![2026 WAEC Commerce Essay & OBJ Answers [19th June]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijWptqT4I99qnDZuMifrLn4n73Ac5egdabYjPqqgI0trIVDx1hYlCsVwyqGESntqPDwMBOFwVp16CtQZPuQNI9D3WB77Y-FQs-AqLqV3nXJbytg_jSSDrj1h6oLGkZTMuRwLzfkbkpBcs/s1600/WAEC+LOGO.png "2026 WAEC Commerce Essay & OBJ Answers [19th June]")
Friday, 19th June 2026
Commerce 2 (Essay) 9:30am – 11:30am
Commerce 1 (Objective) 11:30am – 12:20pm
2026 WAEC COMMERCE OBJECTIVES (OBJ) ANSWERS:
1-10: BCBDABDBCB11-20: ACAADDDDAD
21-30: BDACBBDCAB
31-40: BBBCADCBDB
41-50: DCCCCDAAAD
2026 WAEC COMMERCE ESSAY (THEORY) ANSWERS:
(PICK ANY ONE)
Commerce
is the process of buying and selling goods and services and all
activities that aid trade, such as transportation, banking, insurance
and advertising. While E-commerce is the buying and selling of goods and
services through electronic networks, especially the internet.
OR
Commerce
refers to the branch of business that deals with the distribution and
exchange of goods and services from producers to consumers through trade
and aids to trade. While E-commerce is a system of conducting
commercial transactions electronically using computers, mobile phones
and other digital devices without physical contact between buyers and
sellers.
(1bi)
(PICK ANY ONE)
Business to Customer (B2C) is
a type of e-commerce in which a business sells goods and services
directly to individual consumers through the internet. In this
arrangement, customers visit online stores, place orders, make payments
electronically and receive the products or services from the business.
OR
Business
to Customer (B2C) refers to electronic commercial transactions between a
business organization and the final users of its products. It enables
consumers to buy goods and services online without visiting a physical
store, making transactions faster and more convenient.
(1bii)
(PICK ANY ONE)
Government
to Business (G2B) is a type of e-commerce that involves the use of
electronic platforms for interactions between government agencies and
business organizations. Through this system, businesses can access
government services, submit applications and make payments online.
OR
Government
to Business (G2B) refers to online transactions and communication
between government institutions and private businesses. It allows
companies to carry out activities such as tax payments, business
registration, licence applications and other official transactions
electronically.
(1c)
Advantages of E-commerce:
(PICK ANY TWO)
(i) It enables businesses to operate twenty-four hours a day.
(ii) It gives access to a wider market across different locations.
(iii) It reduces the cost of maintaining physical shops.
(iv) It allows faster buying and selling transactions.
(v) It improves communication between buyers and sellers.
(vi) It provides convenience to customers.
Disadvantages of E-commerce:
(PICK ANY THREE)
(i) Risk of fraud and cybercrime.
(ii) Dependence on internet and electricity supply.
(iii) Customers cannot physically inspect goods before purchase.
(iv) Delivery delays may occur.
(v) Technical failures can disrupt transactions.
(vi) Personal information may be exposed to hackers.
(vii) High cost of setting up and maintaining online platforms.
(viii) Lack of personal contact between buyers and sellers.
(ix) Possibility of receiving damaged or wrong products.
(x) Difficulty in resolving complaints in some cases.
(2a)
(PICK ANY ONE)
Division
of labour is the process of breaking down a production activity into
different tasks and assigning each task to different workers according
to their skills and abilities, so that each worker specializes in a
particular aspect of the work.
OR
Division of labour is
the specialization of workers in different tasks or stages of
production, where each worker performs a specific part of the work to
increase efficiency and productivity.
(2b)
(PICK ANY THREE)
(i) Capital is a man-made factor of production.
(ii) It is used to produce other goods and services.
(iii) It is subject to depreciation through wear and tear.
(iv) It can be increased through savings and investment.
(v) It is mobile and can be transferred from one place or use to another.
(vi) It is productive because it helps in generating income and wealth.
(vii) It has a derived demand, since its demand depends on the demand for the goods and services it helps to produce.
(viii) It requires maintenance and replacement to remain useful.
(2ci)
(PICK ANY ONE)
Extraction
occupation refers to economic activities concerned with obtaining
natural resources directly from the earth, sea, or forest for human use
and industrial production.
OR
Extraction occupation involves the removal of natural resources from the earth, water, or forest for use by man and industries.
Examples:
(PICK ANY FOUR)
(i) Mining of gold, coal, tin and limestone.
(ii) Crude oil exploration and drilling.
(iii) Fishing.
(iv) Lumbering (Cutting of timber).
