WAEC Commerce Questions and Answers. I will provide you with free access to WAEC Commerce objective and theory repeated questions. You’ll also learn how WAEC Commerce questions are constructed, as well as a variety of other examination information.
The West African Examination Council is an examination body that sets questions yearly from topics that students should be able to write and pass without stress after their senior secondary school courses.
Note: During the exam, 2022 answers will be posted.
Table of Contents
WAEC 2021/2022 Commerce Questions and Answers
(1a) Mergers take place when two businesses join forces. Such deals often occur between two organizations of similar size that understand the benefits that the other may provide in terms of boosting sales, efficiencies, and capabilities. WHILE When one firm buys another and integrates it into its operations, this is known as an acquisition. Depending on whether the company being purchased believes it would be better off as an operating unit of a bigger venture, the acquisition can be friendly or hostile.
(1b) I Assists in the fulfillment of human desires: Human desires are insatiable. Commerce has allowed products to be distributed and moved from one region of the world to another. We can now buy anything made anywhere on the planet.
(ii) Raise the level of living: The quality of life enjoyed by society’s members is referred to as the standard of living. Man’s level of living rises as he consumes more items. He must first be able to obtain a range of items in order to devour them. Commerce enables us to obtain what we desire at the appropriate time, location, and price, so enhancing our standard of living.
(iii) Commerce connects producers and consumers: production is intended to be consumed in its final form. Through retailers and wholesalers, as well as trade aids, commerce allows producers and consumers to connect. Advertisements and salesmanship provide consumers with information about various things.
(iv) It creates job opportunities: As commerce, industry, and trade expand, trade agencies such as banking, transportation, warehousing, and advertising expand as well.
(v) Commerce boosts national revenue and wealth: As production increases, so does national income. Manufacturing industry and commerce together make for roughly 80% of overall national GDP in a developed economy. It also contributes to foreign exchange earnings through exports and import tariffs.
(2i) Interest is earned by lenders on loans, whereas profit is the net outcome of a firm’s earnings (after all expenses are deducted), whether or not that company is a bank.
(2ii) A share is the company’s capital, whereas a debenture represents the company’s debt. The shares indicate the company’s ownership, whereas the debentures represent the company’s indebtedness.
(2iii) Ordinary shares, also known as common shares, are stocks that are traded on a public exchange. Preference shares, on the other hand, are firm stock that pays dividends to stockholders before common stock.
(2iv) Cumulative preference shares provide shareholders the right to dividends that they may have missed in the past, WHILE Participating preference shares are those who have obtained greater income as a result of their participation in future sharing.
(2v) Cum div refers to a stock transaction that qualifies buyers for the next dividend payment. Cumulative dividends are traded until the fifth business day before the record date. WHILE The term “ex div” refers to the sale or transfer of stocks or shares that do not include the next dividend.
It acts as a medium of exchange I and a deferred payment standard (ii).
(iii) Money is a standard and numerical unit of measurement for the market value of products and services. (iv) It is a store of value, allowing money to be saved for future use.
(3b) I A bull is a stock market trader who buys a stock with the anticipation that it will rise in value in the very short term, after which they would sell the stock for a quick profit.
(ii) A jobber is a securities independent dealer who holds shares on his or her own account and helps enhance market liquidity by matching buy and sell orders through brokers.
(iii) A stockbroker is a professional trader who buys and sells stock for clients. A registered representative or investment advisor is another name for a stockbroker.
(iv) Stag is a short-term trader that tries to profit from short-term market changes by moving in and out quickly.
(7a) Economic grouping can be defined as the gathering of countries with similar economic interests and aims in order to promote economic cooperation and development among member states.
COMMISSION OF THE LAKE CHAD BASIN:
I The management of Lake Chad and other shared water resources in a sustainable and equitable manner.
(ii) The protection of natural ecosystems
(iii) In the Lake Chad Basin, promoting the integration and preservation of peace and transboundary security.
I Cooperation and development promotion.
(ii) Alignment of agricultural, economic, monetary, and industrial policies
(iii) Trade restrictions and Customs Duties are abolished.
NIGERIAN BASIN COMMISSION (7biii):
I To guarantee that the river’s resources are used as efficiently as possible.
(ii) To make the construction of dams on the Niger River more efficient.
(iii) To make the best use of the Niger’s water resources.
WAEC Commerce Questions and Answers 2021/2022 OBJ/ESSAY Practice Questions are listed here.
1. Commerce can be described as the study of how people exchange goods and services.
A man makes use of the resources available in his physical environment.
B. man is the one who creates, distributes, and consumes his goods and services.
C. guy is in charge of purchasing, selling, and distributing products and services.
D. the transformation of raw resources into final commodities
C IS THE ANSWER (man buys, sells and distributes goods and services)
2……. activity is defined as the transformation of processed raw materials into consumer and industrial items.
