All Candidates who enrolled for this subject are encouraged to obtain a copy of the past question and answer as this will prepare them for the forthcoming exams.
Free and detailed commerce past questions and answers are offered alongside how to download them. All eligible candidates who will be taking the commerce this year, are advised to download the detailed commerce past questions which is provided on this post. commerce past question papers are generated and compiled from previous years that is over 5 years past question papers of the commerce.
We are interested in your success in the up coming examination which shall hold this year but you need maximum preparation to have great success.
Let us begin by explaining what this past question and answer is all about. commerce past questions in PDF Format is the compilation of all the questions that have been given to student in the past years to enable them pass with good grades and move to the next year of their academic pursuit. So in other to be successful, you must get a copy of the commerce Past Questions.
Why you need Commerce Waec Past Questions
- Helps work out time required for each question.
- Identifies style of exam questions (short-answer, multiple choice or essays).
- Helps practice exam techniques.
- Helps identify key subject areas to focus on in revision.
How is Commerce Waec Past Questions Pattern?
Commerce Waec Past Questions and Answers are pattern in multiple choice format or objectives format. Also in theroy and essay. This multiple choice format are easy when using past questions for revision. This past questions are sure to make you pass the examination as you already know the format by which the examination will be set.
Sample of Commerce Waec Past Questions
Paper 2 [Essay]
Answer any FOUR questions.
Write your answers on the answer booklet provided.
1. (a) Differentiate between Industry and commerce
(b) List and explain four activities of those engaged in commercial occupation.
ANS: (b) (i) Banking: Those working as bankers provide facilities for saving, borrowing, investing and payments for business transactions.
(ii) Advertising: Advertising practioners inform potential buyers and sellers about existence, nature, use, price of goods and services through various advertising media.
(iii) Insurance: Insurers provide cover for business risks and compensation in case of loss etc.
2. Explain five benefits that would be derived and five losses that would be suffered when a Sole trader admits other partners.
ANS: (a) Benefits to a Sole Trader
(i) Better decision making
(ii) Possibility of more profit
(iii) Greater degree of continuity etc.
(b) Losses to Sole Trader
(i) The death of a general partner may collapse the business
(ii) Disagreement among members can affect the smooth running of the business
(iii) Actions of a partner is binding on the firm. Therefore misconduct of an unscrupulous partner may ruin the business.
3. (a) State five features of partnership business.
(b) Explain five reasons why government participate in business.
4. Explain the following insurance terms:
(a) proximate cause
(c) utmost good faith
(e) contract of non-indemnity (compensation).
5. List and explain four documents involved in the formation of a Public Limited Company.
ANS: (a) Declaration:
(i) This is a statement in writing to the registrar of Companies by the promoter.
(ii) It is states that the requirement of the companies have been compiled with
(iii) It is a declaration that adequate capital has been raised etc.
(b) Trading Certificate:
(I) This is document issued by the Registrar of companies
(II) It gives the public company the right to commence the business for
which it was formed, etc.
6. (a) Explain the following:
(i) counter trade;
(ii) entreport trade;
(iii) import trade;
(iv) invisible trade.
(b) State four burners to International trade.
ANS: (i) Counter Trade: This is a system of International trade where countries instead of paying cash for the goods they purchase from other Countries will pay.
(ii) Entreport Trade: This is a system of trade where goods imported into a country are re-export while the goods are still in the same form as they were received (iii) Import Trade: This is a system of trade where goods are brought into a country from another country.
(iv) Invisible Trade: This is a type of International trade involving intangible products such as services or Banking, shipping services colu requires payment of money.
7. (a) What is transportation?
(b) Explain dead freight.
(c) List and explain five factors that will determine a seller’s mode of transportation.
8. (a) What is hire purchase?
(b) Give two advantages and two disadvantages of each of hire purchase to:
(i) the buyer
9. (a) Explain four functions of the Stock Exchange
(b) Explain four ways by which the Central Bank regulates the activities of Commercial banks.
10. (a) State five factors that can affect the rate of turnover of a company
(b) What is Working Capital?
(c) Explain four importance of working Capital.
Waec Commerce Objective Questions Answers 2022.
Paper 1 [Objectives]
Answer ALL questions.
Shade your answers on the answer booklet provided.
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 dis-economies of scale.
B longer working hours for the workforce.
C standardization 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 specialization.
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.
11. Which methods of transport are most likely to be used to transport oil from Australia to
A canal and sea
B pipeline and sea
C rail and pipeline
D road and air.
12. What is an advantage of containerization in sea transport?
A. avoidance of customs duty
B carriage of one type of product at a time
C fast turnaround of ships at ports
D quick unpacking of goods at docks.
13. A washing machine manufacturer wishes to promote a newly-designed product.
Which advertising medium would reach the most consumers?
14. Which factor plays a part in the increasing volume of air freight that is being transported
A. availability of larger aircraft
B fluctuating aviation fuel prices
C increased international terrorism
D increased tourism.
15. Which airport facility is likely to be the most important to a business exporting goods through an airport?
A currency exchanges
B duty-free shops
C lifting gear
D luggage handling.
16. Warehousing is unlikely to be part of the chain of distribution for
A canned food.
17. The diagram shows part of a credit note.
How is the document used?
A The buyer sends it to the supplier after goods have arrived damaged.
B The buyer sends it to the supplier’s bank to pay for goods supplied.
C The supplier sends it to the buyer after goods have been returned damaged.
D The supplier sends it to the buyer’s bank to cancel over-payments.
18. Which of the following take place when firms producing at different stages in the same industry combine.
B. Vertical integration
C. Horizontal integration
19. What are the fixtures and fittings in a balance sheet?
A. Liquid capital
B. Current assets
C. Fixed assets
D. Working capital.
20. One of the functions of sea ports is the provision of ______
A. Berthing and land facilities
B. Loading and offloading facilities
C. Control room for relaying radio messages
D. Ware house of storage of cargo.
21. Stimulation of demand is a kind of communication in marketing which connotes ______
A. Personal selling
B. Sales promotion
22. In the event of liquidation of a company, the first to be settled are
A. Debenture holders
B. Members of the board
C. Preference shareholders
D. Ordinary shareholders.
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7 Tips to Prepare for Commerce Exams
- Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be in top priority and not as a hobby. Read far and wide to enhance your level of aptitude
- Get Exams Preparation Materials: These involve textbooks, dictionaries, Commerce Waec Past Questions, mock questions, and others. These materials will enhance your mastering of the scope of the exams you are expecting.
- Attend Extramural Classes: Register and attend extramural classes at your location. This class will not only help you refresh your memory but will boast your classroom understanding and discoveries of new knowledge.
- Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
- Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse or a doctor. Make sure you are well.
- Eat when you feel like: During the exam preparation period, you are advised not to overeat, so as to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more of fruits, drink milk and glucose. This will help you to enhance retention.
- Reduce your time in social media: Some people live their entire life on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spending on social media during this time. Maybe after the exams, you can go back and sleep in it.
If you like these tips, consider sharing them with your friends and relatives. Do you have a question or comments? Put it on the comment form below. We will be pleased to hear from you and help you to score as high as possible.
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