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WAEC 2022 COMMERCE ESSAY AND OBJ ANSWERS-NAIJALANDED.COM.NG
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Thursday, 25th May, 2022
Commerce 2 (Essay)
2:00pm – 3:00pm

Commerce 1 (Objective)
3:00pm – 4:00pm

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COMMERCE-OBJ

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COMMERCE-ESSAY
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(3)

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(4)

(4a)
(PICK ANY EIGHT)
A – Speaker
B – Microphone
C – External webcam
D – Flash drive
E – Monitor
F – Printer
G – Keyboard
H – Light pen
I – Joystick

(4b)
(i) Microphone: It is used input sound that is then stored in a digital form
(ii) External webcam: It capture images and videos and then send them onto your CPU
(iii) Flash drive: It is used for storage, data backup, and transferring files between devices.
(iv) Keyboard: It is used for putting information including letters, words and numbers into your computer.
(v) Light pen: It allows a user to point to display object or draw on the screen in a Similar way to a touchscreen but with greater positional accuracy
(vi) Joystick: It is used for controlling the movement of the cursor or a pointer in a computer device

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(5)

(5a)
(i) Personal Capital
(ii) Loans and Credit Lines from Banks
(iii) Hire Purchase
(iv) Sale of Assets

(5b)
(i) Acceptance credit: This is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.

(ii) luncheon voucher: It is a voucher for a meal given to employees as an employee benefit, allowing them to eat at outside restaurants, typically for lunch.

(iii) Bill of exchange: This is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it s addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.

(5c)
=ADVANTAGES=
(i) It increases sales and thus profit
(ii) It encourages impulse buying

=DISADVANTAGES=
(i) Increases the risk of bad debt
(ii) Repossessed goods may not be fit for resale
(iii) Capital is tied up in form of debts

(6a)
-International trade payment method-
(i)Cash in Advance; The cash in advance method is the safest for exporters because they are securely paid before goods are shipped and ownership is transferred.
(ii)Letter of Credit; A letter of credit, or documentary credit, is basically a promise by a bank to pay an exporter if all terms of the contract are executed properly.
(iii)Documentary Collection; A documentary collection is when the exporter instructs their bank to forward documents related to the sale to the importer’s bank with a request to present the documents to the buyer as a request for payment.

-Home payment trade-
(i)Cash payment; This is where payment for goods and services is made using notes and coins.

(ii)Cheque; A cheque is a written order by the account holder to his bank to pay on demand a specified amount of money to the named person or to the bearer.

(iii)Bill of exchange; This is an unconditional order, made in writing, addressed by one person to another, requiring the person to whom it is addressed to pay on demand, or at a stated future date.

(6b)
(i)Differences in Technology; Advantageous trade can occur between countries if the countries differ in their technological abilities to produce goods and services.

(ii)Differences in Resource Endowments; Advantageous trade can occur between countries if the countries differ in their endowments of resources. Resource endowments refer to the skills and abilities of a country’s workforce, the natural resources available within its borders (minerals, farmland, etc.),

(iii)Differences in Demand; Advantageous trade can occur between countries if demands or preferences differ between countries. Individuals in different countries may have different preferences or demands for various products.

(iv)Existence of Economies of Scale in Production; The existence of economies of scale in production is sufficient to generate advantageous trade between two countries. Economies of scale refer to a production process in which production costs fall as the scale of production rises.

(v)Existence of Government Policies; Government tax and subsidy programs alter the prices charged for goods and services. These changes can be sufficient to generate advantages in production of certain products.

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PROOF OF WAEC Commerce Answers 2021

BELOW ARE PROOF OF WAEC Commerce Answers 2021

Commerce OBJ:
1-10: BCDABBBCAD
11-20: ADCDADADCC
21-30: ADAAAACBBB
31-40: DDDBACBBBC
41-50: CDADADCADC


YOU ARE TO ANSWER 5 QUESTIONS ONLY
7,5,4,3,1 + No.2(Bonus)


(5a)
Entrepot trade is a form of foreign trade in which goods are shipped to one port and subsequently re-exported and shipped to another port. It can be simply refers to as the re-exporting of goods imported from other nations.

(5bi)
Bill of lading is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination. WHILE consignment note is a document regarding the carriage of goods by road which declares the contract of carriage and includes the instructions given to the carrier and proves the contract of carriage

(5bii)
Bill of sight is a document used in Foreign trade which is submitted to the customs authorities ,if a full description of the imported goods cannot be provided. This document enables the goods to be landed and their inspection is authorised by the customs while a full description of the goods will be provided later. Bill of sight is used to determine the duty on the cargo.

(5c)
(i)Increased Price of The Product: Advertising increases the cost of the product as the expenses on it form the part of the total cost of the product.

(ii)Harmful For the Society:
Sometimes advertisements are un-ethical and objectionable. Most often, these carry indecent language and virtually nude photographs in order to attract the customers.

(iii)Multiplication of Needs:Advertising creates artificial demand for the product and induces people to buy those products which are not needed by them.

(iv)Multiplication of Needs:
Advertising creates artificial demand for the product and induces people to buy those products which are not needed by them.

