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WAEC - Commerce (1992)

1
The three main division of production are?
Answer
(A)
extraction, manufacturing and construction
2
Into which of the following two broad areas can trade be divided?
Answer
(A)
home and foreign trade
3
Which of the following is not true of a sole proprietorship?
Answer
(A)
It has a separate legal entity
4
Which of the following is an investor earns profit on the basis of his patronage?
Answer
(D)
co-operative member
5
Which of the following is an investor earns profit on the basis of his patronage?
Answer
(D)
co-operative member
6
A group of retailing shops under one management and selling then same products is known as?
Answer
(A)
multiple shop
7
A group of retailing shops under one management and selling then same products is known as?
Answer
(A)
multiple shop
8
Which of the following saves consumers the time and cost involved in travelling to commercial centres for shopping?
Answer
(C)
Mobile shop
9
When payments is required for goods at the time order is placed, the term of payment quoted is?
Answer
(B)
C.W.O
10
The provision of all kinds of services is related to?
Answer
(E)
tertiary production
11
Which of the following is the primary purpose of a business concern? To
Answer
(A)
make maximum profit for itself and the share holders
12
When a motor dealer undertakes routine maintenance of costumers' vehicles, he is offering?
Answer
(C)
after - sales service
13
Which of the following has the main objective to differentiate between similar products from different manufacturers?
Answer
(A)
Branding
14
Which of the following abbreviations permit the drawer of a document to correct any errors therein?
Answer
(C)
E. O. E
15
The most important function of the retailer is to?
Answer
(C)
make goods available in units
16
A trade agreement in which two countries exchange goods and services is known as?
Answer
(B)
bilateral trade
17
A term embracing buying, selling and distributing of goods and services is known as?
Answer
(C)
commerce
18
UTC, kingsway Stores and Leventis Stores are typical examples of?
Answer
(B)
Recorded delivery
19
Which of the following is not a reason for forming a customer association?
Answer
(E)
Making profit for consumers
20
The main similarity between commercial banks and other financial institution is?
Answer
(A)
the acceptance of customers' deposit and making on their behalf
21
Ware house are located in Lagos because of?
Answer
(C)
nearness to sea and airports
22
A speculator who buys shares and stocks in anticipating of a rise in their price at the stock Exchange is a?
Answer
(A)
bull
23
A del credere agents is distinguished from other agent in that he?
Answer
(D)
usually guarantees payments in any transcaction
24
Which of the following cannot be used as a means of transport between Kano and Lagos?
Answer
(B)
Ship
25
Which of the following is common to both large and small firms?
Answer
(D)
Profit making
26
Nearness to a city centre and a busy street is a necessary condition for sitting?
Answer
(E)
A wholesale warehouse
27
The minimum number of membership for a public limited company is?
Answer
(B)
seven
28
Manufacturing ends when goods?
Answer
(E)
reach the final user
29
Which of the following functions is not performed by as small retailer?
Answer
(B)
Financing producers
30
Which of the following functions is not performed by as small retailer?
Answer
(B)
Financing producers
31
Which of the following products is likely to have a low rate of turnover?`
Answer
(D)
Furniture
32
Which of the following markets functions involves the actual movement of goods?
Answer
(B)
Distribution function
33
The abbreviation ECOWAS stands for?
Answer
(A)
Economic Community of West African States
34
The difference between cost and selling prices gives?
Answer
(C)
gross profit or loss
35
Which of the following is the quickest and most accurate means id communication?
Answer
(D)
Telex
36
A sales agreement whereby the buyer takes possession but not title to goods is called?
Answer
(D)
hire purchase
37
Any paid form of non-presentation of goods services by an identified sponsor is known as?
Answer
(B)
advertising
38
The document issued to a lender under a company's seal acknowledging a debt is called?
Answer
(D)
debenture
39
One means of making payment through NIPOST is the?
Answer
(B)
money order
40
The abbreviation IDAPOLY on the letter - headed papers of the federal polytechnic Idah is an example of a?
Answer
(D)
telegraphic address
41
Which of the following is not a reason for dishonoring a cheque?
Answer
(B)
Signed alteration on the cheque
42
A charge is specified cross if?
