enwaeccommerce2008

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THEORY QUESTIONS

WAEC SYLLABUS

1. Commerce can be define as the

A. Exchange of goods and services.

B. Distribution and exchange of goods and services

C. Distribution of service at home

D. Export of service

2. Which of the following is not a function commerce.

A. Facilitate mass production of goods

B. Assists in raising capital.

C. Create goods and services

D. Offers employment

3. Production is define as

A. An industrial activity

B. Creation of utilities

C. Exchange of goods and services.

D. Changing of raw materials into finish goods

4. Babou penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat. The captain as a factor of production, refers to

A. Enterpreneur

B. Capital

C. Labour

D. land

5. Farmers and all others concern in getting raw materials from the earth are engaged in

A. Commercial occupation

B. Manufacturing occupation

C. Constructive occupation

D. Extractive occupation

ANSWERS

6. The process of making goods attractive and easy to handle is merchandising

A. Branding

B. Merchandising

C. Packaging

D. Labeling

7. The charges imposed by government on local manufactured goods is call

A. Customs duties

B. Excise duties

C. Tariffs

D. Quota

8. A grocer invoiced a carton of fish valued at N2,500 for N2,000 only. To correct the error, which of the following document would be sent to the buyer?

A. Credit note for N500.00

B. Debit note for N500.00

C. Credit note for N2,500.00

D. Debit note for N2,500.00

9. The exchange of goods and services among countries is

A. Multilateral trade

B. Bilateral trade

C. Counter trade

D. Entrepot trade

10. If a ship overstay it’s stipulated time in the pot, it pays charge known as

A. Arbitrage

B. Demurrage

C. Dock due

D. Toll

ANSWERS

11. A transaction where the buyer of a commodity becomes the legal owner after the payment of the last installment is

A. A credit sales

B. Factoring

C. Hire purchase

D. Conditional sale E. Party selling

12. An agreement whereby the seller transfers or agree to transfer the property in goods for a monetary consideration is a

