WAEC - Commerce (2014)

• 1

  A price quotation which includes all the expenses involved in loading the goods into a ship is

  回答

  (A)

  Free on Board (FOB)
• 2

  Shares, bonds, stocks and debentures traded on the stock exchange are collectively called

  回答

  (D)

  securities
• 3

  In a hire purchase contract, the customer becomes the legal owner of the goods by

  回答

  (A)

  paying the last installment
• 4

  Which of the following is engaged in commercial occupation?

  回答

  (C)

  an insurance broker
• 5

  "Net 3 months" on an invoice means the buyer will

  回答

  (B)

  gets discount if he pays within 3 months
• 6

  The ratio between a country's exports and her imports prices is the

  回答

  (C)

  terms of trade
• 7

  The charge paid to a ship owner for the unused part of a ship is known as

  回答

  (C)

  dead freight
• 8

  Fidelity guarantee insurance will only cover

  回答

  (A)

  cashier's fraud
• 9

  In the absence of the bill of lading, which of the following is used o clear the goods

  回答

  (C)

  Certificate of Origin
• 10

  A system of sales where goods are sold to the highest bidder is known as

  回答

  (D)

  auction sale
• 11

  The term "fiduciary issue" means

  回答

  (A)

  money issued without gold backing
• 12

  An insurance principle which prevents an insured from making profit when compensated is known as

  回答

  (D)

  utmost good faith
• 13

  A retail outlet with many branches all dealing in similar line of goods is described as a

  回答

  (B)

  supermarket
• 14

  A person who gave his building as a security for loan is known as a

  回答

  (D)

  guarantor
• 15

  A firm that specializes in packing and shipping of goods is known as a

  回答

  (D)

  cargo handling company
• 16

  Which of the following is a function of marketing department in a firm?

  回答

  (A)

  Add value to goods and services
• 17

  An individual or company that engages in the transportation of any type of goods for a fee is called a

  回答

  (A)

  common carrier
• 18

  Debentures which are secured by the fixed assets of a company are called

  回答

  (C)

  Redeemable debenture
• 19

  The central bank sometimes calls for special deposits from the commercial banks in order to

  回答

  (A)

  reduce bank lending
• 20

  A principal member of the stock exchange who buys and sells securities on his own is a

  回答

  (A)

  jobber
• 21

  Consumer protection council places an obligation on producers to ensure that their products

  回答

  (A)

  are wholesome and safe
• 22

  The target of all marketing activities is the

  回答

  (A)

  consumer
• 23

  Small-scale retailers continue to exist in spite of the dominance of large firms because they

  回答

  (A)

  render personal service
• 24

  Buildings and machinery purchased for use in business are examples of

  回答

  (B)

  fixed assets
• 25

  The throwing of goods over board to prevent a ship from sinking is known as

  回答

  (C)

  jettison
• 26

  In insurance, risks that have no statistics for their calculations are

  回答

  (C)

  un-insurable risks
• 27

  The practice of selling goods in foreign countries at lower prices than obtainable int he exporting country is known as

  回答

  (B)

  dumping
• 28

  The entertainment industry is classified under

  回答

  (D)

  commercial industry
• 29

  Buying on impulse is encouraged by

  回答

  (C)

  supermarket
• 30

  A fixed deposit account is beneficial to its holders because

  回答

  (C)

  it attracts higher interest rate
• 31

  An amount paid by a bull who wishes to defer the purchase of shares to the next accounting period is

  回答

  (B)

  backwardation
• 32

  Foreign trade is concerned with

  回答

  (D)

  buying and selling of goods and services among countries
• 33

  The distribution of goods creates

  回答

  (A)

  time utility
• 34

  The documents issued by the Registrar of companies which allows a public company to commence business is called

  回答

  (A)

  trading certificate
• 35

  A cheque bearing a date showing that it was issued more than six months ago is termed a

  回答

  (C)

  stale cheque
• 36

  A system of buying products from a machine is known as

  回答

  (C)

  automatic vending
• 37

  Carpentry is an activity classified under

  回答

  (D)

  constructive occupation
• 38

  A system of buying goods by an agent where the supplier is determined by the principal is

  回答

  (C)

  open indent
• 39

  One of the functions of a central bank is to

  回答

  (A)

  perform supervisory role among all the banks in the country
• 40

  The issue of Certificate of Incorporation to a company means that it has

  回答

  (B)

  legally come into being
• 41

  The part of authorized capital of a company sold to shareholders is

  回答

  (A)

  paid-up capital
• 42

  A person who contributes money to a partnership business and is also involved in its general supervision is called

  回答

  (A)

  An active partner
• 43

  A business obtains part of its short-term capital from

  回答

  (C)

  trade credit
• 44

  A postal service that allows a company's customers to reply to its advertisements at the expense of the company is

  回答

  (C)

  express delivery service
• 45

  A voluntary association which consists of people who represents a cross section of business interests in an area is a

  回答

  (A)

  Trade Association