WAEC SSCE - Commerce - 2017

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The coming together of people who engage in trade and industry in a particular area is called a chamber of commerce. It's an organization that represents the interests of local businesses and works to promote economic growth and development in the community. A chamber of commerce may offer various services to its members, such as networking opportunities, business education and training, marketing and advertising assistance, and advocacy on behalf of the business community.

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The right of an unpaid seller includes several remedies in case the buyer fails to pay the price of the goods. These remedies are intended to protect the seller's interest in the goods and to compensate them for any losses they may suffer due to the buyer's default. However, there is one right that an unpaid seller does not have, and that is declaring the buyer bankrupt. This is because only a court can declare a person bankrupt, and the seller does not have the authority to do so. On the other hand, an unpaid seller has the right to retain the possession of the goods until the buyer pays the price, stop the goods while in transit, and resell the goods to recover the price. These rights are outlined in the Sale of Goods Act, which is a legal framework that governs the sale of goods in most countries.

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The element of contract that is lacking in this scenario is "formality", specifically the signing of a deed of sale. A contract is a legally binding agreement between two or more parties that is enforceable by law. In order for a contract to be valid, it must have certain elements, including an offer and acceptance, valuable consideration, capacity, and formality. Formality refers to the requirement that certain contracts must be in writing and signed by the parties involved. A deed of sale is a legal document that outlines the details of the sale of property, including the names of the parties involved, the description of the property, and the purchase price. It must be signed by both parties in order to be legally binding. In this scenario, Mr. Ojo paid Noak N3,000 for a piece of land, but they did not sign a deed of sale. As a result, the agreement is not formalized, and there is no written record of the transaction. This lack of formality makes the agreement unenforceable in a court of law. Therefore, in order for this agreement to be considered a valid contract, a deed of sale must be signed by both parties to formalize the transaction and make it legally binding.

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The extractive occupations involve removing or extracting natural resources from the earth or other sources. Out of the options listed, agriculture does not belong to the extractive occupation. Agriculture involves cultivating crops or raising livestock for food, fiber, or other products. It is not about extracting natural resources from the earth, but rather about nurturing and growing them. On the other hand, quarrying involves extracting rocks and minerals from quarries or pits; carving involves cutting or shaping materials like wood or stone; and mining involves extracting valuable minerals or other geological materials from the earth. All of these occupations involve removing natural resources from the earth or other sources and therefore fall under the category of extractive occupations.

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The central bank carries out its monetary policy through "bank rates". Bank rate is the interest rate at which the central bank lends money to commercial banks. By changing the bank rate, the central bank can influence the cost of borrowing for commercial banks, which in turn affects the interest rates that banks charge their customers. For example, if the central bank lowers the bank rate, commercial banks can borrow money from the central bank at a lower cost, which allows them to reduce the interest rates they charge on loans to customers. This encourages businesses and individuals to borrow more money, which can stimulate economic growth. On the other hand, if the central bank raises the bank rate, it becomes more expensive for commercial banks to borrow money, which can lead to higher interest rates for borrowers. This can discourage borrowing and spending, which can help to control inflation. In summary, the central bank carries out its monetary policy through bank rates, which are used to influence the cost of borrowing and lending in the economy. By adjusting the bank rate, the central bank can help to stimulate or control economic growth and inflation.

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The expert responsible for calculating the probability of risk in insurance is called an actuary. Actuaries use mathematical and statistical models to analyze data and calculate the probability of risk associated with insuring a particular individual or organization. They take into account various factors such as age, gender, occupation, health, and past insurance claims to determine the likelihood of future claims and losses. Actuaries play a critical role in the insurance industry as they help insurance companies determine the appropriate premiums to charge for their policies, based on the level of risk involved. They also advise insurance companies on how to manage their risks and ensure their financial stability. In summary, an actuary is an expert in risk assessment and helps insurance companies make informed decisions about their policies and pricing.

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Trade credit is a source of short-term capital. This means that a company can borrow money from its suppliers for a short period of time, usually to purchase goods or materials for its business operations. The company agrees to pay the supplier back, typically within 30 to 60 days, after it has sold the goods or received payment from its own customers. This type of financing allows a company to bridge its cash flow gap, ensuring it has the funds it needs to keep operating smoothly.

