Waec 2017 Commerce Obj And Theory Answers – May/June Expo

Commerce OBJ:
Commerce Answers
E-commerce ( electronic
commerce or EC) is the buying and selling of
goods and services, or the transmitting of
funds or data, over an electronic network,
primarily the internet.
-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
-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
-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
– 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.
Communication is simply the act of
transferring information from one place to
i)Postal Services
ii)Telegraph Services
iii)Courier Services:
v)Internet Service
vi)Radio and Television
i)Builds and maintains relationships Relationships are built
and can be
maintained by positive encounters with
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
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.
3ai)A department store is a large outlet (a large shop )
that has several department under one roof, and each
department sells a line (one type ) of goods.
3iii)A chain store is a group of similar retail shops
that sell the same type of goods. All these shops or
branches are under the control of the head office.
Branches are opened in different parts of the city
or even in different parts of the country.
Chain stores specialize in a particular product.
The same product is offered in different varieties
and in different models.
3iv)Mail order business is a kind of retail trade wherein
business is done through post. The seller gives
advertisements in newspapers, etc., and sends
catalogues, circulars, etc., to prospective customers
V) 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.
– The location of the warehouse should be
suitable and convenient. It should either be near
the source of production or the market. This will
reduce the transportation cost and hence cost of
– The warehouse should be designed to fit the
need of the product. A warehouse storing
perishable goods e.g. milk should have
refrigeration services. This will prevent damage
to the good and loss to the producer.
– An effective warehouse is one that is
equipped with machinery that makes the
handling of the goods easier. When dealing with
bulky goods, the warehouse should have cranes
to carry them. This will make the warehouse
more effective in the handling of goods.
– A warehouse should be fitted with equipment
to deal with an emergency. Safety of the
workers should be given priority. The warehouse
should have firefighting equipment and first aid
tools to deal with such incidences.
– A warehouse should be in a place that is
easily accessible by whoever uses it. It does not
make sense to locate the warehouse in a remote
area. This will only make it difficult to access it
and you will incur additional costs of accessing
– The warehouse should be in a place with good
infrastructure. Roads and communication lines
will make the transporting of goods easier and
encourage the business operations of the firm. A
warehouse should be in a well-connected area.
– A warehouse should be spacious enough. This
is to promote easy movement in and out of the
goods. It will also help in the organization of the
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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