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WAEC 2017 expo Commerce 2 (Essay) & Commerce 1 (Objective) runz Question,Answer Now Available -MAY/JUNE
WAEC 2017 expo Commerce 2 (Essay) & Commerce 1 (Objective) runz Question,Answer Now Available -MAY/JUNE
COMMERCE ANSWERS:
COMMERCE OBJ:
1-10: BCCBDACCAB
11-20: DDCDCADBDA
21-30: ACCBDDBDBD
31-40: DDDACACABB
41-50: CCDBBBCDAA
COMMERCE THEORY ANSWERS:
(1a)
E-commerce is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network,primarily the internet
(1bi)
Advantages:
(i)The biggest advantage of privatization is that once a privatization is done completely there is no interference from political leaders and also one does not need to do undue favor to them which in itself is a big boost when it comes to doing business and increasing profitability.
(ii) It increases the overall efficiency and reduces the bureaucratic culture which is the main culprit because typically in government organizations work happens at its own leisurely pace which results in delay in decision making and therefore reduces the effectiveness and competence of public sector enterprise
(iii) As far government is concerned it has also benefits from doing privatization because majority of governments all over the world has fiscal deficit and by doing privatization government can reduce fiscal deficit to an extent, however full control is possible only when government control its unnecessary expenditures
(iv) It reduces bereaucratic administrative bottle neck
(1bii)
Disadvantages:
(i) Private companies do not care about the society and their main motive is to earn profits, which is with contrast to government companies which keeps doing social work and therefore if privatization happens it will result in fewer funds for society because private companies have no obligation to do social work
(ii) Privatization also affects the employees because in private sector enterprises there is emphasis on performance which indirectly results in work pressure and meetingdeadlines or targets and individuals who have been doing work for years without much pressure find it demergency
to adjust to new setting and many end up resigning from their service
(iii) There is a risk that it may take decisions of starting a project which results in short term benefits but may not good for long term
(iv) High rate of public interest abuse
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(2a)
Communication is simply the act of transferring information from one place to another
(2b)
(i) Postal Services
(ii) Telegraph Services
(iii) Courier Services
(iv) Telecommunications
(v) Internet Service
(vi) Radio and Television
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(5a)
(i) The location of the warehouse should be suitable and convenient.
(ii) The warehouse should be designed to fit the need of the product.
(iii) An effective warehouse is one that is equipped with machinery that makes the handling of the goods easier.
(iv) A warehouse should be fitted with equipment to deal with an emergency

3ai)
department store or magazine is a retailestablishment offering a wide range of consumer goods in different product categories.
3aii)
Mobile shop A large vehicle that travels from place to place and from which goods are sold.
3aiii)
Chain store or retail chain are retail outlets that share a brand and central management, and usually have standardized business methods and practices
3aiv)
Mail order business the buying of goods or servicesby mail delivery. The buyer places an order for the desired products with the merchant through some remote method such as through a telephone call or web site.
3av)
Supermarket a large retail market that sells food and other household goods and that is usually operated on a self-service basis.
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6a)
advertising the activity or profession of producing advertisements for commercial products or services.
6b)
i)Adds to Costs: An organisation has to spend large amount on advertising. It increases the cost of the products. To meet this expenditure, price of the product is
raised.
ii)Undermines Social Values: Advertisement is a sort of day-
dreaming for the people. In other words it is taking the people away from
reality and into the realm of
artificiality.
iii)Confuses the Buyers: Many a time distorted version of reality is shown in the advertising. Believing in advertising, consumers buy the product.
iv)Encourages Sale of Inferior Products: Every manufacturer projects his
product as superior one in the
advertisement.
6c)
i)Identify Your Audience
You cannot win your audience until you properly identify who they are.
ii)Social Media Contests
Another thing people can’t resist is a contest, because there’s a chance they can win something. Ask contestants to submit a photo or video, or an idea that others can vote on.
iii)Matchless Personality
Millions of Internet memes pay homage to the Most Interesting Man in the World, the spokesperson for Dos Equis beer
iv)Free Stuff
Nobody will pass up a freebie. Nobody. Put your brand name on anything from shop right to slot to to Band-Aids.
v)Referral Programs
Users will gladly spread word of your product or service when they know they’ll get an added perk.
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7a)
standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.
7b)
bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. A draft ensures the payee a secure form of payment.
7c)
Legal tender is a medium of payment recognized by a legal system to be
valid for meeting a financial obligation.
7d)
Money orders are a secure payment
method. They are convenient, affordable, and widely accepted. Money orders are a good way to send cash that never
expires.
7e)
I.O.U is usually an information document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.
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