2017 WAEC COMMERCE ESSAY/OBJECTIVE QUESTION AND ANSWERS




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Commerce obj.

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5b
*1. Reducing Employee Theft*
In fact, employee theft is a particularly serious problem for distributors carrying copper pipe, wire, or other accessible and easy-to-sell items of relatively high value.

*2. Tracking Employee Metric*
Employees feel validated knowing their managers rely on real data, and not subjective feedback or perceptions from others.
*3. Keeping Up with Competitors*
The fear of being left behind can sometimes spur them to act. Of course, forward-thinking distributors want to plan ahead so they can be the first one to achieve a substantial return on investment.

*4. Improving Supplier Confidence and Warehouse Appearance*
A messy, disorganized warehouse makes a bad impression on potential customers or suppliers. Some distributors implement a WMS because they know that it makes future partners more likely to work with them.
*5.* *Staying Compliant with Customer Requirements*
Many retail customers require distributors to meet certain criteria, such as supplying particular electronic inventory data or electronic data interchange (EDI) to help the company manage shipping more accurately via an industry-supported system

1a). E-commerce can be said asThe buying and selling of products and services by businesses and consumers through an electronic medium, without using any paper
documents .

1b)
Advantages

-The biggest advantage of
privatization is that once a
privatization is done completely
there is no interference from
political leaders and also one does
not need to do undue favor to them
which in itself is a big boost when it
comes to doing business and
increasing profitability.
-It increases the overall efficiency
and reduces the bureaucratic
culture which is the main culprit
because typically in government
organizations work happens at its
own leisurely pace which results in
delay in decision making and
therefore reduces the effectiveness
and competence of public sector
enterprise.
-As far government is concerned it
has also benefits from doing
privatization because majority of
governments all over the world has
fiscal deficit and by doing
privatization government can reduce
fiscal deficit to an extent, however
full control is possible only when
government control its unnecessary
expenditures.

Disadvantages

-Private companies do not care
about the society and their main
motive is to earn profits, which is
with contrast to government
companies which keeps doing social
work and therefore if privatization
happens it will result in fewer funds
for society because private
companies have no obligation to do
social work.
-Privatization also affects the
employees because in private sector
enterprises there is emphasis on
performance which indirectly results
in work pressure and meeting
deadlines or targets and individuals
who have been doing work for years
without much pressure find it
difficult to adjust to new setting and
many end up resigning from their
service.
– In privatization there is a risk that it
may take decisions of starting a
project which results in short term
benefits but may not good for long
term.

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2a)
Communication is simply the act of
transferring information from one place to
another.

2b)
i)Postal Services
ii)Telegraph Services
iii)Courier Services

iv)Telecommunications
v)Internet Service
vi)Radio and Television

2c)
i)Builds and maintains relationships Relationships are built and can be
maintained by positive encounters with
others.
ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation will be at an all-time high.
iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will
emerge.
iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected
from them.

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3v) A supermarket is a very large retail store that sells a range of regularly demanded house-hold goods; and it is operated on self service principle.

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6a) Advertising can be defined as the activity or profession of producing
information for promoting the sale of
commercial products or services.

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7 a )
Standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization .
7 b )
Bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank . A draft ensures the payee a secure form of payment .
7 c )
Legal tender is a medium of payment recognized by a legal system to be
valid for meeting a financial obligation .
7 d )
Money orders are a secure payment
method . They are convenient , affordable,
and widely accepted . Money orders are a
good way to send cash that never
expires .
7 e )
I . O . U is usually an informal document acknowledging debt . An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms
such as the time of repayment.

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8a)i)C. O. D- Cash on delivery

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