Every candidate of the 2023 May/June WAEC Examination should pay close attention as I reveal important updates about the examination.
It is my pleasure to reveal to you the complete WAEC Commerce Questions and Answers 2023. After reading this article to the end, you will confidently jump into the examination hall with excitement. you happy about this latest update? If Yes, continue to read this article.
This article is not for everyone. It is only specially designed for serious students who are preparing for the examination and those who would like to score nothing lower than ‘A’ in the forthcoming examination. If you also desire to be among these sets of lucky persons, ensure that you read this article to the end.
WAEC Commerce Objective Questions
In this section, you are going to get a first hand update on the WAEC Commerce Objective Questions for the 2023 examination. The questions are as follow:
1. What does the term commerce describe?
A aids to trade and direct services
B direct services and industry
C industry and trade
D trade and aids to trade.
2. Division of labour in a firm leads to
A diseconomies of scale.
B longer working hours for the workforce.
C standardisation of products.
D the workforce being multi-skilled.
3. Industry, commerce and direct services are all needed for production because
A they are dependent on each other.
B they exist to create specialisation.
C they provide services to each other.
D they sell goods to each other.
4. Which function is not performed by a retailer?
A displaying goods
B grading goods
C manufacturing goods
D supplying goods.
5. The picture below shows a plastic card used by consumers.
Which type of card is shown?
A cash and carry card
B credit card
C debit card
D loyalty card.
6. What is the main disadvantage of e-commerce to the customer?
A danger of credit card fraud
B power failure during a transaction
C retailer running out of stock of the items ordered
D wrong goods supplied by the retailer.
7. Many people obtain credit from their local shops.
What is this called?
A cash discount
8. Problems with faulty goods have led to the growth of
A consumer protection.
C mail order.
D persuasive advertising.
9. What is a disadvantage of rapid and accurate communication systems?
A ability to communicate one message to multiple addresses
B employees within a company are not linked using networks
C greater speed of communication between businesses in different countries
D increased cost and complexity of methods used.
10. What is an advantage of telephone communication in business?
A. Copies of documents may be transmitted
B. messages can be corrected before transmission
C. problems may be discussed
D. visual contact is made.
WAEC Commerce Objective Practice Questions and Answers
1. Commerce can be defined as the study of how
A. man utilizes the resources in his physical environment
B. man produces, distributes and consumes his goods and services
C. man buys, sells and distributes goods and services
D. raw materials are changed into finished goods
ANSWER: C (man buys, sells and distributes goods and services)
2. …… activity turns processed raw materials into consumer and industrial goods is described as
ANSWER: B ( manufacturing )
3. The production process that combines two or more raw materials into one end product is
ANSWER: B (blending)
4. A demonstration of social responsibility by a business is the payment of
A. taxes to government
B. dividends to shareholders
C. interests on loans
D. premium on insurance
ANSWER: A (dividends to shareholders)
5. A distinguishing characteristics of a limited liability company is that it
A. is a collection of many sole proprietors
B. is a multiple partnership
C. can sue and be sued
D. has limited resources
ANSWER: C (can sue and be sued)
WAEC 2023 Commerce Questions and Answers
Note: The answers below are not for 2023
WAEC Commerce Theory Answers
Mergers occur when two companies join forces. Such transactions typically happen between two businesses that are about the same size and which recognize advantages the other offers in terms of increasing sales, efficiencies, and capabilities WHILE Acquisitions occur when one company buys another company and folds it into its operations. Sometimes the purchase is friendly and sometimes it is hostile, depending on whether the company being acquired believes it is better off as an operating unit of a larger venture.
(i) Helps in satisfying human wants: Human wants are insatiable. Commerce has made the distribution and movement of goods possible from one part of the world to the other. Today we can buy anything produced anywhere in the world.
(ii) Improves standard of living: Standard of living refers to the quality of life enjoyed by the members of 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. Commerce helps us to get what we want at the right time, right place and at the right price and thus helps in improving our standard of living
(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) It generates employment opportunities: The growth of commerce, industry, and trade bring about the growth of agencies of the trade such as banking, transport, warehousing, advertising, etc.
(v) Commerce increases national income and wealth: When production increases, the national income also increases. In a developed country, manufacturing industries and commerce together account for nearly 80% of total national income. It also helps to earn foreign exchange by way of exports and duties levied on imports.
Interest is income that lenders make on loans WHILE profit is the net result of a company’s income (after all charges are accounted for) whether that company is a bank or not.
Share is the capital of the company but debenture is the debt of the company. The shares represent ownership of the shareholders in the company WHILE debentures represent indebtedness of the company.
(i) It serves as a medium of exchange
(ii) It serves as a standard of deferred payment.
(iii) Money serves as a standard and numerical unit of measurement of market value of goods and services
(iv) It serves as a store of value which enables money to be kept for use in future.
(i) 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) A jobber is an independent dealer in securities who holds shares on his or her own account and help boost market liquidity by matching investors’ buy and sell orders through their brokers.
(iii) A stockbroker is a professional trader who buys and sells shares on behalf of clients. The stockbroker may also be known as a registered representative or an investment advisor.
(iv) Stag is a short-term speculator who attempts to profit from short-term market movements by quickly moving in and out of positions
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.
LAKE CHAD BASIN COMMISSION:
(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.
NIGER BASIN COMMISSION:
(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
Tips On How To Pass WAEC Commerce Examination
If you really want to Pass WAEC Commerce Examination at one Sitting, I want to let you know that there are things that you must do to score very high in the examination. Those are what I have tag as “Tips on How To Pass WAEC Commerce Examination”. They including the following:
- Read according to the WAEC Commerce Syllabus
- Study past Questions Regularly
- Learn How to Manage time well
- Consult more than one Textbooks
Once you can put the above strategies into practice, your passing the examination is assured.
I hope this article is helpful. Kindly make use of the comment section below if you have any other question about the WAEC Commerce Questions and Answers 2023.
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