Waec Gce 2016 Commerce Obj And Theory Answers – Nov/ Dec Expo



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Comm1
B2C3A4A5D6C7C8A9C10C.
11B12C13D14C15A16D17-
18A19B20A.
21C22C23A24D25B
26D27C28C29D30.
31C32B33B34C
35B36A37A38B39C40B.
41C42C43D44D45C
46C47A48D49B50C.

1a)
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
1b)
-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
-store of value.
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2a)
-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 perculiar 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
(2b)
-By expiration of agreement:where theb
patnership is entered into for afixed period of
time,it is assumed dissolved at the expiration
of the fixed date
-Bankrupty of a patner:Patnership will be
dissolved when one of the patners is bankrupt
-Insolvency of the business:when the business
cannot meet its obligations
-Deathof as patner:The death of a patner will
bring the business to anend
-Insanity of a patner:If one of the patners
become insane the remaining patners can apply
to to the court for dissolution
==============================
5a)
i)Medium of Exchange:
The most important function of money is that
it serves as a medium of exchange. In the
barter economy a great difficulty was
experienced in the exchange of goods as the
exchange in the barter system required double
coincidence of wants. Money has removed this
difficulty.
ii)Measure of Value:
Another important function of money is that it
serves as a common measure of value or a
unit of account..
iii)Standard of Deferred Payment:
Another function of money it that it serves as a
standard for deferred payments.
iv)Store of Value:
Lastly, money acts as store of value. Money
being the most liquid of all assets is a
convenient form in which to store wealth, that
is, money can be held as an asset.

5b)
-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 chque 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

(7a)
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.
(7b)
(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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