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WAEC Commerce Answers 2023 – Wednesday 24th May 2023

WAEC Commerce Answers 2023: Are you a 2023 Waec candidate searching for 100% verified questions and answers for both objective and essay that will guarantee you A or B in the WAEC Commerce 2023 examination? look no further, we have all it takes to make you score A in this Waec examination.

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(i)Slavery: The slave trade was a major hindrance to the growth of commerce in West Africa. It disrupted the social and economic structures of many African societies and led to a decline in trade.

(ii)Lack of infrastructure: The lack of roads, bridges, and other infrastructure made it difficult to transport goods from one place to another, which limited the growth of commerce.

(iii)Disease: The prevalence of diseases such as malaria and yellow fever made it difficult for traders to operate in West Africa.

(iv)Political instability: The frequent wars and conflicts between different ethnic groups and kingdoms in West Africa disrupted trade and made it difficult for traders to operate.

(v)Colonialism: The imposition of colonial rule by European powers in the late 19th and early 20th centuries disrupted traditional trade routes and practices and led to the exploitation of African resources for the benefit of European powers.

(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant worker
(iV) Brewer – Industrial/Service worker
(V) Stock broker – Professional worker
(vi) Mason – Construction worker
(Vii) Farmer – Agricultural worker




(2a) Five problems Samba could face as a sole trader include:

(i) Unlimited Liability: As a sole trader, Samba would be personally liable for all debts and obligations of the business. If the business incurs significant debts or legal liabilities, Samba’s personal assets could be at risk.

(ii) Limited Resources: As a sole trader, Samba may face limitations in terms of financial resources and capital. It may be challenging to raise significant funds or secure loans without the backing of a partnership.

(iii) Lack of Expertise: Running a business as a sole trader means that Samba would be responsible for all aspects of the business, including operations, finance, marketing, and administration. Samba may lack expertise or experience in certain areas, which could impact the efficiency and effectiveness of the business.

(iv) Workload and Time Management: Samba would be solely responsible for managing and operating the business. This could result in a heavy workload, making it challenging to balance the demands of running the business with personal life commitments.

(v) Limited Growth Potential: Without the resources, skills, and shared decision-making of a partnership, Samba may face limitations in terms of business growth and expansion opportunities. It may be more challenging to enter new markets, invest in research and development, or expand the business’s operations.

(2b) Five benefits Samba could enjoy if he remained in the partnership include:

(i) Shared Responsibility: By remaining in the partnership, Samba can share the responsibilities, workload, and decision-making with Victor. This can help distribute the burden and provide support in managing the business.

(ii) Shared Resources: The partnership would provide access to shared resources, including capital, expertise, networks, and assets. Samba could benefit from shared financial resources, which can be crucial for business operations, expansion, and investment.

(iii) Division of Labor: In a partnership, Samba can focus on his areas of expertise and delegate tasks to Victor, who may have complementary skills. This division of labor can enhance efficiency and productivity within the business.

(iv) Risk Sharing: In a partnership, both partners share the risks and liabilities of the business. Samba would not bear the entire burden of debts or legal obligations alone, reducing his personal liability.

(v) Collaboration and Support: By remaining in the partnership, Samba can benefit from collaboration, idea generation, and support from Victor. The partners can pool their knowledge, skills, and experience to overcome challenges, make informed decisions, and drive the business forward




(i) Storage of goods
(ii) Protection of goods
(iii) Risk bearing
(iv) Financing
(v) Processing
(vi) Grading and branding
(vii) Transportation

(a) Chain store:
(i) Multiple store locations, often spread across different regions or even countries
(ii) Uses a standardized branding and store design across all locations, giving a consistent customer experience.

(b) Mobile shop:
(i) Operates out of a vehicle or a portable structure, allowing it to move to different locations.
(ii) Typically focuses on a specific product or niche, such as mobile phones or accessories.

(c) Mail order business:
(i) Uses catalogs, websites, or other printed and digital materials to advertise and sell products to customers who place orders remotely.
(ii) Often offers a wide range of products to cater to diverse customer needs and preferences.




(i)Stocks: Stocks represent ownership shares in a company. Investors can buy and sell stocks on the stock exchange, aiming to profit from price fluctuations or receive dividends based on the company’s performance.

(ii)Bonds: Bonds are debt securities issued by governments, municipalities, or corporations. Investors lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.

