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WAEC - Commerce (1994)

1
Capital owned is the same as?
Answer
(C)
net worth of a business
2
A business that has no upper limit to the number of owners is?
Answer
(E)
public limited company
3
An agreement between two parties which can be enforced is called?
Answer
(B)
a contract
4
Which of the following is not used by the Central Bank to restrict lending by commercial banks?
Answer
(A)
Management of national debt
5
Which of the following relies on the government for its initial capital?
Answer
(C)
Public Corporation
6
A cheque does not contain?
Answer
(B)
cashier's signature
7
The most acceptance and convenient means of payment in foreign trade is?
Answer
(A)
letter of credit
8
An association of firms, producing similar commodities, formed in order to keep up prices by restricting output is called?
Answer
(D)
a cartel
9
An establishment that specializes in taking care of risks is called?
Answer
(C)
an insurance company
10
Which of the following is an example of a commercial occupation?
Answer
(C)
Shipping
11
Which of the following carries the bulk of goods involved in foreign trade?
Answer
(C)
Tramp vessels
12
A stock exchange is a market for?
Answer
(D)
existing shares of quoted companies
13
Which of the following gives a temporary protection to the insured while the policy is being drawn up?
Answer
(B)
Cover note
14
Which of the following is not a function of management?
Answer
(E)
Distributing
15
Which of the following is responsible for the welfare of staff in an organisation?
Answer
(C)
Personnel Department
16
Which of the following is not a marketing function?
Answer
(D)
Accounting
17
. Which ofthe following is notan aim of advertising? To
Answer
(A)
drive away smaller firms
18
ln which of the following environments does a firm that uses out-dated equipment operate?
Answer
(A)
Economic
19
Which of the following is sent when credit is not allowed?
Answer
(B)
Proforma invoice
20
Which of the following does not determine the form ofa business unit?
Answer
(C)
Nearness to market
21
Agents who link buyers with sellers receive?
Answer
(B)
brokerage
22
Which of the following is not a feature of supermarkets?
Answer
(A)
Standard shop fronts
23
Which of the following is an objective of indigenisation? To
Answer
(D)
help citizens participate fully in the economy
24
In which of the following are the objectives of a company stated?
Answer
(E)
Memorandum of Association
25
The coming together of firms at different stages of the production process is known as?
Answer
(B)
vertical integration
26
Who among the following is not a commercial occ?upaation
Answer
(B)
An engineer
27
The storing of goods under proper conditions until they are required is a function of?
Answer
(B)
warehousing
28
30 Rate of turnover is the?
Answer
(D)
. number of times the stock is turned over
29
A postal order, either crossed or open is only valid for a period of?
Answer
(D)
6 months
30
The process of taking over private business by government is known as?
Answer
(B)
nationalisation
31
Which of the following is not the objective of Consumer Association? To
Answer
(C)
prevent fake goods from entering the market
32
Zaico Ltd invoiced goods valued at N80,000 to Victory Ltd for N8,000. Which of the following will Zaico Ltd send to Victory Ltd to correct the error?
Answer
(D)
Debit note
33
Which of the following is an example of extractive industry?
Answer
(E)
Digging for precious stones
34
The raising of new capital by allowing existing shareholders the privilege to buy shares at preferential rate is called?
Answer
(D)
rights issue
35
The raising of new capital by allowing existing shareholders the privilege to buy shares at preferential rate is called?
Answer
(D)
rights issue
36
The agreed amount payable to a policy holder when the event insured against occurs is?
Answer
(B)
sum assured
37
The rate at which one country”s products are exchanged for the products of another is?
Answer
(B)
balance on current account
38
The rate at which one country”s products are exchanged for the products of another is?
Answer
(C)
terms of trade
39
Which of the following is not performed by the shipping and forwarding agents?
Answer
(B)
Collection of payment from the importer
40
A group of trims that produce similar goods or sen/ices is called?
Answer
(A)
an industry
41
Retail outlets which sell from specialised vans are
Answer
(E)
mobile shops
42
Which of the following is a problem facing mail order business?
Answer
(B)
cost of postage and advertisement
43
When the exporter arranges for the dispatch of goods but leaves the cost of transport to be paid by the importer, the price quoted is?
Answer
(D)
free on board
44
The practice of selling goods in foreign countries at lower prices than obtainable in the exporting country is known as?
Answer
(C)
dumping
45
The process of entrusting part of the work of a superior and the corresponding authority to a subordinate in an
organisation is called?
Answer
(A)
delegation
46
Which of the following is not considered by banks when granting loans to customers?
Answer
(A)
Character ofthe customer
47
Which of the following is not considered by banks when granting loans to customers?
Answer
(A)
Character ofthe customer
48
A cheque that is drawn on a bank is called?
Answer
(B)
bankdraft
49
The rebate given to the retailer by the wholesaler to enable him make profit is known as?
Answer
(A)
trade discount
50
Who among the following is not involved in foreign trade?
Answer
(D)
Jobber
51
The giving of clear instructions and information to all concerned in an organisation to ensure proper understanding of decisions and policies is?
Answer
(C)
communicating
52
Which of the following belongs to the capital market?
Answer
(B)
Stock exchange
53
The rebate given to the retailer by the wholesalerto enable him make profit is known as
Answer
(A)
trade discount
54
Who among the following is not involved in foreign trade?
Answer
(D)
Jobber
55
Which of the following belongs to the capital market?
Answer
(B)
Stock exchange
56
The giving of clear instructions and information to all concerned in an organisation to ensure proper understanding of decisions and policies?
Answer
(C)
communicating
57
Commerce is not concerned with?
Answer
(B)
changing the form ofa product
58
An alternative term for ordinary shares is?
Answer
(C)
equities
59
The retail of goods through currency operated machines is known as?
Answer
(B)
automatic vending
60
Any paid form of non-personal presentation of ideas, goods or services by an identified sponsor is known as?
Answer
(D)
advertising
61
The art of achieving stated objectives of a business organisation in a most efficient way through the use of human and material resources is?
Answer
(C)
management
62
ECOWAS headquarters is located in?
Answer
(B)
Nigeria
63
Which of the following encourages free trade among member nations?
Answer
(E)
EEC
64
Which ofthe following refers to the practice ofimporting forre-export?
Answer
(C)
Entrepot trade
65
Firms merge in order to?
Answer
(D)
create a monopoly
66
Firms merge in order to?
Answer
(D)
create a monopoly
67
Which of the following is responsible for carrying oiut the monetary policy of a country?
Answer
(D)
The Central Bank
68
Which of the following indicates the manufacturer from whom goods are to be bought?
Answer
(B)
Closed indent
69
Which of the following is not a branch of commerce?
Answer
(D)
Production
70
Which of the following is not a branch of Commerce?
Answer
(E)
Computerisation