Waec (Waec) 2018 Business Management Questions And Answers

BUSINESS MANAGEMENT ANSWERS

2a)

A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

B)

i) Property:

The possessor of the negotiable instrument is presumed to be the owner of the property contained therein. A negotiable instrument does not merely give possession of the instrument but right to property also. The property in a negotiable instrument can be transferred without any formality. In the case of a bearer instrument, the property passed by mere delivery to the transferee. In the case of an order instrument, endorsement and delivery are required for the transfer of property.

ii) Title:

The transferee of a negotiable instrument is known as holder in due course.’ A bonafide transferee for value is not affected by any defect of title on the part of the transferor or of any of the previous holders of the instrument. This is the main distinction between a negotiable instrument and other subjects of ordinary transfer. The general rule of nemo dat quod non habet does not apply to negotiable instruments.

iii) Rights:

The transferee of the negotiable instrument can sue in his own name, in case of dishonor.

A negotiable instrument can be transferred any number of times till it is at maturity. The holder of the instrument need not give notice of transfer to the party liable on the instrument to pay.

iv) Presumptions:

Certain presumptions apply to all negotiable instruments e.g. a presumption that consideration has been paid under it.

v) Prompt Payment:

A negotiable instrument enables the holder to expect prompt payment because a dishonor means the ruin of the credit of all persons who are parties to the instrument.

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3a)

A Brand name is a name given by the maker to a product or range of products, especially a trademark.

B)

i)
Branding Creates Trust:

When a company presents themselves in a professional way, and when there is social proof that their products and service are quality, prospects will trust that company and feel more comfortable giving it their hard-earned money.

ii)
Branding Improves Recognition:

While your logo should not be the be-all-end-all of your branding efforts, you should still put the time and effort into coming up with a professionally-designed, memorable logo. Not only should your logo be memorable, it should give the desired impression of your company so when people see it, they instantly think and feel what you want them to think and feel.

iii)
Branding Supports Your Marketing Efforts:

Marketing is an important component of your brand. The mediums and channels chosen as well as the demographic targeted helps to build your brand. Be careful of too narrow of a marketing focus, or you’ll risk being “pigeon holed” and lose your ability to expand into new markets. Then again, too broad of a marketing focus could lead to an inability to create a definable impression of your company in consumers’ minds.

iv)
Branding Motivates Employees:

Anyone can hire employees, but only a strong brand can hire motivated employees that are inspired to carry your vision and mission forward. When your brand feels pride, your employees do as well. Having a strong brand is essential for employee morale and productivity.

v)
Branding Generates New Revenue:

Branding is one of the best ways to get referral or word-of-mouth business. And again, this is why it’s important that your logo, marketing, and reputation work cohesively to form an indelible impression on consumer minds. Think about it, you can’t tell your friend about the amazing golf clubs you just bought if you can’t remember the brand.

Business Management answers

7a)
Data is a set of values of qualitative or quantitative variables *WHILE* Information is any entity or form that resolves uncertainty or provides the answer to a question of some kind.

B)

i)
Communication:

Communication is key when gaining and maintaining clients and other important contacts. Computers give businesses access to email, instant messaging and custom customer contact systems. Computerized phone systems allow for automated support during off hours and a virtual operator can quickly direct callers to the correct department for faster support.

ii)
Marketing:

Computers allow businesses to create websites, stunning ads and complete marketing campaigns. Marketing videos can be edited and custom ads created in-house with the use of specialized software. Businesses can completely develop and manage websites with their own servers or connect remotely to a third-party business to upload their latest content such as articles, product images and blog posts.

iii)
Accounting:

Accounting without computers presents a high risk for human error. Accounting software allows businesses to simply input their financial data and instantly see gains and losses. All necessary tax reports are available the moment the data is entered. Using computers for invoicing, managing expenses and calculating payroll is vital for ensuring financial data is as accurate as possible.

iv)
Storage:

Instead of filing cabinets, businesses are able to store millions of files using computers and servers. Data can be stored centrally for easy access from multiple computers or stored locally for individual use. Computerized storage saves space and provides a far more efficient organization strategy. With encryption, passwords and replace keys, data remains secure.

v)
Documents and Reports:

Most businesses have some sort of productivity software which typically includes a word processor and spreadsheet application. These two programs allow businesses to create reports, memos, tutorials and even colorful ads for company events. Spreadsheet applications give businesses the chance to organize, manage and calculate both numeric and alphabetic data. With charts and graphs, reporting becomes visual instead of text-based.

vi)
Education:

Businesses use computers to help educate employees on software, company policy, standard procedures and safety. Instead of hiring teachers, computers can be used to educate employees at their own pace or through an online webinar with live questions and answers. This form of education fits the busy schedules of businesses without sacrificing the quality of the education.

vii)
Research:

From learning more about the competition to discovering what customers really want, research isn't as difficult as it once was, thanks to computers. Search engines, forums, social networks and industry specific websites provide businesses with a wealth of information and research data.

