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WAEC GCE 2016 Commerce answers

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WAEC GCE 2016 Commerce answers

EXAM TIME: Wednesday, 31st August, 2016
Commerce (Essay& Obj) 3.00pm – 5.00pm


(i) No payment of rent
(ii) It is Door to Door service 
(iii) Small capital is involve to set up 
(iv) Consumable goods are sold majorly

-Land is a free gift of nature and also a place where every other factors of productions take place. 
-labour is both mental and physical input on the factors of production 
-capital is the amount invested in the factor of production 
-enterpreneur is the person responsible to supervise all other factors of production


(i) Cooperative Society:
-There is perpetual erxistence or continuity.Death of a member cannot bring the organisation to an end
-It is registered as a limited liability.Members liability is limited to the shares held
-It is democratic in nature
-Profit is shared based on patronage

(ii) Mail order business
-It is shopping by post
-It is peculiar with cash on delivery transactions and cash with order terms of payment
-Goods are delivered at the buyer's destination
-Packages are usually to customer's tastes

-By expiration of agreement: where the partnership is entered into for a fixed period of time,it is assumed dissolved at the expiration of the fixed date
-Bankruptcy of a partner: Partnership will be dissolved when one of the partners is bankrupt
-Insolvency of the business:when the business cannot meet its obligations
-Death of as partner: The death of a partner will bring the business to an end
-Insanity of a partner: If one of the partners become insane the remaining partners can apply to to the court for dissolution


-Settlement of Debt 
-medium of exchange 
-unit of account 
-store of value. 

-It is saver to carry cheque than cash 
-It is easy for drawer to stop payment so as to prevent fraud
-Cheque can serve as a receipt and a proof of payment 
-It is more convenient to carry cheque about than cash
-cheque help to economise in the use of currency notes and coins 
-Cheque counterfoil slip can be used by drawer for proper payment and receipt


Market segmentation is a process of the total heterogenous market for a product into several sub marked or segments each of which tends to be homogeneous in all important aspects. 

(i) Risk bearing: Marketing anticipates risk inherent in business and tries to minimize the risk and ensure adequate protection by taking the necessary insurance cover.
(ii) Storage of goods: It helps in storage and warehousing of goods until they are demanded in order to ensure regular and constant supply.
(iii) Prices: Marketing assists the organizations to fix reasonable price for their products that would ensure enough profit.
(iv) Packaging: This involves designing and producing the container or wrapper for the product so as to protect it during distribution.
(v) Transportation of goods: It ensures that raw materials, finished goods and services are transferred to places where they are needed.
(vi) Standardization and grading: A major function of marketing is to ensure that products conform to the required standard and qualify in terms of taste and durability.

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1 comment:

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