WAEC QUESTIONS CONTD

COMMERCE 101

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

1. A Shop Repairer is engaged in a?

a. Service Occupation

b. Manufacturing

c. Extractive Occupation

d. Commercial Occupation.

2. The goods that are used for the Production of other goods are known as?

a. Commercial Goods

b. Consumer Goods

c. Capital Goods

d. Non-Durable Goods.

3. Which of the following brings about Specialization?

a. Recruitment of Staff

b. Division of Labour

c. Business Resource

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COMMERCE 101

ANSWERS TO REVISION QUESTIONS

Hey Everyone, How you doing. LOLZ, I hope this wasn't hard to figure out. I hope it was easy to get the answers to the Questions we had this past weeks. It's fun to test ourselves and know where to improve on and what we are really good at. Today, we are answering them together, So Good luck!!!!

1. B- Distribution and Exchange of Goods and Services.

2. B- Assists in Raising Capital.

3. B- Creation of Utilities.

4. C- Labour.

5. D- Extractive Occupation.

6. C- Packaging.

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COMMERCE 101

WAEC QUESTIONS CONTD

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

37. Which of the Following receives Dividend based on Patronage?

a. Preference Shareholder

b. Co-operative Society Member

c. Cumulative Preference Shareholder

d. Debenture Holder.

38. If a Customer opens a Deposit Account with a Bank, he will

a. Receive a Crossed Cheque Book

b. Be given a Tally

c. Be given a Loan

d. Receive Interest.

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COMMERCE 101

WAEC QUESTIONS CONTD

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

25. Information requested from a Bank Concerning the Credit worthiness of a New Customer to a Business is

a. Private Enquiry

b. Status Enquiry

c. General Enquiry            

d. Letter of Enquiry.

26. The Document which gives Legal Authority to a Company to operate as a Legal Entity is

a. Memorandum of Association

b. Article of Association

c. Share Certificate

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COMMERCE 101

WAEC QUESTIONS CONTD

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

13. The Main Purpose of Sending Delivery Notes along with Goods is to

a. Enable the Goods to be Checked on Arrival

b. Enable the Buyer to Pay the Correct Delivery Charges

c. Ensure the Safe Delivery of the Goods

d. Prevent the Goods from being stolen in Transit.

14. A Shop that sells only the products of a particulars manufacturer, is known as

a. Mobile Shop

b. Unit Shop

c. Tied Shop

d. Small Shop.

15. Which of the following statement cannot be found in a Partnership Deed?

a. Names of Partners

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COMMERCE 101

WAEC QUESTIONS

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. 

So let's get started.......

1. Commerce can be defined as the

a. Exchange of Goods and Services

b. Distribution and Exchange of Goods and Services

c. Distribution of Services at Home

d. Export of Services.

2. Which of the Following is not a Function of Commerce

a. Facilitates Mass Production of Goods

b. Assists in Raising Capital

c. Creates Goods and Services

d. Offers Employment.

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COMMERCE 101

BANK

Hey Guyz, Hows your week going. Happy New Week and Be Blessed. So Let's Get Started!!!

Bank is a financial institution, set up purposely for safekeeping of money valuable goods and documents like Wills & Others. They are institutions that create money, and give out loans to people.

Types of Banks:

They are different types of banks and they include:

1. Commercial Bank

2. Central Bank

3. Merchant Bank

4. Saving Bank

5. Development Bank.

COMMERCIAL BANK

  Commercial Banks are setup for keeping and lending money to people, with the aim of making profit. They are owned by private individuals, institutions or governments. Examples

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COMMERCE 101

MONEY

Hey Readers, How you doing y'all? lolz- how are you, your family, school, friends, even those people you don't like too much... I pray God brings Matchless Peace and Love your way and to everyone you are related to in Jesus Mighty Name- Amen. Today we are talking about the most wanted thing in the world-Money!!!. Lolz- Let's Begin....

Money can be defined as any medium of exchange which is generally accepted by the people, in payment for goods and services or settlement of debt and at the same time as a measure or stock of value.

