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 student should, after their studies in senior secondary school, be able to write and pass without stress.
Note: 2022 answers will be posted during the exam
WAEC 2021/2022 Commerce Questions and 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
Below is WAEC Commerce Questions and Answers 2021/2022 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
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 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
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 Essay and Objective 2022 (EXPO)
The above questions are not exactly 2022 WAEC Commerce questions and answers but likely WAEC Commerce repeated questions and answers.
These questions are for practice. The 2022 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 2022 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 towards 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 2022 on your own.
Have the mentality, “If others passed WAEC 2022 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 2022 Commerce this time around.
Sit for maths 2022/2023 with a refined mindset. Nothing will make you fail WAEC 2022. Until your mindset is positive, your life will not be positive.
2. Avoid Bad Companies
If you are really serious about passing WAEC 2022 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 Target and Plans:
If you have made up your mind to pass WAEC Commerce 2022, the next thing you should do is set targets. Write down the type of grades you want in WAEC 2022. 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 2022 :
One of your plans should be getting the WAEC 2022 Commerce recommended textbooks. Normally, the West African Examination Council recommends books for the examination.
But apart from WAEC 2022 Literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2022 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 2022 and WAEC 2022 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 2022.
6. Start Preparing for WAEC Commerce 2022 :
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 2022.
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 2022?”
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 awhile, 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 2022 Commerce Questions and Answers, kindly let us know in the comment box.
Last Updated on June 2, 2022 by Admin