(iii)Exchange-Traded Funds (ETFs): ETFs are investment funds traded on stock exchanges. They represent a basket of securities, such as stocks, bonds, or commodities. Investors can trade ETFs like stocks, offering diversification and flexibility in their investment portfolios.

(iv)Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors can buy or sell mutual fund shares at the net asset value (NAV) at the end of the trading day.

(v)Options: Options are derivative securities that provide the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a predetermined price within a specific time period. Investors can trade options to speculate on price movements or manage risk in their investment positions.

(i)Loyalty: An agent has a duty to act in the best interests of the principal and to avoid conflicts of interest. They should prioritize the principal’s goals and not engage in activities that would harm the principal or benefit themselves at the principal’s expense.

(ii)Obedience: An agent is obligated to follow the lawful instructions and directives of the principal, as long as they are within the scope of the agency relationship. The agent should carry out the principal’s wishes and act in accordance with their expressed desires.

(iii)Skill and Competence: An agent has a duty to perform their tasks with a reasonable level of skill, care, and diligence. They should possess the necessary knowledge, qualifications, and experience to fulfill their obligations and responsibilities to the principal.

(iv)Disclosure of Information: An agent has a duty to provide accurate and complete information to the principal regarding all relevant matters related to the agency relationship. This includes disclosing any conflicts of interest, potential risks, or material information that may impact the principal’s decisions.

(v)Accounting and Financial Responsibility: An agent is responsible for managing the principal’s assets, funds, or resources entrusted to them. They have a duty to maintain accurate records, provide regular accounting statements, and handle the principal’s financial affairs in a responsible and transparent manner.




Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act.: 2(a):

(i) Limited resources: As a sole trader, Samba may not have access to the same resources, such as capital and expertise, that he had as a partner.

(ii) Increased workload: Samba may have to handle all aspects of the business himself, which could be overwhelming and time-consuming.

(iii) Limited scope: Samba may not be able to take advantage of new opportunities or expand the business beyond his personal capacity.

(iv) Limited liability: As a sole trader, Samba would be personally liable for any debts or legal issues arising from the business.

(v) Lack of collaboration: Samba may miss the benefits of collaborating with a partner, such as sharing ideas and workload.

(i) Shared resources: Samba would have access to the resources and expertise of his partner, which could help the business grow and succeed.

(ii) Shared workload: Samba would not have to handle all aspects of the business alone, which could reduce his workload and stress.

(iii) Shared risk: The partnership structure allows Samba to share the risks and liabilities of the business with his partner.

(iv) Collaborative decision-making: Working with a partner allows Samba to share ideas and make decisions collaboratively, which could lead to better outcomes.

(v) Combined expertise: Samba and his partner may have different areas of expertise, which could complement each other and lead to a more successful business.




Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act.

(6bi) Increase in building costs and land value

(6bii) The depletion of natural resources is a growing concern especially in places where resources are already scarce.

(6biii) Tourism puts enormous stress on local land use, and can lead to soil erosion, increased pollution, natural habitat loss etc.




(7a) Two differences between marketing and selling are:

(1) Focus: Selling primarily focuses on the exchange of goods or services for monetary value. It involves persuading customers to make a purchase by emphasizing product features, benefits, and price. Marketing, on the other hand, is a broader concept that encompasses activities such as market research, product development, pricing, distribution, and promotion. It is concerned with understanding customer needs and preferences, creating value, and building long-term customer relationships.

(ii) Scope: Selling is a transactional activity that primarily deals with individual sales transactions and customer interactions. It emphasizes closing deals and generating revenue in the short term. Marketing, on the other hand, takes a holistic approach and includes various strategic activities to attract and retain customers. It involves creating and implementing marketing strategies, branding, market segmentation, customer relationship management, and overall market positioning.

(b) The four main elements of the marketing mix, often referred to as the 4Ps, are:

(i) Product: This refers to the goods or services offered by a company. It includes product design, features, quality, branding, packaging, and customer value proposition.

(ii) Price: Price refers to the amount customers are charged in exchange for the product or service. It involves setting competitive pricing strategies, considering factors such as costs, market demand, pricing objectives, and perceived value.

(iii) Place: Place refers to the distribution channels and methods used to make the product available to customers. It involves decisions related to inventory management, logistics, channel partners, and selecting the most suitable distribution channels to reach the target market effectively.

(iv) Promotion: Promotion encompasses all the activities used to communicate and promote the product to the target market. It includes advertising, sales promotion, public relations, personal selling, and digital marketing efforts to create awareness, generate interest, and persuade customers to purchase the product.