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2a)

A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

B)

i) Property:

The possessor of the negotiable instrument is presumed to be the owner of the property contained therein. A negotiable instrument does not merely give possession of the instrument but right to property also. The property in a negotiable instrument can be transferred without any formality. In the case of a bearer instrument, the property passed by mere delivery to the transferee. In the case of an order instrument, endorsement and delivery are required for the transfer of property.

ii) Title:

The transferee of a negotiable instrument is known as holder in due course.’ A bonafide transferee for value is not affected by any defect of title on the part of the transferor or of any of the previous holders of the instrument. This is the main distinction between a negotiable instrument and other subjects of ordinary transfer. The general rule of nemo dat quod non habet does not apply to negotiable instruments.

iii) Rights:

The transferee of the negotiable instrument can sue in his own name, in case of dishonor.

A negotiable instrument can be transferred any number of times till it is at maturity. The holder of the instrument need not give notice of transfer to the party liable on the instrument to pay.

iv) Presumptions:

Certain presumptions apply to all negotiable instruments e.g. a presumption that consideration has been paid under it.

v) Prompt Payment:

A negotiable instrument enables the holder to expect prompt payment because a dishonor means the ruin of the credit of all persons who are parties to the instrument.

======

3a)

A Brand name is a name given by the maker to a product or range of products, especially a trademark.

B)

i)
Branding Creates Trust:

When a company presents themselves in a professional way, and when there is social proof that their products and service are quality, prospects will trust that company and feel more comfortable giving it their hard-earned money.

ii)
Branding Improves Recognition:

While your logo should not be the be-all-end-all of your branding efforts, you should still put the time and effort into coming up with a professionally-designed, memorable logo. Not only should your logo be memorable, it should give the desired impression of your company so when people see it, they instantly think and feel what you want them to think and feel.

iii)
Branding Supports Your Marketing Efforts:

Marketing is an important component of your brand. The mediums and channels chosen as well as the demographic targeted helps to build your brand. Be careful of too narrow of a marketing focus, or you’ll risk being “pigeon holed” and lose your ability to expand into new markets. Then again, too broad of a marketing focus could lead to an inability to create a definable impression of your company in consumers’ minds.

iv)
Branding Motivates Employees:

Anyone can hire employees, but only a strong brand can hire motivated employees that are inspired to carry your vision and mission forward. When your brand feels pride, your employees do as well. Having a strong brand is essential for employee morale and productivity.

v)
Branding Generates New Revenue:

Branding is one of the best ways to get referral or word-of-mouth business. And again, this is why it’s important that your logo, marketing, and reputation work cohesively to form an indelible impression on consumer minds. Think about it, you can’t tell your friend about the amazing golf clubs you just bought if you can’t remember the brand.

Business Management Answers

1a)

i) Highly motivated staff which normally participated in the decision making process of the conpany.

ii) Strong brand name: Strong brand name which enticed customers to purchase the product or use the service.

B)

i) Lack of expansive promotional budget.

ii) Entrants of new competitors with similar product.

iii)Lack of competent Managing Director - julian spain

C)

i) Advertising: Advertiaing is a marketing using an audio or visual form of marketing communication that employs an openly sponsored, non-personal selling to promote or sell a product or service or idea.

ii) Publicity: Publicity is defined as a form of public relations that provides news or information in the media.

iii) Personal selling: Personal Selling is one of the promotional methods where businesses use people to sell the product after meeting face to face with the customer. The sellers promote the product through their attitude, appearance and specialist product knowledge.

D)

i) Increase promotional budget and activities

ii) Enhance product differentiation by increasing product value

iii) Strengthening customer relationships

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5a)

Recruitment (hiring) is a core function of human resource management. It is the first step of appointment. Recruitment refers to the overall process of attracting, shortlisting, selecting and appointing suitable candidates for jobs (either permanent or temporary) within an organization.

B)

i)
Transfer:

Transfer means shifting an employee from one job to another, typically of similar nature, without any change in his rank and responsibility. The purpose of an employee transfer is to enable him to get well-versed with the broad-based view of the organization which is essential for the promotions in future.

ii)
Promotion:

Promotions are the most common form of internal recruitment wherein the employees are moved to the upper levels of the organization with more responsibility and prestige. When the higher level positions fall vacant, companies recruit from within the organization so as to capitalize one of the following benefits:

• The employee is familiar with the working of the organization.

•Less cost is incurred as compared to hiring the person from the external sources.

• The chances of selection are bright since the performance card of the individual is readily available with the firm.

•It boosts the morale of the employee.

• The others in the organization also get motivated to work harder to get promoted to the higher levels of the organization.

iii)
Employee Referrals:

The present employees can refer their friends and family to the job. They are well aware of the organizational culture, working conditions and job requirements. If they find their friends or family suitable for such position can recommend their names to the management for recruitment.
The organizations encourage employee referrals as the cost and time could be saved than from hiring people from the external sources. Some organizations, in order to motivate employees to pay “finders fees” in the form of incentives for each successful hire.

