Commerce WAEC Past Questions

Commerce WAEC Past Questions – All Candidates who enrolled for this subject are encouraged to obtain a copy of the Commerce WAEC Past Questions as this will prepare them for the forthcoming exams.

Free and detailed Commerce WAEC Past Questions are offered alongside how to download them. All eligible candidates who will be taking the commerce this year, are advised to download the detailed commerce past questions which is provided in this post. commerce past question papers are generated and compiled from previous years that is over 5 years of past question papers of the commerce.

We are interested in your success in the upcoming examination which shall be held this year but you need maximum preparation to have great success.

Why you need Commerce WAEC Past Questions

• Helps work out the time required for each question.
• Identifies the style of exam questions (short-answer, multiple choice, or essays).
• Helps practice exam techniques.
• Helps identify key subject areas to focus on in revision.

Commerce WAEC Past Questions Pattern

Commerce WAEC Past Questions are patterned in multiple-choice format or objectives format. Also in theory and essay. This multiple-choice format is easy when using past questions for revision. These past questions are sure to make you pass the examination as you already know the format by which the examination will be set.

Sample of Commerce WAEC Past Questions

Paper 2 [Essay]
Answer any FOUR questions.
Write your answers in the answer booklet provided.

1. (a) Differentiate between Industry and commerce
(b) List and explain four activities of those engaged in commercial occupation.
ANS: (b) (i) Banking: Those working as bankers provide facilities for saving, borrowing, investing, and payments for business transactions.
(ii) Advertising: Advertising practitioners inform potential buyers and sellers about the existence, nature, use, and price of goods and services through various advertising media.
(iii) Insurance: Insurers provide cover for business risks and compensation in case of loss etc.

2. Explain five benefits that would be derived and five losses that would be suffered when a Sole trader admits other partners.
ANS: (a) Benefits to a Sole Trader
(i) Better decision making
(ii) Possibility of more profit
(iii) Greater degree of continuity etc.
(b) Losses to Sole Trader
(i) The death of a general partner may collapse the business
(ii) Disagreement among members can affect the smooth running of the business
(iii) Actions of a partner are binding on the firm. Therefore misconduct of an unscrupulous partner may ruin the business.

3. (a) State five features of partnership business.
(b) Explain five reasons why the government participates in business.

4. Explain the following insurance terms:
(a) proximate cause
(b) contribution
(c) utmost good faith
(d) re-insurance;
(e) contract of non-indemnity (compensation).

5. List and explain four documents involved in the formation of a Public Limited Company.
ANS: (a) Declaration:
(i) This is a statement in writing to the registrar of Companies by the promoter.
(ii) It is stated that the requirements of the companies have been compiled with
(iii) It is a declaration that adequate capital has been raised etc.
(b) Trading Certificate:
(I) This is a document issued by the Registrar of companies
(II) It gives the public company the right to commence the business for
which it was formed, etc.

6. (a) Explain the following:
(i) counter trade;
(ii) entreport trade;
(iii) import trade;
(iv) invisible trade.
(b) State four burners to International trade.

ANS: (i) Counter Trade: This is a system of International trade where countries instead of paying cash for the goods they purchase from other Countries will pay.
(ii) Entreport Trade: This is a system of trade where goods imported into a country are re-export while the goods are still in the same form as they were received (iii) Import Trade: This is a system of trade where goods are brought into a country from another country.
(iv) Invisible Trade: This is a type of International trade involving intangible products such as services or Banking, and shipping services which require payment of money.

7. (a) What is transportation?
(b) Explain dead freight.
(c) List and explain five factors that will determine a seller’s mode of transportation.

8. (a) What is a hire purchase?
(b) Give two advantages and two disadvantages of each hire purchase:
(i) the buyer
(ii) seller.

9. (a) Explain four functions of the Stock Exchange
(b) Explain four ways by which the Central Bank regulates the activities of Commercial banks.

10. (a) State five factors that can affect the rate of turnover of a company
(b) What is Working Capital?
(c) Explain four importance of working Capital.

7 Tips to Prepare for Commerce WAEC Exams

1. Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be a top priority, not a hobby. Read far and wide to enhance your level of aptitude
2. Get Exams Preparation Materials: These involve textbooks, dictionaries, Babcock University Post UTME Past Questions and Answers, mock questions, and others. These materials will enhance your mastery of the scope of the exams you are expecting.
3. Attend Extramural Classes: Register and attend extramural classes at your location. This class will help you refresh your memory and boost your classroom understanding and discoveries of new knowledge.
4. Sleep when you feel like When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
5. Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse, or a doctor. Make sure you are well.
6. Eat when you feel like it: During the exam preparation period, you are advised not to overeat, and to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more fruits, drink milk and glucose. This will help you enhance retention.
7. Reduce your time on social media: Some people live their entire lives on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.

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We wish you good luck!