(c) The benefits that Country Z could derive from remaining in the Economic Community of West African States (ECOWAS) include:

(i) Trade Advantages: By remaining in ECOWAS, Country Z can benefit from preferential trade agreements and reduced trade barriers within the member countries. This can lead to increased export opportunities, access to larger markets, and the potential for economic growth through increased trade.

(ii) Economic Cooperation: ECOWAS provides a platform for economic cooperation and collaboration among member countries. Country Z can participate in regional development projects, joint ventures, and infrastructure initiatives, leading to improved economic stability and shared resources.

(iii) Regional Security: ECOWAS has a focus on promoting peace, stability, and security within the region. By remaining in the group, Country Z can benefit from collective security efforts, cooperation in combating transnational crime, and regional peacekeeping initiatives.

(iv) Regional Integration: ECOWAS aims to promote regional integration, which can enhance political, social, and cultural ties among member countries. This can lead to increased cooperation in areas such as education, healthcare, cultural exchange, and regional governance, fostering regional unity and cooperation.



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Waec Commerce Answers 2023

Wednesday, 24th May, 2023

  • Commerce 2 (Essay) – 2:00pm – 4:00pm
  • Commerce 1 (Objective) –4:00pm – 5:50pm

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Past Commerce Answers


Sales promotion can be defined as a marketing strategy where the product is promoted using short-term attractive initiatives to stimulate its demand and increase its sales.
(i) Discounts: This is the most common method in which the products are offered at lower prices than the market price. For example, the washing machine may be listed at ₦50,000 but after the discount of 10%, it may be sold at ₦45,000.

(ii) Product combinations: This is a unique method to boost sales. A gifted product is offered along with the main product. For example, the toothbrush is offered along with the toothpaste or pen is offered along with the notebook, etc.

(iii) Lucky Draw:
Under this method, the customers of a particular product are offered gifts on a fixed date and the winners are decided by the draw of lots. While purchasing the product, the customers are given a coupon with a specific number printed on it.

(iv) Instant Draw and Assigned Gift:
Under this method, a customer is asked to scratch a card on the purchase of a product and the name of the product is inscribed thereupon which is immediately offered to the customer as a gift. For example, on buying a car when the card is scratched such gifts are offered TV, Refrigerator, Computer, Mixer, Dinner Set, Wristwatch, T-shirt, Iron Press, etc.

(v) Samples or Sampling:

Under this method, the producer distributes free samples of his product among the consumers. Sales representatives distribute these samples from door-to-door. This method is used mostly in case of products of daily-use, e.g., Washing Powder, Tea, Toothpaste, etc

Trade is the buying and selling of goods and services, while Commerce is involved in all those activities in the distribution and exchange of goods and services.

(i) Transfer of information: Commerce aids the receiving and giving out of business and non-business which is vital to human existence. Trade is promoted globally through the dissemination of information, that is both oral and written.

(ii) Effective distribution: Equitable distribution and supply of goods in and around the world are ensured through commerce. It helps products to be made available where they are needed thereby preventing scarcity and fluctuation in the prices of goods.

(iii) Large scale production: Commerce helps to encourage mass or large scale production of goods both at local and foreign levels hence there is an expansion of market or the product.

(iv) Stimulation of demands: Commerce plays a role of increasing demand through effective advertising strategy which helps to expand the market for local and international products.

(v) Risk minimization: Insurance helps to cover all forms of losses both physical and financial that may occur in businesses thereby ensuring rapid growth in the world market.

Transportation is the process of conveying goods and people from one place to another either through water, road, rail or air.

(i) Type of goods/nature of goods
(ii) Availability
(iii) Owner’s choice/convenience
(iv) Cost of the mode

(i) Type of goods/nature of goods: This covers the nature of the goods, fragile and perishable goods can be sent through air transport while heavy and bulky goods can be sent by rail.

(ii) Availability: The choice of transport would be determined by the means of transport that exists in a particular place at a particular time.

(iii) Owner’s choice/convenience: This has to do with choice which may be as a result of the class of the owner. Rich people prefer air even for items that can go by road.

(iv) Cost of the mode: The cost of using a particular means may affect the use of the means. It is more costly to travel by air.

