WAEC Commerce Questions and Answers 2023/2024 (Essay/Objectives)

WAEC Commerce Questions and Answers. I will be showing you WAEC Commerce objective and theory repeated questions for free. You will also understand how WAEC Commerce questions are set and many more examination details.

The West African Examination Council is an examination body that set questions yearly from areas students should, after their studies in senior secondary school, be able to write and pass without stress.

Note: 2023 answers will be posted during the exam

WAEC 2023 Commerce Questions and Answers

The 2023 answers will be posted here on 24th May during the exam

WAEC Commerce Answers Loading…

Commerce Obj Answers:

1-10: DABCDCBBAA
11-20: CDCBABDDAC
21-30: BAADCBACBD
31-40: BCABCCDBAC
41-50: CDACCAADAA

(1a)
(PICK ANY FIVE)
(i) Limited access to finance: Limited access to financing and credit facilities has been a significant obstacle to the growth of commerce in West Africa. Many small and medium-sized enterprises (SMEs) struggle to access affordable capital, hindering their ability to expand and invest in their businesses.

(ii) Informal economy dominance: The dominance of the informal economy in West Africa, characterized by unregistered and unregulated economic activities, has hindered formal commerce. Informal sectors often lack access to formal financial services, legal protection, and regulatory frameworks, which limit growth and investment opportunities.

(iii) Weak institutional frameworks: Weak governance, corruption, and inadequate institutional frameworks have posed challenges to commerce in West Africa. Inefficient bureaucracy, cumbersome regulations, and inconsistent enforcement of laws create barriers to business operations, discourage investment, and undermine the overall business environment.

(iv) Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.

(v) Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.

(vi) Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.

(vii) Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.

(viii) Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.

(ix) Limited diversification: The heavy dependence on primary commodities, such as oil, minerals, and agricultural products, has hindered the diversification of West Africa’s economies. Overreliance on a narrow range of exports makes countries vulnerable to price fluctuations, market shocks, and external factors beyond their control.

(1b)
(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant
(iV) Brewer – Industrial worker
(V) Stock broker – Financial professional
(vi) Mason – Construction worker
(vii) Farmer – Agricultural worker

(3a)
(PICK ANY FOUR)
(i) Warehouse ensures that there is no fluctuation in prices of goods. It helps to stabilise prices of goods

(ii) Warehouses serve as storage facilities; they are provided for keeping the goods safely

(iii) warehouse facilities ensure that goods are produced ahead of demand

(iv) Warehousing creates job opportunities for many people eg clerks and managers

(v) Warehouse ensures effective check and adequate security for the products.

(vi) Warehouses provide an environment for conducting quality control inspections.

(vii) Warehouses often offer value-added services, such as packaging, labeling and customization.

(viii) Warehousing also plays a role in managing reverse logistics processes.

(3bi)
Chain store:
(PICK ANY TWO)
(i) Chain stores are known to have identical store design, layout and stock display.
(ii) Chain stores have centralised form of administration and workshop as headquarters where they managed the business.
(iii) The headquarters usually purchases and distributes goods in bulk to other chain stores all over the nation.
(iv) Chain store sells similar range of products or line of merchandise.
(v) Chain store operate the same price all over the nation in all other shop.

(3bii)
Mobile shop:
(PICK ANY TWO)
(i) Mobile shops are often built with modular interiors that can be customized to suit different products or services.
(ii)Mobile shop makes use of special motor van which carry the vendor and their goods from one place to another.
(iii) Mobile shops deal in limited range of goods based on the capacity of the motor van.
(iv) Mobile shops do display the goods inside the motor van in a well arranged pattern.
(v) Mobile shop do advertise their wares through music; ringing of bells etc , in order to attract customers.

(3biii)
Mail order business:
(PICK ANY TWO)
(i) It is more suitable in dealing on consumer durable goods only.
(ii) It is one of the means of by passing the wholesaler and retailer by the manufacturer.
(iii) Mail order shopping is usually carried out by post
(iv) It requires considerable or intensive advertising
(v) It maintains large warehouse and use catalogues

(4a)
These are the five securities you could trade in as an investor:
(PICK ANY FIVE)
(i) Stocks: Stocks represent ownership shares in companies. When you buy stocks, you become a partial owner and can benefit from the company’s success through capital appreciation and dividends.

(ii) Bonds: Bonds are debt securities issued by governments or corporations. When you buy a bond, you lend money to the issuer and receive periodic interest payments. The issuer promises to repay the principal amount at maturity.

(iii) Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Professional fund managers manage the fund, and investors can buy or sell shares in the mutual fund.

(iv) Exchange-Traded Funds (ETFs): ETFs are similar to mutual funds but are traded on stock exchanges like individual stocks. They track specific indices or sectors and provide investors with exposure to a diversified portfolio of assets.

(v) Options: Options are financial derivatives that give investors the right, but not the obligation, to buy or sell an asset at a specific price within a specified period. Options can be used for hedging or speculative purposes.

