WAEC Commerce 2022 Answers & Questions

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WAEC Commerce Questions and Answers 2022. For the National exam Council (June/July 2022. Commerce Answers. This article will provide you with a variety of questions, as well as answers to the questions on your WAEC Commerce exam 2022. This article will help you to understand what you will be asked in the WAEC Commerce answers 2022.


WAEC Commerce 2022 Answers

Commerce 2 (Essay) – 2:00pm – 4:00pm
Commerce 1 (Objective) – 4:00pm – 4:50pm


COMMERCE OBJ:
1-10: BDDDBCBACC
11-20: ABDDBADCCB
21-30: DABCCDDCBD
31-40: BACBDDABAC
41-50: BAADACDBBC


NOTE: YOU ARE INSTRUCTED TO ANSWER ONLY FIVE(5) QUESTIONS


(3)


(6a)
(MEANS OF PAYMENT IN INTERNATIONAL TRADE)
(PICK ANY THREE)
(i)Guaranteed mail transfer is an order to pay sent by mail.This is similar to mail transfer but here the remitting bank will guarantee payment on the agreed date.

(ii)Travellers Cheques: Travellers cheques are orders drawn on commercial bank which travellers and businessmen to other countries can use to settle their bills. The beneficiary is thus enabled to obtain foreign currency when travelling abroad to settle their indebtedness.

(iii)Documentary Credit: Documentary credit is a method of payment or financing foreign trade. The importer opens a credit in favour of the exporter at a bank in the exporter’s country.

(iv)Mail Transfer: Mail transfer is a means of payment in which an order to pay a foreign creditor a sum of money is given by a bank to its foreign agent by means of letter or air mail. Mail transfer is similar to a cheque but cannot be transferred.

(MEANS OF PAYMENT IN HOME TRADE)
(PICK ANY TWO)
(i)Bank Draft: Bank draft is a cheque drawn on a bank by itself or its agent. It is used by a debtor when his creditor is not willing to accept a personal cheque. The debtor pays the bank for the draft at the time of issue.

(ii)Cheque: A cheque is an order written by the drawer to a bank to pay on demand a specified sum of money to the person named as payee on the cheque

(iii) Credit cards: These are cards which are issued by some major banks and other credit card companies to enable the holder of the card to buy goods or services from business organisations which accept the cards without paying for them on the spot

(6b)
(PICK ANY THREE)
(i)Differences in technology:The level of technology differs from one nations of the world to another. Some countries with advanced technology can produce some industrial products at reduced cost and sell to the less developed countries.

(ii)Differences in skills: The inhabitants of a region may develop special skills in the production of a commodity such that it acquires special reputation for its skill. This can necessitate foreign trade.

(iii)Expansion of market for products: Foreign trade came into existence because of the need to widen the market for goods produced by a country.

(iv)Differences in the efficient use of natural resources:Foreign trade may arise because of differences in efficiency in the use of natural resources.

(v)Uneven distribution of natural resources: Natural resources are unevenly distributed. While some county are naturally blessed, others have little or no natural resources. This necessitates international trade.

(vi) Difference climatic conditions: The climatic condition of the earth varies from one region to another. This variation gives rise to growth of different crops, hence the need for exchange.


 


(2a)
The type of merger to be formed is “vertical merger” or “vertical amalgamation”. The firms or companies come together at different stages of the production process. It is the method of linking the various stages of production from the raw material to the finished product.

(2b)
(i)A possible reason for the merger is for guaranteed supplies or outlet
(ii)By coming together, the combination of greater resources may help in securing the economics of larger-scale production. This will reduce unit costs and increase profit
(iii)The companies could have merged to increase the efficiency of management where the acquired company is poorly managed
(iv)The companies could also have merged to reduce federal income tax liabilities.

(2c)
(i)Loans and overdrafts from banks: Loans and overdrafts can be obtained from commercial or development banks
(ii)Shares raised by shareholders: Shares are usually raised by shareholders(owners), which form the capital base of the company
(iii)Trade credit: Raw materials can be purchased by the company on credit.

