Commerce (OBJ and Theory) Waec GCE 2016 Free Expo Answers
Wednesday, 31st August, 2016
Commerce (Essay& Obj) 3.00pm –
(i) No payment of rent
(ii) It is Door to Door service
(iii) Small capital is involve to set up
(iv) Consumable goods are sold majorly
-Land is a free gift of nature and also a place where every other factors of productions take place.
-labour is both mental and physical input on the factors of production
-capital is the amount invested in the factor of production
-enterpreneur is the person responsible to supervise all other factors of production
-There is perpetual erxistence or continuity.Death of a member cannot bring the organisation to an end
-It is registered as a limited liability.Members liability is limited to the shares held
-It is democratic in nature
-Profit is shared based on patronage
(ii) Mail order business
-It is shopping by post
-It is perculiar with cash on delivery transactions and cash with order terms of payment
-Goods are delivered at the buyer’s destination
-Packages are usually to customer’s tastes
-By expiration of agreement:where theb patnership is entered into for afixed period of time,it is assumed dissolved at the expiration of the fixed date
-Bankrupty of a patner:Patnership will be dissolved when one of the patners is bankrupt
-Insolvency of the business:when the business cannot meet its obligations
-Deathof as patner:The death of a patner will bring the business to anend
-Insanity of a patner:If one of the patners become insane the remaining patners can apply to to the court for dissolution
-Settlement of Debt
-medium of exchange
-unit of account
-store of value.
-It is saver to carry cheque than cash
-It is easy for drawer to stop payment so as to prevent fraud
-Cheque can serve as a receipt and a proof of payment
-It is more convenient to carry chque about than cash
-cheque help to economise in the use of currency notes and coins
-Cheque counterfoil slip can be used by drawer for proper payment and receipt
Market segmentation is a process of the total heterogenous market for a product into several sub marked or segments each of which tends to be homogeneous in all important aspects.
(i) Risk bearing: Marketing anticipates risk inherent in business and tries to minimize the risk and ensure adequate protection by taking the necessary insurance cover.
(ii) Storage of goods: It helps in storage and warehousing of goods until they are demanded in order to ensure regular and constant supply.
(iii) Prices: Marketing assists the organizations to fix reasonable price for their products that would ensure enough profit.
(iv) Packaging: This involves designing and producing the container or wrapper for the product so as to protect it during distribution.
(v) Transportation of goods: It ensures that raw materials, finished goods and services are transferred to places where they are needed.
(vi) Standardization and grading: A major function of marketing is to ensure that products conform to the required standard and qualify in terms of taste and durability.
a Document prepared by a consignor and countersigned by the carrier as a proof of receipt ofconsignmentfor delivery at the destination. Used as an alternative to bill of lading (specially in inland transport), it is generally neither a contract of carriage nor a negotiable ..
Delivery note – What is a delivery note?Definition: A document accompanying a shipment of goods that lists the description, grade, and quantity of the goods delivered.
Bill of lading..a detailed list of a ship’s cargo in the form of a receipt given by the master of the ship to the person consigning the goods.
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