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WAEC - Commerce (2009)

1
A person who invented a new machine for making beverages may protect his exclusive right by
Answer
(B)
obtaining a patent
2

Which of the following occupations comes under the extractive industry?

i. Cattle-rearing, lumbering, farming
ii. Mining, quarrying, hunting
iii. Shipbuilding, road construction, iron bending
iv. Singing, dancing, barbing

Answer
(C)
i and ii only
3
Which of the following is sent by a supplier who does not want to sell on credit?
Answer
(A)
Pro forma invoice
4
Retail outlets that have identical store design, layout and stock display are
Answer
(B)
tied shops
5
Life assurance premium is determined by the assured's
Answer
(B)
age
6
Which of the following is not a contract of indemnity
Answer
(C)
Life Assurance
7
A stale cheque is one on which the date for payment is
Answer
(A)
overdue
8
When an order cheque is endorsed it becomes a
Answer
(B)
bearer cheque
9
The authority given to a bank to make regular payments on behalf of a customer is
Answer
(C)
standing order
10
The taking over of privately owned businesses by the government is called
Answer
(C)
nationalization
11
The rate of turnover is the number of times within a given period that
Answer
(A)
stock is sold and replaced
12
Which of the following would be used when goods are sent through independent carriers?
Answer
(C)
Consignment note
13
Which of the following is a feature of sole proprietorship?
Answer
(B)
Unlimited liability
14
If a country devalues its currency, there would be
Answer
(A)
reduction in imports
15
Establishing and maintaining mutual understanding between an organization and its customers is known as
Answer
(C)
public relations
16
Which of the following requires a certificate of trading to start business
Answer
(B)
Public limited company
17
A document through which the public is invited to subscribe to the shares of a company is a
Answer
(C)
Prospectus
18
The tax paid on goods produced within a country is known as
Answer
(B)
excise duty
19
The letters R/D on a cheque shows that the cheque is
Answer
(B)
dishonoured
20
The mode of conveying liquids and gases through an underground channel is
Answer
(A)
pipeline
21
Which of the following is a source of capital to a sole proprietorship?
Answer
(A)
Loans from friends
22
A ship that travels without schedule is called a
Answer
(B)
tramp
23
For overstaying in a port, a ship is charged a fine called
Answer
(D)
demurrage
24
Stocks, shares and debentures traded in the stock exchange are called
Answer
(C)
securities
25
Which of the following is a reduction in the catalogue price?
Answer
(D)
Trade discount
26
The document which helps to determine the country from where goods were imported is
Answer
(C)
certificate of origin
27
The internal regulations of a limited company are stated in the
Answer
(C)
Articles of Association
28
Which of the following features is common to all retailers
Answer
(B)
Selling to the final consumers
29
A private limited company differs from a public limited company because it
Answer
(C)
cannot easily transfer shares
30
Exchange is facilitated by
Answer
(C)
specialization
31
Which of the following is not a means of transportation by water
Answer
(D)
Carts
32
The nominal value of kC Ltd's share is 50k and the market value is 70k. This means that the company's shares are selling
Answer
(D)
at premium
33
Those who are engaged in exploiting natural resources are in
Answer
(D)
extractive occupation
34
A sale agreement whereby the buyer takes possession but not title to the goods is
Answer
(B)
hire purchase
35
Which of the following is not an example of Marine insurance?
Answer
(A)
Fidelity
36
The owners of a public limited company are?
Answer
(C)
shareholders
37
Which of the following justifies the existence of public enterprises
Answer
(D)
Providing essential services
38
Who among the following has no voting right?
Answer
(D)
Debenture holders
39
One of the main objectives of International Bank for Reconstruction and Development(IBRD) is to
Answer
(B)
lend to poor countries
40
Life assurance premium is determined by the assured's
Answer
(B)
age
41
Which of the following is not a function of the commercial bank?
Answer
(C)
Issuing of currency
42
The police and the army are engaged in
Answer
(B)
indirect service occupation
43
Which of the following are exclusively functions of marketing?
Answer
(A)
Buying, pricing, selling and promotion
44
A type of policy where the assured or his dependents will not get anything if he dies within the period of the policy is known as
Answer
(D)
term policy
45
Which of the following note will be sent to a buyer to inform him that the goods he ordered have been dispatched?
Answer
(A)
Advice note