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A speculator in the stock exchange market who sells securities in anticipation of a fall in their prices is called a "bear". The term "bear" is used to describe someone who believes that the market or a particular stock is going to go down in price, and who takes action to profit from that belief by selling their securities. For example, if a person thinks that a particular company's stock is overvalued and due for a correction, they may sell their shares in that company in the hope of buying them back at a lower price later on. This would be considered a bearish position. The opposite of a bear is a "bull", which describes someone who believes that the market or a particular stock is going to go up in price, and who takes action to profit from that belief by buying securities. A "stag" is someone who buys shares in an IPO (Initial Public Offering) with the intention of selling them immediately after the stock starts trading in the secondary market, hoping to make a quick profit. And a "broker" is a person or a company that acts as an intermediary between buyers and sellers of securities.

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The advertising medium that makes only an audio impression is radio. Radio advertising is a form of advertising that uses audio messages to promote products, services, or brands on the radio. Radio commercials are typically short, usually ranging from 15 to 60 seconds, and are broadcasted between regular programming. They are a cost-effective way to reach a large audience and can target specific demographics based on the type of radio station and programming. Radio advertising allows businesses to convey their message to listeners through sound, music, and voiceovers, creating an auditory experience for the audience.

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One disadvantage of rail transport is that it is not flexible. This means that trains cannot easily change their route or destination, and they must stick to a set schedule. This can make it difficult to quickly respond to changes in demand or to transport goods to unexpected locations. Additionally, trains are limited to running on tracks, so they cannot reach every location.

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Working capital refers to the amount of money that a company uses in its daily operations. It is the amount of funds used to cover short-term expenses such as paying employees, buying raw materials, and paying bills. In other words, working capital is the money a company has available to meet its short-term obligations and keep its operations running smoothly. It is an important indicator of a company's financial health, as it shows whether it has enough resources to pay its debts and continue operating in the future.

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An example of an invisible item of trade is shipping. Invisible items of trade refer to goods or services that cannot be seen or touched, and are not physically transported across borders. Shipping, as an invisible item of trade, refers to the movement of goods by sea, air, or land transportation. Although the ships, planes, and trucks used to transport goods can be seen, the actual transportation service itself is intangible and cannot be touched. Despite being invisible, shipping plays a vital role in international trade, as it enables the movement of physical goods between countries.

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Under the principle of subrogation, the insurance company has the right to "take over any legal rights of the insured". This means that if the insurance company pays for a loss that was caused by a third party, the insurance company has the right to step into the shoes of the policyholder and pursue the third party for reimbursement. The idea behind subrogation is that the insurance company should not have to bear the loss if someone else is responsible for it. By exercising their right of subrogation, the insurance company can try to recover the money they paid out to the policyholder from the party that caused the loss.

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The facility that is not provided by the port authority is a tarmac. A tarmac is a paved area, typically used for landing and takeoff of aircrafts. On the other hand, a port authority is responsible for managing and operating port facilities, such as berths for ships to dock, warehouses for storage of goods, and cranes for loading and unloading cargo. So, a tarmac is not typically part of the responsibilities of a port authority.

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The transfer of government businesses to individuals is known as "privatization." This means that a business or industry that was previously owned and operated by the government is sold to private individuals or companies. The goal of privatization is often to increase efficiency and competitiveness, as well as to generate revenue for the government. In a privatized system, the private owners are responsible for making business decisions and managing the company, rather than the government. This can result in improved services and products, but it can also lead to higher prices for consumers.

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The machine that a post office provides to an organization to imprint stamps on their letters is called a franking machine. It is used to print postage on mail items such as envelopes, packages, and labels. It can calculate the correct amount of postage required based on the weight, size, and destination of the mail. The franking machine can also track the postage expenses of the organization and provide reports for accounting purposes. Using a franking machine can save time and money by avoiding the need to purchase and affix stamps manually.