(v)Deceptive:sometimes advertising is used as an instrument of cheating. In order to impress upon the people false statements are given with regard to different virtues of a product.


(1a)
Merger is the process in which two or more companies come together to join forces towards a common goal. WHILE Acquisition is the process by which a company takes control of another and the latter ceases to exist completely.

(ii)Mergers are considered friendly and out of a mutual decision by each of the merging companies WHILE an acquisition is considered as either friendly or hostile, voluntary or involuntary.

(iii)In merger, the size of the merging companies is more or less the same WHILE In acquisition, the acquiring companies is larger or bigger than acquired one

(1b)
(PICK ANY FIVE)
(i)Exchange of Goods and services: Commerce facilitates the exchange of goods and services. Commerce facilitates the exchange of goods and services through transportation (road, rail, sea, air) and telecommunications services.

(ii)Improvement in standard of living: Commerce help to improve standard of a living of a nation. The availability of variety of goods and services leads to improvement in standard of living and quality of life of people.

(iii)Unity among Nation: Commerce fosters unity among nations thus, nations become interdependent as they engage in trading activities

(iv)Raising of capital: Commerce facilitates the raising of capital for individual needs and investment through the service of banks and other financial institutions.

(v)Creation of wealth for nation: Commerce helps to create wealth for nations, as duties are charged on goofs and services either exported or imported.

(vi)linkage of Buyers and sellers: Commerce through communication links buyers and sellers together to do business without physical contacts which private disease spreading, robbery and fight among buyers and sellers.


(4a)
[Pick any FIVE]
(i) Cash payment
(ii) Cheque
(iii) Bill of exchange
(iv) Money order
(v) Credit cards
(vi) Bank draft

(4b)
(i) Accounting purposes: Accounting software enables a business to quickly and accurately obtain large- and small-scale pictures of the company’s financial situation. All the employees need to do is to input his financial information into the software which helps the employees understand everything about the financial health of the business’ operations

(ii) Document creation: Most businesses will need to produce numerous documents, either in the form of written documents or spreadsheets. Computers provide word processors and spreadsheet software to help with this.

(iii) Marketing: With a computer, a business can create and execute entire marketing campaigns that span across every social media platform on the internet. The business can create ads to run on websites and social media platforms, using special software, and it can also buy marketing services from other businesses.

(iv) Storage purposes: Computers also enable a business to store its data in different ways. The business could store the data in a central location, and it could have other computers on the network access the data whenever the business needs to; when the business has the permission to; or, when the business could store the data locally on individual computers.


(3a)
(PICK ANY FOUR)
(i)Medium of exchange: Money can serve as a medium of exchange through which people can exchange goods and services. Money can be used to buy different varieties of goods and services.

(ii)Unit of account: In serving as a unit of account, it becomes practically possible for individuals and companies to keep accounting record of their transaction in bank statement, ledgers and invoices

(iii)Store of value: Money is a goof store of vale because wealth can be stores for future use. When there is no inflation, money stored or saved retains its value for many years

(iv)As a measure of value: The value of goods and services are expressed by prices, therefore money is used as a yardstick to measure and compare the worth of goods and services as well as occupation.

(v)Standard of deferred payment: Since money cab be stored, it can be accumulated to pay debts that are fixed in terms of money. Money can serve as a medium by which business transactions on credit can be settled in the future.

(3b)
(a)Bull: This us a spectator on the floor of the exchange who buys securities with the hope that the price will rise and that he will sell at a higher price for a gain. The bull will wait for a time of general rise in prices of securities. A market is said to be bullish if it is keen to buy

(b)Jobber: A jobber is a member of the exchange who is the actual dealer in securities. He transacts business of the investors. Jobbers specialize in a particular type of business, they buy and sell securities on their own for a profit called Jobber’s turn. They quote two prices: buying price and selling price.

(c)Broker: This is an agent who is professionally engaged in the purchase and sales of securities in the stock exchange on behalf of a client in exchange for commission called Brokerage. They act as a link or go-between the member of the public who want to buy and sell securities and other members of the exchange

(d)Stag: A stag is a speculator who applies for new issues of shares and stock in large quantity with the feeling or anticipation that prices of the shares will rise above the offer prices. The stag hopes to make profit after selling.


(7a)
Economic grouping may be defined as the coming together of different countries with a common economic interest and goals with a view to promoting economic cooperation and development among member States.

(7bi)
LAKE CHAD BASIN COMMISSION:
(i) The sustainable and equitable management of Lake Chad and other shared water resources
(ii) The preservation of ecosystems
(iii) The promotion of integrating and preserving of peace and transboundary security in the Lake Chad Basin.

(7bii)
ECOWAS:
(i) Promotion of Cooperation and development.
(ii) Harmonization of Agricultural, Economic, Monetary and Industrial Policies.
(iii) Abolition of trade restrictions and Customs Duties.

(7biii)
NIGER BASIN COMMISSION:
(i) To ensure the most effective utilization of the resources of the river.
(ii) To streamline the construction of dams on the Niger.
(iii) To ensure the most effective use of the Niger water


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Waec Commerce 2022 Answers

Waec Commerce Answers 2022

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