Commerce Past Questions | West African Examinations Council (WAEC)

Question 41

An agreement that is enforceable in law is called?

Options

A) a contract

B) an offer

C) an acceptance

D) a consideration

E) an injuction

The correct answer is A.

Question 42

A document signed by a customs officer of the exporting country to confirm the country of export of the goods is

Options

A) an export invoice

B) a consular invoice

C) a certificate of origin

D) a letter of hypothecation

E) a bill of laden

The correct answer is C.

Question 43

For which of the following reasons would a seller not issue a credit note to a customer? If

Options

A) goods are undercharged

B) goods are damaged

C) bottles are returned

D) goods are overcharged

E) fewer goods are returned

The correct answer is A.

Question 44

Which of the following is not included in the Memorandum of Association?

Options

A) Winding up procedure

B) Objectives of the company

C) Address of the registered office

D) Amount of capital

E) Conditions for amendment of the memorandum

The correct answer is A.

Question 45

Which of the following is not a source of capital?

Options

A) Personal savings

B) Credit transfer

C) Bank Loan

D) Credit purchase

E) Debenture

The correct answer is B.

Question 46

The contract between ship owners and hires whereby the hires take full control of the ship is called?

Options

A) time charter

B) charter by demise

C) shipping conference

D) voyage charter

E) charter party

The correct answer is E.

Question 47

Which of the following does not aim at protecting the customer?

Options

A) Sales of Goods Act

B) Fair Trading Act

C) Price Control Act

D) Partnership Act

E) Foods and Drugs Act

The correct answer is D.

Question 48

Which of the following activities makes the consumer its focus in decision making?

Options

A) Selling concept

B) Marketing concept

C) Product concept

D) Production concept

E) Market research

The correct answer is B.

Question 49

Which of the following is not true of franking machines ?

Options

A) Hired by companies and licensed by NIPOST

B) Print postage imprssion on mails

C) Can print company's logo on mails

D) Advance payment must be made to NIPOST

E) Postage stamp is used

The correct answer is E.

Question 50

Which of the following is suitable for transporting fish a long distance?

Options

A) Tramp

B) Cargo liner

C) Tanker

D) Barge

E) Refrigerated ship

The correct answer is E.

Question 51

Which of the following is not an element of a contract?

Options

A) Consideration

B) Probability

C) Legality

D) Capacity

E) Consensus

The correct answer is B.

Question 52

Which of the following is an advantage of personal selling?

Options

A) Immediate feedback

B) Low cost

C) Self service

D) Speedy market coverage

E) Selling to many people at a time

The correct answer is A.

Question 53

A partner who does not play an active role in a business but contributes capital is a

Options

A) secret partner

B) dormant partner

C) nominal partner

D) limited partner

E) general partner

The correct answer is B.

Question 54

Which of the following may be used to restrict imports?

i. Bill of lading ii. Specific Licenses iii. Foreign exchange rationing iv. Letters of credit v. Customs duties and tariffs

Options

A) i, ii and v only

B) ii, iii and v only

C) iii, iv and v only

D) i, ii and iv only

E) ii, iii and iv only

The correct answer is B.

Question 55

Which of the following is not a reason for dishonoring a cheque?

Options

A) Insufficient funds

B) Different amounts in words and figures

C) Uninitiated alteration

D) Wrong signature

E) Special crossing

The correct answer is E.

Question 56

Which of the following is not true of a private limited company?

Options

A) The minimum number of shareholders is two

B) its shares are freely transferable

C) There is a limit to the number of shareholders

D) it is following separate legal entity

E) it is a registered business

The correct answer is B.

Question 57

A retail co-operative society aims at

Options

A) encouraging members to save money

B) buying seeds and fertilizers

C) Manufacturing goods as cheaply

D) lending money to members at low rate of interest

E) cutting off the profits of middlemen

The correct answer is E.

Question 58

The value of a product expressed in monetary terms is known as

Options

A) utility

B) price

C) Premium

D) commission

E) interest

The correct answer is B.

Question 59

An association of employees in an organization is called a

Options

A) trade union

B) trade association

C) consumer association

D) credit union

E) co-operative society

The correct answer is A.

Question 60

A firm that accepts a portion of the risk involved in an insurance contract is

Options

A) a broker

B) an actuary

C) a speculator

D) an underwriter

E) an assessor

The correct answer is D.

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