 


(4a)
(PICK ANY EIGHT)
A – Speaker
B – Microphone
C – External webcam
D – Flash drive
E – Monitor
F – Printer
G – Keyboard
H – Light pen
I – Joystick

(4b)
(i) Microphone: It is used input sound that is then stored in a digital form
(ii) External webcam: It capture images and videos and then send them onto your CPU
(iii) Flash drive: It is used for storage, data backup, and transferring files between devices.
(iv) Keyboard: It is used for putting information including letters, words and numbers into your computer.
(v) Light pen: It allows a user to point to display object or draw on the screen in a Similar way to a touchscreen but with greater positional accuracy
(vi) Joystick: It is used for controlling the movement of the cursor or a pointer in a computer device

(5a)
(PICK ANY FOUR)
(i) Hire purchase
(ii) Loans and Credit Lines from Banks
(iii) Personal capital
(iv) Sale of Assets
(v)Retained Profit

(5bi)
Acceptance Credit: Acceptance credit is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.

(5bii)
(ii) luncheon voucher: luncheon voucher is a document issued to employees by their employer as part of their pay and exchangeable for food at restaurants and shops.

(5biii)
Bill of exchange: Bill of exchange is an unconditional order in writing, addressed by the seller to the buyers, requesting the person to whom it is addressed to pay on demand a certain sum of money at a particular time.

(5c)
(ADVANTAGES)
(PICK ANY TWO)
(i)Hire purchase facilitates the promotion of durable goods
(ii)The profit will increase as a result of increase in price.
(iii)Hire purchase increases the rate of turnover.
(iv)It leads to large scale production as a result of increase in demand.
(v)The seller can repossess the goods in order to avoid bad debt.
(vi)The seller retains ownership of goods until full payment is made.

DISADVANTAGES
(PICK ANY THREE)
(i)A lot of capital can be tied down.
(ii)Customers may fail to pay their debt which may become bad debts.
(iii)Court action for recovery of debts usually brings additional cost.
(iv)Goods repossessed may be difficult to sell.
(v)It can lead to court action.
(vi)There is the possibility that a buyer may run away with the goods.



(1)


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WAEC Commerce QUESTIONS 2022👇

 

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WAEC Syllabus For Commerce 2022/2023

AIMS

The examination in this subject is meant to test:(i) candidates’ appreciation of the role of Commerce and its relationship with the other aspects of production,(ii) candidates’ understanding and appreciation of the basic concepts and principles of Commerce, and(iii) candidates’ ability to relate the concepts and principles of Commerce to practical situations.EXAMINATION STRUCTURE

The examination will consist of two papers: – Paper 1 and Paper 2 – both of which must be taken.

 

PAPER 1: This will consist of 50 compulsory multiple-choice questions which would cover the entire syllabus and will carry 25% of the total marks for the subject. It will last for 1 hour.

 

PAPER 2: This will be a 2½ hour paper consisting of 10 essay type questions out of which candidates will be expected to answer any five. All questions carry equal marks, and the paper will carry 75% of the total marks.

 

DETAILED SYLLABUS

  1. INTRODUCTION

Meaning, scope and functions of Commerce, History of Commerce.

 

  1. OCCUPATIONS

Types – Industry, Commerce, Direct and Indirect Services.

 

  1. PRODUCTION

Definition, factors, primary, secondary and tertiary production. Inter-relationship

between production and exchange.

 

  1. BUSINESS UNITS

(i) Meaning and objectives of business;

 

(ii) Forms of Business Units – Sole proprietorship, Partnership, Public and Private Limited Liability Companies, Public Enterprises and Cooperative Societies;

 

(iii) Formation, characteristics, advantages and disadvantages;

 

(iv) Dissolution/liquidation

 

 

 

  1. BUSINESS CAPITAL AND PROFITS

(i) Meaning and types – authorized/registered/nominal/issued capital, called-up, paid

up, capital owned, capital borrowed, liquid/circulating capital;

 

(ii) Calculation of working capital, the importance of working capital;

 

(iii) Profit – meaning, types and calculation of profits;

 

(iv) Turnover – meaning and calculation.

 

  1. TRADE ASSOCIATIONS

(i) Aims and functions of trade associations;

 

(ii) Chamber of Commerce, Employers’ Association, Consumer Association and

Manufacturers’ Association – Aims and functions.

 

  1. TRADE

Purpose and branches of trade – Home Trade and Foreign Trade.

 

(a) HOME TRADE

 

(i) Retail Trade – Functions of the Retailer and factors to consider in starting

retail business.

 

Small scale and large scale retailing. Types of Retail outlets, the main

characteristics of each.

 

Trends in Retailing – branding, after-sales service, self service, vending

machines, luncheon and fuel vouchers.

 

(ii) Wholesale Trade – Functions of the wholesaler. Types of wholesalers –

Merchant and Agent wholesalers.

