May/June Waec Commerce Objective And Theory Answers 2023/2024

Waec Commerce Questions and Answers for free to all Weac candidates In Ghana, Liberia, Nigeria, Sierra Leone, and The Gambia. On this page, all the Waec Commerce questions and answers for 2023 and the most common questions and answers are released here.

Waec Candidates that applied for the West African Examination Council (WAEC) SSCE Examination will write their Waec Commerce For Art students. All details you need for you to be successful and pass this 2023 Waec Exam will also be given and make sure you read all through.

2023 Waec Commerce Exam Papers

2023 Waec Commerce Exam Papers Are

• Waec Commerce Essay Questions
• Waec Commerce Objectives Questions,

You are writing the 2 papers in only one day. In this post, the previous Year’s Waec questions and answers for Commerce are released and the 2023 Waec Commerce Exam Questions will also be released for those participating in the 2023 Waec examination.

2023 Waec Commerce Questions and Answers Objective (paper 1)

The 2023 Waec Commerce questions and answers loading!  2023 Commerce objective answers Loading!! 2023 Waec Commerce Theory Answers Loading!!! Kindly bookmark the website for the answers that will be released. or better still reload the site to check if the answers for the 2023 Waec Commerce questions and answers have dropped.

Previous Year WAEC COMMERCE OBJ ANSWERS:

COMMERCE OBJ:

COMMERCE-OBJ.
1BABBBBDBCD
11CCAACBBDCB
21DBBBADADBC
31DCBDDDCDBC
41CCCBCDDADC

2023 Waec Commerce Questions and Answers THEORY (paper 2)

The 2023 Waec Comerce Theory questions and answers are loading!  2023 Commerce Essay answers Loading!! 2023 Waec Commerce Theory Answers Loading!!! Kindly bookmark the website for the answers that will be released. or better still reload the site to check if the answers for the 2023 Waec Commerce questions and answers have dropped.

(3a)

(i) Bill of exchange
(ii) Hire purchase contract
(iii) Promissory note
(vi) Credit card
(v) Bank draft

(3b)
-ADVANTAGES-
(i) Can get a significant amount of money at the rate of time
(ii) Allows emergency purchases
(iii) Money may not need to be paid back
(iv) Can create space for more profitable uses

-DISADVANTAGES-
(i) Might not get the full market value of the assets or even be able to sell them at all
(ii) Money may be lost if the business fails
(iii) Difficult for a new business to access

(4a)
(i)Best Location: One of the key starting points in putting up a retail store is the right location. Getting into an ideal business location is a sustainable advantage since a competitor can’t copy or steal your spot.

(ii)Competitive Factors: Competitive factors also impact effectiveness of a retail start-up. The ideal scenario exists when you start a distinct business that offers a sizable marketplace goods or services they value and can’t get elsewhere.

(iii)Financial Capital: You have two basic ways to start a retail business. You can build one from scratch or invest in a franchise, where you purchase the rights to an existing model.

(iv)Legal and Regulatory Environment: You also need to understand legal and regulatory facts that impact your industry. Some industries are heavily regulated, while others have minimal government regulations.

(4bi)
(i)Government regulates business name registration through CAC- Corporate Affairs Commission

(4bii)
Government patent use law is a statute that is a “form of government immunity from patent claims.

(4biii)
Government regulates trade mark through it’s trade mark law

(4biv)
The Commission is the Government agency responsible for all copyright matters in Nigeria including the administration, regulation.
=====================================

(8)
Trading profit and loss account
TABULATE
(Debit side)
Opening stock 20,000
Purchases 150,000
Carriage inward 4000
Less closing stock 35,000
Cost of goods sold 139,000
Gross profit 91,000
Total 230,000

Salaries 29,000
Net profit 62,00
Total 91,000

(Credit side)
Sales 230,000
GP 91,000
Total 91,000

(8a)
cost of goods sold = Le 139,000

(8b)
Gross profit = Le 91,000

(8c)
Net profit = Le 62,000

(8d)
Percentage of Gross profit Gross profit/sales * 100/1
91,000/230,000 * 100/1
39.56%
=====================================

(6a)
(i)Provides Technical Support To Exporters
(ii)Simplifies Export Procedures
(iii)Provides Grants And Incentives
(iv)Simplifies Export Procedures
(v)Provides Exportable Products’ List

(6b)
(i)Collect and revenue for the government by charging customs excise duties.

(ii)keep and analyse records of imported and exported goods and services.

(iii)Control bonded warehouses to ensure that duty is collected for imported dutiable goods before releasing them.

(iv)Supervise public health by arranging quarantine for animals, pets coming into the country thus controlling infectious disease.

(v)Supervise entrepots ( re-export) trade to ensure that no duty is charged and collected on goods destined to another country
=====================================

(1a)
(i) Radio
(ii) Television
(iii) Cinema
(iv) Catalogues

(1aii)
(i) Coverage or extent of circulation
(ii) The target audience
(iii) Cost
(iv) Frequency

(1b)
(i) It helps in creating job opportunities
(ii) It provide information about features
(iii) Reduction in price
(iv) Increase in profit
====================================

(5a)
(i)Economic Barometer:
A stock exchange is a reliable barometer to measure the economic condition of a country.

(ii)Pricing of Securities:
The stock market helps to value the securities on the basis of demand and supply factors

(iii)Safety of Transactions:
In stock market only the listed securities are traded and stock exchange authorities include the companies names in the trade list only after verifying the soundness of company.

