WAEC 2016 COMMERCE ESSAY AND OBJ ANSWERS expo runs runz - Education -naijablocks


WAEC 2016 COMMERCE ESSAY AND OBJ ANSWERS expo runs runz

3a)
i) Buying and Assembling:
The wholesaler purchases goods in
large quantities from different manufacturers and assembles them
at one place and stores them in his
warehouse and resell to the retailers.
ii) Warehousing:
By preserving the goods received
from different manufacturers in
stores, the wholesaler performs the function of warehousing. The storage of goods is needed on account of time lag between production and
consumption of goods.
iii) Grading and Packaging:
The assembled goods are graded in
accordance with their quality and
packed in different containers before
supplying to the retailers. In this
manner, the wholesaler performs important marketing functions of
grading and packing.
iv) Transportation:
The wholesalers purchase goods from
manufacturers and carry them to his
godowns and then supply the same to
the retailers. He may employ his own
vans or hire vehicles for carrying the
goods on account of bulk purchases.
They can avail of economies in
freight.
3b)
i) Close Supervision: The small scale business owner can himself supervise the details of the business. Nobody will be allowed to spoil machinery or waste materials.
ii) Economical Management: It is unnecessary to engage large staff. Verbal messages will take the place of written orders which are generally half understood. No elaborate accounts need be kept.
iii) Personal Attention to Customers: The small scale businessman sends away his customers perfectly satisfied. He personally attends to their orders and at once removes difficulties and misunderstandings. Personal contact is pleasant and profitable.
iv) Personal Touch with the Employees:
The employer is in constant touch
with his employees in the case of small scale business. He can promptly attend to their difficulties or grievances and remove them without delay.
v) Greater Adaptability: If conditions of trade change, the small producer can change his front. He is in a position to take
quick decisions. He has to consult nobody except himself unlike the large scale business.

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4a)
Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
4b)
Accident insurance is a form of insurance policy which offers a payout when people experience injury or death due to an accident. This type of insurance does not usually cover negligence, acts
of God, or natural disasters, and the policy may include restrictions such as caps on total payouts or restrictions on payouts for activities deemed risky.
4c)
Group insurance is an insurance that covers a defined group of people, for example the members of a society or professional association, or the employees of a particular employer. Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than the wish to buy insurance, which might be because they are a worse than average risk.
4d)
Fidelity Insurance is an agreement whereby, for a designated sum of money, one party agrees to guarantee the loyalty and honesty of an agent, officer, or employee of an employer by promising to compensate the employer for losses incurred as a result of the disloyalty or
dishonesty of such individuals.
4e)
Consequential loss insurance cover
business losses that arise from damage to an insured property. Consequential loss
insurance policies diminish indirect risks that arise from a situation and are typically offered in combination with regular business or property insurance. Consequential loss is an indirect loss, as opposed to a loss from a natural disaster or accident.
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1)
i)Commerce tries to satisfy increasing human wants
ii)Commerce helps to increase our standard of living
iii)Commerce links producers and c