COMMERCE OBJ
01-10: DABBDCBBAA
11-20: BDCBAADDDC
21-30: BDCBDCACDC
31-40: BCABCCABAC
41-50: CDACCBCDAC

(5a)
(PICK ANY ONE)
Indent is a formal request from a buyer to a seller to purchase goods or services WHILE a quotation is a formal offer from a seller to a potential buyer, providing the price and terms for the requested goods or services.

OR

An indent is a formal written request made by a buyer to a seller or supplier for the supply of goods or services WHILE a quotation is a formal written document provided by a seller to a potential buyer, outlining the proposed prices for goods or services requested.

(5bi)
Export Promotion Council:
(PICK ANY FOUR)
(i) Conducting market research to identify potential export markets, analyzing market trends, and providing valuable insights to exporters.
(ii) Assisting exporters in understanding and complying with export documentation requirements, customs procedures, and other legal formalities.
(iii) Organizing trade fairs, exhibitions, and buyer-seller meets to showcase products and services, facilitate business networking, and promote exports.
(iv) Representing the interests of exporters in trade negotiations, advocating for favorable trade policies, and addressing trade barriers to facilitate market access for exporters.
(v) Assisting exporters in understanding and complying with quality standards and certifications required in target markets, promoting adherence to international quality norms.
(vi) Representing the interests of exporters to the government, providing feedback on policy issues affecting exports, and advocating for policy reforms that promote export growth.

(5bii)
Customs and excise authority:
(PICK ANY FOUR)
(i) They facilitate the smooth flow of international trade by examining and clearing goods at ports, airports, and other entry points
(ii) Customs and Excise authorities are responsible for collecting customs duties, tariffs, and other taxes on imported goods
(iii) Customs authorities aim to facilitate legitimate trade while ensuring compliance with regulations
(iv) Customs authorities enforce laws and regulations related to international trade.
(v) Customs authorities play a vital role in ensuring national security at borders
(vi) Customs authorities collect trade data, including import and export statistics, to monitor trade trends, support economic analysis, and develop trade policies.

(1a)
(PICK ANY FIVE)
(i) Limited access to finance: Limited access to financing and credit facilities has been a significant obstacle to the growth of commerce in West Africa. Many small and medium-sized enterprises (SMEs) struggle to access affordable capital, hindering their ability to expand and invest in their businesses.

(ii) Informal economy dominance: The dominance of the informal economy in West Africa, characterized by unregistered and unregulated economic activities, has hindered formal commerce. Informal sectors often lack access to formal financial services, legal protection, and regulatory frameworks, which limit growth and investment opportunities.

(iii) Weak institutional frameworks: Weak governance, corruption, and inadequate institutional frameworks have posed challenges to commerce in West Africa. Inefficient bureaucracy, cumbersome regulations, and inconsistent enforcement of laws create barriers to business operations, discourage investment, and undermine the overall business environment.

(iv) 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.

(v) 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.

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

(vii) 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.

(viii) 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.

(ix) Limited diversification: The heavy dependence on primary commodities, such as oil, minerals, and agricultural products, has hindered the diversification of West Africa’s economies. Overreliance on a narrow range of exports makes countries vulnerable to price fluctuations, market shocks, and external factors beyond their control.

(1b)
(i) Oil driller – Industrial worker
(ii) Potter – Artisan worker
(iii) Policeman – Civil servant
(iV) Brewer – Industrial worker
(V) Stock broker – Financial professional
(vi) Mason – Construction worker
(vii) Farmer – Agricultural worker

(6a)
(PICK ANY ONE)
Tourism is the practice which involves the visiting of people to places of interest for recreational, leisure or business purposes.

OR

Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes

OR

Tourism involves visiting various destinations, exploring their attractions, experiencing their culture, and engaging in recreational activities.

(6bi)
(PICK ANY ONE)
(i) Tourism revenue leaks out of the local economy due to the presence of multinational companies or foreign-owned businesses.
(ii) Seasonality nature of tourism can lead to instability in local economies, making it challenging for businesses to sustain themselves throughout the year and causing fluctuations in employment opportunities.
(iii) Overly dependent on tourism as its primary source of income makes the place vulnerable to external factors such as economic downturns, political instability, natural disasters, or changes in travel patterns especiaccly when there is a decline in tourist arrivals.
(iv) Tourism can drive up the cost of living in popular destinations

(6bii)
(PICK ANY ONE)
(i) Tourism development can lead to social disruptions within local communities
(ii) Rapid tourism development can erode traditional values, customs, and cultural practices.
(iii) Tourism can lead to the exploitation of local cultures and traditions.
(iv) The presence of tourists can sometimes lead to the emergence of negative social behaviors, such as an increase in crime rates, substance abuse, and prostitution.
(v) The benefits of tourism may not be equally distributed among the local population, resulting in unequal access to employment opportunities, income, and resources.

(6biii)
(PICK ANY ONE)
(i) Tourism can contribute to various forms of pollution, including air, water, and noise pollution.
(ii) The development of tourism infrastructure such as hotels, resorts, roads, and recreational facilities can result in habitat destruction and fragmentation.
(iii) High tourist concentrations in water-stressed areas can strain local water resources due to excessive water extraction for hotels, swimming pools, golf courses, and other tourist amenities.
(iv) Tourism generates substantial amounts of waste, including packaging, food waste, and single-use items.

