WAEC Commerce 1998 Past Questions

(a) What is production?

(b) Illustrate with a labeled diagram the main divisions and subdivisions of production. 
 

(a) Mention four types of co-operative societies.

(b) State two distinguishing features and two functions of each type mentioned in 2(a) above.
 

(a) Define a bill of exchange.

(b) State six essential features of a bill of exchange.

(c) List the parties to a bill of exchange. 
 

(a) What is an agency?

(b) Explain the features of the following agents:
(i) Factor
(ii) Broker
(iii) Del-credere agent
(iv) Auctioneer. 
 

(a) Distinguish between marketing and a market

(b) In which four ways is marketing important to a developing country? 
 

Write the following in full and explain their meanings:
(a) C.I.F.
(b) F.O.B.
(c) F.A.S.
(d) F.O.R.
(e) C.F. 
 

(a) Who is an actuary?

(b) Differentiate between contribution and group insurance

(c) Describe three types of risks that may be insured against under marine insurance.
 

(a) Illustrate any four channels of distribution of manufactured goods.

(b) Explain the statement the longer the channel, the higher the price.

(c) Give five reasons why small scale retail businesses may fail. 

The state of affairs of Danchukwu Enterprises for the year ended 30th September, 1997 shows the following: 
Capital             90,000.00
Creditors          22,000.00
Vehicles            50,000.00
Furniture & Fittings 20,000.00
Cash in hand         18,000.00
Stock                     24,000.00 

(a) What is Danchukwu's working capital, using the above information?

(b) Mention four uses of working capital.

(c) Differentiate current capital from fixed capital. 

(a)(i) What is a trade association?
(ii) Give two examples

(b) Explain any five functions of a trade association.