 

(iii) Warehousing – importance, functions and types of warehouses.

 

(iv) Forces making for the elimination and survival of the middleman.

 

(v) Channels of Distribution – Producer – Wholesaler – Retailer – Consumer.

Factors for the choice of the channels.

 

(b) FOREIGN TRADE

 

(i) Basic concepts in International Trade – Terms of trade, balance of trade,

balance of payment, counter

trade.

 

(ii) Export, Import and Entrepot – procedures and documents used. Visible

and Invisible Trade.

 

(iii) Barriers to International Trade

 

(iv) Functions of Ports Authority. Customs and Excise Authority, Customs,

Excise and Preventive Services and shipping, clearing and forwarding

Agents, Export Promotion Council.

 

  1. PURCHASE AND SALE OF GOODS

(i) Procedure and documents;

 

(ii) Terms of Trade – Trade Discount, Cash discount, Quantity discount, C.O.D.,

C.I.F., F. O. B., E. and O.E.

 

(iii) Terms of payment – Cash, hire purchase and deferred payment;

 

(iv) Means of payment – Legal tender, cheques, standing order, bank drafts, stamps,

postal orders, money orders, bills of exchange and promissory notes.

 

  1. FINANCE AND FINANCIAL INSTITUTIONS

(a) MONEY – Meaning, forms, qualities and functions.

 

(b) BANKS – Types of Banks – Central Bank, Commercial Banks and other specialised banks and their features and functions. Types of accounts – current, savings and fixed deposit accounts, and their main features.

(c) INSURANCE – Meaning and basic principles of insurance – utmost good faith, insurable interest, contribution, indemnity and proximate cause.

 

(d) TYPES OF INSURANCE – Fire, personal accident, marine, life and endowment, burglary, insurable and uninsurable risks. Importance of insurance to business and individuals. Procedure for taking an insurance policy.

 

(e) STOCK EXCHANGE – Meaning and functions, procedure of transactions and speculations. Types of securities.

 

(f) CREDIT – Meaning, types and functions.

 

(g) CREDIT UNIONS AND THRIFT SOCIETIES – Meaning and aims, functions

and services provided to

members.

 

  1. TRANSPORT AND COMMUNICATIONS

(a) TRANSPORT

 

(i) Meaning and importance;

 

(ii) Forms of Transport – Land, water, air and pipeline. Advantages and disadvantages of each form.

 

(iii) Functions of Seaports and Airports.

 

(b) COMMUNICATION – Meaning, importance and services of Post Office, Courier Agencies and other communication agents.

 

  1. INTRODUCTION TO MARKETING

(a) MARKETING

 

(i) Meaning, importance and functions;

 

(ii) The marketing concept, the marketing mix (4p’s), market segmentation and consumer sovereignty.

 

(b) ADVERTISING

 

(i) Meaning, role, types and media;

 

(ii) Advantages and disadvantages.

 

(c) PUBLIC RELATIONS AND CUSTOMER SERVICES

 

Meaning and importance.

(d) SALES PROMOTION – Trade fairs, exhibitions, gifts and

demonstrations.

 

(e) PERSONAL SELLING – Meaning and uses.

 

  1. LEGAL ASPECTS OF BUSINESS

(a) (i) Areas of law that relate to business – Contract, Agency, Sale of Goods

Act, Hire Purchase Act; Trade Description Act.

 

(ii) Rights and obligations of employer and employee;

 

(iii) Government regulation of business – Registration of business, patents,

trade marks and copy rights.

 

(b) CONSUMER PROTECTION

 

(i) Need for protection;

 

(ii) Means of protection – Government legislations, Food and Drugs Act, Standard Organisation Act, Trade

Description Act, Consumer Association, Price Control, Product Quality, Factory Shops and Offices Acts, etc.

 

  1. NATIONALISATION AND INDIGENISATION/DIVESTITURE

(i) Meaning and Aims;

 

(ii) Advantages and Disadvantages.

 

  1. ECONOMIC GROUPINGS

ECOWAS, Niger Basin Commission (NBC), Lake Chad Basin Commission (LCBC), Mano River Union, European Economic Community (EEC), African Caribbean and Pacific (ACP), International Bank for Reconstruction and Development (IBRD), International Monetary Fund (IMF), United Nations Conference on Trade and Development (UNCTAD) – Objectives and Obstacles.

