WAEC 2024 Commerce Expo Essay & Obj Answers

WAEC 2024 COMMERCE EXPO | COMMERCE RUNS | WAEC COMMERCE EXPO | 2024 COMMERCE EXPO ANSWERS | SURE COMMERCE EXPO ANSWERS | HOW TO PASS COMMERCE EXPO | COMMERCE OBJECTIVES

COMMERCE OBJ:
01-10: BBBADBCCCA
11-20: CCBABDABAD
21-30: DCCABACCAA
31-40: BCCDDADDBA
41-50: DACBCDDABA

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(1b)
-Finance Department:
(i) Preparing financial budgets, forecasts, and plans to ensure the company operates within its means and achieves its financial goals.
(ii) Managing financial records, producing financial statements, and ensuring compliance with financial regulations and standards.

-Marketing Department:
(i) Conducting market research to understand customer needs, market trends, and the competitive landscape to inform marketing strategies.
(ii) Developing and implementing sales strategies and promotional campaigns to drive sales and increase market share.

-Production Department:
(i) Planning and organizing production schedules to ensure timely and efficient manufacturing of products.
(ii) Implementing quality control measures to maintain high standards in the production process and ensure the final product meets quality specifications.

-Administration Department:
(i) Managing recruitment, training, employee relations, and performance evaluations to ensure a competent and motivated workforce.
(ii) Overseeing the maintenance and operations of company facilities, ensuring a safe and productive work environment.

(3a)
(i)Credit History: The bank manager would assess the individual’s credit history, including any previous loans, credit card usage, and payment patterns. A good credit history demonstrates responsible financial behavior and increases the chances of loan approval.
(ii)Income and Employment Stability: The bank manager would evaluate the young school leaver’s income source and stability. A stable job with a regular income stream enhances the borrower’s ability to repay the loan.
(iii)Debt-to-Income Ratio: The bank manager would analyze the young school leaver’s debt-to-income ratio, which compares the individual’s monthly debt obligations to their income. A lower debt-to-income ratio indicates a lower financial burden and a higher capacity to repay the loan.
(iv)Collateral or Guarantor: Depending on the loan amount and the individual’s creditworthiness, the bank manager might consider the availability of collateral or a guarantor. Collateral provides security for the loan, while a guarantor offers additional assurance of repayment.
(v)Purpose of the Loan: The bank manager would evaluate the purpose for which the loan is being sought. The individual’s ability to articulate a clear and viable plan for the loan funds increases the likelihood of loan approval.

(3b)
(i)Insufficient Funds: If the customer’s account does not have enough funds to cover the cheque amount, the bank will dishonour the cheque.
(ii)Irregular Signature: If the signature on the cheque does not match the signature on record or appears suspicious, the bank may dishonour the cheque to prevent fraud.
(iii)Post-Dated Cheque: If the customer issues a post-dated cheque, i.e., a cheque with a future date, the bank will dishonour the cheque if presented for payment before the specified date.
(iv)Stale Cheque: A cheque becomes stale after a certain period, typically six months or a year, depending on the bank’s policy. If a customer presents a stale cheque, the bank will dishonour it.
(v)Stop Payment Request: If the customer requests a stop payment on a cheque, typically due to loss or theft, the bank will dishonour the cheque to prevent unauthorized payment.

(4a)
(PICK ANY FIVE)
(i) Traveling Merchants: Itinerate traders are merchants who travel from place to place, selling their goods or services.
(ii) Temporary Locations: Itinerate traders set up their stalls or shops in temporary locations, such as markets, fairs, or roadside stops.
(iii) Diverse Products: Itinerate traders often sell a variety of products, including food, clothing, tools, and crafts.
(iv) Limited Inventory: Itinerate traders typically have a limited inventory due to the challenges of transportation.
(v) Seasonal Nature: Itinerate trade is often seasonal, occurring during specific times of the year or at special events.
(vi) Face-to-Face Interaction: Itinerate traders have direct face-to-face interactions with their customers, allowing for personalized service.

(4b)
(PICK ANY FIVE)
(i) Large Assortment of Products: Supermarkets offer a wide variety of food, household items, and other products.
(ii) Self-Service Shopping: Customers browse and select products from the shelves without assistance.
(iii) Centralized Location: Supermarkets are typically located in convenient areas, such as shopping centers or busy urban areas.
(iv) Large Floor Space: Supermarkets have large floor spaces to accommodate the extensive product offerings and customer traffic.
(v) Modern Infrastructure: Supermarkets are equipped with modern refrigeration, lighting, and checkout systems.
(vi) Competitive Pricing: Supermarkets often offer competitive prices due to their economies of scale and bulk purchasing.

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(5a)
(i) Factor vs. Broker
A factor purchases a business’s receivables and assumes the collection risk, while a broker facilitates transactions between buyers and sellers without owning or taking on the risk of the assets.

(ii) Stock Exchange vs. Commodity Exchange
A stock exchange trades securities like stocks and bonds, focusing on company ownership and investment, whereas a commodity exchange trades contracts for physical goods like agricultural products and metals, focusing on raw material transactions.

