WAEC Commerce Essay and objective answers are ready. See the verified, and real WAEC Commerce Questions and Answers released online. This solution will help you get a good result in your WASCCE exam. The West African Examinations Council (WAEC) is a regional examination body that conducts standardized tests for English-speaking West African countries. It plays a crucial role in assessing the academic achievements of students at the secondary school level, facilitating their progress to higher education and beyond.
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In this article, we will not only show you the WAEC May/June 2025 commerce questions and answers, \but will as well guide you on how to use it to get excellent result.
The WAEC examination schedule for Tuesday, 11th June, 2024, confirms that Commerce 2 (Essay) will take place from 9:30 am to 11:30 am, followed by Commerce 1 (Objective) from 11:30 am to 12:20 pm.
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Commerce questions
PAPER 2
ESSAY
Answer five questions only.
(1a) Distinguish between manufacturing and construction. [4 marks]
(b) State four advantages of e-commerce. [8 marks]
(c) State four functions of commerce. [8 marks]
(2a)
Differentiate between the following terms:
(i) cartel and consortium; [4 marks]
(ii) holding company and subsidiary company. [4 marks]
(b) Abu and Saul are sole proprietors. Abu suggested to Saul for their businesses to be merged into a partnership.
(i) List four sources of finance that could be available to the partnership. [4 marks]
(ii) State four reasons Saul may be reluctant to accept the merger. [8 marks]
COMMERCE-OBJ
01-10: CBBADBCCCA
11-20: CCBABDABAD
21-30: DACABACCAA
31-40: BCADDADDBA
41-50: DACCDDDABD
WAEC Commerce Essay Answers
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(3a)
An Export Promotion Council
(3b)
(i) Market Research and Analysis: Providing insights on foreign markets, trends, and consumer preferences to help local businesses identify opportunities.
(ii) Trade Promotion and Marketing: Organizing trade fairs, exhibitions, and marketing campaigns to promote local products in foreign markets.
(iii) Export Facilitation: Assisting local businesses with export procedures, documentation, and logistics to ensure smooth trade.
(iv) Capacity Building and Training: Providing training and capacity-building programs for local businesses to enhance their export capabilities and competitiveness.
(3c)
(i) Market Diversification: Expanding market reach beyond domestic borders to increase sales and revenue.
(ii) Economic Growth: Boosting economic growth through increased trade, job creation, and foreign exchange earnings.
(iii) Comparative Advantage: Leveraging comparative advantages in production costs, skills, or resources to compete globally.
(iv) Access to New Technologies: Gaining access to new technologies, innovations, and best practices through international trade and collaboration.
(v) Increased Competitiveness: Enhancing domestic industries’ competitiveness through exposure to global markets and competition.
(5a)
The type of discount Felisco Ltd. could offer is a seasonal discount. This type of discount is offered during periods of low demand to stimulate sales and encourage customers to purchase products.
(5b)
(i)Increase sales volume: By offering a discount, the company can attract more customers and increase sales volume during a period of low demand.
(ii)Clear inventory: The company can clear out inventory that may be taking up storage space and reduce the risk of products becoming obsolete.
(iii)Build customer loyalty: Offering discounts can help build customer loyalty and encourage repeat business.
(iv)Maintain production levels: By stimulating sales during a period of low demand, the company can maintain production levels and avoid layoffs or reduced production capacity.
(5c)
(i)Collecting duties and taxes: Customs authorities collect duties and taxes on imported goods.
(ii)Enforcing trade regulations: Customs authorities enforce trade regulations, such as quotas and embargoes.
(iii)Inspecting cargo: Customs authorities inspect cargo to ensure compliance with regulations and to detect contraband.
(iv)Facilitating trade: Customs authorities facilitate trade by providing clear guidelines and procedures for importing and exporting goods.
(v)Protecting national security: Customs authorities play a role in protecting national security by detecting and preventing the importation of prohibited goods.
