Waec Gce 2015 Commerce Obj And Theory Answers – Nov/Dec Expo

The 100% Correct 2015 Waec Gce Commerce Answers
Comrce obj.
3a) A brand is a product, service, or concept
that is publicly distinguished from other
products, services, or concepts so that it
can be easily communicated and usually
(2a) Letter of enquiry: This is written by the buyer to the producer or supplier asking information about certain goods which are for sales. The letter will enquire about the terms of sales payment, delivery and other relevant information.
(2b) Catalogue: This is a pictorial presentation of goods and articles available for sales. It can also be used as a quotation or reply to enquiry.
(2c) Delivery note: This is a document whch usually accompanies the delivery of goods. It provides the buyer with the list of items in a particular consignment. It enables the goods to be checked by the buyer to ensure they are delivered in good condition. It is used as evidence of delivery.
(2d) Credit Note: This is a document sent by the seller to the buyer to correct an overcharge. It is also sent by the seller to correct an overcharge in an invoice sent when the buyer has returned some quantity of goods to the seller.
(5a) Subrogation is defined as a legal right that allows one party to make a payment that is actually owed by another party and then collect the money from the party that owes the debt after the fact.
(5b) Proximate cause: This principle states that only the losses or liability which arise from the direct and immediate cause of the event insured against are are indemnified. There must be a link btwn the loss suffered and the risk for which the insurance has been taken.
(5c) Premium: This is the payment made on an insurance company for an insurance policy, it can be paid annually, weekly or monthly depending on the agreement.
(5d) Barratry: This refers to any act committed by the capital of a ship that is contrary to the interest of the ship owners.
(5e) Utmost good faith: This is also known as uberrinae fides, it states that in any insurance contract, all relevant information that will affect the validity of the agreement must bedisclosed by the parties involve. Failure to, will render the contract void.
(1a)fuctions to manufacturer
(i)bulk breaking: the wholesaler purchases in bulk or large quantity from the maunfacturer and sells in small quantities to the retailers
(ii)finaning:they finance production by ensuring prompt payment to the manufacturer
(iii)warehousing: the wholesaler provides warehousing facilities to get rid of stock pilling at the production point
(iv)Advertising: the wholesaler helps in carrying out product advertising and sales promotions
(V)price stability: they help to prevent fluatuation by stocinh the goods until they are demanded.
(1b)to the retailers
(i)makes goods available in small quantity: wholsaler divides the goods into small quantities in order to sell to the retailers
(Ii)transportation services: the wholesaler can help to transport the goods to the retailer’s shop
(iii)provides credit facilities: they allow retailers to buy on credit and pay for the goods later and this allow the retailers to run their business with a small capital
(iv)provision of vriety of goods: the whosaler provides the retailers to stock variety of godds which they purchase from different manufactures.
(v)risk bearing: the wholesaler bears the riskof fall in prices on behalf of the retailers by buying and storing of products in large quantity
(i) Large retail establishment
(ii) Wide varieties of goods
(iii) Centralized management
(iv) Central location
(i) They ensure consistency of their product
(ii) They buy in bulk ans sell in cheaper prices
(iii) It is scattered all over the country,
therefore customers can easily locate them
(iv) Problem of bad debt cannot be experience
because of the system of cash and carry that
is usually applicable to multiple stores.