2024 WAEC GCE FIRST SERIES (JANUARY) COMMERCE: 2024 WAEC GCE First Series COMMERCE QUESTIONS AND ANSWERS (3848)

(1a)

- Educational Resources: Industry Know How

- Human Resources: Employees

- Financial Resources: Funding

(1b)

Fill the name starting From X to xvi to i to ix

(2a)

(i)Skills

(ii)Level of education

(iii)Talent and strength

(iv)Interest and passion

(v)Job availability

(2bi)

Economic Environment consists of Gross Domestic Product. In other words Income level at national level and per capita level.

-Example-

(i)Productivity and Employment rate.

(2bii)

Political Environment:

Political environment constitutes all the factors related to government affairs such as type of government in power.

-Example-

(i)The attitude of government towards different groups of societies.

(2biii)

Technological environment refers to changes taking place in the method of production.

-Example-

(i)Use of new equipment and machineries to improve.

(2biv)

The cultural environment consists of the influence of religious, family, educational, and social systems in the marketing system.

-Example-

(i)language and aesthetics

(2bv)

religious environment is the  beliefs can affect shopping patterns and products purchased in addition to his/her values as discussed earlier. 

-EXAMPLE-

(i) Churches And Mosques.

(3i)

merger occurs when two separate entities combine forces to create a new, joint organization. WHILE An acquisition refers to the takeover of one entity by another. In other words The two terms have become increasingly blended and used in conjunction with one another.

(3ii)

holding company is a parent company designed to own or control other businesses. WHILE A subsidiary is owned or controlled by a parent company, but that parent company might not be a holding company.

(3iii)

consortium is a group of independent firms formed to work on a particular project which requires large resources and is too complex for a single firm to undertake. WHILE Cartel is a monopolistic type of organization established originally by producers of similar product for the main purpose of restricting output of members in order to keep up the price of their product.

(3iv)

Hire Purchase agreement, the ownership of the goods remain with the seller until the full payment has been made by the Hirer. WHILE Credit sale, the ownership of the goods transfers to the buyer.

(3v)

credit note is issued when the supplier or the seller of the goods receives the returned products from the customer or the buyer. WHILE Debit notes are issued when the buyer or the customer returns the products to the supplier or the seller of the same.

(4bi)

Issuing House is to help companies in raising working capital. In other words they also Offers Comprehensive And Active Advisory Services

(4bii)

underwriter they are  offering serves as the intermediary between the company seeking to issue shares in an initial public offering (IPO) and investors.

(4biii)

broker is to facilitate the buying and selling of stocks at the stock markets, on behalf of investors.

(4biv)

jobber  They determine when prices will increase and when they will decrease, so manufacturers need them.

(5a)

(i)Departmental Stores

(ii)Chain Stores or Multiple Stores

(iii)Super Markets

(iv)Consumer Cooperative stores

(5b)

-Departmental Stores-

(i)Large Size: A department is a large scale retail showroom requiring a large capital investment by forming a joint stock company managed by a board of directors. There is a Managing Director assisted by a general manager and several department managers.

(ii)Wide Choice: It acts as a universal provider of a wide range of products from low priced to very expensive goods (Pin to Car) to satisfy all the expected human needs under one roof.

-Chain Stores or Multiple Stores-

(i)Location;These shops are located in fairly populous localities where sufficient number of customers can be approached.

(ii)Nature of product; These shops deal in a particular product line and specialise in the  same  product  i.e, standardised and branded consumer products.

-Super Markets-

(i)Supermarkets are generally situated at the main shopping centres.

(ii)The customers move into the store to pickup goods of their requirements, bring them to the cash counter, make payment and take home delivery.

-Consumer Cooperative stores-

(i)The management of the store is democratic and entrusted to an elected managing committee, where one man one vote is the rule.

(ii)The capital 'copied from e x a m p l a z a . c o m free' of a cooperative store is raised by issuing shares to members.

6. 

(i) *Exploitation:* The consumers are protected from exploitation by the manufacturers through the indiscriminate price increase. This is done through the Price control Act.

(ii) *Sub-standard goods:* Manufacturers produce goods without taking into consideration the quality desired. The Standard Organization of Nigeria Act checks such practices.

(iii) *Deceptive weights and measures:* Sellers may use incorrect weights and measurements in selling goods to customers. The Weight and Measures Act of 1963 helps to prevent such practices.

(iv) *Sale of harmful food and drugs:* Consumers are also protected from dangerous goods, especially drugs. The Foods and Drugs Act protects the customers against such goods being offered for sale to them.

(v) *Credit Purchase Agreement:* Consumers are often not well informed about the details of such an agreement. They may inadvertently sign false credit facilities. The Hire Purchase Act is aimed at protecting the rights of such customers.

(vi) *Misleading advertisement:* Many claims made by advertisers about the performance of their products are not correct. Trade Description Act was enacted to check such practices.

pick any five(5)