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Waec 2017 Commerce Obj And Theory Answers – May/June Expo
WAEC May 2, 2017 • 4 years ago • No Comment Yet





E-commerce ( electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.

-The biggest advantage of privatization is that once a privatization is done completely there is no interference from
political leaders and also one does not need to do undue favor to them which in itself is a big boost when it comes to
doing business and increasing profitability.

-It increases the overall efficiency and reduces the bureaucratic culture which is the main culprit because typically in government organizations work happens at its own leisurely pace which results in delay in decision making and therefore reduces the effectiveness and competence of public sector enterprise.

-As far government is concerned it has also benefits from doing privatization because majority of governments all over
the world has fiscal deficit and by doing privatization government can reduce fiscal deficit to an extent, however full control is possible only when government control its unnecessary expenditures.

-Private companies do not care about the society and their main motive is to earn profits, which is with contrast to
government companies which keeps doing social work and therefore if privatization happens it will result in fewer funds for society because private companies have no obligation to
do social work.

-Privatization also affects the employees because in private sector enterprises there is emphasis on performance which indirectly results in work pressure and meeting deadlines or
targets and individuals who have been doing work for years without much pressure find it difficult to adjust to new setting and many end up resigning from their service.

– In privatization there is a risk that it may take decisions of starting a project which results in short term benefits but may not good for long term.

Communication is simply the act of transferring information from one place to another.

i)Postal Services
ii)Telegraph Services
iii)Courier Services:
v)Internet Service
vi)Radio and Television

i)Builds and maintains relationships Relationships are built and can be maintained by positive encounters with others.

ii)Facilitates innovation When employees feel comfortable in openly communicating new ideas, cooperation and innovation
will be at an all-time high.

iii)Builds an effective team If open communication within a workplace is encouraged, a more cohesive and effective team will emerge.

iv)Managing employees When managers are effective communicators, they are more able to inform staff adequately of their responsibilities and what is expected from them.

A department store or magazine is a retail establishment offering a wide range of consumer goods in different product categories known as “departments”.

Chain store(s) or retail chain are retail outlets that share a
brand and central management, and usually have standardized business methods and practices.

Mail-order business, also called direct-mail marketing, method of merchandising in which the seller’s offer is made
through mass mailing of a circular or catalog or through an advertisement placed in a newspaper or magazine and in
which the buyer places an order by mail.

A supermarket: is a self-service shop offering a wide variety of food and household products, organized into aisles. It is larger and has a wider selection than a traditional grocery store, but is smaller and more limited in the range of merchandise than a hypermarket or big-box market.

-They help to make goods available to their members when they cannot buy their own.

-cooperative society encourages their members to save.this is because they make contribution.

-cooperative society helps it members financially.

-they also provide education and social welfare benefits to it’s members.

-they are also encourage hard working among their members.

– The location of the warehouse should be suitable and convenient. It should either be near the source of production
or the market. This will reduce the transportation cost and hence cost of production.

– The warehouse should be designed to fit the need of the product. A warehouse storing perishable goods e.g. milk should have refrigeration services. This will prevent damage to the good and loss to the producer.

– An effective warehouse is one that is equipped with machinery that makes the handling of the goods easier. When dealing with bulky goods, the warehouse should have cranes to carry them. This will make the warehouse more effective in the handling of goods.

– A warehouse should be fitted with equipment to deal with an emergency. Safety of the workers should be given priority.
The warehouse should have firefighting equipment and first aid tools to deal with such incidences.

– A warehouse should be in a place that is easily accessible by whoever uses it. It does not make sense to locate the
warehouse in a remote area. This will only make it difficult to access it and you will incur additional costs of accessing it.

– The warehouse should be in a place with good infrastructure. Roads and communication lines will make the
transporting of goods easier and encourage the business operations of the firm. A warehouse should be in a well-
connected area.

– A warehouse should be spacious enough.
This is to promote easy movement in and out of the goods. It will also help in the organization of the warehouse.

– Central location: A warehouse is a central location that allows shippers to receive, store and distribute products. As products arrive at the warehouse, the responsibility for the products will transfer to the personnel in the warehouse.
Safety measures should be established. In addition, the product’s organization influences shipping times. For this
reason, opt for wooden pallets which make your products easy to move.

– Value-adding: The primary objective of a logistics system is to increase efficiency and clientele service by reducing cycle times and lowering overall costs.

– Storage offers added value to the logistics: system allowing businesses to keep an inventory so that products ordered are shipped on time.

– Economic benefits: Storage reduces delivery costs not only
for business but also for customers since the products are shipped from a central location and not from multiple
locations. In a similar light, storage can effectively manage supply and demand. Since businesses need to remain
competitive, the economic benefits produced by a warehouse that is running efficiently will positively impact the profitability of the entire process


standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.

bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank. A draft ensures the payee a secure form of payment.

Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation.

Money orders are a secure payment method. They are convenient, affordable, and widely accepted. Money orders are a good way to send cash that never expires.

I.O.U is usually an informal document acknowledging debt.

An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.


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