Home EXAMS EXPO: WAEC Commerce Questions and Answers 2022/2023 – Theory and Objectives (OBJ)

EXPO: WAEC Commerce Questions and Answers 2022/2023 – Theory and Objectives (OBJ)

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EXPO: WAEC Commerce Questions and Answers 2022/2023 – Theory and Objectives (OBJ).

WAEC Commerce Questions and Answers: This WAEC 2022 Commerce expo question and answer is free for all candidates writing this year exams. If you are among those writing 2022 WAEC Examination, Feel free to expect free answer here.

WAEC Commerce Questions and Answers

The West African Examinations Council is an examination that is for all the west African country (Ghana, Nigeria, Sierra Leone, Liberia, and Gambia).

WAEC Commerce Questions and Answers: Candidate that applied for the WAEC in any country should BOOKMARK this page for all and latest WAEC Commerce exam expo.

See Also: WAEC Commerce Syllabus

Today’s WAEC Commerce Questions and Answers – Thursday, 26th May, 2022.

  • Commerce 2 (Essay) › 14:00 hrs. – 16:00 hrs.
  • Commerce 1 (Objective) › 16:00 hrs. – 16:50 hrs.

OBJ Answers:

1 – 10. BDCBBCBACC
11- 20 ABDDAADCCB
21- 30 DABCCDDCBD
31- 40 BACBDDABAC
41-50 BAADABDBBB

2022 WAEC Commerce Theory answers:

(1a)
The workshop uses “Division Of Labour” production process.

(1bi)
(i) Division of labour lead to increase in production because the various experts along the production process work together to boost greater production
(ii) Division of labour helps to save time that would have been wasted in moving from one operation to another in the workshop
(iii) Division of labour enables each worker to develop a greater skill through repetition of the same process
(iv) Division of labour lead to larger scale production of goods or products in the workshop
(v) Division of labour helps in the employment of people to handle the various stages of production

(1bii)
(i) In division of labour, a worker in the workshop performs the same job on a daily basis, the job therefore becomes monotonous and boring.
(ii) In division of labour, there is problem of mobility of labour. Workers stay on a single job for a long time which makes it difficult to move to other jobs
(iii) Division of labour means that workers in the workshop will have to depend on one another before production can take place. Absence of such a worker may result in closure or delay in the entire production
(iv) In division of labour, machines are usually used with few workers.

3b
i. Protecting the interest of the Member- The most, important function of the Chamber of Commerce is to protect and maintain the member’s interest.

ii. Development of trade, commerce and industry: It helps the business in its area, provides advice to all with a view to developing the industrial sector of the country.

iii. Removing odd or unfair competitions- The chamber of commerce tries to eradicate any unequal or harmful competition among the member organizations and to keep the market of that product static.

iv. Creating and Maintaining Favorable Business Environment– is to create a proper and friendly business environment and to maintain it.

v. Act as a Representative- It places various claims to the Govt. It also acts as a representative in caw of foreign trade.

vi. Government Advisor- The chamber of commerce advises the Govt. in case of forming the industrial law, business law, import and export regulations, budget etc. It supplies important information about the business and commerce of the country for assistance.

(4a)
(PICK ANY EIGHT)
A – Speaker
B – Microphone
C – External webcam
D – Flash drive
E – Monitor

F – Printer
G – Keyboard
H – Light pen
I – Joystick

(4b)
(i) Microphone: It is used input sound that is then stored in a digital form
(ii) External webcam: It capture images and videos and then send them onto your CPU
(iii) Flash drive: It is used for storage, data backup, and transferring files between devices.
(iv) Keyboard: It is used for putting information including letters, words and numbers into your computer.
(v) Light pen: It allows a user to point to display object or draw on the screen in a Similar way to a touchscreen but with greater positional accuracy
(vi) Joystick: It is used for controlling the movement of the cursor or a pointer in a computer device

(5a).
i. Ploughing back profits/retained earnings
ii. Inheritance
iii. Leasing of assets
iv. Renting of assets

(5b)
I) *An acceptance credit* is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.

iIi) *bill of exchange,* it is also called draft or draught, short-term negotiable financial instrument consisting of an order in writing addressed by one person (the seller of goods) to another (the buyer) requiring the latter to pay on demand (a sight draft) or at a fixed or determinable future time (a time draft) a certain sum

*OR*

*bill of exchange* is defined as “an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument

(5c) *Advantages of Hire Purchase*

Kind to your cashflow. …
Access high-spec Assets. …
Lower interest than other funding options. …
It is possible to claim capital allowances against tax. …
Own the asset after the last installment. …
Committing to ongoing fixed payments. …
Higher cost overall. …
Asset depreciation.

(5c) *Advantages of Hire Purchase*

Kind to your cashflow. …
Access high-spec Assets. …
Lower interest than other funding options. …
It is possible to claim capital allowances against tax. …
Own the asset after the last installment. …
Committing to ongoing fixed payments. …
Higher cost overall. …
Asset depreciation.

(6a)
-International trade payment method-
(i)Cash in Advance; The cash in advance method is the safest for exporters because they are securely paid before goods are shipped and ownership is transferred.
(ii)Letter of Credit; A letter of credit, or documentary credit, is basically a promise by a bank to pay an exporter if all terms of the contract are executed properly.
(iii)Documentary Collection; A documentary collection is when the exporter instructs their bank to forward documents related to the sale to the importer’s bank with a request to present the documents to the buyer as a request for payment.

-Home payment trade-
(i)Cash payment; This is where payment for goods and services is made using notes and coins.

(ii)Cheque; A cheque is a written order by the account holder to his bank to pay on demand a specified amount of money to the named person or to the bearer.

(iii)Bill of exchange; This is an unconditional order, made in writing, addressed by one person to another, requiring the person to whom it is addressed to pay on demand, or at a stated future date.

(6b)
(i)Differences in Technology; Advantageous trade can occur between countries if the countries differ in their technological abilities to produce goods and services.

(ii)Differences in Resource Endowments; Advantageous trade can occur between countries if the countries differ in their endowments of resources. Resource endowments refer to the skills and abilities of a country’s workforce, the natural resources available within its borders (minerals, farmland, etc.),

(iii)Differences in Demand; Advantageous trade can occur between countries if demands or preferences differ between countries. Individuals in different countries may have different preferences or demands for various products.

(iv)Existence of Economies of Scale in Production; The existence of economies of scale in production is sufficient to generate advantageous trade between two countries. Economies of scale refer to a production process in which production costs fall as the scale of production rises.

(v)Existence of Government Policies; Government tax and subsidy programs alter the prices charged for goods and services. These changes can be sufficient to generate advantages in production of certain products.

Recommended:

WAEC Commerce Theory Questions 2022

Instructions

Many candidates fail WAEC because of the following:

  1. Enter your correct details on the answer booklets.
  2. Never you have the same exam number or name on more than one answer booklet.
  3. Don’t cheat or indulge in exam malpractice.
  4. Follow the instructions on the question papers.
  5. Shade all answers appropriately on the OBJ answer booklet
  6. Do not shade your objective answer with a pen. Use an HB pencil only.
  7. All your details should match.
  8. Go to your exam venue one hour before the exam starts.

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