VERIFIED WAEC 2016 COMMERCE ANSWERS

WAEC 2016 COMMERCE ANSWERS
8a)
Turn over is the total net sales of any business within a given
period of time minus the cost of goods returned back to the
business.
8b)
i)Goodwill and reputation of the businessman;-A businessman
with a good reputation,and who has the good will of being
honest,polite,sound public relations,gives prompt services,always
has the advantage of high customers patronage
ii) Advertising and sales promotion;-Business that utilizes
advertising and sales promotion extensively records a high rate of
turn over than others.
iii)Pricing techniques;- Business that applies low pricing
techniques enjoys high rate of turnover than those with high
pricing techniques.
iv)Use of credit facilities;-where a businessman grants credit
facilities to customers,he will sale more,than where credit facilities
are not offered to customers.
v)Location of business;-well located businesses especially those
located in busy centres,hearts of the cities knonw by such
businesses are bound to record hugh rate of turnover than others
vi)Seasonal goods record high rate of turnover during season and
records very low rate of turnover during off season.
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2a)
i)It requires few sales attendant.
ii)it allows customer to do their shopping in a shop with little sales
attendant.
iii)security man stand at the gate of a shop that adopt self service
for pilfering.
iv)goods are conspiciously arranged and displayed on the shalves
of the shop.
v)goods are neatly arranged and displayed on the shelves in order
to encourage impuls buying and increase sales
2b)
i)It encourages impulse buying which increase sales
ii)self service quicken customers shopping
iii)self service leads to low price of goods.
iv)it gives customer the chance to make their choice without being
confused into buying what they do not want to buy.
v)fewer sales assistance have to be employed bore thereby cutting
cost.
2c)
i)it is used as basis for planning
ii)it is a sign of viability of business enterprises
iii)it gies investors d inside strength of the business organisation
iv)its used in measuring the firms capability in paying its debt
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1)
i)Commerce tries to satisfy increasing human wants
ii)Commerce helps to increase our standard of living
iii)Commerce links producers and consumers Production is meant
for ultimate consumption
iv)Commerce generates employment
opportunities
v)Commerce increases national income and wealth
i)Commerce tries to satisfy increasing human wants; Human wants
are never ending. They can be classified as 'Basic wants' and
'Secondary wants'.it has made distribution and movement of goods
possible from one part of the world to the other.
ii)Commerce helps to increase our standard of living; Standard of
living refers to quality of life enjoyed by the members of a society.
When man consumes more products his standard of living
improves.To consume a variety of goods he must be able to secure
them first.
iii)Commerce links producers and consumers Production is meant
for ultimate consumption; Commerce makes possible to link
producers and consumers through retailers and wholesalers and
also through the aids to trade. Consumers get information about
different goods through advertisements and salesmanship.
iv)Commerce generates employment
opportunities; The growth of commerce, industry and trade bring
about the growth of agencies of trade such as banking, transport,
warehousing, advertising, etc.
These agencies need people to look after their functioning.
Increase in production results in increasing demand, which further
results in boosting employment opportunities.
v)Commerce increases national income and
wealth; When production increases, national income also
increases. In a developed country, manufacturing
industries and commerce together accounts for nearly 80% of total
national income.
============================
3a)
i) Buying and Assembling:
The wholesaler purchases goods in
large quantities from different manufacturers and assembles them
at one place and stores them in his
warehouse and resell to the retailers.
ii) Warehousing:
By preserving the goods received
from different manufacturers in
stores, the wholesaler performs the function of warehousing. The
storage of goods is needed on account of time lag between
production and
consumption of goods.
iii) Grading and Packaging:
The assembled goods are graded in
accordance with their quality and
packed in different containers before
supplying to the retailers. In this
manner, the wholesaler performs important marketing functions of
grading and packing.
iv) Transportation:
The wholesalers purchase goods from
manufacturers and carry them to his
godowns and then supply the same to
the retailers. He may employ his own
vans or hire vehicles for carrying the
goods on account of bulk purchases.
They can avail of economies in
freight.
3b)
i) Close Supervision: The small scale business owner can himself
supervise the details of the business. Nobody will be allowed to
spoil machinery or waste materials.
ii) Economical Management: It is unnecessary to engage large
staff. Verbal messages will take the place of written orders which
are generally half understood. No elaborate accounts need be kept.
iii) Personal Attention to Customers: The small scale businessman
sends away his customers perfectly satisfied. He personally
attends to their orders and at once removes difficulties and
misunderstandings. Personal contact is pleasant and profitable.
iv) Personal Touch with the Employees:
The employer is in constant touch
with his employees in the case of small scale business. He can
promptly attend to their difficulties or grievances and remove them
without delay.
v) Greater Adaptability: If conditions of trade change, the small
producer can change his front. He is in a position to take
quick decisions. He has to consult nobody except himself unlike
the large scale business.
============================
4a)
Marine insurance is a type of insurance that covers the loss or
damage of ships, cargo, terminals, and any transport or cargo by
which property is transferred, acquired, or held between the points
of origin and final destination.
4b)
Accident insurance is a form of insurance policy which offers a
payout when people experience injury or death due to an accident.
This type of insurance does not usually cover negligence, acts
of God, or natural disasters, and the policy may include restrictions
such as caps on total payouts or restrictions on payouts for
activities deemed risky.
4c)
Group insurance is an insurance that covers a defined group of
people, for example the members of a society or professional
association, or the employees of a particular employer. Group
coverage can help reduce the problem of adverse selection by
creating a pool of people eligible to purchase insurance who
belong to the group for reasons other than the wish to buy
insurance, which might be because they are a worse than average
risk.
4d)
Fidelity Insurance is an agreement whereby, for a designated sum
of money, one party agrees to guarantee the loyalty and honesty of
an agent, officer, or employee of an employer by promising to
compensate the employer for losses incurred as a result of the
disloyalty or
dishonesty of such individuals.
4e)
Consequential loss insurance cover
business losses that arise from damage to an insured property.
Consequential loss
insurance policies diminish indirect risks that arise from a situation
and are typically offered in combination with regular business or
property insurance. Consequential loss is an indirect loss, as
opposed to a loss from a natural disaster or accident.
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COMMERCE OBJ:
1-10: BDBDCBADBA
11-20: CDACBCDCDB
21-30: BDADBABDCA
31-40: CCDCDCCAAA
41-50: BBDADCCADD

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Post Summary

Article Name	VERIFIED WAEC 2016 COMMERCE ANSWERS
Description
Author Name	Head Admin
Published On	5/03/2016
Post Category	education