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WAEC NECO NABTEB MOBILE APP DAILY SUB

Tuesday, June 11, 2024 11:22:06 AM

SUBJECT: 2024 OFFICIAL WAEC MAY/JUNE

COMMERCE NIGHT ANSWERS AND THE
PIN IS "700"

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==> 2024 ØFFÍÇÍÅL WAEC MAY/JUNE

COMMERCE ANSWERS

Tuesday, 11th June 2024

COMMERCE 2
(Essay) 9:30am – 11:30am

COMMERCE 1
(Objective)11:30am – 12:20pm

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Commerce Obj-by runscode.net

01: CBBADBCCCA
11-20: CCBABDABAD
21-30: DCCCBACCAD
31-40: BCBDDABBBB
41-50: DACBCBDABA

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Commerce Essay-by runscode.net

(1a)

(1b)
-Finance Department:
(i) Preparing financial budgets, forecasts,
and plans to ensure the company operates
within its means and achieves its financial
goals.
(ii) Managing financial records, producing
financial statements, and ensuring
compliance with financial regulations and
standards.

-Marketing Department:
(i) Conducting market research to
understand customer needs, market trends,
and the competitive landscape to inform
marketing strategies.
(ii) Developing and implementing sales
strategies and promotional campaigns to
drive sales and increase market share.

-Production Department:
(i) Planning and organizing production
schedules to ensure timely and efficient
manufacturing of products.
(ii) Implementing quality control measures to
maintain high standards in the production
process and ensure the final product meets
quality specifications.

-Administration Department:
(i) Managing recruitment, training, employee
relations, and performance evaluations to
ensure a competent and motivated
workforce.
(ii) Overseeing the maintenance and
operations of company facilities, ensuring a
safe and productive work environment.

(2a)
Memorandum of Association:
(PICK ANY FIVE)
(i) Name of the company
(ii) Registered Office of the company
(iii) Objective and purpose of the company
(iv) Liability of members
(v) Capital clause
(vi) Association clause
(vii) Subscription clause

Articles of Association:
(PICK ANY FIVE)
(i) Name of the company
(ii) Purpose of the company
(iii) Share capital and shares
(iv) Classes of shares
(v) Voting rights
(vi) Transfer of shares
(vii) Meetings and resolutions
(viii) Directors and their powers
(ix) Dividends and reserves
(x) Accounts and audit

(2b)
(PICK ANY FIVE)
(i) Political Interference: Government
influence in the operations and decision-
making processes of public corporations
often leads to inefficiency and
mismanagement.
(ii) Bureaucracy: Excessive bureaucratic
procedures and red tape can slow down
decision-making and operational efficiency.
(iii) Financial Constraints: Public
corporations often face budgetary
constraints and rely heavily on government
funding, which may be insufficient or
irregular.
(iv) Corruption and Mismanagement:
Incidences of corruption and poor
management practices can lead to the
misuse of resources and loss of public trust.
(v) Lack of Accountability: Public
corporations may lack accountability
mechanisms, leading to poor performance
and lack of responsibility among employees.
(vi) Inefficiency: Public corporations may be
characterized by inefficiency due to lack of
competition, innovation, and motivation
among employees.
(vii) Poor Service Delivery: Due to various
operational challenges, public corporations
may fail to provide high-quality services to
the public, leading to dissatisfaction and
criticism

(3a)
(i)Credit History: The bank manager would
assess the individual's credit history,
including any previous loans, credit card
usage, and payment patterns. A good credit
history demonstrates responsible financial
behavior and increases the chances of loan
approval.
(ii)Income and Employment Stability: The
bank manager would evaluate the young
school leaver's income source and stability.
A stable job with a regular income stream
enhances the borrower's ability to repay the
loan.
(iii)Debt-to-Income Ratio: The bank manager
would analyze the young school leaver's
debt-to-income ratio, which compares the
individual's monthly debt obligations to their
income. A lower debt-to-income ratio
indicates a lower financial burden and a
higher capacity to repay the loan.
(iv)Collateral or Guarantor: Depending on
the loan amount and the individual's
creditworthiness, the bank manager might
consider the availability of collateral or a
guarantor. Collateral provides security for
the loan, while a guarantor offers additional
assurance of repayment.
(v)Purpose of the Loan: The bank manager
would evaluate the purpose for which the
loan is being sought. The individual's ability
to articulate a clear and viable plan for the
loan funds increases the likelihood of loan
approval.

