Commerce WAEC 2025 Questions And Answers

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Commerce WAEC 2025 Questions And Answers

Question 1:

(1a)

(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.

Question 2:

(2a)
-CONTENTS OF MEMORANDUM OF ASSOCIATION-
(PICK ANY FIVE)
(i) Name of the company
(ii) Registered office
(iii) Objects of the company
(iv) Liability of members
(v) Authorized share capital
(vi) Capital clause

-CONTENTS OF ARTICLES OF ASSOCIATION-
(PICK ANY FIVE)
(i) Management of the company
(ii) Appointment of directors
(iii) Meetings and voting
(iv) Distribution of profits
(v) Borrowing powers
(vi) Amendment of articles

(2b)
(PICK ANY FIVE)
(i) Political Interference: Government influence in decision-making, which may compromise independence.
(ii) Bureaucracy and Red Tape: Slow and inefficient administrative processes, leading to delays and inefficiencies.
(iii) Lack of Profit Motive: Public corporations do not operate for profit, which can lead to lack of motivation and complacency.
(iv);Funding Challenges: Limited access to capital compared to private companies, affecting growth and competitiveness.
(v) Labor Relations: Potential for strained relationships with unions due to government regulations and accountability.
(v) Public Scrutiny and Criticism: Constant media and public attention can create pressure and limit flexibility in decision-making.

Question 3:

(3a)
(PICK ANY FIVE)
(i) Age and Education: Verify the applicant’s age and educational qualifications to assess their maturity and financial literacy.
(ii) Employment and Income: Determine the applicant’s employment status, income level, and employment history to evaluate their ability to repay the loan.
(iii) Collateral or Guarantees: Assess if the applicant has any collateral or guarantees to offer as security for the loan.
(iv) Purpose of the Loan: Determine the specific purpose of the loan to ensure it aligns with the bank’s lending policies and the applicant’s financial needs.
(v) Credit History: Check the applicant’s credit history to evaluate their previous borrowing and repayment behaviors.
(vi) Business Plan (if applicable): If the loan is for a business venture, the bank manager will review the applicant’s business plan to assess its viability and potential for success.

(3b)
(PICK ANY FIVE)
(i) Insufficient Funds: The bank account does not have enough funds to cover the amount of the check.
(ii);Stale Check: The check is older than six months and considered expired.
(iii) Unauthorized Signatory: The check is not signed by an authorized party in accordance with the bank’s records.
(iv) Forged Signature: The signature on the check does not match the customer’s signature on file with the bank.
(v) Stopped Payment: The customer has requested the bank to stop payment on the check before it is presented.
(vi) Account Closed: The customer’s bank account has been closed before the check is presented.

Question 4:

(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.

Question 5:

(5ai)
A Factor: is a financial intermediary that provides financing and other services to businesses by purchasing their accounts receivable. WHILE Broker, Is an individual or firm that acts as an intermediary between buyers and sellers in financial markets, facilitating the purchase and sale of securities, commodities, or other assets.

(5aii)
Stock Exchang, is an organized marketplace where shares of public companies are traded among investors. WHILE Commodity Exchange, is an organized marketplace where commodities, such as agricultural products, metals, and energy, are traded among producers, consumers, and investors.

(b) State five features of a supermarket.

(5b)
(i) Open Outcry: A trading method where traders gather on a trading floor and verbally shout bids and offers to execute transactions.
(ii) Futures Contract: A standardized contract that obligates the buyer to buy or the seller to sell a specified quantity of a commodity at a set price on a future date.
(iii) Clearing System: A central organization that facilitates the settlement of futures contracts by matching buyers and sellers, ensuring the fulfillment of obligations and mitigating risk.
(iv) Pit Outcry: A specific area on the trading floor where open outcry trading takes place. Traders stand in designated pits and communicate through hand signals and verbal exclamations to execute trades.

Question 6:

(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).

Question 7:

Explain the following terms as used in the commodity market:

(i) Open outcry

(ii) Clearing house

(iii) Delivery system

(iv) Pit trading

(v) Futures

(7a)
Deregulation is the reduction or elimination of government regulations and restrictions on an industry or sector WHILE Commercialization is the process of converting a government-owned or controlled enterprise into a privately owned and operated business.

(7bi)
Privatization

(7bii)
(PICK ANY FIVE)
(i) Improve Efficiency and Competitiveness: Private ownership often leads to increased efficiency and cost-effectiveness due to market competition and profit motives.
(ii) Reduce Government Deficit: Privatization can generate revenue for the government, reducing its fiscal burden and freeing up funds for other essential services.
(iii) Limit Government Involvement: Privatization allows the government to focus on its core responsibilities and reduce its role in areas that can be better managed by the private sector.
(iv) Promote Economic Growth: Private investment and innovation can stimulate economic growth and create new jobs.
(v) Enhance Consumer Choice: Privatization can lead to increased competition and a wider range of choices and services for consumers.
(vi) Reduce Corruption: Government-owned enterprises can be prone to corruption and mismanagement. Privatization can introduce greater transparency and accountability.

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