(vi) Futures Contracts: Futures contracts are agreements to buy or sell an asset at a predetermined price on a future date. They are commonly used for commodities, currencies, or financial instruments and allow investors to speculate on price movements or hedge against risk.

(vii) Real Estate Investment Trusts (REITs): REITs are companies that own, operate, or finance income-generating real estate properties. By investing in REITs, investors can gain exposure to the real estate market and earn income through dividends.

(viii) Commodities: Commodities are raw materials or primary agricultural products that are traded in the global market. Examples include gold, oil, wheat, and coffee. Investors can trade commodities through futures contracts or ETFs.

(4b)
(PICK ANY FIVE)
(i) Duty of loyalty: An agent must act in the best interests of their principal and avoid any conflicts of interest. They should prioritize the principal’s interests over their own and refrain from engaging in any activities that may harm the principal’s business.

(ii) Obedience: An agent is obligated to follow the instructions given by the principal, as long as they are lawful and within the scope of the agency agreement. The agent should execute their tasks diligently and in accordance with the principal’s directives.

(ii) Duty of care and skill: An agent is expected to perform their duties with reasonable care, skill, and competence. They should possess the necessary knowledge and expertise required to carry out their responsibilities effectively. The agent should exercise due diligence and make informed decisions on behalf of the principal.

(iii) Duty to disclose information: An agent has a duty to provide accurate and timely information to the principal. They should disclose all relevant facts, including any conflicts of interest, potential risks, or material information that may impact the principal’s decision-making process.

(iv) Duty to account: An agent is responsible for keeping accurate records of all transactions and financial matters related to the agency. They should provide a transparent account of all funds, assets, or property belonging to the principal and be prepared to provide an account statement upon request.

(v) Duty of confidentiality: An agent must maintain the confidentiality of the principal’s business affairs, trade secrets, and sensitive information. They should not disclose or misuse any confidential information obtained during the course of their agency relationship, except when required by law or with the principal’s consent.

(vi) Duty to act in good faith: An agent has an overarching duty to act in good faith and with honesty, integrity, and fairness. They should conduct themselves in a manner that upholds the reputation and best interests of the principal and the business relationship between the two parties.

(6a)
(PICK ANY ONE)
Tourism is the practice which involves the visiting of people to places of interest for recreational, leisure or business purposes.

OR

Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes

OR

Tourism involves visiting various destinations, exploring their attractions, experiencing their culture, and engaging in recreational activities.

(6bi)
(PICK ANY ONE)
(i) Tourism revenue leaks out of the local economy due to the presence of multinational companies or foreign-owned businesses.
(ii) Seasonality nature of tourism can lead to instability in local economies, making it challenging for businesses to sustain themselves throughout the year and causing fluctuations in employment opportunities.
(iii) Overly dependent on tourism as its primary source of income makes the place vulnerable to external factors such as economic downturns, political instability, natural disasters, or changes in travel patterns especiaccly when there is a decline in tourist arrivals.
(iv) Tourism can drive up the cost of living in popular destinations

(6bii)
(PICK ANY ONE)
(i) Tourism development can lead to social disruptions within local communities
(ii) Rapid tourism development can erode traditional values, customs, and cultural practices.
(iii) Tourism can lead to the exploitation of local cultures and traditions.
(iv) The presence of tourists can sometimes lead to the emergence of negative social behaviors, such as an increase in crime rates, substance abuse, and prostitution.
(v) The benefits of tourism may not be equally distributed among the local population, resulting in unequal access to employment opportunities, income, and resources.

(6biii)
(PICK ANY ONE)
(i) Tourism can contribute to various forms of pollution, including air, water, and noise pollution.
(ii) The development of tourism infrastructure such as hotels, resorts, roads, and recreational facilities can result in habitat destruction and fragmentation.
(iii) High tourist concentrations in water-stressed areas can strain local water resources due to excessive water extraction for hotels, swimming pools, golf courses, and other tourist amenities.
(iv) Tourism generates substantial amounts of waste, including packaging, food waste, and single-use items.

(6ci)
(PICK ANY TWO)
(i) Tourism can be a significant driver of economic growth, contributing to increased business opportunities, job creation, and income generation.
(ii) Tourism can generate foreign exchange earnings through spending by international visitors.
(iii) Tourism offers opportunities for diversifying an economy beyond traditional industries.
(iv) Tourism provides a platform for small-scale businesses and entrepreneurs to thrive.
(v) To cater to the needs of tourists, destinations often invest in infrastructure development projects such as airports, roads, transportation networks, and public amenities.

