction: Private companies are driven by profit motives and efficiency gains. They often find ways to reduce costs through better management practices, optimization of resources, and economies of scale, which can result in lower operational expenses for the transport company.

(vi)Improving Service Quality: Competition among private companies can lead to improved service quality as they strive to attract and retain customers. Privatization introduces incentives for the transport company to enhance its services, invest in infrastructure upgrades, and respond more effectively to customer needs and preferences.

(vii)Focusing on Core Functions: Governments have limited resources and competing priorities. By divesting from non-core assets like a transport company, the government can focus its attention and resources on essential functions such as policymaking, regulation, and providing public goods and services that cannot be efficiently provided by the private sector.

(8)

NoniExpo

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