COMMERCE (OBJ and ESSAY) Waec GCE 2016 Free Expo Answers For Wednesday August 31/8/2016 have just been postedsee here>>>>>>

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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