WAEC - Commerce (2013)
1
A document used as a polite way of refusing credit is
2
Carriage forward on an invoice means
Answer(C)
carriage will be paid by buyer
3
Which of the following will be suitable for hire purchase sale?
4
A person who earns extra commission for guaranteeing debts is a
5
An insurance principle that prevents a person from insuring what he does not stand to lose financially if the insured risk occurs is
6
Voyage policy insurance is associated with
7
If a share is quoted ex-div, it means the new buyer would
Answer(B)
not get the next dividend
8
Which of the following is not the function of commerce
Answer(D)
The exchange and distribution of goods and services
9
Who among the following does not render direct service?
10
The last link in the production process is the
11
The Board of Directors of Public corporation is appointed by the
12
The object clause of a limited liability company is stated in the
Answer(A)
Memorandum of Association
13
A market which deals in the purchase and sale of second hand securities is the
14
To endorse a cheque means to
Answer(A)
write and sign one's name at the back of the cheque
15
An insurance policy that covers the body of the ship only is called
16
Mr Biu has been paying the premium of a straight Life Assurance policy for several years. The surrender value of the policy is the amount that
Answer(A)
would be paid to mr Biu if he should discontinue with the policy
17
Which of the following protects consumers against poor quality foods
18
The use of current account in business is convenient because
Answer(A)
withdrawal can be made at any time
19
The cost of telephone conversation is determined by
Answer(C)
duration of the conversation
20
"Not Negotiable" on a cheque means
Answer(C)
the holder has no better title than the person person who transfers it
21
The type of transport a manufacturer will use will be influenced by
22
A contract made between a ship owner and a merchant for the carriage of cargo is
23
Advertising efforts geared towards a particular audience is known as
24
Trade fairs and exhibitions are media of
25
The concept which says that a company's production policy should be centered on the ultimate user of the product is known as
26
The various rights attached to different classes of shares are stated in the
27
Which of the following is a feature of supermarkets?
Answer(C)
Goods are on display with price tags
28
Public enterprises are financed mainly by
29
A personal computer on sale in an office equipment shop is an example of
30
The difference between current assets and current liabilities is
31
A Ltd. Company has an authorized capital of 2,000,000 shares of D5 each. If the company issued 1,200,000 shares, its issued capital is
32
The money issued by Ola Maro and Co Ltd. in running the day to day activities of the business is represented by
33
Which of the following is an advantage of a sole trader?
34
A person's deliberate decision to reduce the value of her currency is called
35
Which of the following is not a function of warehousing
36
Ad valorem duties are based on the
Answer(B)
value of the goods imported
37
Answer(C)
taxes imposed on imported goods
38
The selling of goods in small units is normally performed by
39
Direct sales to consumers by manufacturers is a means of eliminating
40
A physical restriction placed on the quantity of goods that can be imported is
41
A country is said to achieve a trade surplus when total
Answer(A)
visible exports exceed total visible imports
42
The process of winding up a public limited company by a court order is known as
43
A person who undertakes responsibility for forming a new company is
44
A term which describes the value of business connections made by a company over the years is known as
45
The ancillary to trade which ensures that people have access to information pertaining to goods is