ANSWER: B ( manufacturing )
3. The production process that combines two or more raw materials into one end product is
ANSWER: B (blending)
4. A demonstration of social responsibility by a business is the payment of
A. taxes to government
B. dividends to shareholders
C. interests on loans
D. premium on insurance
ANSWER: A (dividends to shareholders)
5. A distinguishing characteristics of a limited liability company is that it
A. is a collection of many sole proprietors
B. is a multiple partnership
C. can sue and be sued
D. has limited resources
ANSWER: C (can sue and be sued)
WAEC Commerce Practice Questions
Candidates should attempt the following questions:
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 diseconomies of scale.
B longer working hours for the workforce.
C standardisation 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 specialisation.
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 are the drawbacks of quick and precise communication systems?
Ability to send a single message to various addresses B employees within a company are not connected via networks C faster communication between businesses in different countries D higher cost and complexity of methods utilized
10. What are the benefits of telephone communication in the workplace?
It is possible to send A copies of papers, B messages that can be rectified before transmission, C difficulties that can be discussed, and D visible contact.
WAEC Commerce Essay and Objective 2022 (EXPO)
The above questions are likely WAEC Commerce repeated questions and answers, not exact WAEC Commerce questions and answers from 2022.
These are just practice questions. On the day of the WAEC Commerce test, the 2022 WAEC Commerce exhibition will be posted on this page. For the answers, keep checking and reloading this page.
If the answers are late, be patient and keep reloading.
WAEC Commerce Questions and Answers 2022 is now being loaded…
How to Pass WAEC Commerce Examination
1. Have a Positive Mindset
It is self-evident that your life will not be positive until you have a positive perspective. You must have a good attitude about your fate as you prepare for WAEC.
Don’t utter things like “WAEC is incredibly difficult, I’m not sure if I’ll pass,” and don’t trust anyone who tells you that you can’t pass WAEC 2022 on your own.
Have the mindset that “if others have passed WAEC 2022 before me, then I will as well.” Refuse to be associated with failure or those who have already failed.
Even if this isn’t your first time taking the WAEC Exam, it doesn’t imply you won’t pass WAEC 2022 Commerce this time.
With a honed attitude, sit for mathematics 2022/2023. Nothing will cause you to fail the WAEC 2022 exam.
2. Avoid Bad Companies
If you genuinely want to pass WAEC 2022 Commerce, stay away from dubious firms. They will try to discourage you and get you involved in activities that will not help you succeed. Keep in mind that their mindset might not be the same as yours.
3. Set Good Target and Plans
If you’ve decided to pass WAEC Commerce 2022, the next step is to create goals for yourself. Make a list of the grades you aim to get in WAEC 2022. You should begin planning now if you want all As, zero Fs, and zero Es.
Make sure you have a timeframe and a master plan in place to meet your objectives. It’s important to remember that it takes nothing to dream, but everything to focus on your dream.
4. Get WAEC Commerce Recommended Textbooks 2022
Obtaining the WAEC 2022 Commerce suggested textbooks should be one of your goals. The West African Examination Council usually suggests literature for the exam.
Apart from WAEC 2022 Literature in English, where specified novels are required, you are free to prepare for the WAEC 2022 Commerce exam with any good textbook.
Some subjects are more difficult to grasp. If you’re having trouble understanding a topic, look for a different textbook that will simplify things for you.
5. Get WAEC Commerce Past Question
This is an excellent strategy. Because WAEC 2022 and WAEC 2022 are of the same standard, you might study for both using the same prior questions.
If you’re unsure how to obtain WAEC past questions. They can be found at decent bookstores all throughout. It’s conceivable that the institution where you registered will offer you some recent past questions to help you prepare for WAEC 2022.
6. Start Preparing for WAEC Commerce 2022
Don’t squander your time. After you’ve obtained your textbooks and practice questions, it’s time to start reading. You will do well on WAEC 2022 if you start reading and practicing early.
7. Avoid Skipping Examples and Exercises
Secondary school pupils have an undesirable habit of skipping exercises and even examples while studying textbooks.
They were so enamored with notebooks that they asked, “Can I read my Commerce, Mathematics, and other notebooks and pass WAEC 2022?”
Don’t be afraid to try exercises; they’re there to assist you. Face it and conquer it!
8. Test Yourself on WAEC Commerce Questions and Answers
This is an excellent habit to get into. Answer full one-year Commerce previous questions without reviewing the answers every now and then. Then mark to see how well you did. This will assist you in a variety of ways.
9. Do Constant Practice
Don’t get frustrated if particular topics irritate you; keep practicing until you’ve mastered them all. Never say never and never give up. Continue to persevere….
10. Create Time for Recreation
Make time for yourself to relax and unwind by playing. Overworking oneself will cause you to waste time unnecessarily. You will not gain anything if you work more than is required.
Please leave a comment if you have any questions concerning WAEC 2022 Commerce Questions and Answers.