WAEC GCE 2017 commerces Obj And Essay Answer – Nov/Dec Expo

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COMMERCE OBJ:

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-THEORY COMPLETED-

1a

Pipeline transportation can be defined as thetransportation of goods or material through a pipe. .. 

Such as Crude oil, natural gas, oil

1b

Advantages of Air Transport

1..High Speed:

2..Minimum Cost:

3..Easy transport of costly and light goods:

4...Free from physical barriers:

5..Useful in natural calamities:

1c

: (1) The Nature of the Product

 (2) The Nature of the market (3) 

The Nature of Middlemen

 (4) The nature and size of the manufacturing unit

 (5) Government Regulati

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2a)

i)Memorandum of Association is subsidiary to the Companies Act, whereas Articles of Association is subsidiary to both Memorandum of Association as well as the Act.

ii)Memorandum of Association contains the information about the powers and objects of the company. Conversely, Articles of Association contain the information about the rules and regulations of the company.

2b)

-Advantage

i)Widening the shareholder base and spreading risk

ii)Growth and expansion opportunities

iii)Prestigious profile and confidence

iv)Transferability of shares

-DisAdvantage

i)More regulatory requirements

ii)Higher levels of transparency required

iii)Ownership and control issues

iv)More vulnerable to takeovers

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4a)

i)By performance of the parties i.e. each party completing his obligations as stipulated by the

contract.

ii)By frustration i.e. an event through no fault of

the parties that make one party unable to perform the contract. For example:if one party

suffers a prolonged illness which makes him unable to perform the contract.

iii)By lapse of time i.e. if the time limit set for the contract to be executed by both parties has been passed. For example, sellers of real estate usually require that the buyers pay the full balance on the property within a certain time period after the initial down payment has been made.

iv)By changes in law i.e. where a legal contract is rendered illegal through changes in law.

4b)

i)act on behalf of and be subject to the control of the principal

ii)act within the scope of authority or power delegated by the principal

iii)discharge his or her duties with appropriate care and diligence

iv)avoid conflict between his or her personal interests and those of the principal

v)promptly hand over to the principal all monies collected on principal’s behalf.

vi)agent owes a duty to the principal to act in the principal’s best interests within the authority of the agent .

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5a)

i)As a Ready Market for Natural Resources

ii)Supplementing Home Food Consumption

iii)Sources of Manufactured Goods

iv)Supply of Raw Materials and Spare Parts

v)Centres of Commerce

5b)

i)Adjustment through Exchange Depreciation (Price Effect): Under flexible exchange rates, the disequilibrium in the balance of payments is automatically solved by the forces of demand and supply for foreign exchange.

ii)Devaluation or Expenditure-Switching Policy: Devaluation raises the domestic price of imports and reduces the foreign price of exports of a country devaluing its currency in relation to the currency of another country.

iii)Direct Controls: To correct disequilibrium in the balance of payments, government also adopts direct controls which aim at limiting the volume of imports.

iv)Adjustment through Capital Movements:

A country can use capital imports to correct a deficit in its balance of payments. A deficit can be financed by capital inflows.

v)Adjustment through Income Changes:

Given the foreign exchange rate and prices in a country, an increase in the value of exports, causes an increase in the incomes of all persons associated with the export industries.

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6a)

i)Accepting Deposit

ii)Advancing Of Loans

iii)Discounting Of Bill Of Exchange

iv)Cheque Payment

v)Remittance

6b)

i)Intercepting contraband (such as illegal drugs)

ii)Checking travellers and their baggage, cargo and mail

iii)Assessing and collecting Customs duties, excise taxes and Goods and Services Tax (GST) on imports

iv)Protecting a country businesses against illegal trade

v)Enforcing import and export restrictions and prohibitions

collecting accurate import and export data

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