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WAEC - Commerce (2002)

1
The distribution and exchange of goods and services for the satisfaction of wants in the concern of?
Answer
(C)
commerce
2
Transforming raw materials into finished products is an example of?
Answer
(B)
secondary production
3
Transforming raw materials into finished products is an example of?
Answer
(B)
secondary production
4
Which of the following is concerned with actual production of goods and services?
Answer
(C)
Industry
5
Which of the following has no limit to its membership?
Answer
(D)
Cooperative society
6
Which of the following does not lead to the dissolution of a partnership?
Answer
(A)
Absence of a deed of partnership
7
An offer by one company to buy up all or greater part of another company's share is known as?
Answer
(B)
take-over bid
8
The refund of a duty which had been paid on importation that are later re-exported is known as?
Answer
(C)
customs drawback
9
Which of the following is an internal source of capital to a business concern?
Answer
(D)
Retain profit
10
Which of the following is an internal source of capital to a business concern?
Answer
(D)
Retain profit
11
When shares are sold "EX-DIV" it means that?
Answer
(A)
no dividend is paid on the shares
12
Detailed information about a public offer of a company's shares is contained in the?
Answer
(D)
prospectus
13
Where two or more companies agree to work on a project too large for one of them, this is called?
Answer
(A)
consortium
14
A retail outlet meant to sell only a particular manufacturer's product known as a?
Answer
(B)
chain store
15
The rate at which a country's currency is converted to the currency of another country is known as?
Answer
(C)
exchange rate
16
Which of the following requires acceptances before it can be valid?
Answer
(B)
Bill of exchange
17
A retail outlet meant to sell only a particular manufacturer's product known as a?
Answer
(B)
chain store
18
Which of the following requires acceptance before it can be valid?
Answer
(B)
Bill of exchange
19
In international trade the direct exchange of goods for goods is?
Answer
(B)
counter trade
20
Department store usually?
Answer
(A)
offers a wide variety goods
21
An agreement by which a buyer pays instalmentally but does until final settlement is made is?
Answer
(A)
hire purchase
22
Which of the following is sent by a customer who wishes to know the price, quality and terms of sale of a product?
Answer
(B)
Letter of Enquiry
23
The trade document signed by a representative of the country to which is not discounted is also the?
Answer
(A)
consular invoice
24
The drawer of a bill of exchange which is not discount is also the?
Answer
(C)
6 months
25
When shares are fully paid they can be converted into?
Answer
(C)
stocks
26
The minimum charge at which the Central Bank lend to commercial banks is called?
Answer
(B)
bank rate
27
The transfer of risks already undertaken from insurance one insurance company to another is?
Answer
(B)
re-insurance
28
Hull insurance is taken to cover?
Answer
(D)
damage to body of the ship
29
The principle of subrogation imposes an obligation on the insured to?
Answer
(D)
surrender legal rights after compensation
30
Which of the following is not function of money? it?
Answer
(C)
is easily recognizable
31
Who among among the following is not function of a stock exchange market?
Answer
(D)
Promoter
32
The term legal tender refers to?
Answer
(B)
coins and bank notes
33
Which of the following does not influence the choice of means of transport?
Answer
(D)
Brand of vehicle
34
A certificate of incorporation is best favour by?
Answer
(B)
recorded delivery
35
Which of the following is a disadvantage of the use of teleprinters in communication?
Answer
(B)
Pictures cannot be transmitted
36
A label on a product such as "Three Crown Milk" is a form of?
Answer
(B)
branding
37
ECOWAS is form of?
Answer
(A)
economic union
38
ECOWAS is form of?
Answer
(A)
economic union
39
Which of the following is a customer service?
Answer
(B)
Merchandizing
40
Which of the following types of cheque protects the holder against the risk of loss?
Answer
(D)
Crossed cheque
41
Which of the following types of cheque protects the holder against the risk of loss?
Answer
(D)
Crossed cheque
42
The grading of products to satisfy different buyers is referred to as?
Answer
(C)
product concept
43
If Baba is forced to agree go the terms of a contract at gun point, the contract is entered into?
Answer
(A)
under duress
44
A major reason why government regulate business activities is to?
Answer
(C)
ensures fair practices and consumers protection
45
Which of the following is not a method of discharging a contract?
Answer
(C)
Consideration