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WAEC 2019 COMMERCE OBJ AND ESSAY VERIFIED ANSWER

Commerce-Obj
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(8) 
15 cartons of sweets @ N2,000 per carton
= 15 x 2000 = N30,000
25 cartons of milk @ N4000 per carton
= 25 x 4000 = N100,000
154 cartons of sugar @ N3,000 per carton
= 15 x 3000 = N45,000
17 cartons of soap @ N5,000 per carton
= 17 x 5,000 = N85,000
(8i)
Total cost price
= 30000
100000
45000
85000
= N260,000
Les 10% trade discount = 10% x 260,000
= N26,000
Invoice price = 26,000
– (26,000)/134,000
Less 6% cash discount (8,040)
Cash paid N125,960
 
(8ii)
mark up = profit/cost price x 100/1
Therefore 20/100 = profit/125960
Therefore gross profit = 125,960 x 20/100 = N25,192
Selling price = cost price + Gross profit 
= 125,960 + 25192 = N151,152
 
(8iii)
Net profit 
Gross profit – Expense
Total Expanses
Rent and rates = N3,500
Salaries and wages = N8,000
Fuel = N2,000
Electricity = N1,500
= N15,000
Net Profit = 25,192 – 15,000
= N10,192
===================================
 
(3a)
(i)Insufficient Fund: When the amount written on a cheque is more than what the drawer has in his account in the bank.
(ii)The Death Of The Drawer: If the bank receives information about the death of its customer, the bank will not honour any cheque presented on the account of the dead customer, until further notice.
(iii)Irregular Signature: It the signature the drawer signs on the cheque differs from the specimen signature in the bank.
(iv) Non-Existing Account: Sometimes. swindlers who have no bank account but possess false cheque books may issue cheques to those whom they have swindled.
(v)Bankruptcy: if one is judged by a law court to be unable to pay his debts in full. the bank will dishonour any cheque presented, on behalf of that customer.
(3b)
(i) To Correct Balance Of Payments Deficit
(ii) To Protect Infant Industries
(iii ) To Avoid Unemployment
(iv) Source Of Revenue
(v) The Standard Of Living Argument
==================================
 
(1a)
(i) Actuarial Science
(ii) Management
(iii) Chartered Accountancy (C.A)
(iv) Company Secretary (C.S)
(1b)
(i)Provision of capital
(ii)Efficient management 
(1c)
(i) Extractive Industry: its the process that involve the extraction of raw materials from the earth to be used by consumers. The extractive industry consists of any operations that remove metals, mineral and aggregates from the earth.
(ii) Tertiary Industry: The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector
(iii) Manufacturing industry refers to those industries which involve in the manufacturing and processing of items and indulge in either creation of new commodities or in value
(iv)Constructive industry is an industry that is involved in making finished goods from raw materials at a bigger scale. Constructive industry mainly involves works in the building sector such as building houses, hotels, offices, roads, banks, bridges etc.

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5a

i) Newspaper Advertising

ii) Journals/Magazine Advertising

iii) TV Advertising

iv)Radio Advertising

v) internet Advertising

5b) Personal selling is also known as face-to-face selling in which a person who is the salesman tries to convince the customer in buying a product. It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale.

5c) *Advantages*

i) Two-Way Communication

ii) Immediate Feedback

iii) Individual Services

iv) Flexibility

=====================

4a)

CHOOSE ONLY THRRE

-Commodities exchanges provide a ready and continuous market for the purchase and sale of commodities. This enables the producer to be independent of middlemen and therefore to derive more value from their production activities.

-They provide hedging facilities, which make them necessary in reducing fluctuations in price of raw material and consequently also reducing fluctuations in the price of finished products.

-Commodities exchanges provide the producers an opportunity to transfer their risk to the professional risk-bearers.

-By providing continuity in the trading of commodities, commodities exchanges induce bankers and financiers to lend against commodities.

-Commodities exchanges provide facilities and opportunities for arbitrating and thus equalizing the price levels of commodities at various centers

(4B)

(i) Futures

Long ago, to trade commodities one had to trade commodity futures and you can still trade this way currently. You need to simply open an account with a futures trading firm, obtain the needed front-end trading software and put up a substantial amount of money.
Of course, this method is not for every investor. Futures trading is actually extremely risky and requires professional trading skills and uncommon devotion. An ability to comprehend the essential markets and technical analysis are required to thrive.

(ii).   Mutual Funds –
Mutual fund commodities offer not only portfolio diversification because they typically have a low correlation to a broad market index but also diversify various commodities within a single fund. However, there are a variety of fund types with a variety of risks: commodity funds, commodity funds that hold futures, natural resource funds and combination funds.

CHECK OUT:  WAEC 2019 CHRISTIAN RELIGIOUS STUDIES OBJ AND ESSAY VERIFIED ANSWER

(6a)
Adverse or deficit balance of payment

(6b)
(i)Foreign exchange control:Foreign exchange control involves the rationing foreign exchange in order to reduce balance of payment deficit
(ii)Expenditure reduction:This is used in order to cut down domestic demand and reduce imports
(iii)Expenditure switching:This involves the manipulation of exchange rates to induce people to patronize locally made goods.
(iv)Fiscal control:This involves the raising of tariffs ie increase import duties in order to reduce balance f payment deficit
(v)Devaluation:Devaluation cheapens exports and makes imports expensive,thus improving balance of payments
(vi)Reduction of imports: The government can restricts imports by the use of tariffs,quotas and outright embargo on imports

=====================

(7a)

(i)Overnight Service: Want to get your parcel shipped the very next day? Then you must opt for overnight courier service. Once you go and give your parcel to the courier service in your locality, they will ensure that it reaches the receiver in 24 hrs. 

(ii)Same Day Express Courier; Do you want your parcel to reach the concerned person as soon as possible preferably on the same day? Same day express courier provides service to those who need a last minute or urgent delivery to be sent and received on the same day.

(iii)Standard Courier Service; If you are not in any urgency and want to opt for the cheapest mode of transferring your goods, then standard courier service is the best option. When you receive your receipt from the courier company, the estimated time and the tracking ID will be mentioned.

(iv)International Courier: The name of the service says it all! International courier services help the customers who want to deliver their package from one country to another. This is usually done by the courier company which is popular on a large scale using ships and planes. 

(7b)

-Advantage-

(i)Safety: Transportation by the means of railway ensures safety for the desired goods because unlike the road transports a train only stops at a desired station instead of the will of the driver.

(ii)Cheap:

Railway transport any day is cheaper as compared to air transport. As a matter of fact, railway transport is even cheaper than road transport because of the reason that goods in bulk quantities are carried from a desired destination to the other. 

(iii)Increases Employment:

Railway transport helps people to carry cheap products from a place to another and sell them at high prices. As a result of this, a number of people who are unemployed find a source of their daily bread.

-Disadvantage-

(i)Loss of Goods: Because goods in bulk quantities are carried chances of goods getting lost are high in case of railway transport as compared to air and road transport.

(ii)Unsafe for Fragile Items: Railway transportation is particularly unsafe for carrying fragile items like glass because these items can easily break at times when a train halts unexpectedly of when the train is speeding up at times.

(iii)Late Bookings: Because railway is the cheapest medium of transport, it is hard to find suitable bookings for the transportation of your goods. Railway transport is not suitable in cases of emergency.

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Posted by on 9th May 2019.

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