Commerce Past Questions | West African Examinations Council (WAEC)

Question 21

Which of the following ensures that the quality of a product is maintained?

Options

A) Price Control Board

B) Chamber of Commerce

C) Food and Drugs Act

D) Standards Organisation of Nigeria

E) Manufactures Association of Nigeria

The correct answer is D.

Question 22

Which of the following will enable customs officers to correctly assess import duties on goods?

Options

A) Pro-forma invoice

B) Bill of exchange

C) Documentary credit

D) Consular invoice

E) Bill of laden

The correct answer is E.

Question 23

An insurance policy which benefits one's family only is in the event of one's death is known as

Options

A) a comprehensive insurance

B) a whole-life insurance

C) an endowment policy

D) an annuity

E) a third party insurance

The correct answer is B.

Question 24

Which of the following is not a reason for imposing import duties? To

Options

A) improve balance of trade

B) improve quality of goods for consumers

C) obtain revenue

D) protect infant industries

E) prevent dumping

The correct answer is B.

Question 25

The face to face contact between sellers and buyers with the aim of selling a product is known as

Options

A) personal selling

B) customer cordination

C) promotion

D) advertising

E) public relation

The correct answer is A.

Question 26

Which of the following is the main tool of mass selling

Options

A) public relations

B) personal selling

C) Consumer research

D) Customer orientation

E) Advertising

The correct answer is E.

Question 27

The allowance given to a retailer to enable him make a profit is known as

Options

A) interest

B) commission

C) trade discount

D) cash discount

E) dividend

The correct answer is C.

Question 28

One of the features of a supermarket is

Options

A) having similar shop fronts

B) having many shops under one root

C) selling common household goods

D) having central control from headquarters

E) selling without shops

The correct answer is C.

Question 29

The commercial term "Caveat emptor" means, Let the

Options

A) buyer beware

B) seller beware

C) manufacturer beware

D) account be settled

E) endorser be careful

The correct answer is A.

Question 30

Which of the following is not a business resource?

Options

A) Wages

B) Man

C) Money

D) Material

E) Machine

The correct answer is A.

Question 31

In which of the following business units are the owners mostly the customers?

Options

A) Co-operatives

B) Partnerships

C) Public corporations

D) Limited liability companies

E) Sole proprietorship

The correct answer is A.

Question 32

Which of the following is not a way of raising capital for business?

Options

A) Issuing of bonds

B) Borrowing

C) Savings

D) Ploughing back profit

E) Issuing dividend warrants

The correct answer is E.

Question 33

In a business environment, which of the following variables can a business man conveniently control?

Options

A) Product

B) Politics

C) Culture

D) Economy

E) The laws

The correct answer is A.

Question 34

A statement of account is a

Options

A) summary of goods sold to a customer for a particular item

B) note to inform the customer of an addition to his business transaction

C) standard letter sent to customers who have not settled their bills

D) statement of acceptance of credit facilities to a customer

E) summary of a customer's transactions over a given period

The correct answer is E.

Question 35

Management is

Options

A) getting things done through other people

B) the implementation of business decision

C) the number of levels in an organisation

D) made up the general manager and the employees

E) making goods available in places where they are needed

The correct answer is A.

Question 36

The sum of money the assurer is prepared to pay the assured in total discharge of a contract before its maturity is

Options

A) dividend

B) premium

C) annuity

D) surrender value

E) interest

The correct answer is D.

Question 37

Which of the following services is not rendered by NIPOST

Options

A) Express delivery

B) Recorded delivery

C) Parcel post

D) Telephone

E) Cash delivery

The correct answer is D.

Question 38

Which of the following functions may not be performed by a whole saler?

Options

A) Transporting

B) Warehousing

C) Financing

D) Branding

E) Manufacturing

The correct answer is E.

Question 39

Which of the following is a direct service?

Options

A) Banking

B) Teaching

C) Advertising

D) Fishing

E) Warehousing

The correct answer is B.

Question 40

Which of the following is a disadvantage of foreign trade?

Options

A) Encourages dumping

B) Makes available the products that a country cannot produce

C) Widens the world market

D) Encourages specialization

E) Makes possible the transfer of technology

The correct answer is A.

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