(5b)
(i) Open Outcry:- is a method of trading used on trading floors where participants shout bids and offers to communicate buy and sell orders. This traditional form of trading, now largely replaced by electronic systems, was characterized by its loud and chaotic environment.

(ii) Futures Contract:- is a standardized legal agreement to buy or sell a specific quantity of a commodity or financial instrument at a predetermined price on a specified future date. These contracts are used for hedging risks or speculating on price movements in the commodity markets.

(iii) Clearing System:- in commodity trading is the process through which transactions are settled. It involves recording, matching, and confirming trades, ensuring that both parties meet their obligations, and facilitating the transfer of ownership and financial settlement. Clearinghouses often act as intermediaries to guarantee the performance of the contract.

(iv) Pit Outcry:- refers to the practice of conducting trades in a designated area of a trading floor, known as the trading pit, where traders shout and use hand signals to communicate buy and sell orders. This method, similar to open outcry, was commonly used in commodity exchanges for live trading.

(6a)
(PICK ANY FOUR)

(i)Non-Delivery or Delay: If Digital Trading Limited fails to deliver the 200 computers within the stipulated 30 days, Mr. Konteh may choose to cancel the agreement due to breach of delivery terms.

(ii)Quality Issues: If the computers delivered do not meet the specified quality standards or are found to be defective, Mr. Konteh can cancel the agreement based on non-conformity to the agreed specifications.

(iii)Payment Issues: If Mr. Konteh fails to make the payment as agreed upon, Digital Trading Limited may cancel the agreement due to non-fulfillment of financial obligations.

(iv)Mutual Agreement: Both parties can mutually agree to cancel the contract if circumstances change, making the completion of the contract undesirable or impractical for either party.

(v)Force Majeure: Unforeseen events such as natural disasters, political instability, or other significant disruptions that prevent the fulfillment of the contract can lead to its cancellation.

(6b)
(PICK ANY FOUR)

(i)Offer and Acceptance: The agreement must include a clear offer from Digital Trading Limited to supply 200 computers at D10,000 each, and an explicit acceptance of this offer by Mr. Konteh.

(ii)Consideration: This refers to something of value that is exchanged between the parties. In this case, the consideration is the payment of D10,000 per computer by Mr. Konteh to Digital Trading Limited

(iii)Intention to Create Legal Relations: Both parties must have the intention to enter into a legally binding agreement. This intention is typically evidenced by the formal nature of the agreement and the serious nature of the transaction.

(iv)Capacity: Both Digital Trading Limited and Mr. Konteh must have the legal capacity to enter into the contract. This means they must be of sound mind, not minors, and not disqualified by law

(v)Legal Purpose: The purpose of the agreement must be legal. Supplying and purchasing computers is a lawful activity, thus fulfilling this requirement.

(vi)Certainty and Completeness: The terms of the agreement must be clear and complete, with no ambiguity. This includes the number of computers (200), the price per computer (D10,000), and the delivery timeline (within 30 days).

(7a)
Deregulation refers to the process of removing or reducing government regulations and restrictions on a particular industry or sector. It aims to promote competition, efficiency, and innovation by reducing barriers to entry and allowing market forces to determine prices and production levels. WHILE
Commercialization, on the other hand, refers to the process of introducing a new product or service into the market. It involves marketing, branding, and distribution strategies to create awareness and generate demand for the product or service among consumers.

(7bi)
privatization.

(7bii)
(i)Efficiency: Privatization can lead to improved efficiency by transferring ownership and control of state-owned assets to private entities that can manage them more effectively and efficiently.
(ii)Cost savings: Privatization can lead to cost savings by reducing the burden of public sector borrowing and improving the financial performance of state-owned enterprises.
(iii)Competition: Privatization can promote competition by introducing private sector competition into previously monopolistic or oligopolistic industries, which can drive innovation and lower prices for consumers.
(iv)Investment: Privatization can attract private sector investment by offering opportunities for private entities to invest in and expand state-owned assets and businesses.
(v)Political reasons: Privatization can be a politically popular policy that appeals to voters by promising to reduce the size and scope of government and improve the overall business climate.

(8a)
Cost of goods sold (COGS):

Opening stock + Purchases – Closing stock
= 200,000 + 900,000 – 100,000
= Le1,000,000

(8b)
Gross profit:

Since a 30% profit was made on COGS, the gross profit is:
= 30% of 1,000,000
= Le300,000

(8c)
Total sales:

Gross profit + COGS
= 300,000 + 1,000,000
= Le1,300,000

(8d)
Net profit:

Net Profit=Gross Profit – (Salaries and Wages+Shop Rent)
Net Profit=300,000−(120,000+150,000)
Net Profit = 300,000 – 270,000 = Le30,000

(8e)
Rate of turnover:

Rate of Turnover = COGS/Average stock

Average Stock=
(Opening Stock + Closing Stock)/2

Average Stock= (200,000+100,000)/2 = Le150,000

Rate of Turnover= 1,000,000/150,000 = 6.67

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