A. Contract of sale

B. Hire purchase

C. Conditional sale

D. Party sale

13. The main purpose of sending delivery note along with goods is

A. Enable the goods to be checked on arrival

B. Enable the buyer to pay the correct delivery charges

C. Ensure the safe delivery of the goods

D. Prevent the goods from being stolen in transit

14. A shop that sells only the product of the manufacturer is known as

A. Mobile shop

B. Unit shop

C. Tied shop

D. Small shop

15. Which of the following statement cannot be found in a partnership deed

A. Names of partners

B. Nature of business

C. Payment of tax

D. Interest on capital

ANSWERS

16. Product differentiation is achieved by

A. Packaging and branding

B. Packaging and grading

C. Marketing segmentation

D. Outdoor advertising

17. Which of the following service is not offered to retailer by wholesaler

A. Keeping them informed of the demand of consumers

B. Keeping them informed of the new products

C. Offering a wide range of products

D. Granting credit

18. The buying and selling of goods and services within a country is called

A. Counter trade

B. Entrepot trade

C. Foreign trade

D. Home trade

19. The relationship between partners is stipulated in the

A. Memorandum of Association

B. Article of Association

C. Partnership Deep

D. Certificate of Incorporation

20. Which of the following cannot be used to regulate importation?

A. Import quota

B. Import license

C. Imposition of embargo

D. Increase of excise duty

ANSWERS

21. A firm that accepts. Sells and delivers goods by post is a

A. Supermarket

B. Multiple store

C. Department store

D. Mail order business

22. Okoni & Co. law chamber is an example of a

A. Sole proprietorship

B. Partnership

C. Co-operative society public limited company

D. Public limited liability company

23. A refund of the duties collected on goods imported into a country which are later re-exported is

A. Excise duty

B. Ad valorem tax

C. Customs drawback

D. Demurrage

24. Which of the following is mostly used by a mail order business to sell goods?

A. Posters

B. Catalogues

C. Journals

D. Magazines

25. Information requested from a bank concerning the credit worthiness of new customer to a business is

A. Private enquiry

B. Status enquiry

C. General enquiry

D. Letter of enquiry

ANSWERS

26. The document which gives legal authority to a company to operate as a legal entity is

A. Memorandum of association

B. Article of association

C. Share certificate

D. Certificate of incorporation

27. A business that is independent of its owner is a

A. Sole proprietorship

B. Partnership

C. Limited liability company

D. Co-operative society.

28. The amount paid regularly by the assured to the insurer is

A. Dividend

B. Premium

C. Interest

D. Indemnity

29. Net profit is calculated as

A. Sales less purchases

B. Sales less expenses

C. Gross profit less expenses

D. Gross profit less purchases

30. Which of the following carries specialized goods?

A. Liner

B. Tramp

C. Ferry

D. Tanker

ANSWERS

31. In sea transport, vessels that operate on fixed routes and schedules are called

A. Ferries

B. Yachts

C. Liners

D. Tramps

32. Which of the following advertising media combines the advantages of both sight and sound?

A. Television

B. Radio

C. Neon sign

D. Billboard

33. One advantage of advertising to the consumer is that it

A. Brings confusion on the choice of goods

B. Increase demand

C. Persuades the public to buy what they need

D. Decrease the cost of goods

34. Which of the following is not a sales promotion method?

A. Demonstration

B. Exhibition

C. Free sample

D. Newspaper

35. Working capital is

A. Current assets less total liabilities

B. Total assets less total liabilities

C. Current liabilities plus current assets

D. Current assets less current liabilities

ANSWERS

36. A cheque dated 30th July, 2004 but presented for payment on 28th February, 2005 is

A. Post-dated

B. Crossed

C. Opened

D. Stale

Use the following information below to answer questions 37 to 39

This extract is Eniola Computer Services, Aba.

.......................................N

Sale................................. 200,000.00

Stock 1/1/2004................. 25,000.00

Stock 31/12/2004............. 15,000.00

Purchases...................... 145,000.00

Returns inwards.............. 20,000.00

Sales and distribution..... 13,000.00

Wages and salaries........... 8,000.00

37. The average stock is

A. N60,000.00

B. N35,000.00

C. N30,000.00

D. N25,000.00

38. The Gross profit is

A. N65,000.00

B. N55,000.00

C. N30,000.00

D. N20,000.00

39. The cost of the goods sold is

A. N135,000.00

B. N115,000.00

C. N60,000.00

D. N35,000.00

40. Which of the following receive dividend based on patronage?

A. Preference shareholder

B. Co-operative society member

C. Cumulative preference shareholder

D. Debenture holder.

ANSWERS

41. If a customer opens a deposit account with a bank, he will

A. Receive a cross cheque book

B. Given a tally

C. Be given a loan

D. Receive interest

42. A chamber of commerce normally consist of

A. Officials of the trade union of commercial workers

B. A the people engaged in one aspect of trading and manufacturing

C. All the workers in one branch of commerce

D. The people who represent a cross-section of business interest in a town

43. A group of musician can come together to form a

A. Chamber of commerce

B. Public corporation

C. Trade association

D. Trade union

44. Which of the following is not an advantage of marketing

A. Creation of demand

B. Ensuring effective distribution of goods

C. Implementing government regulation

D. Application of marketing techniques

45. One advantage of indigenization is that it

A. Discourages foreign control of an economy

B. Encourages local retention of profits

C. Encourages the participation of indigenes in economic development

D. Discourages foreign investment

ANSWERS

46. The takeover by government of Sanking Sillah and Sons Ltd. Is referred to as

A. Privatization

B. Indigenization

C. Commercialization

D. Nationalization

47. Which of the following economic union is made up of countries in West Africa only?

A. ACP

B. ECOWAS

C. NATO

D. ADB

48. People who sell shares in anticipation of a fall in their value are called

A. Bears

B. Bulls

C. Broker

D. Jobbers

49. Which of the following is not a favourable condition under which personal selling can be practised

A. When advertising entail relatively high cost

B. When the market is concentrated

C. When the market is dispersed

D. When personal touch is needed

50. A shareholder who holds 100,000 butts each is given a dividend of 10 percent less 2 percent tax. What is his net return?

A. D10,000.00

B. D9,000.00

C. D5,000.00

D. D4,000.00

To Top

Q 1-10

Q 11-20

Q 21-30

Q 31-40

Q 41-50

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Candle Light To The World

COMMERCE (Objective Questions And Answers)

WASSCE 2008

Objectives

copyright:ensoft2024. company@en-soft.com Phone:2347072716127

ensofts

Candle Light To The World

COMMERCE (Objective Questions And Answers)

WASSCE 2008Objectives

copyright:ensoft2024. company@en-soft.com Phone:2347072716127

WASSCE 2008

Objectives