WAEC Commerce 2010 Past Questions

(a) Define commerce.

(b) Explain six functions of commerce in an economy.

(a) What is production?

(b) Explain the following factors of production: (i) land  (ii) labour (iii) capital

(c) State three functions of an entrepreneur. 

(a) State four steps that can be taken by a customer opening a current account.

(b) Explain six functions of commercial banks.
 

(a) State five features common to both public and private limited companies.

(b) State five provisions of a memorandum of association.
 

(a) Explain five measures a country could take to solve its balance of payment problems.

(b) State five disadvantages of international trade.
 

(a) What is a contract?

(b) List five elements of a contract

(c) Explain six conditions that could lead to the termination of a contract.

(a) Define communication. 

(b) List and explain six functions of the post office.
 

(a) What is marketing?

(b) Explain five importance of marketing in an economy. 
 

(a) List any five member-countries of the Niger Basin Commission.

(b) State five objectives of the Niger Basin Commission.
 

From the above figures, calculate (showing all workings) the

(a) cost of  goods sold.

(b) net profit percentage.

(c) rate of  turnover.