Waec 2023 Commerce Question and Answers
In this post you will read, the waec 2023 commerce answers.
5.a
Indent is a formal request from a buyer to a seller to purchase goods or services WHILE a quotation is a formal offer from a seller to a potential buyer, providing the price and terms for the requested goods or services.
OR
An indent is a formal written request made by a buyer to a seller or supplier for the supply of goods or services WHILE a quotation is a formal written document provided by a seller to a potential buyer, outlining the proposed prices for goods or services requested.
(5bi)
Export Promotion Council:
(PICK ANY FOUR)
(i) Conducting market research to identify potential export markets, analyzing market trends, and providing valuable insights to exporters.
(ii) Assisting exporters in understanding and complying with export documentation requirements, customs procedures, and other legal formalities.
(iii) Organizing trade fairs, exhibitions, and buyer-seller meets to showcase products and services, facilitate business networking, and promote exports.
(iv) Representing the interests of exporters in trade negotiations, advocating for favorable trade policies, and addressing trade barriers to facilitate market access for exporters.
(v) Assisting exporters in understanding and complying with quality standards and certifications required in target markets, promoting adherence to international quality norms.
(vi) Representing the interests of exporters to the government, providing feedback on policy issues affecting exports, and advocating for policy reforms that promote export growth.
(5bii)
Customs and excise authority:
(i) They facilitate the smooth flow of international trade by examining and clearing goods at ports, airports, and other entry points
(ii) Customs and Excise authorities are responsible for collecting customs duties, tariffs, and other taxes on imported goods
(iii) Customs authorities aim to facilitate legitimate trade while ensuring compliance with regulations
(iv) Customs authorities enforce laws and regulations related to international trade.
(v) Customs authorities play a vital role in ensuring national security at borders
(vi) Customs authorities collect trade data, including import and export statistics, to monitor trade trends, support economic analysis, and develop trade policies.
7a) 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.
7b) 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.
7c) 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.
finance: Limited access to financing and credit facilities has been a significant obstacle to the growth of commerce in West Africa. Many small and medium-sized enterprises (SMEs) struggle to access affordable capital, hindering their ability to expand and invest in their businesses.
(ii) Informal economy dominance: The dominance of the informal economy in West Africa, characterized by unregistered and unregulated economic activities, has hindered formal commerce. Informal sectors often lack access to formal financial services, legal protection, and regulatory frameworks, which limit growth and investment opportunities.
(iii) Weak institutional frameworks: Weak governance, corruption, and inadequate institutional frameworks have posed challenges to commerce in West Africa. Inefficient bureaucracy, cumbersome regulations, and inconsistent enforcement of laws create barriers to business operations, discourage investment, and undermine the overall business environment.
(iv) 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.
(v) 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.
(vi) Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.
(vii) 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.
(viii) 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.
(ix) Limited diversification: The heavy dependence on primary commodities, such as oil, minerals, and agricultural products, has hindered the diversification of West Africa's economies. Overreliance on a narrow range of exports makes countries vulnerable to price fluctuations, market shocks, and external factors beyond their control.
(1b)
(i) Oil driller - Industrial worker
(ii) Potter - Artisan worker
(iii) Policeman - Civil servant
(iV) Brewer - Industrial worker
(V) Stock broker - Financial professional
(vi) Mason - Construction worker
(vii) Farmer - Agricultural worker.
(4a)
These are the five securities you could trade in as an investor:
(i) Stocks: Stocks represent ownership shares in companies. When you buy stocks, you become a partial owner and can benefit from the company's success through capital appreciation and dividends.
(ii) Bonds: Bonds are debt securities issued by governments or corporations. When you buy a bond, you lend money to the issuer and receive periodic interest payments. The issuer promises to repay the principal amount at maturity.
(iii) Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Professional fund managers manage the fund, and investors can buy or sell shares in the mutual fund.
(iv) Exchange-Traded Funds (ETFs): ETFs are similar to mutual funds but are traded on stock exchanges like individual stocks. They track specific indices or sectors and provide investors with exposure to a diversified portfolio of assets.
(v) Options: Options are financial derivatives that give investors the right, but not the obligation, to buy or sell an asset at a specific price within a specified period. Options can be used for hedging or speculative purposes.
(vi) Futures Contracts: Futures contracts are agreements to buy or sell an asset at a predetermined price on a future date. They are commonly used for commodities, currencies, or financial instruments and allow investors to speculate on price movements or hedge against risk.
(vii) Real Estate Investment Trusts (REITs): REITs are companies that own, operate, or finance income-generating real estate properties. By investing in REITs, investors can gain exposure to the real estate market and earn income through dividends.
(viii) Commodities: Commodities are raw materials or primary agricultural products that are traded in the global market. Examples include gold, oil, wheat, and coffee. Investors can trade commodities through futures contracts or ETFs.
(4b).
(i) Duty of loyalty: An agent must act in the best interests of their principal and avoid any conflicts of interest. They should prioritize the principal's interests over their own and refrain from engaging in any activities that may harm the principal's business.
(ii) Obedience: An agent is obligated to follow the instructions given by the principal, as long as they are lawful and within the scope of the agency agreement. The agent should execute their tasks diligently and in accordance with the principal's directives.