Trade By Barter is a form of Trading in which goods are exchanged, directly for other goods without the use of money as an intermediary.

Problems of Trade By Barter:

a. Problems of Double Coincidence of Wants- This involves looking for someone who needs what you have, and at the same time has what you need.

b. No Fixed Rate of Exchange- Since no fixed amount is placed on a particular good, they is always a problem.

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COMMERCE 101

PARTNERSHIP

Hello Peepz, Hows Life? HOW ARE YOU???. Be more positive and more thankful because they are alot of people all over the world that would die to have what you have or kill to be you- so you are a STAR to someone somewhere JUST D WAY U ARE. Yes YOU!!!!. It Is Well with You in Jesus Name-Amen. Okay, Let's get straight to work!!!!.

Partnership is a relationship that exists when two or more persons contribute skills or money in order to establish, own and manage business activities, with the aim of making profit. Partnership is formed by two to twenty persons but in banking the maximum number of partners is 10.

Characteristics of Partnership:

# The Partners are Liable for the Total of the Business without Limits. The Partners will lose their investment as well as private properties in event of liquidity.

# In Partnership Business, no special formalities are necessary but written agreement may be needed.

# Partnership is owned by two to twenty persons or two to ten persons in banking sector.

# Every Partner is an agent of the business and every act of a Partner done in carrying out of

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COMMERCE 101

SOLE PROPRIETORSHIP

Hey Everyone, Happy New Week. This week shall bring Good News for everyone of us in Jesus name- Amen. so let's get started.... 

A Sole Proprietorship may be defined as a business organisation established, owned, financed and controlled by one person with the arms of making profit. This form of business unit is one of the oldest type of business organisation owned by individuals. In other words, it is a type of business unit in which one person provide the capital, bear the risk and takes full responsibilities of the business. For Example- Tailor, Carpenter etc.

Features/Aim of Sole Proprietorship:

* Owned, Managed and Controlled by One Person.

* Owner bears all the risk alone.

* Capital used in forming and running the business, comes from the Sole Owner.

* The motive of the formation of a business, is to make profit.

Source of Capital for Sole Proprietorship:

# A Sole Proprietor can obtain capitals from his personal savings, which can serve as Initial

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COMMERCE 101

DOCUMENTS INVOLVED IN TRANSPORTATION

Hey Everyone, Happy New Week. This week shall bring Good News for everyone of us in Jesus name- Amen. so let's get started....

1. Consignment Note: is a document that prove that goods have been delivered. It is sent by the consignor through the carrier to the consignee to sign in evidence that the goods are in order.

2. Certificate of Insurance: is a document which shows that the goods have been insured against risks or loss by the exporter.

3. Airways Bill: is a document used to transport goods by air. It will show the name of the consigner and the consignee, value of the goods and the airport where it is loaded.

4. Manifest: is a document that shows the full list of the goods and cargo that is carried by a ship or aircraft. This document is to be completed by the captain of the ship and approved with the custom authorities showing the particulars of the ship, the cargo carried and the final destination.

5. Shipping Note: is a document containing instructions for transporting the goods.

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COMMERCE 101

MEANS/METHODS OF TRANSPORTATION

Hey Everyone, Hope the week is going well? It Is Well with You in Jesus Name- Amen. Today we are continuing from where we stopped last week. Let's get started....

There are four major forms of Transport namely:

1. LAND TRANSPORT

 This means of Transportation is very good for trading within a country. It is a means of conveying goods and passengers from one place to another through land. Land Transport can be divided into: Road and Rail Transport.

a. Road Transport is the most extensively used, of all the means of transportation. It is the movement of goods and passengers on the road, by motor vehicles, buses, cars, motorcycles, bicycles etc.

Advantages of Road Transport:

* It is flexible since there is no fixed time scheduled.

* It is good for carrying perishable goods.

* It is faster on the short distance journey.

* It has no special routes.

