WAEC SSCE - Commerce - 2018

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The function of money that is NOT one of its primary functions is "double coincidence of wants." Double coincidence of wants refers to the idea that in a barter system, for a trade to occur, both parties must have what the other wants and want what the other has. This can make trade difficult and inefficient. Money, on the other hand, serves as a commonly accepted form of payment, making trade easier and more efficient by eliminating the need for a double coincidence of wants. In summary, while double coincidence of wants is a concept related to barter systems, it is not a primary function of money. The primary functions of money are as a store of value, a medium of exchange, and a means of deferred payment.

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The time allowed for loading and unloading a ship at the harbor is referred to as lay days. Lay days are the agreed upon number of days that a ship is allowed to stay at a port for loading or unloading cargo. This time period is specified in the contract between the ship owner and the cargo owner, and is typically a limited amount of time. If the ship exceeds the lay days, it may be subject to additional charges, such as demurrage fees. Dead freight, on the other hand, refers to the amount of cargo space on a ship that goes unused, and tenure refers to the period of time during which a person holds a particular position or property.

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A bank draft is a type of payment that works like a check. It is drawn by a bank on itself or another bank and is guaranteed to be valid. This means that the bank has set aside the money needed to cover the payment, and the recipient can be confident that the funds will be available. In other words, the bank draft is a secure way to transfer money between parties, and it ensures that the payment is not subject to the risks associated with personal checks or wire transfers.

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A legal tender is a form of payment recognized by law as valid for settling a financial obligation. A bank note is a type of legal tender, as it is issued by a government and can be used to pay for goods and services. A cheque and a travellers cheque are not considered legal tender, as they are simply a type of payment instrument that represents a promise to pay the amount written on them. They are not considered to be money in and of themselves, and must be first be cleared and processed by a bank before the funds can be accessed. A goldsmith receipt is not considered legal tender, as it is simply a receipt for gold stored with a goldsmith, and does not have any monetary value in and of itself.

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A transfer of authority from a superior officer to his subordinate in an organization is delegation. Delegation is the process of assigning responsibility and authority from one person (usually a manager or supervisor) to another person (usually a subordinate) to carry out specific tasks or activities. It involves giving the subordinate the power to make decisions and take actions on behalf of the superior officer, while still holding the superior officer responsible for the outcomes. Delegation is an important management tool that can help to increase efficiency, improve communication, and develop the skills of subordinates. It can also help managers to focus on higher-level tasks by delegating routine tasks to their subordinates. Overall, delegation is an essential process for effective management and organizational success.

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In a winding up process of a company, the person who is authorized to sell the company's property is called a liquidator. A liquidator is an individual or a firm appointed by the court or the shareholders of the company to wind up the company's affairs and to sell off its assets to pay off its debts and liabilities. The liquidator is responsible for collecting and realizing the company's assets, settling the company's debts, and distributing the remaining funds among the shareholders. They have the authority to sell off any assets of the company, including land, buildings, machinery, and other assets. An auctioneer is a person who conducts auctions and sells goods or property to the highest bidder. An agent is a person who acts on behalf of another person or organization, and a bailee is a person who is entrusted with the possession of goods for a specific purpose. Therefore, the answer is option C, a liquidator, as they are the person who is authorized to sell the property of a company in a winding up process.

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The government legislation that ensures that quality goods and services are available to customers is the Standard Organisation Act. This act establishes a national standardization body that is responsible for promoting and maintaining standards of quality in goods and services produced or provided in the country. The standard organization ensures that products meet certain standards of quality, safety, and performance, which in turn protects the interests of consumers. It provides testing, inspection, and certification services to ensure that products meet the required standards before they are released to the market. The other options are not directly related to ensuring quality goods and services for customers. The hire purchase act regulates the sale of goods on credit, the copyright act protects original works of authorship, and the price control act regulates the prices of goods and services to prevent inflation. Therefore, the answer is option D, the Standard Organisation Act, as it is the legislation that ensures that quality goods and services are available to customers.

