WAEC GCE COMMERCE ANSWERS 2020

Here is waec gce commerce answers for 2020. Do well to confirm each question before answering, Share to your friends and Good luck.

commerce theory answers

Commerce-Obj!
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(1a)

(i) Insufficient capital: African countries lack sufficient capital to cope with the expanding nature of business activities; the level of capital formation is low.

(ii) Political instability: Constant change of government and war has hindered investment in West-Africa. Foreign investors are afraid to invest in the sub-region.

(iii) Low savings: The culture of saving is very low in West Africa and Africa as a whole; hence there is no money for commercial transactions.

(iv) Low per capital income: Per capita income is very low. Majorly of people in this region are living below the poverty line. The low level of income leads to low purchasing power for the people.

(v) Lack of adequate commercial facilities: The various aids to trade, such as banks’, insurance, warehouses, and tourism are not well developed and this has greatly hindered commerce.

(1b)

(i) Oke’s school result could be a determinant to the type of job he could secure

(ii) Oke’s behavior or attitude is another factor.

(iii) His communication skills

(iv) Oke’s insight could determine the type of job he will get

(v) Creativity is another factor that can determine the type of job Oke could get

(3a)
(i) Connect with your broker
(ii) Claim investigation begins
(iii) Your policy is reviewed.
(iv) Damage evaluation is conducted.
(v) Payment is arranged.

(3b)
[Pick any four]
(i) Provide safety and security:
Insurance provide financial support and reduce uncertainties in business and human life.

(ii) Gener ates financial resources:
Insurance generate funds by collecting premium. These funds are invested in government securities and stock.

(iii) Life insurance encourages savings:
Insurance does not only protect against risks and uncertainties, but also provides an investment channel too.

(iv) Promotes economic growth:
Insurance generates significant impact on the economy by mobilizing domestic savings.

(v) Medical support:
A medical insurance considered essential in managing risk in health.

4a)

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners have limited liability.
[12/12, 2:14 PM] Splendite: (4a)
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

(4b)
Pick any six
(i) Active/Managing Partner.
(ii) Sleeping Partner.
(iii) Nominal Partner.
(iv) Partner by Estoppel.
(v) Partner in Profits only.
(vi) Minor Partner.
(vii) Secret Partner.
(viii) Outgoing partner.

(4c)
(i) Loss of profits or declaration of bankruptcy.
(ii) Illegal activities or violations.
(iii) Merging of a partnership with a larger entity.
(iv) Changes of the business’ registration status (such as switching to a corporation)

(7a)
(i) The European Union helps in establishing an area of freedom, security and justice without internal borders.
(ii)Developing an internal market where competition is free, within the framework of a social economy market whose aim is full employment.
(iii)Creating a sustainable development with an economic growth capable of fulfilling the well-being needs of our society in the short, medium and, especially, long term.
(iv)Promoting social justice and protection, equality between women and men, solidarity between generations and, protection of children’s rights.
(v)Promoting economical, social and territorial cohesion and solidarity among Member States.

(7b)
(i)The West African Clearing House promotes the use of members’ currencies for sub-regional trade and other transactions.
(ii)It encourage members to liberalize trade among their respective countries and promote monetary cooperation and consultation among them.
(iii)It brings about economics in the use of the foreign reserves of the member countries.
(iv)It brings about savings in the use of members’ foreign reserves.
(V)It also engages in collecting, storing and disseminating statistical information for member Central Banks

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