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The marketing mix element that ensures that goods are available where and when needed is "place". Place refers to the distribution channels and locations where products or services are made available to customers. It includes decisions such as the choice of retail stores, online platforms, or direct sales channels that are used to distribute the product or service. In simpler terms, place involves making sure that the product is available to the customer in the right place, at the right time and in the right quantity. For instance, if a customer wants to buy a particular product, they should be able to find it easily in a nearby store or online platform, and it should be available in the right quantity. A business needs to ensure that its distribution channels are efficient and effective to make sure that the product is available to customers when and where they need it. Therefore, place is an essential marketing mix element that helps to ensure customer satisfaction and ultimately drives sales. By making sure that the product is available in the right place and at the right time, a business can increase its chances of success and gain a competitive advantage in the market.

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The business that relies on government subvention for its operation is a public corporation. A public corporation is a business entity that is owned and operated by the government. As such, it relies on government funding to finance its operations. This funding can come in the form of direct subsidies, grants, or other forms of financial support. Public limited liability companies and private limited liability companies are both privately owned businesses and do not typically rely on government subventions for their operation. Co-operative societies are also owned by their members and do not necessarily rely on government funding, although they may be eligible for certain types of government assistance or support programs.

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The process of placing the right people in the right position in an organization is called staffing. Staffing involves identifying the necessary positions within an organization and finding qualified candidates to fill those positions. The goal of staffing is to ensure that the organization has the right people in the right roles to achieve its objectives. This process includes recruiting, selecting, training, and developing employees to meet the needs of the organization. By staffing effectively, an organization can increase its efficiency, productivity, and profitability.

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Hull insurance is a type of marine insurance. Marine insurance covers losses or damages incurred during shipping and transportation of goods by sea, air, or land. Hull insurance specifically covers losses or damages to the vessel or ship itself, including its machinery and equipment. This type of insurance protects the owner of the ship in case of losses or damages to the ship, including those caused by accidents, natural disasters, or other unforeseen events.

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The duty payable on goods produced locally is usually referred to as an "excise duty". Excise duty is a type of tax that is levied on certain goods that are produced or manufactured within a country. The purpose of this tax is to generate revenue for the government and to regulate the production and consumption of certain goods, such as alcohol, tobacco, and gasoline. The amount of excise duty that is payable on a particular good will depend on several factors, such as the type of product, its price, and the specific laws and regulations in place in the country where it is produced. In simple terms, excise duty is a tax on locally made goods, and it helps the government to earn money and regulate the production and use of certain items.

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The activity aimed at closing sales is advertising. Advertising involves promoting a product or service to potential customers with the aim of encouraging them to make a purchase. Advertising can be done through various channels such as TV, radio, billboards, social media, and print media. The purpose of advertising is to create awareness about a product or service, highlight its unique features and benefits, and persuade potential customers to buy it. By doing so, advertising helps to drive sales and generate revenue for the business. While insurance, banking, and warehousing are important business activities, they are not directly aimed at closing sales. Insurance is focused on providing financial protection against risks, banking involves managing financial transactions, and warehousing is concerned with storing and managing inventory.

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A memorandum of association is a document that outlines the basic details of a company, such as its name, its registered office address, and the nature of its business. It also states the company's objectives, which can include inviting the public to buy its shares. This document is important because it sets out the company's relationship with the public and sets the framework for how the company will operate and be governed. In other words, it lays out the basic rules for how the company will conduct its affairs and interact with others.

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The term that enjoins a buyer to examine goods thoroughly before making payment is "caveat emptor". Caveat emptor is a Latin term that means "let the buyer beware". This legal principle places the responsibility on the buyer to examine the goods or services they intend to purchase before completing the transaction. This means that the buyer must take care to ensure that the goods or services meet their requirements and are in good condition before making payment. This principle is important because it places the burden of risk on the buyer, rather than the seller. It also encourages buyers to be more cautious when making purchases and to carefully examine goods and services to avoid being taken advantage of by unscrupulous sellers. In summary, caveat emptor reminds buyers that they have a responsibility to protect their own interests by thoroughly examining goods or services before making payment.

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The main purpose of branding is to differentiate goods from other similar goods. Branding creates a unique identity and image for a product or service in the minds of consumers. This helps to establish trust and loyalty, and sets the product apart from its competitors. Effective branding can also increase the quantity of goods demanded, and may enable a seller to command a higher selling price, ultimately leading to an enhanced turnover of goods.