(iv)Spreading of Equity Cult:Stock exchange encourages people to invest in ownership securities by regulating new issues

(5bi)
Debenture: A debenture is a document which acknowledges a loan generally under the company’s seal,bearing a fixed rate of interest . it usually gives security for replacement of loan as well as the interest. Holders of debenture certificate have no voting right

(5bii)
Bond : A bond is a security issued by a government or its agency or private institution as a means of raising fund. Bonds are usually due to be redeemed at some future date,and they carry a fixed rate of interest.

(5biii)
Shares: Shares can be defined as an individual portion of the company’s capital owned by shareholders. It is the interest which a shareholder has in a company . in other word, a share is a unit of capital measured by a sum of money.

(5biv)
Stock: stock can be defined as the bundle of shares or mass of capital which can be transferred in fractional amount. They are always fully paid ,e.g it can be quoted per #100 nominal value.
====================================

(2a)
(i)improving the profitability of the firm.
(ii)Carrying out restriction of output ,
(iii)control of price,
(iv)allocation of market shares.

(2b)
-Advantages-
(i)They base their decisions on the full costs and benefits
involved.

(ii)They can be used to influence economic activity. To boost the country’s output, public corporations can be directly encouraged to increase their output.

(iii)In cases where it is practical to have only one firm in the industry, such as rail infrastructure, a public corporation would not abuse its market power.

-Disadvantages-
(i)They can be difficult to manage and control. The large size of the organisations

may mean that time has to be spent on meetings and communicating with staff, slowing down decision-making.

(ii)They may become inefficient, produce low-quality products, and charge relatively high prices, due to a lack of competition and the knowledge that they cannot go bankrupt.

(iii)They will need to be subsidized if they are loss-making. The use of tax revenue to support them has an opportunity cost it could be used to spend on, say, training more teachers and nurses.

Practice Waec Commerce Questions On Objective and Theory

If you can be able to access these questions with the appropriate answers without using textbooks or materials you are 80% ready for the 2023 Commerce Exam. Kindly submit the answer in the comment section below and if you are interested in the 2023 Waec Commerce answers kindly show interest.

The provision of dredging and dry dock facilities at any seaport is the responsibility of

A. Ports and Harbours Authority
B. Customs and Excise Authority
C. National Health Authority
D. National Water and Electricity Authority

The time allowed for unloading and loading a ship is referred to as

A. Demurrage
B. Lay days
C. Charter party
D. Charter by demise

Which of the following institutions does not belong to the capital market

A. Commercial banks
B. Development banks
C. Mortgage banks
D. Insurance companies

The beneficiary of a cheque is called

A. Acceptor
B. Drawee
C. Drawer
D. Payee

The speculator who applies for a new issue of shares without the intention of keeping them is

A. Bull
B. Stag
C. Bear
D. Jobber

Which of the following is used only in international trade?

A. Letter of inquiry
B. Certificate of origin
C. Pro-forma invoice
D. Consignment note

The following information relates to Mallam Amidu Kachella for the year ended 31/12/2005.
#
Opening stock 4,000
Purchases 16,000
Sales 30,000
Debtors 6,500
Creditors 4,200
Cash in hand 800
Closing stock 5,600
Bank overdraft 3,000
The average stock is

A. #1,600
B. #4,800
C. #5,600
D. #9,600

When the public wants to buy more of a company’s share than has been offered for sale, the share is said to be

A. Rights issue
B. Over subscribed
C. Qouted at a premium
D. Over-valued

Which of the following goods has the lowest rate of turnover?

A. Staple foods
B. Office stationery
C. Refrigerator
D. School exercise books

Which of the following is not a duty of a credit union?

A. Helping members to save
B. Granting loans
C. Advising on the use of funds
D. Confirming members’ indebtedness

A transporter who offers to carry goods for anyone at a fee is called

A. A national carrier
B. A common carrier
C. A private carrier
D. An independent carrier

A transporter who offers to carry goods for anyone at a fee is called

A. A national carrier
B. A common carrier
C. A private carrier
D. An independent carrier

A dormant partner is one who

A. Does not work hard
B. Lent his name to the business
C. Has limited liability
D. Does not partake in running the business

The right that a debenture holder has on the earnings of a company is

A. Lien
B. Dividend
C. Interest
D. Rent

Which of the following does not determine the size of a business unit

A. The quality of its products
B. The nature of the business
C. The size of the market
D. The size of capital

2023 Waec Commerce Questions On Theory

The 2023 Waec Commerce Theory questions and answers are loading!  2023 Commerce Essay answers Loading!! 2023 Waec Commerce Theory Answers Loading!!! Kindly bookmark the website for the answers that will be released. or better still reload the site to check if the answers for the 2023 Waec Commerce questions and answers have dropped.

Before you leave this page kindly make sure you understand and know how WASSCE grades your WAEC Subject. The reason why we are doing this, is not to frighten or scare you but to put you in check and see reasons why you need to be serious with your Commerce study for the 2023 Commerce Exam

Waec Grading System For all Waec Candidates

Do you know that the West African Examination Council (WAEC) Board has published the Waec grading system of results? Kindly check below to see the meaning of the Waec Grading Result.

The table below shows candidates’ positioning of the Waec grading of results ranging from A1, B2, B3, C4, C5, C6, D7, E8, F9 are the complete list of Waec Grading Result. All Waec candidates must fall into one of the Waec Grading Systems.

WAEC Grading Percentage Scores

1. A1 Excellent 75% – 100%
2. B2 Very good 70% – 74%
3. B3 Good 65% – 69%
4. C4 Credit 60% – 64%
5. C5 Credit 55% – 59%
6. C6 Credit 50% – 54%
7. D7 Pass 45% – 49%
8. E8 Pass 40% – 45%
9. F9 Failure 0% – 44%

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