WAEC 2023 Commerce Essay& Obj Question And Answers.
The WAEC West African Examination Council examination body is one of the largest exam bodies in West Africa, and Africa at large. This exam is a prerequisite for everyone who is interested in the Senior School Certificate. It is, therefore, a very difficult exam to undertake and can be flaunted if not taken with adequate preparations, COMMERCE is a pretty bulky subject, which therefore even makes it a lot more complicated. It is therefore very important in this light to take advantage of Waec past questions and answers which have been the best way to prepare for this exam over time.
Topics that Require More Concentration in WAEC COMMERCE
The Waec examination board sets their questions as tricky as they might be from a pre-released Waec syllabus from which we have through adequate research been able to help you pinpoint some favourite topics which have been known to be chosen on many occasions and which a concise study of them will give you an edge in the examination. The important topics in the Commerce section are Balance Sheet, Stock Exchange, Elements of Marketing etc.
WAEC Commerce Questions and Answers 2023
The WAEC Commerce exam is a comprehensive assessment conducted by the West African Examinations Council (WAEC) to evaluate students’ knowledge and understanding of commerce-related topics.
The exam covers a wide range of concepts and principles related to business, trde finance, marketing, entrepreneurship, and economics. The duration and structure of the exam may vary depending on the specific year and country in which it is administered.
Typically, the exam consists of multiple-choice questions, short answer questions, and sometimes essay questions. The questions are designed to assess students’ comprehension, critical thinking, and application of commerce principles.
WAEC Commerce 2023 exam will happen on 24th May 2023, as such the WAEC Commerce Questions and Answers 2023 have not been released, once the exam is over, we will update you with the WAEC Commerce Questions and Answers 2023.
But students who are appearing for WAEC Commerce 2023 exam can refer below to get the practice WAEC Commerce Questions and Answers.
*COMMERCE*
WAEC 2023
1a) Five factors that delayed the growth of commerce in West Africa are:
1. Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.
2. Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.
3. Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.
4. Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.
5. Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.
b) Classifications of workers:
(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant worker
(iV) Brewer – Industrial/Service worker
(V) Stock broker – Professional worker
(vi) Mason – Construction worker
(Vii) Farmer – Agricultural worker
2(b) :
1. Shared resources: Samba would have access to the resources and expertise of his partner, which could help the business grow and succeed.
2. Shared workload: Samba would not have to handle all aspects of the business alone, which could reduce his workload and stress.
3. Shared risk: The partnership structure allows Samba to share the risks and liabilities of the business with his partner.
4. Collaborative decision-making: Working with a partner allows Samba to share ideas and make decisions collaboratively, which could lead to better outcomes.
5. Combined expertise: Samba and his partner may have different areas of expertise, which could complement each other and lead to a more successful business.
6a)
Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act.
6bi) Increase in building costs and land value
6bii) The depletion of natural resources is a growing concern especially in places where resources are already scarce.
6biii) Tourism puts enormous stress on local land use, and can lead to soil erosion, increased pollution, natural habitat loss etc.
No7)
a) Two differences between marketing and selling are:
1. Focus: Selling primarily focuses on the exchange of goods or services for monetary value. It involves persuading customers to make a purchase by emphasizing product features, benefits, and price. Marketing, on the other hand, is a broader concept that encompasses activities such as market research, product development, pricing, distribution, and promotion. It is concerned with understanding customer needs and preferences, creating value, and building long-term customer relationships.
2. Scope: Selling is a transactional activity that primarily deals with individual sales transactions and customer interactions. It emphasizes closing deals and generating revenue in the short term. Marketing, on the other hand, takes a holistic approach and includes various strategic activities to attract and retain customers. It involves creating and implementing marketing strategies, branding, market segmentation, customer relationship management, and overall market positioning.
b) The four main elements of the marketing mix, often referred to as the 4Ps, are:
1. Product: This refers to the goods or services offered by a company. It includes product design, features, quality, branding, packaging, and customer value proposition.
2. Price: Price refers to the amount customers are charged in exchange for the product or service. It involves setting competitive pricing strategies, considering factors such as costs, market demand, pricing objectives, and perceived value.
3. Place: Place refers to the distribution channels and methods used to make the product available to customers. It involves decisions related to inventory management, logistics, channel partners, and selecting the most suitable distribution channels to reach the target market effectively.
4. Promotion: Promotion encompasses all the activities used to communicate and promote the product to the target market. It includes advertising, sales promotion, public relations, personal selling, and digital marketing efforts to create awareness, generate interest, and persuade customers to purchase the product.
c) The benefits that Country Z could derive from remaining in the Economic Community of West African States (ECOWAS) include:
1. Trade Advantages: By remaining in ECOWAS, Country Z can benefit from preferential trade agreements and reduced trade barriers within the member countries. This can lead to increased export opportunities, access to larger markets, and the potential for economic growth through increased trade.
2. Economic Cooperation: ECOWAS provides a platform for economic cooperation and collaboration among member countries. Country Z can participate in regional development projects, joint ventures, and infrastructure initiatives, leading to improved economic stability and shared resources.
3. Regional Security: ECOWAS has a focus on promoting peace, stability, and security within the region. By remaining in the group, Country Z can benefit from collective security efforts, cooperation in combating transnational crime, and regional peacekeeping initiatives.
4. Regional Integration: ECOWAS aims to promote regional integration, which can enhance political, social, and cultural ties among member countries. This can lead to increased cooperation in areas such as education, healthcare, cultural exchange, and regional governance, fostering regional unity and cooperation.
4a) As an employee of the stock exchange market, I would explain to a group of investors five securities they could trade in:
i. Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.
ii. Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.
iii. Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.
iv. Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.
v. Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.
4b) Five duties of an agent to his principal are:
i. Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.
ii. Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.
iii. Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.
iv. Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.
v. Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.
COMMERCE OBJ
01-10: DABBDCBBAA
11-20: BDCBAADDDC
21-30: BDCBDCACDC
31-40: BCABCCABAC
41-50: CDACCBCDAC
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