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An example of a computer output device is a monitor. A monitor is a device that displays information, images, and videos on a screen. It receives data from the computer's central processing unit (CPU) and converts it into a visual form that can be easily interpreted by the user. The monitor allows the user to see what the computer is doing, such as displaying the results of a search, showing a video, or allowing the user to navigate through the computer's interface. Therefore, the monitor is an essential output device for any computer system.

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The major division of commerce are "trade" and "auxiliaries to trade". "Trade" refers to the exchange of goods and services between buyers and sellers. It involves activities such as buying, selling, and exchanging of goods and services. "Auxiliaries to trade" refers to activities that support or facilitate trade, such as transportation, communication, warehousing, banking, insurance, advertising, and marketing. These activities help to make trade more efficient, safe, and effective. Therefore, the major division of commerce includes both the actual exchange of goods and services (trade) and the supporting activities that make trade possible (auxiliaries to trade).

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A "right issue" is when a company offers existing shareholders the opportunity to purchase additional shares at a preferential rate. This is usually done as a way to raise capital, and existing shareholders are given the first opportunity to invest in the company before the shares are made available to the general public. The preferential rate means that the price of the shares is lower for existing shareholders than it would be for new investors. This is a way for the company to reward its existing shareholders and give them an opportunity to increase their investment in the company.

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The responsibility of organizing local and international trade fairs is typically with the Chamber of Commerce. A Chamber of Commerce is an organization made up of businesses and individuals in a local area. They work together to promote and support local businesses, as well as improve the local economy. One of the ways they do this is by organizing trade fairs, which are events where businesses can showcase and sell their products or services to potential customers and buyers. These trade fairs can be local events or international events, attracting businesses and attendees from all over the world. In summary, the Chamber of Commerce is responsible for organizing trade fairs because it is part of their mission to promote and support local businesses and improve the local economy.

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When a business becomes insolvent, it means that it cannot pay its debts as they become due. This can result in several outcomes, but the most likely outcome is liquidation, which means the business will be closed down and its assets will be sold to pay off its debts. Continuity may not be possible if the business is unable to pay its debts, and it may not be able to continue operating. Expansion is also unlikely as the business will not have the resources to invest in growth. Re-incorporation may be possible, but it would depend on the circumstances of the insolvency and whether the business is able to restructure its finances and operations in a way that makes it viable again. In summary, insolvency can lead to the closure of a business and the sale of its assets to pay off its debts. It is unlikely to result in continuity or expansion, and re-incorporation may only be possible in certain circumstances.

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The law that protects a musician's work from piracy is copyright law. This law gives the creators of original works, such as music, the exclusive right to control how their work is used, reproduced, and distributed. This means that others cannot use the work without the permission of the copyright owner. If someone does use a musician's work without permission, this is considered copyright infringement and the musician may be able to take legal action to stop the infringement and receive compensation for damages.

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An overdraft is usually granted to holders of "current accounts." A current account is a type of bank account that allows individuals or businesses to deposit and withdraw funds on a frequent basis. An overdraft is a short-term loan that is linked to a current account, and it allows account holders to withdraw more funds than they have in their account, up to a pre-agreed limit. This can be a convenient way for individuals or businesses to manage their cash flow, especially when unexpected expenses arise. The bank will typically charge interest on the overdraft amount and may also charge fees for using this service.

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Commercial activities in West Africa received a great boost due to contact with Europeans. When Europeans arrived in West Africa, they brought with them new technologies, goods, and ideas. They established trade relationships with local rulers and merchants, exchanging European products such as textiles, firearms, and alcohol for African products such as gold, ivory, and slaves. This trade brought wealth to both European and West African traders and contributed to the growth of West African economies. However, it also had negative consequences such as the enslavement and forced migration of millions of Africans.

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One of the aims of the Economic Community of West African States (ECOWAS) is to promote trade within the region. This means that ECOWAS wants to encourage and support the buying and selling of goods and services between countries within West Africa. The goal is to increase economic cooperation and growth in the region by making it easier for countries to do business with each other.

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Cameroon is a member of the Lake Chad Basin Commission. The Lake Chad Basin Commission (LCBC) is a regional intergovernmental organization that was established in 1964 by four countries, including Cameroon, Chad, Niger, and Nigeria, with the goal of promoting cooperation and sustainable development in the region surrounding Lake Chad. The LCBC has since expanded to include the Central African Republic, Libya, and Sudan as member countries. Therefore, out of the options given, only Cameroon is a member of the Lake Chad Basin Commission.