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COMMERCE 101

QUOTING PRICE IN INTERNATIONAL TRADE

Hey Guyz, Happy Monday.  Hows your week so far, great right???. lolz- God has been Faithful and We are grateful. So let's get started....

1. Cost, Insurance and Fright (C.I.F)- This price means that the prices quoted includes the cost of the goods, the fright and insurance up to the port of destination while the purchaser is responsible for other subsequent charge.

2. Free On Board (F.O.B)- means that the price covers all cost up to the ship including charges, payable for loading goods on the ship.

3. Franco- means the price quoted includes the cost of the insurance, fright and all delivery charges to the importer's warehouse.

CUSTOM & EXCISE AUTHORITY

Custom and Excise Authority is a department in the Ministry of Internal Affairs that is charged for the collection of taxes imposed on goods, and the regulation and control of imports and exports in a country. Custom and Excise Authority collect the following duties:

* Import Duties are tax imposed on goods and services imported from other countries into a

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COMMERCE 101

DIFFERENCE BETWEEN BALANCE OF PAYMENT AND TRADE

Hey Guyz, Happy New Week to Everyone, Hope your weekend was great and restful. Mine was indeed restful, don't you just love the weekend???. lolz. well its Monday again but not to worry God is here to make it has blessed as possible for us. May the rest of your day and week be awesome and full of love. So Let's get straight to the Point...

Balance of Trade is the relationship between the values of a country's import and export of visible items within a particular period of time. If visible Exports are more than Visible Imports, the balance of trade is said to be favourable. On the other hand, if the visible import exceeds the visible exports, the country is said to have unfavourable balance of Trade.

Balance of Payment is a statement/record showing the relation between a country's total payment to other countries and its total receipt from other countries in a year. In other words, It is the comparism of the sum total of a country's receipt from export and the total payment made for import. The Balance of Payment of a Country shows yearly statement of income and expenditure from visible and invisible export, and visible and invisible import respectively.

A Country's Balance of Payment can be divided into three parts:

#Current Account- are the expenditure and incomes of a country on both visible and

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COMMERCE 101

DIVISION OF FOREIGN TRADE

Hey Guyz, Happy New Week. Hurray!!!!. Am just over the Moon because God kept me ALIVE and You!!!! yes you. I thank God for your Life today and I know he has an amazing plan for you today. Therefore CONGRATULATIONS in advance!!!!. Let's get Started.

International otherwise called Foreign Trade can be divided into the following:

# Import                                                      

# Export                                                          

# Entreport

1. IMPORT

It is the buying and selling of goods and services from other countries. it is sometimes restricted to control a country's Balance of Payment. It can be divided into two, namely:

a. Visible Import Trade- is the buying of goods from other countries which can be touched and seen (Tangible Goods). For Example- Automobiles (Cars), Electronics etc.

b. Invisible Import Trade- is the buying of services from other countries which cannot be seen or touched (Intangible Goods). For Example- Banking Services etc.

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COMMERCE 101

FOREIGN TRADE

Hey Guyz, Alot has happened let me gist you. Lolz. So it's been a while since I posted and thats because I was concluding plans to launch my second blog, this one would be a personally-run blog no other Authors and it's so exciting. I will release more info when its ready. That aside, well we know some of you would like to have other subjects/courses covered on this site so we have been searching for the right Candidates for these Positions and GOOD NEWS!!!, we found someone. She has been a friend for a while now and she would be taking ENGLISH LANGUAGE, CRK & GOVERNMENT watch out for her posts she would soon be posting on this blog. Just check out the tabs on the top of the page with the names of the subjects- plans are still on the way to get more Authors to take other Subjects especially for my Science Peepz. You are special and we are working hard at finding suitable Authors for your Courses, pls exercise a little more patience which we know you have already been doing but still a little more.  To crown our gist, we are now a .com site no longer a .blogspot.com- did you notice, even though you type the .blogspot.com address on your browser it redirects you to our new site name which is- edu-made-easy.com. Hurray!!!!. it has been a desire that we reduce the stress of typing in our long name -lolz so we made it shorter without losing the essence and

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COMMERCE 101

WAREHOUSING

Hey Everyone, Happy New Week. This week shall bring Good News for everyone of us in Jesus name- Amen. Today we are in a New Topic entirely, so let's get started.