(6ci)
(PICK ANY TWO)
(i) Tourism can be a significant driver of economic growth, contributing to increased business opportunities, job creation, and income generation.
(ii) Tourism can generate foreign exchange earnings through spending by international visitors.
(iii) Tourism offers opportunities for diversifying an economy beyond traditional industries.
(iv) Tourism provides a platform for small-scale businesses and entrepreneurs to thrive.
(v) To cater to the needs of tourists, destinations often invest in infrastructure development projects such as airports, roads, transportation networks, and public amenities.

(6cii)
(PICK ANY TWO)
(i) Tourism provides opportunities for cultural exchange and interaction between visitors and local communities.
(ii) Tourism can play a crucial role in the preservation and promotion of cultural heritage
(iii) Well-managed tourism can empower local communities by involving them in decision-making processes, providing opportunities for entrepreneurship and income generation
(iv) Tourism can raise awareness about environmental issues and contribute to conservation efforts.
(v) ourism development often leads to improvements in infrastructure and public services in destinations

(6ciii)
(PICK ANY TWO)
(i) Tourism can create economic incentives for the conservation and preservation of natural areas, including national parks, wildlife reserves, and protected habitats.
(ii) Tourism can raise awareness about environmental issues and promote environmental education.
(iii) ourism can drive the adoption of sustainable practices by encouraging businesses and destinations to minimize their environmental footprint.
(iv) Tourism can contribute to the conservation of natural areas and biodiversity.
(v) Tourism development can facilitate the restoration and rehabilitation of degraded environments

(4a)
These are the five securities you could trade in as an investor:
(PICK ANY FIVE)
(i) Stocks: Stocks represent ownership shares in companies. When you buy stocks, you become a partial owner and can benefit from the company’s success through capital appreciation and dividends.

(ii) Bonds: Bonds are debt securities issued by governments or corporations. When you buy a bond, you lend money to the issuer and receive periodic interest payments. The issuer promises to repay the principal amount at maturity.

(iii) Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Professional fund managers manage the fund, and investors can buy or sell shares in the mutual fund.

(iv) Exchange-Traded Funds (ETFs): ETFs are similar to mutual funds but are traded on stock exchanges like individual stocks. They track specific indices or sectors and provide investors with exposure to a diversified portfolio of assets.

(v) Options: Options are financial derivatives that give investors the right, but not the obligation, to buy or sell an asset at a specific price within a specified period. Options can be used for hedging or speculative purposes.

(vi) Futures Contracts: Futures contracts are agreements to buy or sell an asset at a predetermined price on a future date. They are commonly used for commodities, currencies, or financial instruments and allow investors to speculate on price movements or hedge against risk.

(vii) Real Estate Investment Trusts (REITs): REITs are companies that own, operate, or finance income-generating real estate properties. By investing in REITs, investors can gain exposure to the real estate market and earn income through dividends.

(viii) Commodities: Commodities are raw materials or primary agricultural products that are traded in the global market. Examples include gold, oil, wheat, and coffee. Investors can trade commodities through futures contracts or ETFs.

(4b)
(PICK ANY FIVE)
(i) Duty of loyalty: An agent must act in the best interests of their principal and avoid any conflicts of interest. They should prioritize the principal’s interests over their own and refrain from engaging in any activities that may harm the principal’s business.

(ii) Obedience: An agent is obligated to follow the instructions given by the principal, as long as they are lawful and within the scope of the agency agreement. The agent should execute their tasks diligently and in accordance with the principal’s directives.

(ii) Duty of care and skill: An agent is expected to perform their duties with reasonable care, skill, and competence. They should possess the necessary knowledge and expertise required to carry out their responsibilities effectively. The agent should exercise due diligence and make informed decisions on behalf of the principal.

(iii) Duty to disclose information: An agent has a duty to provide accurate and timely information to the principal. They should disclose all relevant facts, including any conflicts of interest, potential risks, or material information that may impact the principal’s decision-making process.

(iv) Duty to account: An agent is responsible for keeping accurate records of all transactions and financial matters related to the agency. They should provide a transparent account of all funds, assets, or property belonging to the principal and be prepared to provide an account statement upon request.

(v) Duty of confidentiality: An agent must maintain the confidentiality of the principal’s business affairs, trade secrets, and sensitive information. They should not disclose or misuse any confidential information obtained during the course of their agency relationship, except when required by law or with the principal’s consent.

(vi) Duty to act in good faith: An agent has an overarching duty to act in good faith and with honesty, integrity, and fairness. They should conduct themselves in a manner that upholds the reputation and best interests of the principal and the business relationship between the two parties.

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.
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(3a)
[PICK ANY FOUR]
(i) Storage of goods
(ii) Protection of goods
(iii) Risk bearing
(iv) Financing
(v) Processing
(vi) Grading and branding
(vii) Transportation

(3b)
(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.

1a) Five factors that delayed the growth of commerce in West Africa are:

1. 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.

2. 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.

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

4. 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.

5. 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.

b) Classifications of workers:

(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

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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.

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7a
1) Selling involves creating products or services and selling them to customers, whereas marketing refers to finding the wants of customers and fulfilling them.

2) Selling sees the business as a process of goods and service production, whereas marketing sees the business as a consumer satisfying process.

7b
1) Product. The item or service being sold must satisfy a consumer’s need or desire.
2) Price. An item should be sold at the right price for consumer expectations, neither too low nor too high.
3) Promotion. The public needs to be informed about the product and its features to understand how it fills their needs or desires.
4) Place. The location where the product can be purchased is important for optimizing sales.