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The most suitable channel for the sale of an aircraft is directly from the manufacturer to the consumer. This is because aircraft are high-value and complex products that require a significant amount of technical knowledge and expertise to operate and maintain. As a result, consumers who are interested in purchasing an aircraft are typically very knowledgeable and have specific requirements that may not be fully understood by intermediaries such as wholesalers or retailers. Furthermore, the high cost of aircraft means that there are typically relatively few buyers, and these buyers often have very specific needs and preferences. By selling directly to the consumer, the manufacturer can build a relationship with the buyer and better understand their needs, which can lead to more customized and profitable sales. Overall, while there may be some advantages to selling through intermediaries in certain circumstances, the high value and complexity of aircraft makes direct sales from the manufacturer to the consumer the most suitable channel for the sale of an aircraft.

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To calculate the average stock, we need to use the following formula: Average Stock = (Opening Stock + Closing Stock) / 2 We are given that Adama's opening stock was D5,000 and his closing stock was D7,000. Plugging these values into the formula, we get: Average Stock = (5,000 + 7,000) / 2 Average Stock = 12,000 / 2 Average Stock = D6,000 Therefore, the average stock of Adama's business is D6,000. This means that on average, Adama had D6,000 worth of goods in stock during the given period.

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The factors of production are the resources used in the production of goods and services. They include land, labor, capital, and entrepreneurship. Land refers to natural resources such as forests, minerals, and water, which are used in production. Labor refers to the human effort used in the production process, while capital refers to the machinery, equipment, and other man-made resources used in production. Entrepreneurship refers to the individuals who take risks to start and manage businesses. Therefore, the factor of production that is not listed in the options is "exchange." Exchange is not a factor of production as it refers to the trading of goods and services between buyers and sellers. It is not a resource used in the production of goods and services.

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The conversion of raw materials into finished goods is performed by the manufacturing industry. The manufacturing industry involves the use of machines, tools, and labor to transform raw materials into finished products. This can include everything from textiles to electronics, furniture to automobiles. The manufacturing process may involve a series of steps, such as design, assembly, testing, and packaging, to ensure that the finished product meets quality standards. The manufacturing industry is essential to the economy, as it creates jobs, drives innovation, and provides consumers with the goods they need and want.

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The cost of goods sold is the cost of the goods that were sold during the period. It is calculated by subtracting the value of the closing stock from the total cost of goods available for sale. In this case, Adama's opening stock was D5,000 and he purchased goods worth D30,000, giving him a total cost of goods available for sale of D35,000 (D5,000 + D30,000). His closing stock was valued at D7,000. Therefore, the cost of goods sold is: Cost of goods sold = Total cost of goods available for sale - Value of closing stock Cost of goods sold = D35,000 - D7,000 Cost of goods sold = D28,000 Therefore, the cost of goods sold is D28,000.

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In a hire purchase agreement, the buyer is referred to as the "hirer." The hirer is the person who enters into an agreement to pay for the use of an item, usually over a period of time, with the option to purchase the item at the end of the agreement. In other words, the hirer rents the item with the intention of eventually owning it.

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Ocean liners are large ships designed for transportation of people and goods across long distances by sea. They typically sail on fixed schedules and routes, with predetermined stops at various ports. While they may carry cargo, they are primarily intended for the transportation of passengers, often offering luxurious amenities and accommodations. They do not exclusively carry liquid, but may transport a variety of goods and materials.

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The term "E. & O.E" is not used in a price quotation for goods. "E. & O.E" stands for "errors and omissions excepted." It is a legal disclaimer that is often used in contracts and other business documents to indicate that the information contained in the document is subject to change and that the author of the document is not responsible for any errors or omissions. The other three terms are commonly used in price quotations for goods: - C.I.F stands for "cost, insurance, and freight." It is a type of pricing that includes the cost of the goods, the cost of shipping, and the cost of insurance to protect the goods during shipping. - EX Works means that the price quoted only includes the cost of the goods at the factory or warehouse, and does not include any other expenses such as shipping, customs, or insurance. - F.A.S stands for "free alongside ship." It is a type of pricing that includes the cost of the goods, plus the cost of shipping the goods to the port of destination.

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