WAEC - Commerce (2013)

• 1

  A document used as a polite way of refusing credit is

  回答

  (C)

  proforma invoice
• 2

  Carriage forward on an invoice means

  回答

  (C)

  carriage will be paid by buyer
• 3

  Which of the following will be suitable for hire purchase sale?

  回答

  (B)

  Refrigerator
• 4

  A person who earns extra commission for guaranteeing debts is a

  回答

  (D)

  del-credere agent
• 5

  An insurance principle that prevents a person from insuring what he does not stand to lose financially if the insured risk occurs is

  回答

  (B)

  insurable interest
• 6

  Voyage policy insurance is associated with

  回答

  (C)

  marine
• 7

  If a share is quoted ex-div, it means the new buyer would

  回答

  (B)

  not get the next dividend
• 8

  Which of the following is not the function of commerce

  回答

  (D)

  The exchange and distribution of goods and services
• 9

  Who among the following does not render direct service?

  回答

  (B)

  Musician
• 10

  The last link in the production process is the

  回答

  (C)

  consumer
• 11

  The Board of Directors of Public corporation is appointed by the

  回答

  (A)

  government
• 12

  The object clause of a limited liability company is stated in the

  回答

  (A)

  Memorandum of Association
• 13

  A market which deals in the purchase and sale of second hand securities is the

  回答

  (A)

  Stock Exchange
• 14

  To endorse a cheque means to

  回答

  (A)

  write and sign one's name at the back of the cheque
• 15

  An insurance policy that covers the body of the ship only is called

  回答

  (C)

  Hull insurance
• 16

  Mr Biu has been paying the premium of a straight Life Assurance policy for several years. The surrender value of the policy is the amount that

  回答

  (A)

  would be paid to mr Biu if he should discontinue with the policy
• 17

  Which of the following protects consumers against poor quality foods

  回答

  (B)

  Standard Organization
• 18

  The use of current account in business is convenient because

  回答

  (A)

  withdrawal can be made at any time
• 19

  The cost of telephone conversation is determined by

  回答

  (C)

  duration of the conversation
• 20

  "Not Negotiable" on a cheque means

  回答

  (C)

  the holder has no better title than the person person who transfers it
• 21

  The type of transport a manufacturer will use will be influenced by

  回答

  (D)

  nature of the goods
• 22

  A contract made between a ship owner and a merchant for the carriage of cargo is

  回答

  (B)

  charter party
• 23

  Advertising efforts geared towards a particular audience is known as

  回答

  (B)

  direct advertising
• 24

  Trade fairs and exhibitions are media of

  回答

  (A)

  sales promotion
• 25

  The concept which says that a company's production policy should be centered on the ultimate user of the product is known as

  回答

  (B)

  consumer sovereignty
• 26

  The various rights attached to different classes of shares are stated in the

  回答

  (A)

  articles of association
• 27

  Which of the following is a feature of supermarkets?

  回答

  (C)

  Goods are on display with price tags
• 28

  Public enterprises are financed mainly by

  回答

  (C)

  government grants
• 29

  A personal computer on sale in an office equipment shop is an example of

  回答

  (A)

  stock
• 30

  The difference between current assets and current liabilities is

  回答

  (C)

  working capital
• 31

  A Ltd. Company has an authorized capital of 2,000,000 shares of D5 each. If the company issued 1,200,000 shares, its issued capital is

  回答

  (B)

  D6,000,000
• 32

  The money issued by Ola Maro and Co Ltd. in running the day to day activities of the business is represented by

  回答

  (D)

  working capital
• 33

  Which of the following is an advantage of a sole trader?

  回答

  (B)

  Quick decision-making
• 34

  A person's deliberate decision to reduce the value of her currency is called

  回答

  (C)

  devaluation
• 35

  Which of the following is not a function of warehousing

  回答

  (B)

  Stabilization of price
• 36

  Ad valorem duties are based on the

  回答

  (B)

  value of the goods imported
• 37

  A tariff refers to

  回答

  (C)

  taxes imposed on imported goods
• 38

  The selling of goods in small units is normally performed by

  回答

  (D)

  retailers
• 39

  Direct sales to consumers by manufacturers is a means of eliminating

  回答

  (C)

  middlemen
• 40

  A physical restriction placed on the quantity of goods that can be imported is

  回答

  (B)

  a quota
• 41

  A country is said to achieve a trade surplus when total

  回答

  (A)

  visible exports exceed total visible imports
• 42

  The process of winding up a public limited company by a court order is known as

  回答

  (D)

  compulsory liquidation
• 43

  A person who undertakes responsibility for forming a new company is

  回答

  (C)

  registrar
• 44

  A term which describes the value of business connections made by a company over the years is known as

  回答

  (C)

  goodwill
• 45

  The ancillary to trade which ensures that people have access to information pertaining to goods is

  回答

  (B)

  advertising