 

  1. INTRODUCTION TO BUSINESS MANAGEMENT

Meaning

ii. Objectives of business

iii. Meaning of Business Management

iv. Functions

v. Business Resources

– Man, Money,Materials Opportunities/Goodwill

 

Structure of Business organizational setup

Organisational chart, Departments, Functions

of each, Authority, Delegation of Authority

– Responsibility Span of Control

 

Meanings

vii. Business and its environment Economical

– Political Competition Technological etc

viii. Social responsibility of Business to the Society

ix. Importance of Inter and Intra departmental

communications

 

SUGGESTED READING LIST

Commerce for Senior Secondary Schools by Odedokun, Udokogu and Ogiyi – Longman Nigeria Publications.

Commerce for Senior Secondary Schools by CESAC, Shanelson Publishers, Ibadan.

Modern Commercial Knowledge by L. W. T. Stafford.

Marketing by G. B. Giles. ( The M & E hand book services)

Basic Marketing by Jerome McCarthy.

Consumer Behaviour – Prof. Achumba

 

 

PROOF OF PASSED WAEC Commerce 2022 Answers

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ALWAYS SUBSCRIBE IF YOU DONT WANT DELAY OR LATE ANSWERS..
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Commerce OBJ:
1-10: DBCCCDBDAB
11-20: BCCDBBABAA
21-30: DDCCAABCAC
31-40: DABCABAACB
41-50: DDACBCCBAA

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

(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

(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

(i) 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

(ii) 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

(iii) 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

(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.

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

(5a)
(i)Television
(ii)Radio
(iii)Newspaper
(iv)Cinema
(v)Window display
(vi)Samples

(5b)
Personal selling can be defined as an oral presentation in a conversation with one or more potential buyers for the purpose of making sales.The aim is to inform and encourage the customer to buy or at least try the product

(5c)
ADVANTAGES:
(i)It arouses interest of buyers:This is because the buyer will be given the opportunity to ask question about the suitability of the product
(ii)It creates product awareness:The product will be popular among the customers or consumers
(iii)product information gathered from personal contact can be used to develop product preferences based on consumer needs
(iv)Personal selling enables inputs at individual level to be gathered by the company executives which non personal cannot do

DISADVANTAGES:
(i)It is a relatively expensive method of selling.This is so because high capital costs are required
(ii)It is an extremely labour intensive method:it requires a lot of labour to perform the personal selling


(7a)
(i)Safe Delivery of Document;Important documents are delivered safely without getting lost in transit.
(ii)Door to Door Service: Courier companies provide door-to-door delivery services to its customers.
(iii)Render Services in all Location; They render services to both urban and rural areas.
(vi)Transportation of Load: Courier companies helps to carry bulky loads over short or long distances.

(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.


(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 i.e 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

WAEC Commerce 2021 Answers & Questions

WAEC Commerce 2022 Answers. WAEC Commerce Answers 2022. WAEC Commerce 2022, Here you will the the verified WAEC Commerce expo 2022, WAEC Commerce questions and answers 2022, WAEC 2022 Commerce Answers, WAEC question and answer 2022, 2022 WAEC Commerce obj and Theory Answers, WAEC Commerce 2022, Many WAEC candidates find it difficult to answer the WAEC 2022 Commerce obj and theory question and Answers correctly due to not understanding the questions. I will show you the best way to answer WAEC Commerce Obj and Theory questions and make a good WAEC result in your Commerce examination, WAEC commerce questions 2022, 2022 WAEC commerce answers, Commerce WAEC 2022


COMMERCE OBJ:
1-10: BDBCEADDBA
11-20: BCDCEBEABD
21-30: BEBCAABDEB
31-40: EBBCCDBADC
41-50: DEEACDDECA
51-60: BCAECBBEDD



(1a)
A crossed cheque is one that has two parallel transverse lines drawn across its face with or without the word “Co and Ltd” Not negotiable. WHILE Stale cheque is a cheque which has been in circulation for an unreasonably long time, hence the date of presentation for payment has expired.

(1b)
(Pick Any Four)
(i) Bank drafts
(ii) Bank certified cheque
(iii)Automated teller Machine(ATM)
(iv)money gram
(v)Western union.

EXPLANATION:
(Pick Any Four)
(i) Bank drafts: This is a cheque which a bank official draws on the banks deposits in another bank. The bank draft is sold on commission to members of the public not minding whether such a person has a current account with the bank or not. It is a safe means of transferring money(huge amount) From one person to another.

(ii) Bank certified cheque: A cheque on which the bank had written its guarantee that the cheque will be paid . yo ensure that the amount written on the cheque is paid , the bank immediately draws out the amount from the depositor’s account.

