WAEC - Commerce (1993)
1
The function of commerce in production is that it?
Answer(B)
provides a link between the different arms of production
2
Which of the following is not a basic want of man?
3
Which of the following comes last in the chain of distribution? The
4
Which of the following is not an aid to trade?
5
Trade can be described as?
6
A system in which people provide their own needs directly is known as?
7
Which of the following is not a branch of production?
8
In which class of occupation would doctors, teachers and entertainers be grouped?
9
Department stores are usually located?
10
Which of the following statements is true of the manufacturing industry?
Answer(B)
It is involved in changing raw materials to finished goods
11
Any action taken by a company outside its stated objective is regarded as?
12
Incorporation simply means the?
13
A business unit whose membership ranges from 2-50 is a?
14
Founders shares are usually referred to as deferred shares because the holders?
Answer(D)
receive dividends after other shareholders
15
The reward of shareholding in a company is?
16
Which of the following is not a source of capital to a sole proprietor?
Answer(E)
Borrowing through debentures
17
Which of the following is not an important reason for government ownership of industries?
18
In a limited partnership, the liability of most of the partners is?
19
The rights, responsibilities and liabilities of each partner are specified in the?
20
Which of the following statements is not true?
Answer(A)
Government does not nationalize businesses owned by its citizens
21
When an industry is nationalized, ownership belongs to the?
22
One of the main problems of nationalization is that?
Answer(D)
there may be capital flight
23
The process of selling government business to the public is known as?
24
The handling of telephone and telex services is done by?
25
A post office service which provides an alternative to delivery of mails by a postman is the?
26
A service whereby NIPOST undertakes to collect money due to the sender of a parcel is called?
27
The cost of advertising a product is ultimately borne by the?
28
Which of the following is used to stimulate sales?
29
Which of the following is used to stimulate sales?
30
Which of the following assigns a name to a product?
31
The insured is prevented from making profit from claims under more than one policy for the same risk by the principle of?
32
Which of the following is a form of sales promotion?
Answer(D)
Offering free samples to customers
33
The performance of business activities that directs the flow of goods and services from the producer to the consumer is?
34
Which of the following is not an elements of the marketing mix?
35
The concept that consumers decided what goods and services shall be known as consumer?
36
A person who sells goods belonging to another person in his own name and receives commission is a?
37
When an insured person admits that he has indemnified, he means that?
Answer(D)
the insurance company has restored him to his formal position
38
The different between an overdraft and loan is that an overdraft?
Answer(D)
yields interest only on the sum drawn
39
The excess value of the assets of a business over its liabilities is?
40
Cash is said to be legal tender because it?
Answer(B)
can be offered and accepted for payment
41
A crossed postal order is?
Answer(E)
cashed through a post office
42
A bank whose name is printed on a cheque leaf is known as the?
43
A person who wants to undertake an insurance policy usually completes?
44
The capital that is needed to meet the day-to-day running of a business is the?
45
An association of local,independent retailers formed to encourage buying in bulk from manufacturers is known as?
Answer(B)
producer co-operative society
46
Third party insurance covers, damages?
Answer(B)
caused by the vehicle insured
47
A bank may dishonour a cheque if?
Answer(E)
the amount on the cheque is more than the amount in the account
48
Which of the following is not one of the 4m's of business resources?
49
The charge paid for failing to off-load a vehicle within a stipulated time is called?
50
Which of the following defines communication?
Answer(B)
Transmission of information
51
The telephone service through which one can dial any number,local,trunk or overseas is known as?
Answer(C)
subscriber's trunk dialling system
52
Which of the following is not a function of warehousing?
Answer(B)
Availability of goods where needed
53
Goods discharged from ship on which import duties have not been paid are kept in the?
54
The machine used in sending telex message is known as?
55
Which of the following services is not rendered by NIPOST?
56
Which of the following protects consumers against poor quality goods?
Answer(B)
Standards Organization of Nigeria
57
Which of the following is the safest means of sending a postal order from Lagos to a friend in Jos?
58
Which of the following terms of price quotation includes cost of transportation to buyers premises?
59
Answer(A)
excess of income over expenses
60
Who is liable for the contract entered into the agent on behalf of his principal? The
61
An instalmental buying system where ownership immediately transfers to the buyer is known as?
62
A document that is sent to a buyer when credit is not allowed is?
63
Which of the following is true of a delivery note? It
Answer(B)
does not show the prices of the goods
64
A parcel of shoes valued at N2,000 only. Which of the following would be used by the seller to correct this error?
65
An increase in turnover is an increase in?
66
New shares are offered to the public through?
67
The main advantage of water transport is that it?
68
Speed is an important consideration for the choice of a means of transport where goods are?
69
Speed is an important consideration for the choice of a means of transport where goods are?
70
A company that acquires a majority of the shares of the other companies with voting rights is regarded as?
