WAEC - Commerce (2021)

• 1

  Commerce started as a result of _______

  回答

  (B)

  distribution
• 2

  The process of changing raw materials into finished goods is ________

  回答

  (C)

  manufacturing
• 3

  An example of a primary product is _____

  回答

  (D)

  cocoa
• 4

  All activities geared towards the distribution and exchange of goods and services is _______

  回答

  (A)

  commerce
• 5

  The word ''limited" written after the name of a company means that  

  回答

  (B)

  members are liable to the extent of their shareholdings only
• 6

  Which type of occupation is a carpenter engaged in?

  回答

  (B)

  Construction
• 7

  The reward for land as a factor of production is

  回答

  (B)

  rent
• 8

  Which of the following businesses can raise capital through the stock exchange?

  回答

  (C)

  Public company
• 9

  One of the disadvantages of selling on credit is

  回答

  (D)

  bad debts
• 10

  A number of shops under one roof is a 

  回答

  (B)

  department store
• 11

  An organization of producers of similar produces, which controls output with the intention to fix price is a 

  回答

  (D)

  cartel
• 12

  One of the functions of a trade association is to 

  回答

  (C)

  promote members' welfare
• 13

  The practice of selling goods to a foreign country at lower prices than obtainable in the exporting country is 

  回答

  (D)

  dumping
• 14

  A foreign order which instructs an agent to buy certain goods from a particular supplier is

  回答

  (A)

  closed indent
• 15

  Which of the following is not a condition for dissolution of a partnership? 

  回答

  (D)

  Termination of the venture
• 16

  A country's balance of trade of -$20 million shows that its 

  回答

  (A)

  import volume is greater than export
• 17

  The collection of import duty is a function of the

  回答

  (D)

  customs and excise authority
• 18

  An error on an invoice may be rectified by issuing

  回答

  (C)

  a credit note
• 19

  What is the average stock?

  回答

  (C)

  N8,000
• 20

  The cost of goods sold is 

  回答

  (B)

  N9,000
• 21

  The expected response from the recipient of a quotation is to send

  回答

  (D)

  an order
• 22

  The main function of a bureau-de-change is 

  回答

  (A)

  buying and selling foreign currency
• 23

  The right of a seller to make corrections on invoices is expressed by the term

  回答

  (A)

  errors and omissions excepted
• 24

  Speed is an important factor to be considered for the choice of means of transport where goods are

  回答

  (A)

  perishable
• 25

  The practice by which insurance companies share risks with other insurance companies is 

  回答

  (A)

  contribution
• 26

  One of the functions of the ports authority is

  回答

  (D)

  providing warehousing services.
• 27

  Which of the following means of payment requires acceptance by the debtor to make it valuable? 

  回答

  (B)

  Bill of exchange
• 28

  The purpose for which the Central Bank sells securities is to 

  回答

  (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 _______

  回答

  (B)

  overdraft
• 30

  One of the qualities of tradable goods is 

  回答

  (D)

  perishability
• 31

  Which of the following instruments of payment could be used in international trade? 

  回答

  (D)

  Bill of exchange
• 32

  Bonded warehouses are supervised by 

  回答

  (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 

  回答

  (A)

  competitive
• 34

  Which of the following business risks would an insurance firm not cover for an entrepreneur? 

  回答

  (D)

  Change in consumers' taste
• 35

  The main idea of the marketing concept is that all the firm's plans and operations should be 

  回答

  (C)

  consumer oriented
• 36

   A person who is for the purpose of bringing his principal into contractual relationship with third parties is 

  回答

  (B)

  a consignee 
• 37

  The transfer of a government company to the public is 

  回答

  (B)

  localization
• 38

  One of the roles performed by middle managers is

  回答

  (B)

  implementation of organizational plans
• 39

  Which of the following is responsible for protecting consumers against poor quality goods 

  回答

  (C)

  Standard organization of Nigeria
• 40

  The saying that the 'consumer is always right' describes the doctrine of

  回答

  (B)

  consumer sovereignty
• 41

  A disadvantage of privatization is that 

  回答

  (D)

  the profit motive outweighs public interest
• 42

  The practice of making a state firm more profit-oriented is

  回答

  (D)

  commercialization
• 43

  Trade fairs and exhibitions are media of

  回答

  (A)

  sales promotion
• 44

  The income generated from tourism forms part of the country's 

  回答

  (D)

  invisible exports
• 45

  An objective of the European Union is to

  回答

  (C)

  encourage migrant workers from developing countries