(6cii)
(PICK ANY TWO)
(i) Tourism provides opportunities for cultural exchange and interaction between visitors and local communities.
(ii) Tourism can play a crucial role in the preservation and promotion of cultural heritage
(iii) Well-managed tourism can empower local communities by involving them in decision-making processes, providing opportunities for entrepreneurship and income generation
(iv) Tourism can raise awareness about environmental issues and contribute to conservation efforts.
(v) ourism development often leads to improvements in infrastructure and public services in destinations

(6ciii)
(PICK ANY TWO)
(i) Tourism can create economic incentives for the conservation and preservation of natural areas, including national parks, wildlife reserves, and protected habitats.
(ii) Tourism can raise awareness about environmental issues and promote environmental education.
(iii) Tourism can drive the adoption of sustainable practices by encouraging businesses and destinations to minimize their environmental footprint.
(iv) Tourism can contribute to the conservation of natural areas and biodiversity.
(v) Tourism development can facilitate the restoration and rehabilitation of degraded environments

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Below are WAEC Commerce Questions and Answers 2023/2024 to OBJ/ESSAY Practice questions

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

A. extractive

B. manufacturing

C. constructive

D. processing

ANSWER: B ( manufacturing )

3. The production process that combines two or more raw materials into one end product is

A. conditioning

B. blending

C. merging

D. synthesis

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)

See:

• WAEC Accounting Questions and Answers
• WAEC Data Processing Questions and Answers

WAEC Commerce Practice Questions

Candidates should attempt the following questions:

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
B lay-by
C leasing
D overdraft.

8. Problems with faulty goods have led to the growth of
A consumer protection.
B insurance.
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 Essay and Objective 2023 (EXPO)

The above questions are not exactly 2023 WAEC Commerce questions and answers but likely WAEC Commerce repeated questions and answers.

These questions are for practice. The 2023 WAEC Commerce expo will be posted on this page on the day of the WAEC Commerce examination. Keep checking and reloading this page for the answers.

Be patient and keep reloading in case the answers come late.

WAEC Commerce Questions and Answers 2023 Loading…

How to Pass WAEC Commerce Examination

1. Have a Positive Mindset:

It is obvious that until your mindset is positive, your life will not be positive. As you prepare for WAEC, you must develop a positive mindset toward your fate.

Don’t say, “WAEC is very hard I don’t know whether I will pass” and don’t believe anyone that says you cannot pass WAEC 2023 on your own.

Have the mentality, “If others passed WAEC 2023 in the past, then I will be like them. Refuse to be identified with failure or those that failed in the past.

Even if this year’s WAEC Exam is not your first time, it doesn’t mean that you cannot pass WAEC 2023 Commerce this time around.

Sit for maths 2023/2024 with a refined mindset. Nothing will make you fail WAEC 2023. Until your mindset is positive, your life will not be positive.

2. Avoid Bad Companies

If you are really serious about passing WAEC 2023 Commerce, try and avoid bad companies. They will discourage and engage you in activities that will not enhance your success. Remember that their mindset may not correspond to yours.

3. Set Good Targets and Plans:

If you have made up your mind to pass WAEC Commerce 2023, the next thing you should do is set targets. Write down the type of grades you want in WAEC 2023. If you want all As, zero Fs, and Zero Es then you should start planning it now.

Make sure you create a timetable and master plan to achieve your set goals. Remember, it takes nothing to dream but it takes everything to focus on your dream.

4. Get WAEC Commerce Recommended Textbooks 2023 :

One of your plans should be getting the WAEC 2023 Commerce recommended textbooks. Normally, the West African Examination Council recommends books for the examination.

But apart from WAEC 2023 Literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2023 Commerce exam.

Some topics are more difficult to understand. If you have any topic you are finding difficult to understand, then get another textbook that will make things simple for you.

5. Get WAEC Commerce Past Question:

This is a very good plan. Since WAEC 2023 and WAEC 2023 are of the same standard, you could use the same past questions to study for both.

If you are confused about how to get WAEC past questions. They are sold in good bookshops around. It is possible that the school where you registered could offer to give you some current past questions that will help you in WAEC 2023.

6. Start Preparing for WAEC Commerce 2023 :

Stop wasting your time. Now that you have gotten textbooks and past questions, the next thing is to begin your reading. Early reading and practice are good for you; you will pass well on WAEC 2023.

7. Avoid Skipping Examples and Exercises:

It is very unfortunate that Secondary school students are fond of skipping exercises and even examples while studying textbooks.

They loved notebooks so much that they could ask, “can I read my Commerce, Mathematics, etc notebooks and pass WAEC 2023?”

Don’t be scared of attempting exercises; they are there to help you. Face it and overcome it!

8. Test Yourself on WAEC Commerce Questions and Answers

This is a good practice. Once in a while, answer full one year Commerce past questions on your own without checking the answers. Then mark to see your score. This will help you in many aspects.

9. Do Constant Practice:

Don’t get discouraged when certain topics are annoying, keep on practicing until you master everything. Never give up and never say never. Keep on keeping on….

10. Create Time for Recreation

Create time for yourself where you play and ease off stress. Do not overwork yourself; it can make you waste time unnecessarily. Once you work more than necessary, you are not gaining anything.

If you have any questions about WAEC 2023 Commerce Questions and Answers, kindly let us know in the comment box.

Last Updated on May 24, 2023 by Admin