(iii)Automated teller Machine(ATM): This us computerized machine that enables or permit back customers to gain access to their accounts with a magnetically encoded plastic card and a code number. It enables the customer to transact business anytime and perform several banking operations without the help of a teller.

(iv)Money gram: Money gram International Inc. Is a money transfer company based in the United State of America.Money gram businesses are divided into two categories (a) Global fund transfer (b)financial paper products. The company services individuals and businesses through a network of agents and financial institutions who aided customers either in sending or receiving fund throughout the world.

(v)Western union: The Western Union money transfer is a financial services and communication company based in the united state of America. Western union is best known in the business of exchanging telegram . it also specializes in transferring certain amount of money usually in dollars from one country to another through the help of commercial bank.



(2ai)
Cartel: A cartel is a monopolistic type of organisation established originally by producers of similar product for the main purpose of restricting output of members in order to keep up the price of their product. It is an association of independent producers, formed mainly for the main purpose of regulating prices by controlling output members of a cartel retain their separate identity and are independent.

(2aii)
Consortium: A consortium is a group of independent firms formed to work on a particular project which requires large resources and is too complex for a single firm to undertake . A consortium is also an association of firm that pool their resources together to finance a project they cannot embark upon individually,because of its complexity or the capital outlay.

(2aiii)
Trust: This is an amalgamation of different competing firms in different lines of businesses under a single control. In Trust, the firm will retain their identity but the trustee will take over the management and control. It is vertically integrated in nature and the amalgamated firms are brought under a central control. Certificate will be issued to all members.

(2b)
(pick Any Four)
(i)Efficiency: To increase efficiency of management where the acquired company is poorly managed.

(ii)To obtain raw material: Firms may merge in order to obtain raw materials from direct source.

(iii)Financial stability: To ensure greater financial stability through internal growth.

(iv)Elimination of competition: Firms may merge in order to check or eliminate competition.

(v)To reduce cost: To reduce the overhead cost by eliminating duplication of facilities

(vi)Advantages of economies of scale: To enjoy economies associated with large scale production which will reduce unit costs and increase profit



(3a)
(Pick Any Three)
(i) Risk bearing
(ii) Financing
(iii)Buying/selling/Exchange
(iv)Grading and standardizing

EXPLANATION:
(Pick any Three)
(i) Risk bearing: This involves anticipating business risks and taking appropriate measures to reduce their impact by taking the necessary insurance cover.

(ii) Financing: This cover the provision of funds throughout the period of production to the point of selling through loans and credit facilitates

((iii)Buying/selling/Exchange: This cover purchase of raw material and goods from so many sources and transfer of ownership of such goods to the consumer at the right quality.

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

(3bi)
Form utility: Form utility is created by changing the form of raw materials into finished goods eg production in agriculture or manufacturing creates form utility. Form utility is an economic concept that identifies the value obtained by consumers from products designed in the most convenient ways for them.Form utility also refers to how well a product or service meets the customer’s needs.

(3bii)
Possession utility:Possession utility is reflected in the transfer of title and in providing information about the product so that the buyer may use of enjoy it to the best advantage. Possession utility is the value consumers put on purchasing a product and having the freedom to use the product as it was intended or finding a new use for the product.



(4a)
Entrepot is a form of foreign trade in which goods are shipped to one port and subsequently re- exported and shipped to another port. If customs duties had been paid on imported goods and are later re-exported , the duty can be claimed back. Entrepot is simply refer as the re-exporting of goods imported from other nations.

(4b)
(Pick Any Four)
(i)To prevent dumping
(ii)To improve balance of payment deficit
(iii)Employment generation
(iv)To protect Infant industries/strategic industries
(v)Generation of revenue

EXPLANATION:
(Pick Any four)
(i)To prevent dumping: Tariffs are imposed to prevent dumping of goods from foreign countries. This is to prevent foreign goods from being sold at prices lower than the home price.

(ii)To improve balance of payment deficit: By imposing tariffs on imported goofs, the unfavourable balance of payment can be corrected because importation will be discouraged.

(iii)Employment generation: Countries impose tariffs to encourage the establishment of local industries or enhance the expansion and growth of existing ones so as to provide job opportunities.

(iv)To protect Infant industries/strategic industries: Tariffs are imposed to protect infant industries from undue competition with foreign firms. Tariffs may be used in most cases to protect certain strategic industries.

