WAEC - Commerce (2021)
1
Commerce started as a result of _______
2
The process of changing raw materials into finished goods is ________
3
An example of a primary product is _____
4
All activities geared towards the distribution and exchange of goods and services is _______
5
The word ''limited" written after the name of a company means that
Answer(B)
members are liable to the extent of their shareholdings only
6
Which type of occupation is a carpenter engaged in?
7
The reward for land as a factor of production is
8
Which of the following businesses can raise capital through the stock exchange?
9
One of the disadvantages of selling on credit is
10
A number of shops under one roof is a
11
An organization of producers of similar produces, which controls output with the intention to fix price is a
12
One of the functions of a trade association is to
13
The practice of selling goods to a foreign country at lower prices than obtainable in the exporting country is
14
A foreign order which instructs an agent to buy certain goods from a particular supplier is
15
Which of the following is not a condition for dissolution of a partnership?
Answer(D)
Termination of the venture
16
A country's balance of trade of -$20 million shows that its
Answer(A)
import volume is greater than export
17
The collection of import duty is a function of the
Answer(D)
customs and excise authority
18
An error on an invoice may be rectified by issuing
19
What is the average stock?
20
The cost of goods sold is
21
The expected response from the recipient of a quotation is to send
22
The main function of a bureau-de-change is
Answer(A)
buying and selling foreign currency
23
The right of a seller to make corrections on invoices is expressed by the term
Answer(A)
errors and omissions excepted
24
Speed is an important factor to be considered for the choice of means of transport where goods are
25
The practice by which insurance companies share risks with other insurance companies is
26
One of the functions of the ports authority is
Answer(D)
providing warehousing services.
27
Which of the following means of payment requires acceptance by the debtor to make it valuable?
28
The purpose for which the Central Bank sells securities is to
Answer(B)
reduce cash in the economy
29
The amount a current account holder is allowed to withdraw in excess of the balance in his account is _______
30
One of the qualities of tradable goods is
31
Which of the following instruments of payment could be used in international trade?
32
Bonded warehouses are supervised by
Answer(B)
customs and excise authorities
33
An advertising campaign by a chicken seller designed to sell his products at the expense of a beef seller is
34
Which of the following business risks would an insurance firm not cover for an entrepreneur?
Answer(D)
Change in consumers' taste
35
The main idea of the marketing concept is that all the firm's plans and operations should be
36
A person who is for the purpose of bringing his principal into contractual relationship with third parties is
37
The transfer of a government company to the public is
38
One of the roles performed by middle managers is
Answer(B)
implementation of organizational plans
39
Which of the following is responsible for protecting consumers against poor quality goods
Answer(C)
Standard organization of Nigeria
40
The saying that the 'consumer is always right' describes the doctrine of
41
A disadvantage of privatization is that
Answer(D)
the profit motive outweighs public interest
42
The practice of making a state firm more profit-oriented is
43
Trade fairs and exhibitions are media of
44
The income generated from tourism forms part of the country's
45
An objective of the European Union is to
Answer(C)
encourage migrant workers from developing countries
