2021 WAEC COMMERCE ANSWERS ( OBJ & ESSAY)

2021-WAEC-COMMERCE-ANSWERS

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COMMERCE-OBJ!

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COMMERCE-THEORY

(1a)
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.

(1b)
(i)Commerce tries to satisfy increasing human wants; Human wants are never-ending. They can be classified as ‘Basic wants’ and ‘Secondary wants’. Commerce has made 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)Commerce helps to increase our 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)Commerce 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.

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(2i)
interest is income that lenders (usually banks) 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.

(2ii)
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.

(2iii)
Ordinary shares, also called common shares, are stocks sold on a public exchange WHILE Preference shares are company stock with dividends that are paid to shareholders before common stock .

(2iv)
Cumulative preference shares give the shareholder a right to dividends that may have been missed in the past WHILE participating preference shares are shares that received additional income by participating in the further sharing

(2v)
cum div; These is to refer to a stock trading such that buyers qualify to receive the next dividend payment. Stocks trade cum dividend until the fifth business day before the record date WHILE ex div denotes the sale or transfer of stocks or shares exclusive of the next dividend

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(3a)
(i) It is used as a medium of exchange;
(ii) It serves as a standard of deferred payment. Goods can be bought on credit and payment made in a month’s time
(iii) Unit of Account: 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.

(3b)
(i) A bull market is the condition of a financial market in which prices are rising or are expected to rise.

(ii) A jobber is an independent dealer in securities. He only deals with brokers who are associated with the investors.

(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 slang term for a short-term speculator a day trader, for example who attempts to profit from short-term market movements by quickly moving in and out of positions.

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(4a)
(i) Cash payment
(ii) Cheque
(iii) Bill of exchange
(iv) Money order
(v) Credit cards

(4b)
(i)It will enhanced communication speed between him and his customers and lower communication cost in other words he will make it reliable mode of communication.

(ii)It will be effective in sharing information. And
paperless environment. In other words it will be helpful to him installation of car tracker.

(iii)It will also help him in advertising his vehicles online and offline for selling purposes.

(iv)it help in increased connectivity. In other words computers have connected people in the modern world in ways never before imagined in buying and selling of cars.

(v) Usefulness of computers for vehicle seller is to make it easier than ever to share ideas and to collaborate. In other words the workers can be connected through networks that span the globe, allowing them to share and edit documents, work on designs and send emails to stay in touch.

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(7a)
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.

(7bi)
(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.

(7bii)
(i)Promotion of Cooperation and development.

(ii)Harmonization of Agricultural, Economic, Monetary and Industrial Policies.

(iii)Abolition of trade restrictions and Customs Duties. …

(7biii)
(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

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COMPLETED

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