2019/2020 WAEC GCE COMMERCE OBJ AND ESSAY EXPO | COMMERCE QUESTIONS AND ANSWERS VERIFIED | EarlyAnswer

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2019/2020 WAEC GCE COMMERCE OBJ AND ESSAY EXPO | COMMERCE QUESTIONS AND ANSWERS VERIFIED

Commerce-Obj
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(5a)
Promotion is an element in marketing. It consist of all communication efforts aimed at generating sales and also concerned with the informing customers of product features and persuading them to buy the product

(5b)
(i)Advertising
(ii)Sales promotion
(iii)personal spellings
(iv)public relations

(5c)
(Choose Any Four)
(i)Risk bearing : This involves anticipating business risks and taking appropriate measures to reduce their impact by talking the necessary insurance cover

(ii)Financing : This covers the provision of funds throughout the period of production to the point of selling through loan and credit facilities

(iii)storage/warehousing : This makes it possible for goods to be produced ahead of demand so that they can be available when needed

(iv)Grading and standardizing : It involves ensuring that the goods conformed to the required standard and quality with respect to the shape,colour ,taste etc.

(v)Transportation: This covers movement of goods form where they are produced to the point where they are required
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(3a)
Self-service is the act of serving of oneself in a restaurant, shop, gas station, or other facility, without the aid of a waiter, clerk, attendant.

(3b)
(i)Customers are Taught New Skills
(ii)It Can Create a Community
(iii)Social Engagement will be Enriched
(iv)Customer Recommendations will Grow

(3c)
(i)Set up your store for success; The very first thing you’ll want to look at is how your store is set up. Where are the displays? How long does the queue usually look? Does the store look packed to the rafters or is it easy to find things.

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(ii)Hide your queue; Customers can be easily spooked if they see a lengthy queue. The good news is that there are a number of ways to fix this.

(iii)Staff according to traffic, not just sales; Many stores will schedule their staff according to hours where the most sales are made, rather than the amount of traffic walking through the door

(iv)Recognize that your employees play a huge role in boosting conversions; This point is part and parcel of the previous point. Not only do you need to be well-staffed, but it’s essential that you train your employees well.

(v)Offer flexible payment options; Sometimes, a limited budget is the only thing keeping a customer from purchasing. If this is the case, consider being more flexible with how you accept payments.
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(2a)
(i)Sole Proprietorship
(ii)Partnership
(iii)Joint Stock Company
(iv)Co-Operative Societies
(v)Public or State Undertaking

(2b)
(i)Transport:- In the modern times there is a vast distance between centers of production and the centers of consumption. This difficulty is removed by an important aid to trade known as Transport.
(ii)Communication:- Communication means transmitting or exchange of information from one person to another. Communication can be oral or in writing. It is necessary to communicate information from one to another to finalize and settle the terms of sales such as prices of goods, discount allowed, the facility of credit, etc.
(iii)Warehousing:- Warehousing is an act of carefully storing goods in warehouses to sell or distribute them later. Warehousing is essential because there is a time gap between production and consumption. In other words, goods, which are produced at one time, are not consumed at the same time.
(iv)Advertising:- Advertising fills the knowledge gap and it solves the difficulty of information. Exchange of goods and services possible only if producers can bring the products to the consumers.
(v)Banking:- Banking solves the problem of finance. Businessmen receive money and also pays money in large amounts. It is risky to carry a large amount of cash from one place to another. Here comes Banking as a solution.

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(4)
(i)Impossibility of Performance; company may hire and sign a contract to have a public speaker talk at a company event. Once the public speaker fulfills his duties agreed upon in the contract, it is called performance. If for some reason it is impossible for the public speaker to fulfill his duties, it is called impossibility of performance or sometimes “frustration.”

(ii)Breach of Contract; When a contract is intentionally not honored by one party, it is called a breach of contract and is grounds for contract termination. A breach of contract may exist because one party failed to meet his obligations at all or did not meet his obligations fully.

(iii)Termination By Prior Agreement; You may terminate a contract if you and the other party have a prior written agreement that calls for a contract termination because of a specific reason. The usual name for this type of provision is a break clause.

(iv)Rescission of the Contract; A rescission of a contract is when a contract is terminated because an individual misrepresented themselves, acted illegally – fraud, for example – or made a mistake.

(v)Completion of the Contract; A contract is essentially terminated once the obligations outlined in the contract are completed. Parties should keep documentation showing that they fulfilled their contract duties.
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(6a)
commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.

(6b)
(i)current account is a bank account that allows you to access a range of everyday banking services, such as receiving money, paying bills, and setting up direct debits and standing orders to make regular payments.
(ii)savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange
(iii)fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date.

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(6c)
(i)Accepting Deposit
(ii)Advancing Of Loans
(iii)Cheque Payment
(iv)Remittance
(v)Discounting Of Bill Of Exchange
(vi)Foreign Currency Exchange
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Posted by on 30th August 2019.

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