2024 WAEC GCE SECOND SERIES (NOV.) COMMERCE: 2024 WAEC GCE Second Series COMMERCE ANSWERS (3160)

(1)

(2)
(i) CONSULAR INVOICE: Is used in the embassy of the importing country Showing the original price of the goods in the country of origin. It will ensure correct payment of duties by showing the correct price goods.

(ii) INDENT: is an order to buy goods conveyed by an importer to a potential supplier. It gives details of the goods required approximate price and date of delivery. It can be opened or closed

(iii) SHIP'S MANIFEST: Is a document to be completed by the captain of a ship and lodged with the customs authorities before the ship can leave the port.

(iv) BILL OF SIGHT: is a document used in the import trade where Importers are requited to complete the appropriate entry document I there is insufficient information about the cargo to determine correct duty in advance. It is submitted to the custom authorities if the full description of the imported goods cannot be provided.

(v) DOCK WARRANT: Is a receipt for goods delivered and stored in the warehouse. it entitles the Holder to take possession of goods

(5a)

Stock market is a market where stocks (pieces of ownership in businesses) are traded. These are traded between investors. It also has markets for investment vehicles like mutual funds, derivatives, and exchange-traded funds. While   commodity market is a marketplace where raw or primary products are exchanged. These products, such as oil, gold, and copper, are often commodities extracted from the ground.

(5b)

(Pick Any Four)

(i) Aluminium

(ii) Copper

(iii) gold

(iv) silver

(v) palladium

(vi) platinum

(5c)

(Pick Any Four)

(i)Increase in agricultural production: Commodity exchange ensure an increase in agricultural production in the sense that once produce are harvested and sold with ease and with good profits, this will give more encouragement for the farmers to produce more.

(ii)Stabilization in agricultural product pricing: Positive commodity exchange do encourage the farmers to produce more because of the assurance that whatever they produce, their products must be purchased because of the stable prices they enjoy.

(iii)Generation of employment: Commodity exchange generally involves exports and imports and these activities enable many people to be gainfully employed in making commodity exchange possible.

(iv)Encourage exploration of solid minerals: A country that enjoy more income as a result of the importation of some mineral resource will be encourage to explore 'copied from e x a m p l a z a . c o m free' more mineral resources in order to increase more income.

(v)Foreign exchange earnings: Countries that export their commodities (Agricultural and other mineral resources) generally earn more income through foreign exchange earnings.

(8)