(ii) Duty of care and skill: An agent is expected to perform their duties with reasonable care, skill, and competence. They should possess the necessary knowledge and expertise required to carry out their responsibilities effectively. The agent should exercise due diligence and make informed decisions on behalf of the principal.
(iii) Duty to disclose information: An agent has a duty to provide accurate and timely information to the principal. They should disclose all relevant facts, including any conflicts of interest, potential risks, or material information that may impact the principal's decision-making process.
(iv) Duty to account: An agent is responsible for keeping accurate records of all transactions and financial matters related to the agency. They should provide a transparent account of all funds, assets, or property belonging to the principal and be prepared to provide an account statement upon request.
(v) Duty of confidentiality: An agent must maintain the confidentiality of the principal's business affairs, trade secrets, and sensitive information. They should not disclose or misuse any confidential information obtained during the course of their agency relationship, except when required by law or with the principal's consent.
(vi) Duty to act in good faith: An agent has an overarching duty to act in good faith and with honesty, integrity, and fairness. They should conduct themselves in a manner that upholds the reputation and best interests of the principal and the business relationship between the two parties.
Tourism is the practice which involves the visiting of people to places of interest for recreational, leisure or business purposes.
OR
Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes.
OR
Tourism involves visiting various destinations, exploring their attractions, experiencing their culture, and engaging in recreational activities.
(6bi).
(i) Tourism revenue leaks out of the local economy due to the presence of multinational companies or foreign-owned businesses.
(ii) Seasonality nature of tourism can lead to instability in local economies, making it challenging for businesses to sustain themselves throughout the year and causing fluctuations in employment opportunities.
(iii) Overly dependent on tourism as its primary source of income makes the place vulnerable to external factors such as economic downturns, political instability, natural disasters, or changes in travel patterns especiaccly when there is a decline in tourist arrivals.
(iv) Tourism can drive up the cost of living in popular destinations.
(6bii).
(i) Tourism development can lead to social disruptions within local communities
(ii) Rapid tourism development can erode traditional values, customs, and cultural practices.
(iii) Tourism can lead to the exploitation of local cultures and traditions.
(iv) The presence of tourists can sometimes lead to the emergence of negative social behaviors, such as an increase in crime rates, substance abuse, and prostitution.
(v) The benefits of tourism may not be equally distributed among the local population, resulting in unequal access to employment opportunities, income, and resources.
(6biii).
(i) Tourism can contribute to various forms of pollution, including air, water, and noise pollution.
(ii) The development of tourism infrastructure such as hotels, resorts, roads, and recreational facilities can result in habitat destruction and fragmentation.
(iii) High tourist concentrations in water-stressed areas can strain local water resources due to excessive water extraction for hotels, swimming pools, golf courses, and other tourist amenities.
(iv) Tourism generates substantial amounts of waste, including packaging, food waste, and single-use items.
(6ci).
(i) Tourism can be a significant driver of economic growth, contributing to increased business opportunities, job creation, and income generation.
(ii) Tourism can generate foreign exchange earnings through spending by international visitors.
(iii) Tourism offers opportunities for diversifying an economy beyond traditional industries.
(iv) Tourism provides a platform for small-scale businesses and entrepreneurs to thrive.
(v) To cater to the needs of tourists, destinations often invest in infrastructure development projects such as airports, roads, transportation networks, and public amenities.
(6cii).
(i) Tourism provides opportunities for cultural exchange and interaction between visitors and local communities.
(ii) Tourism can play a crucial role in the preservation and promotion of cultural heritage
(iii) Well-managed tourism can empower local communities by involving them in decision-making processes, providing opportunities for entrepreneurship and income generation
(iv) Tourism can raise awareness about environmental issues and contribute to conservation efforts.
(v) ourism development often leads to improvements in infrastructure and public services in destinations.
(6ciii).
(i) Tourism can create economic incentives for the conservation and preservation of natural areas, including national parks, wildlife reserves, and protected habitats.
(ii) Tourism can raise awareness about environmental issues and promote environmental education.
(iii) ourism can drive the adoption of sustainable practices by encouraging businesses and destinations to minimize their environmental footprint.
(iv) Tourism can contribute to the conservation of natural areas and biodiversity.
(v) Tourism development can facilitate the restoration and rehabilitation of degraded environments.
(3a)
[PICK ANY FOUR]
(i) Storage of goods
(ii) Protection of goods
(iii) Risk bearing
(iv) Financing
(v) Processing
(vi) Grading and branding
(vii) Transportation
(3b)
(a) Chain store:
(i) Multiple store locations, often spread across different regions or even countries
(ii) Uses a standardized branding and store design across all locations, giving a consistent customer experience.
(b) Mobile shop:
(i) Operates out of a vehicle or a portable structure, allowing it to move to different locations.
(ii) Typically focuses on a specific product or niche, such as mobile phones or accessories.
(c) Mail order business:
(i) Uses catalogs, websites, or other printed and digital materials to advertise and sell products to customers who place orders remotely.
(ii) Often offers a wide range of products to cater to diverse customer needs and preferences.
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