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WAEC - Commerce (2001)

1
Which of the following best describes commerce?
Answer
(B)
Buying, selling and distribution and services
2
hose who are engaged in exploiting natural resources are in?
Answer
(A)
extractive occupation
3
Which of the following classified under production?
Answer
(B)
Shoe mining
4
The mark-up of a retailer represents the?
Answer
(A)
gross profit
5
The number of times the average stock of a business is sold within a given period is?
Answer
(B)
rate of turnover
6
Branding is an aspect of marketing mix associated with?
Answer
(B)
product
7
Which of the following business must have at least one member with unlimited liability?
Answer
(B)
Limited partnership
8
Which of the following is a feature of sole proprietorship?
Answer
(C)
Limited capital
9
Which of the following is most appropriate for a "Cash with order" terms of sale?
Answer
(B)
Credit note
10
Which of the following is used to advertise of a company?
Answer
(D)
Prospectus
11
Which of the following is used to advertise of a company?
Answer
(D)
Prospectus
12
Which of the following requires a certificate of trading to start business?
Answer
(D)
Public Limited Company
13
A business firm which controls more than half of another firm's equity is a?
Answer
(A)
holding company
14
Which of the following is an example of itinerant trading?
Answer
(A)
Moblie shops
15
Which of the following is not an objective of ECOWAS?
Answer
(D)
Promoting a common language
16
The expert who calculates premium for an insurance policy is?
Answer
(B)
an actuary
17
Which of the following means restoring the issue to position he was just before the loss occurred
Answer
(A)
Indemnity
18
Which of the following is not a means of payment in foreign trade?
Answer
(A)
Telegraphic transfer
19
The act of keeping products in good condition until they are needed is?
Answer
(B)
warehousing
20
A person which decides what to produce and combines the other factors of production is the?
Answer
(A)
entrepreneur
21
The authority given to a bank to make regular payments on behalf of a customer for a specified purpose is known as?
Answer
(C)
standing order
22
A bundle of shares is called?
Answer
(A)
stock
23
Agriculture operative banks are best classified under?
Answer
(D)
specialized banks
24
Which of the following is a creditor legally bound to accept for settlement of a debt?
Answer
(A)
Bank draft
25
Which of the following is a creditor legally bound to accept for settlement of a debt?
Answer
(A)
Bank draft
26
All human efforts geared towards the production of goods and services is?
Answer
(B)
labour
27
Which of the following abbreviations indicates that the seller reverse the right to correct errors on the invoice
Answer
(A)
E & O.E
28
A document from a seller which corrects an under-charge on a buyer's account is known as?
Answer
(C)
debit note
29
A price quotation that covers the cost of goods and all other expenses incurred in delivering the goods to the buyer is called?
Answer
(A)
CIF
30
An agent who takes possession of goods and sells in his own name is known as?
Answer
(D)
a factor
31
An agent who takes possession of goods and sells in his own name is known as?
Answer
(D)
a factor
32
The extra commission for pledging full settlement of the wholesaler to the manufacturer?
Answer
(C)
Financing
33
Which of the following is not used to correct adverse balance of payment?
Answer
(A)
Increasing imports
34
When a bill is paid before its date at a lesser value, it is?
Answer
(B)
discounted
35
Which of the following is not a function of the ports Authority?
Answer
(C)
Providing warehouse services
36
The portion authorized capital made available to the public for subscription is?
Answer
(D)
issued capital
37
A specially designed container to convey crude oil or liquid from another location to another is a?
Answer
(B)
tanker
38
Which of the following is not a marketing function?
Answer
(B)
Insurance
39
Which of the following is not feature of a department store?
Answer
(D)
Seling one line of goods
40
Which of the following is a function of a warehouse?
Answer
(A)
Stabilizing prices
41
The term "21/4%40 days"refers to?
Answer
(C)
cash discount
42
The turnover of a company will improve if the company increases?
Answer
(A)
Advertising
43
An association businessmen including manufacturers, traders, bankers and people engaged in business in an area is known as?
Answer
(B)
chamber of commerce
44
Product pricing, distribution and promotions are elements of?
Answer
(A)
marketing mix
45
The greatest advantage of air transport over all other means of transport is it's?
Answer
(C)
speed