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The path through which a product moves from the manufacturer to the consumer is called the channel of distribution. It refers to the route or path that a product takes from the point of production to the point of consumption. The channel of distribution includes all the intermediaries such as wholesalers, retailers, and agents involved in the process of getting the product to the final consumer. The channel of distribution can be direct or indirect, depending on the number of intermediaries involved. A direct distribution channel involves the manufacturer selling directly to the consumer, while an indirect distribution channel involves one or more intermediaries such as wholesalers and retailers. The other options are not related to the movement of products from the manufacturer to the consumer. The channel of communication refers to the means of transmitting information between the sender and the receiver, the line of production refers to the manufacturing process, and the means of transportation refers to the methods used to transport goods from one place to another. Therefore, the answer is option D, channel of distribution, as it is the path through which a product moves from the manufacturer to the consumer.

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The provision of scholarships by a firm to needy students is part of its social responsibility. Social responsibility refers to a company's obligation to act in ways that benefit society and contribute to its well-being. Providing scholarships to needy students is a way for a company to invest in the education and development of the community and future workforce. It also helps to reduce educational inequalities and improve access to opportunities for those who might not have the financial means to pursue higher education.

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One of the aims of the European Union is to ease trade among member countries. The EU was created to promote economic cooperation and remove barriers to trade between European countries. This is achieved through the establishment of a single market, where goods, services, capital, and people can move freely between member states. By doing so, the EU hopes to improve the economic prosperity of its member states and enhance the quality of life for their citizens.

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The modern means of communication is email. Email is a digital way of sending messages and information from one person to another. It is a fast, convenient and efficient way of communication that allows people to send messages, documents, and media to anyone in the world with an internet connection. Unlike grapevine, which is a traditional word-of-mouth method of communication, email does not rely on physical proximity or face-to-face interactions. Instead, it allows people to communicate across great distances and time zones without the need for physical travel or personal meetings. Whistles and town crier are also traditional means of communication that were used in the past to send messages across long distances, but they are not commonly used in the modern world. In summary, email is the modern means of communication because it allows people to communicate quickly and efficiently across long distances using digital technology.

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The advertisement method that aims to convince customers to buy a product is called persuasive advertising. Persuasive advertising is a type of marketing communication that uses persuasive language, compelling visuals, and other persuasive techniques to convince the audience to buy a product. The main goal of persuasive advertising is to create a desire in the mind of the customer to buy the product by highlighting its benefits and how it can improve their life. For example, a persuasive ad for a new smartphone may highlight its advanced features, sleek design, and how it can make the user's life easier and more convenient. The ad may use persuasive language and compelling visuals to convince the viewer that they need the product and should buy it. In contrast, informative advertising is focused on providing information about the product or service, such as its features, price, and availability, but does not necessarily aim to persuade the customer to buy it. Competitive advertising aims to highlight the advantages of one product over its competitors, while mass advertising is designed to reach a large audience and create brand awareness.

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The provision of scholarships by a firm to needy students is part of its social responsibility. This means that the firm is taking action to contribute to the well-being and development of the society in which it operates. By providing scholarships, the firm is helping to improve access to education for those who may not have had the opportunity otherwise. This can have a positive impact on the community by helping to create a more educated and skilled workforce, which can lead to economic growth and development.

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Speculation is a method of buying in anticipation of price fluctuation in the commodity market. In other words, a speculator buys an asset (such as a commodity) with the hope that its price will go up in the future. If the price does indeed increase, the speculator can sell the asset for a profit. However, if the price decreases, the speculator may incur a loss. Speculation is a high-risk, high-reward strategy that is used by individuals and institutions who have a strong understanding of the market and believe they can predict future price movements.

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The shipping document that details the charges for carrying a particular cargo for a specified voyage is called a freight note. A freight note, also known as a freight bill or waybill, is a document used in the shipping industry to record the transportation of goods from one location to another. It contains information about the cargo being shipped, the destination, and the charges associated with the shipment. The freight note serves as a contract between the shipper and the carrier, specifying the terms of the transportation agreement, including the fees and any other relevant details. The freight note is a vital document for both the shipper and the carrier as it serves as proof of delivery and payment.

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A source of short-term finance is an overdraft. An overdraft is a type of loan that allows you to spend more money than you have in your account, up to a certain limit. It's called a "short-term" source of finance because the loan is usually expected to be paid back within a year. An overdraft can be a quick and convenient way to get access to cash in an emergency or to cover unexpected expenses. However, it's important to be aware that overdrafts can be expensive, with high interest rates and fees. In summary, an overdraft is a type of loan that allows you to spend more money than you have in your account, and it is a source of short-term finance.