(v) Quarrying (granite, sand, gravel, stone)
(v) Salt mining/extraction
(2cii)
(PICK ANY ONE)
Manufacturing
occupation refers to economic activities that involve processing or
transforming raw materials into finished goods or products that can be
used by consumers or other industries.
OR
Manufacturing
occupation involves the conversion of raw materials into finished or
semi-finished goods through industrial processes.
Examples:
(PICK ANY FOUR)
(i) Production of cement from limestone.
(ii) Manufacturing of textiles from cotton.
(iii) Production of vehicles in automobile factories.
(iv) Processing of cocoa into chocolate.
(v) Producing paper from wood pulp.
(vi) Making shoes from leather.
(3ai)
Agricultural Cooperative Society
(3aii)
(PICK ANY FOUR)
(i) Membership is voluntary and open to eligible farmers.
(ii) It is owned and controlled by its members.
(iii) Each member has equal voting rights (one member, one vote).
(iv) Members contribute capital through shares or subscriptions.
(v) Profits are distributed among members according to their patronage or participation.
(vi) It is established to promote the economic welfare of members.
(vii) It operates on democratic principles.
(viii) Members share risks and benefits of the society.
(3b)
(PICK ANY FIVE)
(i)
Limited Liability: The owners of a private company enjoy limited
liability. This means that shareholders are only responsible for the
debts of the company up to the amount they invested. Their personal
property and savings are protected from business losses and obligations.
(ii)
Separate Legal Entity: A private company has a legal identity different
from its owners. It can own property, enter into contracts, sue others,
and be sued in its own name. This ensures continuity and stability in
business operations and transactions.
(iii) Continuity of
Existence: The company continues to exist even when shareholders die,
retire, or transfer their shares. Its existence is not affected by
changes in ownership. This provides stability and allows the business to
operate continuously over a long period.
(iv) Ease of Raising
Capital: A private company can raise more capital by issuing shares to
its members. It can also obtain loans from financial institutions more
easily because of its legal status and organized structure, making
business expansion possible.
(v) Better Management: The company
is managed by qualified directors who are elected to oversee its
activities. This separation of ownership from management promotes
efficiency, proper planning, and better decision-making, leading to
improved performance and business growth.
(vi) Greater Business
Expansion: Due to increased access to capital and professional
management, a private company can expand its operations more easily. It
can establish new branches, introduce new products, and enter new
markets to increase profitability.
(vii) Transferability of
Shares: Shares in a private company can be transferred to other approved
members according to the company's regulations. This allows
shareholders to recover their investments when necessary without
affecting the existence or daily operations of the company.
(viii)
Increased Public Confidence: Private companies usually maintain proper
records and comply with legal requirements. As a result, customers,
suppliers, banks, and investors tend to have greater confidence in
dealing with them, which enhances their reputation and business
opportunities.
(4a)
(PICK ANY FIVE)
(i) Low Capital
Requirement: Hawking requires very little capital to start compared to
supermarkets. A hawker can begin business with a small amount of money
and a few goods, making it an attractive option for individuals who
cannot afford large business investments.
(ii) Convenience to
Customers: Hawkers move from place to place, bringing goods directly to
consumers. This saves customers time and transport costs since they can
purchase needed items at their homes, workplaces, bus stations, or along
the streets.
(iii) Employment Opportunity: Hawking provides a
source of income and employment for many people, especially the
unemployed and school leavers. It enables them to earn a living without
waiting for scarce formal jobs in government or private organizations.
(iv)
Flexible Business Operation: Hawkers can easily change their locations
and business hours according to customer demand. This flexibility allows
them to reach more customers and maximize sales, unlike supermarkets
which operate from fixed locations.
(v) Ability to Sell in Remote
Areas: Hawkers can reach villages, streets, and communities where
supermarkets are unavailable. By taking goods directly to such areas,
they satisfy consumer needs and create a ready market for their
products.
(vi) Lower Operating Costs: Hawkers do not spend much
on rent, electricity, security, and staff salaries. Their low operating
expenses enable them to continue in business and sometimes sell goods at
competitive prices.
(vii) Quick Sales and Cash Transactions:
Most hawkers conduct business on a cash-and-carry basis, reducing the
risk of bad debts. Immediate payment allows them to quickly recover
their capital and restock goods for continuous business operations.
(viii)
Availability of Ready Market: Many consumers prefer buying from hawkers
because of convenience and accessibility. The constant demand for
everyday items such as fruits, snacks, and household products encourages
hawkers to remain in business.
(4b)
(PICK ANY FIVE)
(i)
Large Size and Spacious Premises: A hypermarket occupies a very large
area and contains numerous departments under one roof. The spacious
environment allows customers to move freely while shopping for a wide
variety of products and services.