C)

i)
Increased morale and retention. Other employees see there is room for advancement and reward for a job well done.

ii)
Continuity of operations. Chances are that an internal employee can transit into the new role with minimal downtime.

iii)
Less paperwork. While there will be some HR forms to change, you won’t necessarily have to issue new passwords, keys, insurance and tax paperwork to get the staffer up and running.

=========

7a)
Data is a set of values of qualitative or quantitative variables *WHILE* Information is any entity or form that resolves uncertainty or provides the answer to a question of some kind.

B)

i)
Communication:

Communication is key when gaining and maintaining clients and other important contacts. Computers give businesses access to email, instant messaging and custom customer contact systems. Computerized phone systems allow for automated support during off hours and a virtual operator can quickly direct callers to the correct department for faster support.

ii)
Marketing:

Computers allow businesses to create websites, stunning ads and complete marketing campaigns. Marketing videos can be edited and custom ads created in-house with the use of specialized software. Businesses can completely develop and manage websites with their own servers or connect remotely to a third-party business to upload their latest content such as articles, product images and blog posts.

iii)
Accounting:

Accounting without computers presents a high risk for human error. Accounting software allows businesses to simply input their financial data and instantly see gains and losses. All necessary tax reports are available the moment the data is entered. Using computers for invoicing, managing expenses and calculating payroll is vital for ensuring financial data is as accurate as possible.

iv)
Storage:

Instead of filing cabinets, businesses are able to store millions of files using computers and servers. Data can be stored centrally for easy access from multiple computers or stored locally for individual use. Computerized storage saves space and provides a far more efficient organization strategy. With encryption, passwords and replace keys, data remains secure.

v)
Documents and Reports:

Most businesses have some sort of productivity software which typically includes a word processor and spreadsheet application. These two programs allow businesses to create reports, memos, tutorials and even colorful ads for company events. Spreadsheet applications give businesses the chance to organize, manage and calculate both numeric and alphabetic data. With charts and graphs, reporting becomes visual instead of text-based.

vi)
Education:

Businesses use computers to help educate employees on software, company policy, standard procedures and safety. Instead of hiring teachers, computers can be used to educate employees at their own pace or through an online webinar with live questions and answers. This form of education fits the busy schedules of businesses without sacrificing the quality of the education.

vii)
Research:

From learning more about the competition to discovering what customers really want, research isn't as difficult as it once was, thanks to computers. Search engines, forums, social networks and industry specific websites provide businesses with a wealth of information and research data.

======

2a)

A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

B)

i) Property:

The possessor of the negotiable instrument is presumed to be the owner of the property contained therein. A negotiable instrument does not merely give possession of the instrument but right to property also. The property in a negotiable instrument can be transferred without any formality. In the case of a bearer instrument, the property passed by mere delivery to the transferee. In the case of an order instrument, endorsement and delivery are required for the transfer of property.

ii) Title:

The transferee of a negotiable instrument is known as holder in due course.’ A bonafide transferee for value is not affected by any defect of title on the part of the transferor or of any of the previous holders of the instrument. This is the main distinction between a negotiable instrument and other subjects of ordinary transfer. The general rule of nemo dat quod non habet does not apply to negotiable instruments.

iii) Rights:

The transferee of the negotiable instrument can sue in his own name, in case of dishonor.

A negotiable instrument can be transferred any number of times till it is at maturity. The holder of the instrument need not give notice of transfer to the party liable on the instrument to pay.

iv) Presumptions:

Certain presumptions apply to all negotiable instruments e.g. a presumption that consideration has been paid under it.

v) Prompt Payment:

A negotiable instrument enables the holder to expect prompt payment because a dishonor means the ruin of the credit of all persons who are parties to the instrument.

======

3a)

A Brand name is a name given by the maker to a product or range of products, especially a trademark.

B)

i)
Branding Creates Trust:

When a company presents themselves in a professional way, and when there is social proof that their products and service are quality, prospects will trust that company and feel more comfortable giving it their hard-earned money.

ii)
Branding Improves Recognition:

While your logo should not be the be-all-end-all of your branding efforts, you should still put the time and effort into coming up with a professionally-designed, memorable logo. Not only should your logo be memorable, it should give the desired impression of your company so when people see it, they instantly think and feel what you want them to think and feel.

iii)
Branding Supports Your Marketing Efforts:

Marketing is an important component of your brand. The mediums and channels chosen as well as the demographic targeted helps to build your brand. Be careful of too narrow of a marketing focus, or you’ll risk being “pigeon holed” and lose your ability to expand into new markets. Then again, too broad of a marketing focus could lead to an inability to create a definable impression of your company in consumers’ minds.

iv)
Branding Motivates Employees:

Anyone can hire employees, but only a strong brand can hire motivated employees that are inspired to carry your vision and mission forward. When your brand feels pride, your employees do as well. Having a strong brand is essential for employee morale and productivity.

v)
Branding Generates New Revenue:

Branding is one of the best ways to get referral or word-of-mouth business. And again, this is why it’s important that your logo, marketing, and reputation work cohesively to form an indelible impression on consumer minds. Think about it, you can’t tell your friend about the amazing golf clubs you just bought if you can’t remember the brand.