(i) Memorandum of Association
(ii) Article of Association
(iii) Prospectus
(iv) Certificate of Incorporation
(v) Certificate of Trading

(i) Memorandum of Association: It is a document forming the constitution of a company and defining its objectives and powers with regard to its dealing with the outside world. It is the document containing the rules and regulations which govern the external relationship of a company with outsiders.

(ii) Article of Association: It is a document in which the regulations which govern the internal management of the company’s affairs, duties, rights and powers of the shareholders are stated. It complements the memorandum of association

(iii) Prospectus: It is a document issued by the public limited companies only inviting the public to subscribe for shares of the company. A copy of such a prospectus, signed by the directors or proposed directors in writing, must be filed with the registrar of companies.

(iv) Certificate of Incorporation: This is a certificate which is given out as evidence that all the requirements have been complied with by the company and is therefore duly registered under the Act. The certificate of incorporation contains name of the company, registration number and signature of the registrar.

(v) Certificate of Trading: This is a document which allows the public limited liability company to commence business activities. It is issued to enable public limited liability company commence operation after the company has been given the certificate of incorporation.

(i) Invisible Trade: This is a type of international trade involving intangible products such as services or banking, shipping services which require payment of money.

(ii) Entrepot Trade: This is a system of trade where goods imported into a country are re-exported while the goods are still in the same form as they were received.

(iii) Import Trade: This is a system of trade where goods produced in one country are brought into another country for sale.

(i) Trade restrictions by countries being created by trading partners when they discover they have adverse balance of trade or payment such as embargoes, duties, quota, cartel.

(ii) Difference in Business laws and regulations among countries.

(iii) Government policies/political differences can affect trade between two countries.

(i) Open Market Operation
(ii)Reserve Requirement/Liquidity/Cash Ratio
(iii) Moral suasion
(iv) Bank rate
(v) Special deposit

(i) Open Market Operation: This is a method used to either increase or reduce the money in the hands of commercial banks for lending purpose. To increase the money in circulation, the Central Bank will buy instruments (Treasury certificate and Treasury bills) and pay with cash while it sells instruments to reduce money.

(ii)Reserve Requirement/Liquidity/Cash Ratio: This represents the amount a commercial bank must keep as reserve from her deposits. This will be kept low or high to encourage or discourage lending by commercial banks. There are two types of reserves; namely cash ratio and liquidity reserve.

(iii) Moral suasion: This is more of an appeal to commercial banks to keep within the rules as stipulated by the Central Bank.

(iv) Bank rate: This is referred to as the minimum rate for lending as stipulated by the Central Bank. The rate will be kept high to discourage people from borrowing and encourage savings, while the rate will be kept low to encourage borrowing.

(v) Special deposit: This refers to compulsory deposits demanded by the Central Bank which is pegged as a percentage of total deposits to reduce the lending activities of commercial bank.

A current asset is a company’s cash and its other assets that are expected to be converted to cash within one year of the date appearing in the heading of the company’s balance sheet

(i) It serves as a yard stick for investors.
(ii) Serves as a check against tying down too much money for current assets.
(iii) It is used for financing the daily transactions of a business.

(i) It is easy to set up and organize.
(ii) One-man business is suitable for the provision of personal services and production of special or custom-made products.
(iii) Cordial relationship with customers provides a feedback system that can help assist in maximum satisfaction of customers.
(iv) The owner enjoys independence since he is his own boss.
(v) Decision taking is quick since the owner does not need to consult anybody.

(i) There is limited capital for expansion purposes. This is partly due to the inability of the owner to borrow money from banks.
(ii) The sole proprietor has unlimited liability as his personal assets can be sold in case of business failure.
(iii) The business is not a separate legal entity, therefore, it cannot sue or be sued.
(iv) Sole proprietor business lacks the certainty of continuity because the death of the owner or poor management can result in the death of the business.


Commerce 2 (Essay) 2pm – 4pm
Commerce 1 (Objective) 4pm – 4:50pm




(ii)free samples
(iii)handbill flier’s
(iv)Bell ringing

(i) The cost
(ii) The target audience
(iii)Nature of the goods
(iv) Communication

(i)It increases profit
(ii) It provides information about features
(iii)It also stimulates demands
(iv)It helps I’m creating job opportunities

(i)improving the profitability of the firm.
(ii)Carrying out restriction of output ,
(iii)control of price,
(iv)allocation of market shares.

(i)They base their decisions on the full costs and benefits

(ii)They can be used to influence economic activity. To boost the country’s output, public corporations can be directly encouraged to increase their output.