(3b)
(i)Insufficient Funds: If the customer's
account does not have enough funds to
cover the cheque amount, the bank will
dishonour the cheque.
(ii)Irregular Signature: If the signature on the
cheque does not match the signature on
record or appears suspicious, the bank may
dishonour the cheque to prevent fraud.
(iii)Post-Dated Cheque: If the customer
issues a post-dated cheque, i.e., a cheque
with a future date, the bank will dishonour
the cheque if presented for payment before
the specified date.
(iv)Stale Cheque: A cheque becomes stale
after a certain period, typically six months or
a year, depending on the bank's policy. If a
customer presents a stale cheque, the bank
will dishonour it.
(v)Stop Payment Request: If the customer
requests a stop payment on a cheque,
typically due to loss or theft, the bank will
dishonour the cheque to prevent
unauthorized payment.

(4a)
(PICK ANY FIVE)
(i) Traveling Merchants: Itinerate traders are
merchants who travel from place to place,
selling their goods or services.
(ii) Temporary Locations: Itinerate traders
set up their stalls or shops in temporary
locations, such as markets, fairs, or
roadside stops.
(iii) Diverse Products: Itinerate traders often
sell a variety of products, including food,
clothing, tools, and crafts.
(iv) Limited Inventory: Itinerate traders
typically have a limited inventory due to the
challenges of transportation.
(v) Seasonal Nature: Itinerate trade is often
seasonal, occurring during specific times of
the year or at special events.
(vi) Face-to-Face Interaction: Itinerate
traders have direct face-to-face interactions
with their customers, allowing for
personalized service.

(4b)
(PICK ANY FIVE)
(i) Large Assortment of Products:
Supermarkets offer a wide variety of food,
household items, and other products.
(ii) Self-Service Shopping: Customers
browse and select products from the
shelves without assistance.
(iii) Centralized Location: Supermarkets are
typically located in convenient areas, such
as shopping centers or busy urban areas.
(iv) Large Floor Space: Supermarkets have
large floor spaces to accommodate the
extensive product offerings and customer
traffic.
(v) Modern Infrastructure: Supermarkets are
equipped with modern refrigeration, lighting,
and checkout systems.
(vi) Competitive Pricing: Supermarkets often
offer competitive prices due to their
economies of scale and bulk purchasing.

(5a)
(i) Factor vs. Broker
A factor purchases a business’s receivables
and assumes the collection risk, while a
broker facilitates transactions between
buyers and sellers without owning or taking
on the risk of the assets.

(ii) Stock Exchange vs. Commodity

Exchange
A stock exchange trades securities like
stocks and bonds, focusing on company
ownership and investment, whereas a
commodity exchange trades contracts for
physical goods like agricultural products
and metals, focusing on raw material
transactions.

(5b)
(i) Open Outcry:- is a method of trading used
on trading floors where participants shout
bids and offers to communicate buy and sell
orders. This traditional form of trading, now
largely replaced by electronic systems, was
characterized by its loud and chaotic
environment.

(ii) Futures Contract:- is a standardized legal

agreement to buy or sell a specific quantity
of a commodity or financial instrument at a
predetermined price on a specified future
date. These contracts are used for hedging
risks or speculating on price movements in
the commodity markets.

(iii) Clearing System:- in commodity trading

is the process through which transactions
are settled. It involves recording, matching,
and confirming trades, ensuring that both
parties meet their obligations, and
facilitating the transfer of ownership and
financial settlement. Clearinghouses often
act as intermediaries to guarantee the
performance of the contract.

(iv) Pit Outcry:- refers to the practice of

conducting trades in a designated area of a
trading floor, known as the trading pit, where
traders shout and use hand signals to
communicate buy and sell orders. This
method, similar to open outcry, was
commonly used in commodity exchanges
for live trading.

(8a)
Cost of goods sold (COGS):

Opening stock + Purchases - Closing stock

= 200,000 + 900,000 - 100,000
= Le1,000,000

(8b)
Gross profit:

Since a 30% profit was made on COGS, the

gross profit is:
= 30% of 1,000,000
= Le300,000

(8c)
Total sales:

Gross profit + COGS

= 300,000 + 1,000,000
= Le1,300,000

(8d)
Net profit:

Net Profit=Gross Profit -

(Salaries and Wages+Shop Rent)
Net Profit=300,000−(120,000+150,000)
Net Profit = 300,000 - 270,000 = Le30,000

(8e)
Rate of turnover:

Rate of Turnover = COGS/Average stock

Average Stock=
(Opening Stock + Closing Stock)/2

Average Stock= (200,000+100,000)/2 =

Le150,000

Rate of Turnover= 1,000,000/150,000 = 6.67

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