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The rate of turnover indicates how many times a company sells and replaces its inventory over a given period. To calculate the rate of turnover, we need to divide the cost of goods sold by the average inventory. The average inventory can be calculated by adding the opening and closing inventories and dividing by two. Average inventory = (Opening inventory + Closing inventory) / 2 Average inventory = (N40,000 + N24,000) / 2 Average inventory = N32,000 Now we can calculate the rate of turnover: Rate of turnover = Cost of goods sold / Average inventory Rate of turnover = N48,000 / N32,000 Rate of turnover = 1.5 times Therefore, the answer is 1.5 times. This means that Ali Ltd sold and replaced its inventory 1.5 times during the given period.

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The insurance policy taken to cover dishonesty of account personnel of an organization is a "fidelity guarantee." A fidelity guarantee insurance policy provides protection against financial loss due to the dishonest or fraudulent acts of employees, such as embezzlement or theft of company funds. This type of policy is specifically designed to cover the risks associated with the actions of employees who handle money, such as accountants or cashiers. In summary, a fidelity guarantee insurance policy is taken to cover the risks of financial loss due to the dishonest acts of employees, such as embezzlement or theft of company funds.

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The concern of a marketing manager whose company has adopted the marketing mix concept is to identify and satisfy customers' needs. The marketing mix concept involves the four Ps: Product, Price, Promotion, and Place. By utilizing these four elements, the marketing manager can create a strategy to offer products that meet the customers' needs, at a price they are willing to pay, in a place that is convenient for them, and with promotions that effectively communicate the product's benefits. By focusing on the customer's needs and creating a strategy to meet them, the company can maintain its share of the market and ultimately make a profit. However, the primary goal of the marketing mix concept is not to maximize profit, but rather to meet the needs of the customers.

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One advantage of privatizing a firm is that it can become more efficient. This is because private owners have more incentive to maximize profits and reduce costs, which can lead to better management practices and more streamlined operations. With greater efficiency, the firm can offer better products or services at competitive prices, which can in turn attract more customers and help the firm grow. While privatization does not necessarily guarantee any of these outcomes, it can create a more competitive environment that encourages firms to strive for greater efficiency and profitability.

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Informative advertising is aimed at giving advice on the use of a product. It is a type of advertising that focuses on providing customers with information about a product, such as its features, benefits, and uses. The primary objective of informative advertising is to educate customers and create awareness of a product in the market. Unlike persuasive advertising, which aims to influence customers to buy a product, informative advertising does not try to directly persuade customers to make a purchase. Instead, it seeks to provide customers with accurate and relevant information about a product so that they can make informed buying decisions. Informative advertising can be used for new products that customers may not be familiar with, or for existing products that have undergone changes or improvements. Overall, informative advertising is an effective tool for businesses to build trust and credibility with their customers, as well as to differentiate their products from those of their competitors.

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A put option in the stock exchange is an option to sell. A put option is a financial contract between a buyer and a seller that gives the buyer the right, but not the obligation, to sell an underlying asset (such as a stock or a commodity) at a specified price (the strike price) on or before a specified date (the expiration date). The seller of the put option is obligated to buy the underlying asset from the buyer at the strike price if the buyer decides to exercise the option. Therefore, a put option gives the holder the right to sell the underlying asset at the strike price, regardless of whether the market price of the asset has fallen or not. Put options are often used by investors as a form of insurance against a decline in the value of their portfolio, as they allow investors to profit from a decrease in the market price of an underlying asset. Overall, a put option provides investors with the ability to limit their downside risk in the stock market.

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The document of title to goods written by the ship owner that specifies certain goods being transported on a ship is called a bill of lading. It is a legal document that serves as proof of ownership and receipt of goods being shipped, as well as evidence of the contract between the shipper and the carrier. In simple terms, a bill of lading is like a receipt for goods being shipped on a vessel. It contains important details such as the names of the shipper and consignee, the description of the goods, the quantity, and the destination. The bill of lading is an essential document in international trade, as it provides evidence of the transfer of goods from the seller to the buyer and is required for the release of the goods at the destination port.

