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WAEC - Commerce (2016)

1
where a number of insurance companies  are liable under one policy, the principle applicable is ?
Answer
(B)
contribution
2
Buying and selling stocks in the stock exchange in anticipation of changes in the share price is?
Answer
(D)
speculation
3
Another name for a dishonoured cheque is?
Answer
(B)
a bounced cheque
4
which of the folloing is an example of life insurance
Answer
(D)
endowment policy
5
The main concern of commerce is?
Answer
(B)
buy and sell goods and services
6
The organized efforts of consumers to protect themselves against the unfair practices of businessmen is? 
Answer
(B)
consumerism
7
which of the following legislations aims primarily at protection of consumers
Answer
(B)
trade description act
8
in a law of contract, a counter offer operates as?
Answer
(C)
a rejection
9
An economy policy which encourages governement ownership of business is called?
Answer
(B)
nationalization
10
lack of permanent record for the message reciever is a disadvantage of?
Answer
(A)
television
11

which of the following occupations are classified under the extractive industry

(i) cattle rearing, lumbering and farming

(ii) mining, quarrying and hunting

(iii) ship building, road construction and iron bending

(iv) singing, dancing and tailoring

Answer
(C)
i and ii
12
which of the following allows a drawer of a document to correct any error
Answer
(D)
E.O.E
13
The value of current assets is?
Answer
(A)
N35,000
14
what is the value of working capital
Answer
(C)
25,000
15
the value of fixed assets
Answer
(B)
N47,000
16
A clean bill of lading is so called because?
Answer
(D)
it shows no record of damaged goods
17
when an importer has been overcharged for goods supplied, the exporter issues him with a?
Answer
(D)
credit note
18
fidelity guarantee insurance is a cover against loss arising from
Answer
(C)
dishonest staff
19
when a cheque is paid on a bank on which it is drawn, the cheque is
Answer
(D)
cleared
20
The process of buying, selling and distribution of goods and services is
Answer
(B)
commerce
21
Risk bearing in a business organisation is a function of the?
Answer
(B)
entrepreneur
22
the worth of a life assurance policy before its maturity date is?
Answer
(A)
residual value
23
one disadvantage of advertising is that it
Answer
(A)
could be misleading
24
The business unit that  applies the principle of one man one vote is?
Answer
(C)
co-operative society
25
the water corporation is an example of a?
Answer
(B)
public enterprise
26
A partnership is dissolved due to?
Answer
(C)
insanity of partner
27
A document that contains the relationship between the company and outsiders is?
Answer
(B)
memorandum of association
28
An organisation formed mainly by traders and manufacturers to cater for interest for interest of members is?
Answer
(D)
chamber of commerce
29
An insurance broker is involved in?
Answer
(C)
commercial occupation
30
An agreement that is enforceable in law is?
Answer
(A)
a contract
31
the size of an enterprise is determined by?
Answer
(C)
amount of capital invested
32
which of the following functions is not performed by trade association?
Answer
(C)
credit facilities
33
The fees charged on postal oder by the post office is?
Answer
(C)
poundage
34
the document issued by a warehouse keeper for goods taken into the store is?
Answer
(D)
dock warrant
35
which of the following is a verbal means of communication
Answer
(D)
telephone
36
the production of goods in anticipation for demand is made possible by?
Answer
(B)
warehousing
37
Regarding the consumer as the king who must be satisfied, the main emphasis is of?
Answer
(B)
marketing concept
38
which of the following is a concept of marketing
Answer
(A)
branding
39
the component of marketing mix that is put in a consumable form to satisfy the consumer is
Answer
(A)
product
40
goods become the property of the buyer on the transfer of liability and possession without immediate payment under the?
Answer
(B)
credit sales agreement
41
the value at which one country obtains another country's currency is?
Answer
(B)
exchange rate
42
specializing in the sale of one line of goods is the main feature of?
Answer
(B)
chain stores
43
one objective of the European Union is to?
Answer
(C)
eliminate all tariffs and quotas among member countries
44
which of the following person is a part of a business internal environment
Answer
(A)
employee
45
a person or firm to whom money is owed is?
Answer
(D)
creditor