Warehousing is the act of storing goods produced or bought in a place until they are needed. It ensures that there is a regular and steady supply of goods. In Other Words, It's just a place set aside for loading already produced goods to make room for more production and also where they can be stored until demand is made by customers.

TYPES OF WAREHOUSE:

a. BONDED WAREHOUSE- is a place, where goods whose custom duties have not been paid are stored until the duties are settled. It is usually located around the sea port. This is especially for goods that are being imported and exported.

b. STATE WAREHOUSE- is a place, where contraband and illegal goods seized by the Customs Authority are kept, until they are destroyed.

c. WHOLESALE WAREHOUSE- is a place, where a Wholesaler stores all the goods

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COMMERCE 101

TYPES OF WHOLESALERS

Hey Everyone, How is your week so far. The Month of April is beautiful isn't it? LOLZ, Yes it is. Well may you experience all the Goodness of God for this month in Jesus name- Amen.

Today we are continuing where we stopped last week with the above mentioned topic, so let's get started.

Wholesalers can be classified into two broad categories namely:

1. MERCHANT WHOLESALERS- They buy and resell goods on their own account, taking title of the products they handle and conveying the title directly to those they deal with.

FUNCTIONS OF MERCHANT WHOLESALERS:

a. They undertake the storage of Goods.

b. They provide Delivery Services.

c. They arrange credit loans.

d. They provide Promotional Services.

TYPES OF MERCHANT WHOLESALERS:

a. SPECIALIST WHOLESALERS- They are wholesalers who restrict their services to a particular trade and area of their specialization.

b. CASH AND CARRY WHOLESALERS- They are wholesalers that don't offer Credit Facilities nor Delivery Services to their Customers. They expect their Retailers to pick their Orders, Pay Cash and Carry their Purchases.

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COMMERCE 101

WHOLESALE TRADE

Hey Everyone, Hows this New Monday Morning to you, isn't is beautiful and full of promises and answered prayers. LOLZ, Yes it is. Well Let's get straight to out topic for today.

WHOLESALING is a business activity which involves buying of goods in bulk from the Producer and selling in small quantities to the Retailers as well as other merchants. Wholesaling is included in the Channel of Distribution.

FUNCTIONS OF THE WHOLESALER TO THE PRODUCER:

a. The Wholesaler purchases Goods in Large Quantity From the Producer.

b. He makes Space Available for further Production by Buying and Clearing the goods from the Producer's Warehouse.

c. In a Situation where the Producer doesn't have a Warehouse, He offers to have the Manufactured Goods moved to his own warehouse to enable more Production by the Manufacturer/Producer.

d. He keeps the Producer informed of the Market Situation from information he gathered from the Retailers, Consumers and Middlemen.

e. He pays the Producer promptly for his Goods in order not to slow down further Production.

FUNCTIONS OF THE WHOLESALER TO THE RETAILER:

a. He advises the Retailer on the Goods to buy and the ones not to buy.

b. He offers Credit facilities that is , allowing the Retailer take goods on Credit from him to pay later.

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COMMERCE 101

MODERN TRENDS IN RETAILING

Hey Everyone, Hope the week is going well? It Is Well with You in Jesus Name- Amen. Today we are continuing from where we stopped last week. It's the First week of April by the way, how cool is that?

New Trends have been introduced in Retailing Business because of the dynamic nature of commercial activities. In order to enhance and facilitate Business Activities, New Ideas and Techniques have been introduced and they include:

a. Branding

b. Self Service

c. After Service

d. Vending Machine

e. Pre-Packaging

f. Personal Selling.

BRANDING

It is a Name, Design or Symbol and even sometimes a Colour Pattern that differentiates a particular product from the rest in the market. It is a Product's Unique Selling Point, that extra thing it has to

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