(ii) Wide Variety of Goods:
Hypermarkets stock different categories of goods such as food items,
clothing, electronics, furniture, and household products. Customers can
conveniently purchase many items in one location instead of visiting
several separate shops.
(iii) Self-Service System: Customers
select goods by themselves from shelves and display stands without
assistance from sales attendants. This system makes shopping faster,
encourages independent purchasing decisions, and reduces the cost of
employing many workers.
(iv) Fixed and Clearly Marked Prices:
Goods in a hypermarket usually carry price tags showing their selling
prices. Customers know the cost of products before purchase, eliminating
bargaining and making transactions more transparent and convenient.
(v)
Modern Shopping Facilities: Hypermarkets are equipped with facilities
such as shopping trolleys, baskets, computerized checkout systems, air
conditioning, and parking spaces. These facilities improve customer
comfort and make shopping more efficient and enjoyable.
(vi) Bulk
Purchasing and Sales: Hypermarkets buy goods in large quantities
directly from manufacturers and wholesalers. This enables them to enjoy
discounts, maintain adequate stock levels, and often sell products at
relatively lower prices to consumers.
(vii) Centralized
Management: The various departments of a hypermarket are controlled by a
central management team. This ensures proper coordination of
activities, efficient decision-making, effective supervision, and smooth
operation of the entire business.
(viii) One-Stop Shopping
Centre: Customers can obtain most of their needs in a single shopping
trip. The availability of numerous products and services under one roof
saves time, transport costs, and effort for shoppers.
(ix) Ample
Parking Space: Hypermarkets usually provide large parking areas for
customers. This makes it convenient for shoppers who come with vehicles
and encourages more people to patronize the store, especially during
peak shopping periods.
(x) Use of Advanced Technology:
Hypermarkets make extensive use of technology in stock control, sales
recording, payment processing, and customer service. This improves
efficiency, reduces errors, and enhances the overall shopping experience
for customers.
(5(a)
(PICK ANY FIVE)
(i) Performance of the contract by all the parties involved.
(ii) Mutual agreement of the parties to terminate the contract.
(iii) Breach of contract by one of the parties.
(iv) Expiration of the period specified in the contract.
(v) Impossibility of performance due to unforeseen circumstances.
(vi) Death of a party where personal services are involved.
(vii) Bankruptcy or insolvency of a party.
(viii) Operation of law, such as a court order declaring the contract void.
(ix) Frustration of the contract due to changes in circumstances.
(x) Rescission of the contract by either or both parties.
(5bi)
(PICK ANY ONE)
The
Sale of Goods Act is a law that governs contracts involving the buying
and selling of goods. It defines the rights and obligations of buyers
and sellers, specifies the conditions under which ownership of goods can
be transferred and provides remedies where either party fails to fulfil
the terms of the contract.
OR
The Sale of Goods Act
regulates commercial transactions relating to goods. It protects both
buyers and sellers by ensuring that goods supplied correspond with their
description, are of satisfactory quality and are fit for the purpose
for which they are purchased.
(5bii)
(PICK ANY ONE)
The
Foods and Drugs Act is a law enacted to control the manufacture,
processing, packaging, storage and sale of food, drugs and related
products. Its main purpose is to protect consumers from harmful,
contaminated, adulterated or fake products that may endanger health.
OR
The
Foods and Drugs Act establishes standards for food and pharmaceutical
products and prohibits the production or sale of products that are
unsafe for human consumption. It helps to safeguard public health and
consumer welfare.
(5biii)
(PICK ANY ONE)
The Standard
Organization Act establishes an authority responsible for formulating
and enforcing standards for goods, services and industrial processes.
The Act ensures that products produced locally or imported meet
acceptable quality and safety requirements.
OR
The
Standard Organization Act is designed to promote quality assurance and
consumer protection by setting standards for products and services. It
helps to prevent the circulation of substandard goods and encourages
uniformity in production.
(5biv)
(PICK ANY ONE)
The
Factory, Shops and Offices Act regulates working conditions in
factories, shops and offices. It provides for the health, safety and
welfare of workers by prescribing standards relating to ventilation,
sanitation, lighting, working hours and accident prevention.
OR
The
Factory, Shops and Offices Act is intended to protect employees from
unsafe and unhealthy working conditions. It requires employers to
maintain safe workplaces and provide adequate facilities necessary for
the well-being of workers.
(5bv)
(PICK ANY ONE)
The Hire
Purchase Act regulates transactions in which a person obtains goods by
paying for them in instalments over an agreed period. The hirer is
allowed to use the goods immediately, but ownership remains with the
seller until the final payment is made.
