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WAEC 2021 COMMERCE ANSWERS
NOTE: There will be no free answer on Monday English language Exam.
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YOU ARE TO ANSWER 5 QUESTIONS ONLY
A 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. The two terms have become increasingly blended and used in conjunction with one another.
-Choose any 5-
(i) Commerce promotes rapid transfer of both oral and written messages through communication.
(ii) Commerce facilitates exchange of goods and services which people all over the nation enjoy produced within or outside their own nation.
(iii) Commerce creates revenue/wealth for the nation through collection of tariff duties royalties and tourism.
(iv) Commerce makes for the protection against risk in the day-to-day business operations through insurance.
(v) Commerce creates awareness of the existence of goods and services through advertising.
(vi) Commerce ensures that goods and produced are stored until needed, thus making sure that there is steady supply of goods for the nation through warehousing.
(vii) Commerce offers employment to a large number of people in a nation such as traders, retailers, wholesalers, bankers brokers.
(viii) Commerce provides money and banking facilities through creation of means of payment, loans and advances.
(ix) Commerce assist in movement of people, materials and finished goods from production point to consumption point.
(x) Commerce encourages cooperate and friendliness among nations.
(xi) Commerce improves peoples standard of living through provision of varieties of goods and services.
(i)Medium of Exchange: Money can serve as a medium through which money can exchange goods and services. Money can be used to buy different variety of goods and services. This facilitates the means of exchange. It came into use as a result of the inadequacies of the barter system. Money is therefore widely acceptable as payment for debts.
(ii)Standard of Deferred Payment: Since money can 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. The use of money makes it possible for payments to be deferred from the present to some future date.
(iii) Unit of Account: In serving as a unit of account, it becomes practically possible for individuals and companies to keep accounting record of their transactions in bank statements, ledgers and invoices.
(iv) Store of Value: Money is a good store of value because wealth can be stored for future use. When there is no inflation, money stored or saved retains its value for many years.
(V) As a Measure of Value: The values 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.
i. bull – A bull is a stock market speculator who buys a holding in a stock in the expectation that in the very short-term it will rise in value whereupon they will sell the stock to make a quick profit on the transaction.
ii. jobber – Jobbers, also called “stockjobbers,” acted as market makers. They held shares on their own books and created market liquidity by buying and selling securities, and matching investors’ buy and sell orders through their brokers, who were not allowed to make markets
iii. Broker – A broker, in any situation, is a middleman, helping parties get transactions executed. That is also true in the stock market, where the stockbrokers get intending buyers and sellers of stocks to transact their business. Interestingly, the buying and selling shareholders do not need to meet or know each other.
iv. stag – The term stag refers to a speculator who buys and sells stocks in short time frames to make quick profits. … In order to profit from the small short-term price movements associated with day trading, traders will generally buy large blocks of stocks.
[Pick any FIVE]
(i) Cash payment
(iii) Bill of exchange
(iv) Money order
(v) Credit cards
(vi) Bank draft
(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.
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.
(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.
(i)Promotion of Cooperation and development.
(ii)Harmonization of Agricultural, Economic, Monetary and Industrial Policies.
(iii)Abolition of trade restrictions and Customs Duties. …
(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