(6a)
(i)Commercial banks
(ii)Investment banks
(iii)Central banks
(iv)Merchant banks
(v)Savings banks
(6b)
(i)Reserve requirements: The central bank can require commercial banks to maintain a certain percentage of their deposits in reserve.
(ii)Interest rates: The central bank can influence interest rates to control borrowing and lending activities.
(iii)Capital requirements: The central bank can require commercial banks to maintain a certain level of capital to absorb potential losses.
(iv)Supervision and inspection: The central bank can supervise and inspect commercial banks to ensure compliance with regulations.
(v)Liquidity requirements: The central bank can require commercial banks to maintain a certain level of liquidity to meet their short-term obligations.
(7a)
Marketing is the process of promoting and selling products or services to meet the needs and wants of customers.
(7b)
(i)Product development: Marketing involves developing products that meet the needs and wants of customers.
(ii)Promotion: Marketing involves promoting products through various channels, such as advertising and sales promotions.
(iii)Distribution: Marketing involves ensuring that products area distributed to customers through various channels.
(7c)
(i) Customer service; Customer service refers to the support and assistance provided to customers before, during, and after a purchase.
(ii) Sales promotion; Sales promotion refers to activities designed to stimulate sales, such as discounts, contests, and free samples.
(iii) Exhibition; An exhibition is an event where companies display their products or services to potential customers.
(iv) After-sales service; After-sales service refers to the support and assistance provided to customers after a purchase, such as maintenance, repair, and troubleshooting.
(1a)
Manufacturing: Manufacturing involves the production of goods on a large scale using machines and labor. It typically involves transforming raw materials into finished products, such as electronics, textiles, or food products. WHILE Construction: Construction involves the creation of buildings, infrastructure, or other physical structures. It typically involves on-site labor and materials to build or repair structures, such as roads, bridges, or buildings.
(1b)
(i)Increased reach: E-commerce allows businesses to reach a global audience and expand their customer base.
(ii)Convenience: E-commerce provides customers with the convenience of shopping online 24/7, from anywhere with an internet connection.
(iii)Lower costs: E-commerce can reduce costs associated with traditional brick-and-mortar stores, such as rent and inventory costs.
(iv)Increased efficiency: E-commerce can streamline business processes, such as order processing and inventory management, making it more efficient.
(1c)
(i)Facilitating exchange: Commerce facilitates the exchange of goods and services between buyers and sellers.
(ii)Providing employment: Commerce provides employment opportunities in various industries, such as retail, manufacturing, and logistics.
(iii)Generating revenue: Commerce generates revenue for businesses, governments, and individuals through sales, taxes, and other means.
(iv)Promoting economic growth: Commerce promotes economic growth by stimulating innovation, investment, and trade.
(2ai)
Cartel: A cartel is an agreement between competing businesses to control prices, limit production, or divide markets. Cartels are often considered anti-competitive and may be illegal. WHILE Consortium: A consortium is a collaborative agreement between two or more businesses to work together on a specific project or venture. Consortia are often formed to share resources, expertise, or risk.
(2aii)
Holding company: A holding company is a parent company that owns and controls one or more subsidiary companies. The holding company typically has a controlling interest in the subsidiary. WHILE Subsidiary company: A subsidiary company is a company that is owned and controlled by a parent company or holding company. The subsidiary operates as a separate entity but is ultimately controlled by the parent company.
(2bi)
(i)Partner’s capital: The partners can contribute capital to the partnership.
(ii)Bank loans: The partnership can obtain loans from banks or other financial institutions.
(iii)Retained earnings: The partnership can retain earnings from profits to finance future growth.
(iv)Private investors: The partnership can attract private investors who can provide capital in exchange for a share of the business.
(2bii)
(i)Loss of control: Saul may be reluctant to give up control of his business and decision-making authority.
(ii)Different business cultures: The two businesses may have different cultures, values, or management styles that may not be compatible.
(iii)Liability concerns: Saul may be concerned about taking on liability for Abu’s business debts or obligations.
(iv)Different goals or objectives: The two businesses may have different goals or objectives that may not align with each other.
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