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Activities undertaken to create awareness of a product by giving out samples or gifts is sales promotion. Sales promotion is a marketing technique used by businesses to stimulate sales and increase demand for their products or services. It involves offering incentives or rewards to potential customers to encourage them to make a purchase or try out a product. Examples of sales promotion activities include offering free samples, discounts, contests, and loyalty programs. The objective of sales promotion is to increase short-term sales and create a sense of urgency among customers to make a purchase. Sales promotion is often used in combination with other marketing techniques, such as advertising and personal selling, as part of a comprehensive marketing strategy. Overall, sales promotion is an effective tool for businesses to attract new customers, retain existing customers, and increase sales.

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ECOWAS stands for the Economic Community of West African States. It is a regional organization made up of 15 countries in West Africa. These countries work together to promote economic integration and cooperation among their member states. The 15 countries that are part of ECOWAS are: Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

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The component of the marketing mix that is not related to the four P's (Product, Price, Place, and Promotion) is "population." This is because population refers to a group of people or a demographic segment, which is not a controllable element of the marketing mix. The marketing mix is a set of controllable marketing tools that a company uses to promote its products or services to its target customers. The four P's of the marketing mix include: 1. Product: This refers to the goods or services that a company offers to its customers. It includes the features, quality, packaging, and branding of the product. 2. Price: This refers to the amount of money that customers have to pay for the product or service. It includes the pricing strategy, discounts, and payment options. 3. Place: This refers to the location where the product or service is sold. It includes the distribution channels, retail stores, and online platforms. 4. Promotion: This refers to the marketing communication strategy that a company uses to promote its product or service. It includes advertising, sales promotion, public relations, and personal selling. In summary, the marketing mix consists of controllable variables that a company can adjust to meet the needs of its target customers. Population, on the other hand, is a non-controllable element that represents a group of people with common characteristics such as age, gender, income, and location.

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One cheap means of carrying bulky goods over long distances is by using the railway system. Rail transport is a cost-effective mode of transportation for large and heavy cargo that needs to be transported over long distances. Railways can carry a large amount of cargo in a single trip, reducing transportation costs per unit of goods. Rail transport is also energy-efficient compared to other modes of transportation. Trains can transport a large amount of cargo using less fuel per ton of goods than trucks or airplanes. Additionally, railways have lower maintenance costs than other transportation modes, making them a more cost-effective option for transporting heavy goods. Overall, rail transport is a great option for carrying bulky goods over long distances in a cheap and efficient way.

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A chamber of commerce is an association of businesses engaged in both trade and industry. It is a type of organization that brings together businesses in a local area or region to promote their interests and support the growth and development of the local business community. Members of a chamber of commerce may participate in networking events, receive information and resources to help grow their businesses, and advocate for policies that benefit the local business community.

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The commercial agents who are authorized to keep goods until they are sold are called "factors". Factors are companies or individuals who help businesses manage their cash flow by providing financing against their accounts receivables or by purchasing their invoices at a discount. They typically purchase the goods from the manufacturer and then sell them to retailers or wholesalers, keeping the goods in their possession until they are sold. This allows the manufacturer to focus on production while the factor takes care of the sales and distribution. Factors are commonly used in industries such as textiles, furniture, and electronics.

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The portion of the share capital that a company has asked its shareholders to pay is called "called-up capital". Share capital is the total amount of money that a company raises by issuing shares to investors. The company may decide to issue shares for only a portion of the total share capital and ask the shareholders to pay for only that portion. This portion of the share capital that the company has asked the shareholders to pay is referred to as the "called-up capital". So, in simple terms, "called-up capital" is the portion of the total share capital that a company has asked its shareholders to actually pay for.

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The system of issuing new shares to selected investors instead of the general public is called a private placement. In a private placement, the company offers its shares to a small group of investors, such as institutional investors or accredited individuals, rather than making the shares available to the public at large. This method is used by companies that want to raise capital quickly without the time and expense of a public offering. Private placements are typically less expensive and less time-consuming than public offerings because the company does not have to register with the Securities and Exchange Commission (SEC) and comply with other regulatory requirements. Private placements are also more flexible than public offerings because the company can negotiate the terms of the offering with the investors, such as the price and the number of shares to be issued. However, private placements may have restrictions on the resale of the shares and are generally only available to investors who meet certain financial requirements.

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An agent is an individual employed to act on behalf of another within a specified guideline. An agent is hired by a person or company to perform tasks or make decisions on their behalf. For example, a real estate agent is hired by a property owner to find a buyer for their property, while a talent agent is hired by an actor or musician to find them work and negotiate their contracts. The agent works within a set of guidelines or instructions provided by the person or company they represent, and their actions and decisions are binding on their behalf.