(iii)In cases where it is practical to have only one firm in the industry, such as rail infrastructure, a public corporation would not abuse its market power.

(i)They can be difficult to manage and control. The large size of the organisations may mean that time has to be spent on meetings and communicating with staff, slowing down decision making.

(ii)They may become inefficient, produce low-quality products, and charge relatively high prices, due to a lack of competition and the knowledge that they cannot go bankrupt.

(iii)They will need to be subsidized if they are loss-making. The use of tax revenue to support them has an opportunity cost it could be used to spend on, say, training more teachers and nurses.

(i) Bill of exchange
(ii) Hire purchase contract
(iii) Promissory note
(vi) Credit card
(v) Bank draft

(i) Can get a significant amount of money at the rate of time
(ii) Allows emergency purchases
(iii) Money may not need to be paid back
(iv) Can create space for more profitable uses

(i) Might not get the full market value of the assets or even be able to sell them at all
(ii) Money may be lost if the business fails
(iii) Difficult for a new business to access

(i)Best Location: One of the key starting points in putting up a retail store is the right location. Getting into an ideal business location is a sustainable advantage since a competitor can’t copy or steal your spot.
(ii)Competitive Factors: Competitive factors also impact the effectiveness of a retail start-up. The ideal scenario exists when you start a distinct business that offers sizable marketplace goods or services they value and can’t get elsewhere.
(iii)Financial Capital: You have two basic ways to start a retail business. You can build one from scratch or invest in a franchise, where you purchase the rights to an existing model.
(iv)Legal and Regulatory Environment: You also need to understand legal and regulatory facts that impact your industry. Some industries are heavily regulated, while others have minimal government regulations.

(i)The government regulates business name registration through CAC – Corporate Affairs Commission
Government patent use law is a statute that is a “form of government immunity from patent claims.
The government regulates trademark through its trademark law
The Commission is the Government agency responsible for all copyright matters in Nigeria including the administration, regulation.

(Choose Any four)
(i) Through the stock exchange market which is part of the capital market ,fund or capital can be raised or mobilised by companies and investors
(ii)Stock exchange market provide Financial Market where people can invest their money in shares of companies
(iii)Stock exchange facilitates the transfer of ownership of shares between investors.
(iv)stock exchange market Provide Avenue for Government to Raise fund
(v)The stock exchange market provides professional advice to investors on sales and management of securities

(5bi)Debenture: A debenture is a document which acknowledges a loan generally under the company’s seal,bearing a fixed rate of interest . it usually gives security for replacement of loan as well as the interest. Holders of debenture certificate have no voting right

(5bii)Bond : A bond is a security issued by a government or its agency or private institution as a means of raising fund. Bonds are usually due to be redeemed at some future date,and they carry a fixed rate of interest.

(5biii)Shares: Shares can be defined as an individual portion of the company’s capital owned by shareholders. It is the interest which a shareholder has in a company . in other word, a share is a unit of capital measured by a sum of money.

(5biv)Stock: stock can be defined as the bundle of shares or mass of capital which can be transferred in fractional amount. They are always fully paid ,e.g it can be quoted per #100 nominal value.

(i)Provides Technical Support To Exporters
(ii)Simplifies Export Procedures
(iii)Provides Grants And Incentives
(iv)Simplifies Export Procedures
(v)Provides Exportable Products’ List

(i)Collect and revenue for the government by charging customs excise duties.
(ii)keep and analyze records of imported and exported goods and services.
(iii)Control bonded warehouses to ensure that duty is collected for imported dutiable goods before releasing them.
(iv)Supervise public health by arranging quarantine for animals, pets coming into the country thus controlling infectious disease.
(v)Supervise entrepots (re-export) trade to ensure that no duty is charged and collected on goods destined to another country.

Trading profit and loss account
(Debit side)
Opening stock 20,000
Purchases 150,000
Carriage inward 4000
Less closing stock 35,000
Cost of goods sold 139,000
Gross profit 91,000
Total 230,000

Salaries 29,000
Net profit 62,00
Total 91,000

(Credit side)
Sales 230,000
GP 91,000
Total 91,000

cost of goods sold = Le 139,000

Gross profit = Le 91,000

Net profit = Le 62,000

Percentage of Gross profit Gross profit/sales * 100/1
91,000/230,000 * 100/1


Waec Commerce Answers 2023 for 24th May 2023 (Objective and Essay)

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