OR
The Hire
Purchase Act protects both the owner and the hirer in instalment
purchase agreements. It states the rights and obligations of each party,
the procedure for payment and the conditions under which goods may be
repossessed if the hirer defaults in payment.
(6a)
(PICK ANY ONE)
Business
management is the process of planning, organizing, directing,
coordinating, and controlling the resources and activities of a business
in order to achieve its objectives efficiently and effectively.
OR
Business
management is the process of organizing and controlling the affairs of a
business to ensure the achievement of its goals and objectives.
(6bi)
(PICK ANY ONE)
Economic
environment refers to the economic conditions and factors that
influence the operations and performance of a business within a country
or region.
OR
Economic environment is the set of economic
factors and conditions that affect the establishment, operation, and
growth of a business in an economy.
(6bii)
(PICK ANY ONE)
Social
environment refers to the social and cultural factors within a society
that affect the activities and decisions of a business.
OR
Social
environment is the collection of social values, cultural practices,
beliefs, attitudes, and way of life of people that influence business
activities and consumer behaviour.
(6c)
(PICK ANY FOUR)
(i)
Human Resources: Human resources are the people who work in a business
and contribute their skills, knowledge, and labour to achieve the
objectives of the organization. They include managers, supervisors, and
other employees.
(ii) Financial Resources: Financial resources
refer to the funds available to a business for its operations and
expansion. They may come from owners' capital, loans, retained profits,
or other sources of finance.
(iii) Material Resources: Material
resources are the physical items used in the production of goods and
services. They include raw materials, machinery, equipment, tools, and
buildings.
(iv) Information Resources: Information resources
consist of data and knowledge used for planning, decision-making, and
controlling business activities. They include business records, market
reports, customer information, and financial statements.
(v) Time
Resources: Time resources refer to the period available for carrying
out business activities and achieving organizational goals. Proper
management of time helps to improve efficiency and productivity.
(vi)
Natural Resources: Natural resources are gifts of nature used by
businesses in production. They include land, water, minerals, forests,
and other natural endowments.
(7a)
Deregulation
(7b)
(PICK ANY FOUR)
(i) Poor management practices which may result in wrong decisions, lack of supervision and inefficient use of resources.
(ii) Corruption and misappropriation of funds by officials, leading to financial losses and poor service delivery.
(iii)
Overstaffing, where the company employs more workers than necessary,
thereby increasing operating costs and reducing productivity.
(iv) Poor maintenance of vehicles and equipment, resulting in frequent breakdowns and disruption of services.
(v) Political interference in the operations of the company, preventing management from making sound business decisions.
(vi) Inadequate funding for the replacement of old vehicles and the acquisition of modern equipment.
(vii) Low staff motivation due to poor remuneration and lack of incentives, leading to low productivity.
(viii) Bureaucratic delays in decision-making, causing inefficiency and slow response to operational challenges.
(ix) Lack of competition, which may encourage complacency and poor performance.
(x) Poor planning and weak financial control systems within the organization.
(7c)
Advantages of deregulation:
(PICK ANY TWO)
(i)
Improves efficiency: Deregulation encourages organizations to operate
more efficiently since they can no longer rely on government subventions
and must strive to remain profitable.
(ii) Promotes competition:
Businesses compete with one another to attract customers, resulting in
improved services and better quality products.
(iii) Encourages
investment: Private individuals and corporate organizations are more
willing to invest in industries where government restrictions are
minimal.
(iv) Reduces government expenditure: The government spends
less money on subsidies and financial support for inefficient public
enterprises.
(v) Enhances innovation: Firms are encouraged to develop
new ideas, technologies, and methods of operation in order to remain
competitive.
(vi) Increases productivity: Workers and management
become more committed to achieving organizational goals because
profitability becomes a major objective.
Disadvantages of deregulation:
(PICK ANY THREE)
(i)
Possibility of higher prices: Companies may increase the prices of
goods and services when government controls are removed, making them
less affordable to consumers.
(ii) Risk of monopoly: Large firms may
dominate the market and force smaller competitors out of business,
thereby reducing competition.
(iii) Job losses: Some workers may lose
their jobs when organizations restructure their operations to cut costs
and improve efficiency.
(iv) Exploitation of consumers: Businesses
may take advantage of consumers by charging excessive prices or
providing poor-quality services where competition is weak.
(v)
Unequal distribution of wealth: Deregulation may benefit large investors
and business owners more than ordinary citizens, thereby widening
income inequality.
(vi) Reduced government control: The government
may find it difficult to regulate the activities of firms, leading to
abuses and practices that may not be in the public interest.
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5 Comments
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