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The document through which invitation is extended to the public to subscribe to shares is called a "Prospectus". A Prospectus is a legal document that contains detailed information about a company, its business, financial performance, and the shares that are being offered to the public. It is used to inform potential investors about the investment opportunity and help them make an informed decision about whether or not to invest in the company. The Prospectus typically includes information such as the company's history, its management team, its products or services, its financial statements, and the terms and conditions of the share offering. It is regulated by financial authorities to ensure that investors have access to accurate and complete information before making investment decisions. In summary, a Prospectus is a document that companies use to invite the public to invest in their shares by providing comprehensive and transparent information about their business and the investment opportunity.

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The function not performed by the Export Promotion Council is the creation of export free zones. Export Promotion Councils are government bodies or agencies responsible for promoting and facilitating exports from a country. They perform a variety of functions to support exporters, such as providing technical advice, offering credit facilities, and identifying new export opportunities. However, the creation of export free zones is not typically within the mandate of Export Promotion Councils. Export free zones are special economic zones set up by governments to promote exports by providing tax incentives, streamlined customs procedures, and other benefits to companies operating within them. While Export Promotion Councils may work closely with export free zones to support their activities, the establishment and management of these zones is typically handled by other government agencies or authorities.

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The inter bank indebtedness is settled at the clearing house. A clearing house is a financial institution that acts as a third party between banks to facilitate the settlement of financial transactions. When banks owe money to each other, they can use the clearing house to settle these debts by netting out their obligations and making payments to each other. This helps to reduce the number of actual transactions that need to take place and makes the settlement process more efficient. In other words, the clearing house acts as a central hub for the settlement of interbank transactions, which helps to reduce risk and increase the stability of the banking system.

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Multilateral trade refers to the exchange of goods and services between many countries. It involves multiple countries buying and selling goods and services to each other, rather than just two countries. This type of trade is typically facilitated by international agreements and organizations, such as the World Trade Organization (WTO), which aim to promote and regulate fair trade practices among participating countries. The goal of multilateral trade is to increase global economic cooperation and create mutual benefits for all participating countries. Therefore, it is not limited to neighboring countries, but can include countries from all over the world.

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The correct term to complete the sentence is "frustration". When a contract is frustrated, it means that an event has occurred that makes it impossible to fulfill the obligations of the contract. This event is usually beyond the control of both parties and could not have been foreseen or prevented. For example, if a contract was made for the delivery of goods from one country to another, but a war breaks out that closes the borders, it would be impossible to fulfill the contract. In this case, the contract would be frustrated, and both parties would be released from their obligations. When a contract is frustrated, it is automatically discharged, and neither party can be held liable for any breach of the contract. The parties are usually released from their obligations, and any payments made under the contract are returned. It is important to note that frustration is different from breach, where one party fails to fulfill their obligations under the contract. In frustration, both parties are unable to fulfill the contract due to an unforeseeable event that makes performance impossible.

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The statement that is true of a debenture is: "Its holders receive interest." A debenture is a type of loan that a company takes out from investors. The investors lend the company money and, in return, receive interest payments on the loan. This interest is usually paid at a fixed rate, and the loan is usually repaid after a set period of time. Debentures are not part of a company's equity, meaning that the owners of debentures are not co-owners of the company and do not have control over the company. In summary, the statement that is true of a debenture is that its holders receive interest. Debenture holders are not co-owners of the company and do not have control over it.

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The main disadvantage of a sole proprietorship is unlimited liability. A sole proprietorship is a type of business entity that is owned and operated by a single individual. This means that the owner has complete control over the business and is responsible for all of its operations and financial obligations. One of the key disadvantages of a sole proprietorship is unlimited liability. This means that the owner is personally responsible for all of the debts and financial obligations of the business. If the business is unable to pay its debts, creditors can go after the owner's personal assets, such as their house, car, or savings, to settle the debts. This can put the owner's personal financial well-being at risk. In contrast, other business structures such as corporations and limited liability companies (LLCs) provide limited liability protection for their owners. This means that the owners are not personally responsible for the debts and financial obligations of the business beyond their investment in the company. This can provide a greater level of protection for the owner's personal assets. Although sole proprietorships have advantages such as quick decision-making and pride of ownership, the risk of unlimited liability can make it a less attractive option for some entrepreneurs.

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