(v)Generation of revenue: Tariffs are also imposed to generate revenue for the country. Many countries derive their revenue from import and export duties.



(5a)
(Pick Any Four)
(i)Opening stock
(ii)Closing stock
(iii)Purchases
(iv)sales
(v)Expenses

EXPLANATION:
(Pick Any Four)
(i)Opening stock: This is the stock of goods at the beginning of the year. Opening Stock can be described as the initial quantity of any product/ goods held by an organization during the start of any financial year or accounting period .

(ii)Closing stock: Closing stock is the stock of goods available at the end of the year. It is referred to as the amount of unsold goods that remain with the business on a given date. In other words, it can be said that these are inventory which are in business and are waiting to be sold.

(iii)Purchases: Purchases is the total value of goods(credit and cash purchases) bought for resale by an organisation. purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully.

(iv)sales: This is the total value of goofs sold by a business firm. It includes credit and cash sales. Sales is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money

(v)Expenses: These are the expenditure incurred in the running of a business. It us normally deducted from the gross profit in order to shoe the net profit. expense is the cost of operations that a company incurs to generate revenue.

(5b)
(Pick Any Four)
(i) The selling price of goods.
(ii) The cost of goods sold I e cost price .
(iii) The number of competing firms.
(iv) Relationship between demand and supply.
(v) The knowledge of the seller concerning the market.



(6a)
Capital may be defined as man made assets used in production. In order words, capital refers to man made wealth or goods used to produce other goods and services . it may also be defined as the stock of previous wealth invested in order to produce future wealth.

(6b)
(Pick Any Four)
(i) Availability of goods and services
(ii)Improvement in standard of living
(iii) provision of employment
(iv)Acquisition of skills
(v)Increase in wealth of people

EXPLANATION:
(Pick Any Four)
(i) Availability of goods and services : Goods are items that are usually (but not always) tangible and Services are activities provided by other people. Production helps to ensure that goods and services are made available for use by human being.

(ii)Improvement in standard of living: Standard of living is the material well being of the average person in a given population. Production helps to ensure adequate improvement in the standard of living of the people.

(ii)Provision of employment: Employment is an agreement between an employer and an employee that the employee will provide certain services. Continuous production ensures the employment of many people.

(iv)Acquisition of skills: Acquisition of skill is a type of learning in which repetition results in enduring changes in an individual’s capability to perform a specific task. The engagement of people in production makes them acquire special skills.

(v)Increase in wealth of people: Wealth measures the value of all the assets of worth owned by a person, community, company, or country. Production assists people to accumulate wealth as a result of continuous employment.



(8)
(i)Irregular financial contribution of members
(ii)Lack of infrastructural facilities
(iii)Political and ideological difference
(iv)different currencies.
(v)Colonial Ties

EXPLANATION:
(i)Irregular financial contribution of members: One of the main factor that hinder the achievement of ECOWAS is problem of fund; Members countries have not been honouring their financial obligations to the community. They do not contribute regularly to the community’s fund.

(ii)Lack of infrastructural facilities: Lack of social amenities in the sub region has greatly hindered the attainment of the aim and objective of the community. Many countries in the sub region have inefficient social amenities that van adequately facilitate trade.

(iii)Political and ideological difference: Political and ideological difference is one of the main factor that hinder the achievement of aim and objective of ECOWAS. The counties in the region are divided along political ideologies . some of these countries practice capitalism while others adopt socialist economy.

(iv)Different currencies. Different currencies is of the main factor that hinder the achievement of ECOWAS objective and aim. The existence of different currencies in the sub region has greatly reduced trading activities among the member states, for instance, the transfer of capital in difficult.

(v)Colonial Ties: Colonial Ties is one of the factor that hindered the achievement of ECOWAS objective. This is a practice or policy of control by one people or power over other people or areas. The region is polarized into French speaking and English Speaking blocs according to their former colonial linkage and this has weakened the unity of the community



(9a)
Breach of contract: This is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation such as the failure to deliver a promised asset.

(9b)
Contract: This is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law.

(9c)
Contract under seal: This is a formal contract which does not require any consideration and has the seal of the signer attached. A contract under seal must be in writing or printed on paper. It is conclusive between the parties when signed, sealed, and delivered.

(9d)
A void contract: This is a formal agreement that is effectively illegitimate and unenforceable from the moment it is created. A contract may be deemed void if it is not enforceable as it was originally written.

(9e)
Termination of contract: This means legally ending the contract before both parties have fulfilled their obligations under the terms of the contract.

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