WAEC - Commerce (2022)

• 1

  An article used as a means of exchange in the early days of trade in West Africa was

  回答

  (B)

  Cowrie
• 2

  The provision of services is classified under

  回答

  (D)

  tertiary production
• 3

  The growth of Pro commerce is not enhanced by

  回答

  (C)

  high population growth
• 4

  The of the products of the construction industry is a

  回答

  (B)

  bag of cement
• 5

  The service of a retailer is part of production because it

  回答

  (B)

  enables finished goods to reach consumers
• 6

  The resources put together to create goods and services are

  回答

  (C)

  factors of production
• 7

  Which of the following organizations provide essential goods and services at low cost to citizens?

  回答

  (B)

  public enterprises
• 8

  A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a

  回答

  (A)

  wholesale cooperative society
• 9

  Average stock is derived by adding

  回答

  (C)

  opening stock to closing stock divided by 2
• 10

  A retail business that sells goods by post, using catalogues is a

  回答

  (C)

  mail order firm
• 11

  Which of the following documents would a shareholder inspect to know his voting rights?

  回答

  (A)

  Articles of Association
• 12

  An internal source of finance to an entrepreneur is

  回答

  (B)

  retained earning
• 13

   

  Use the information below to answer question 13 and 14

  	#
  Sales	50,000.00
  Debtors	10,000.00
  Cash-in-hand	5,000.00
  Opening stock	30,000.00
  Creditors	8,000.00
  Purchases	16,000.00
  Overdraft	12,000.00
  Closing stock	10,000.00

   

  calculate the working capital.

  回答

  (D)

  #14,000.00
• 14

  Sales ----------------------------------- #50,000
  Debtors -------------------------------- #10,000
  Cash-in-hand --------------------------#5,000
  Opening stock -------------------------#30,000
  Creditors ------------------------------- #8,000
  Purchases ----------------------------- #16,000
  Overdraft ------------------------------- #12,000
  Closing stock -------------------------- #10,000

  Calculate the gross profit.

  回答

  (D)

  #14,000.00
• 15

  A partner who contributes only his name to the formation of a partnership is

  回答

  (A)

  a nominal partner
• 16

  Which of the following groups would advocate for the supply of constant electricity to households?

  回答

  (A)

  consumers' association
• 17

  A retail store that sells a single product from a particular manufacturer is a

  回答

  (D)

  chain store
• 18

  A country's visible balance of payment is made up of

  回答

  (C)

  earnings from goods exported
• 19

  The quality of money which makes it possible to buy goods in small quantities is

  回答

  (C)

  divisibility
• 20

  One of the functions of commercial banks that cannot be performed by central banks is

  回答

  (B)

  collection of deposits from the public
• 21

  A document that instructs an agent to buy goods from a named firm is

  回答

  (D)

  closed indent
• 22

  The incentive given to a buyer to encourage prompt payment is

  回答

  (A)

  cash discount
• 23

  The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is.

  回答

  (B)

  contribution
• 24

  Dealers in the stock exchange such as bulls, bears and stags are categorized as

  回答

  (C)

  speculators
• 25

  Which of the following is not a characteristic of a commercial bank?

  回答

  (C)

  Established to issue bank notes
• 26

  Central banks sell treasury bills to the public to

  回答

  (D)

  reduce cash in circulation
• 27

  A document used to ensure correct payment of duty at the importing country is

  回答

  (D)

  bill of lading
• 28

  A cheque is specially crossed if

  回答

  (C)

  the name of the bank is written between two parallel lines drawn across it
• 29

  One of the functions of a trade association is to

  回答

  (B)

  promote members' welfare
• 30

  When a share with a nominal value of N50 is quoted at N70, it is being sold

  回答

  (D)

  at a premium
• 31

  Sea vessels that do not operate on regular times and routes are

  回答

  (B)

  ocean liners
• 32

  Payment made to a carrier for transportation of goods is

  回答

  (A)

  frights
• 33

  An advantage of rail transport is that it

  回答

  (C)

  bulky and heavy goods
• 34

  The commission on a postal order is

  回答

  (B)

  poundage
• 35

  Consumers could be encouraged to purchase a company's products through

  回答

  (D)

  advertisement
• 36

  The marketing concept emphasizes

  回答

  (D)

  consumer's satisfaction at a profit
• 37

  An undertaking to repair a customer's vehicle for a certain period after it has been sold is 

  回答

  (A)

  After-sales service
• 38

  Which of the following is not a right of a consumer?

  回答

  (B)

  Right to buy on credit
• 39

  Advertisement which is geared towards a particular audience is

  回答

  (A)

  direct advertising
• 40

  The law by which a seller transfers the property in goods to a buyer at an agreed price is the 

  回答

  (C)

  Sale of Goods Act
• 41

  The act of removing government laws and allowing market forces to determine prices is

  回答

  (B)

  deregulation
• 42

  The purpose of commercialization is to

  回答

  (A)

  make state-owned firms more efficient
• 43

  An agency agreement in which the principal approves the action of his authorized representative is agency by

  回答

  (A)

  ratification
• 44

  A requirement for an offer to be valid is that it should be

  回答

  (D)

  communicated to the offeree
• 45

  A disadvantage of privatization is

  回答

  (A)

  high motive for profit than public interest