Answer
(C)
the name of a bank is written across it
43
The difference between the value of imports of goods for a particular year is known as?
Answer
(D)
terms of trade
44
Commerce increases the utility of goods by making them available when they are wanted. This function is performed by the use of?
Answer
(E)
warehousing
45
In foreign trade, a country specializes in the production of a commodity in which it has?
Answer
(B)
the greatest relative advantage
46
A bill of lading is best described as the?
Answer
(A)
document of title to, the goods on board a ship
47
Organization licensed and authorized to deliver fast malls, and parcels are engaged in?
Answer
(A)
courier services
48
Parties to bill of exchange that is endorsed to a third party are the?
Answer
(D)
drawer, drawee, payee
49
Bonded warehouse are controlled by?
Answer
(D)
Customs and Excise authorities
50
In large offices where a large number of mails is posted daily,which of the following quickens the stamping of envelopes?
Answer
(A)
Franking
51
The following factor must be considered before setting up a retail business except?
Answer
(E)
public relationship
52
Which of the following ancillary service helps to maintain close contact between buyers and sellers?
Answer
(D)
Communication
53
The system of collecting information with a view to determining the extent of demand for a product is known as?
Answer
(B)
marketing research
54
Which of the following organizations aim primarily at protecting the consumer?
Answer
(A)
Standards Organization of Nigeria
55
A modern method of retailing whereby customers can make their purchases without the help of an assistance or cashier is called?
Answer
(D)
Automatic vending
56
A cheque that is drawn in the name of a bank instead of the account holder's name is called?
Answer
(E)
Bank draft
57
A deduction made by a wholesaler from the catalogue price and which represents a retailer's profit margin is called?
Answer
(C)
Trade discount
58
A cheque dated 5/8/91 was dishonoured because it was a?
Answer
(D)
Post-dated cheque
59
An order stating the goods required but not the manufacturer from whom the foreign buyer intends to buy his goods is called?
Answer
(B)
Open indent
60
Commercial banks deposits with the Central Bank help to?
Answer
(B)
control the supply of money credits
61
Which of the following is a non-insurable risk?
Answer
(E)
Loss from staking in lotteries
62
The policy which safeguards the employer from loss sustained as a result of fraudulent acts of his workers is the?
Answer
(E)
fidelity guarantee policy
63
Which of the following is responsible for advertising vacant positions existing in companies?
Answer
(C)
Personal Department
64
Which of the following association will be directly affected by legislations on tariffs and taxes on raw materials? The
Answer
(D)
Manufacturers Association of Nigeria
65
The process whereby a business organization regularly compares physical events with the standards set and takes corrective action is?
Answer
(D)
controlling
66
The process whereby a business organization regularly compares physical events with the standards set and takes corrective action is?
Answer
(D)
controlling
67
One of the objectives of the indigenization programmes of the Federal Government of Nigeria is to?
Answer
(B)
maximizing local retention of profits
68
The sole aim of of the formation of Niger Basin Commission is to?
Answer
(D)
jointly use the Niger for the over all benefit of the region
69
Which of the following is not a member country of the Lake Chad Basin Commission?
Answer
(B)
Togo
70
Whihc of the following is not a component of a company's marketing mix?
Answer
(C)
Policy plan
71
Marketing activities starts at the?
Answer
(A)
ideal stage
72
Which of the following is not a basic utility created by marketing?
Answer
(B)
Ownership
73
The sign on Volkswagen represents the?
Answer
(A)
trade mark
74
Which of the following is a good example of capital market?
Answer
(D)
The stock exchange
75
An advance that is specially given foe housing or building projects is called?
Answer
(E)
a mortgage
76
Voyage policy is issued when goods are insured?
Answer
(A)
between one pot and another
77
The essence of marketing concepts is that all company planning, operations and other activities should be?
Answer
(A)
consumer- oriented
78
The essence of marketing concepts is that all company planning, operations and other activities should be?
Answer
(A)
consumer- oriented
79
The essence of marketing concepts is that all company planning, operations and other activities should be?
Answer
(A)
consumer- oriented
80
Details or services available and information regarding terms of carriage by post are contained in a?
Answer
(C)
trade journal