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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2009

Objectives



1. A person who invented a new machine for making beverages may protect his exclusive right by

A. Labeling the product

B. Obtaining patent

C. Choosing a name for the product

D. Obtaining a trade mark


2. Which of the following occupations come under the extractive industry

i. Cattle-rearing, lumbering, farming ii. Mining, quarrying, hunting iii. Shipping building, road construction, iron bending iv. Singing, dancing, barbing

A. I, II and III only

B. I,II and IV only

C. I, and II only

D. II and III only


3. Which of the following is sent by a supplier who does not want to sell on credit?

A. Proforma invoice

B. Quotation

C. Consular invoice

D. Advice note


4. Retail outlets that have identical store design, layout and stock display are

A. Multiple shop

B. Tied shop

C. Mobile shop

D. Supermarket


5. Life assurance premium is determine by the assured’s

A. Educational level

B. Age

C. Reputation

D. Number of children


ANSWERS

6. Which of the following is not a contract of indemnity?

A. Overdue

B. Yet to come

C. Missing

D. Due


7. A state cheque is one with the date for payment is

A. Confirmed cheque

B. Bearer endorsement

C. Standing order

D. Bank overdraft


8. When an order cheque is endorse it becomes a

A. Confirmed cheque

B. Bearer cheque

C. Dishonored cheque

D. Cleared cheque


9. The authority given to a bank to make a regular payment on behalf of the customer is

A. Credit transfer

B. Bank endorsement

C. Standing order

D. Bank over draft


10. The taking of the privately owned business by the government is called

A. Indigenization

B. Commercialization

C. Nationalization

D. Privatilization


ANSWERS

11. The rate of turnover is the number of times within a given period that

A. Stock is sold and replaced

B. Closing stock is sold and replaced

C. Purchase are added to stock

D. Average stock is sold


12. Which of the following should be used when goods are sent through independent carrier

A. Delivery note

B. Dispatch note

C. Consignment not

D. Advice note


13. Which of the following is a feature of sole proprietorship

A. Legal entity

B. Unlimited liability

C. Limited liability

D. Continuity


14. If a country devaluates its currency, there would be

A. Reduction in import

B. Reduction in export

C. Increase in production

D. Increase in standard of living


15. Establishing and maintaining mutual relationship between an organization and it customers is known as

A. Marketing concept

B. Advertising

C. Public relation

D. Sales promotion


ANSWERS

16. Which the following is required a certificate of trading to start a business?.

A. Public corporation

B. Public limited liability company

C. Cooperative society

D. Private limited liability


17. A document through which the public is invited to subscribe to the of a company is a

A. Memorandum of association

B. Article of association

C. Prospectus

D. Debenture


18. The taxe paid on goods produce within a country is known as

A. Import duty

B. Excise duty

C. Advalorem duty

D. Customs draw back


19. The letter R/D on a cheque shows that cheque is

A. Paid

B. Dishonoured

C. Certified

D. Accepted


20. The mode of conveying oil and gas through an underground channel is

A. Pipeline

B. Rail transport

C. Road transport

D. Sea transport


ANSWERS

21. Which of the following is a source of capital to a sole proprietorship?

A. Loan from friends

B. Admission of new member

C. Issue cheque

D. Issue of debenture


22. A ship that traveled without schedule is called a

A. Passenger liner

B. Tramp

C. Cargo liner

D. Tanker


23. For over staying in a port, a ship is charge a fine called

A. Dock due

B. Commission

C. Interest

D. Demurrage


24. Stock, share and debentures trade in the stock exchange are called

A. Bears

B. Bulls

C. Security

D. Collateral


25. Which of the following is a reduction in the catalogue price

A. Rebate

B. Cash discount

C. Commission

D. Trade discount


ANSWERS

26. The document that help to determine the country from where goods were imported is

A. Bill of lading

B. Ship’s manifest

C. Certificate of incorporation

D. Share certificate


27. The internal regulation of a limited company are stated in the

A. Memorandum of association

B. Articles of association

C. Certificate of incorporation

D. Share certificate


28. Which of the following feature is common to all retailers?

A. Operating as sole-proprietors

B. Selling to the final consumers

C. Operating with small capital

D. Selling in hire purchase to consumers


29. A private limited company is differs from a public limited company because it

A. Offers right issues to existing share holders

B. Has a separate entity from the owner

C. Cannot easily transfer shares

D. Declares dividend


30. Exchange is facilitated by

A. Taxation

B. Quotas

C. Specialization

D. Good supervision


ANSWERS

31. Which of the following is not a means of transportation

A. Canoes

B. Launches

C. Tramp

D. Carts


32. The nominal value of KC Ltd’s share is 50K and the market value is 70K. this means that company’s share are selling

A. At par

B. Ex dividend

C. Cum dividend

D. At premium


33. Those who are engage in exploiting natural resources are in

A. Commercial occupation

B. Constructive occupation

C. Manufacturing occupation

D. Extractive occupation


34. A sales agreement whereby the buyer takes possession but not title to the goods is

A. Credit purchase

B. Hire purchase

C. Auction sales

D. Direct sales


35. Which of the following is not an example of marine in surance

A. Fidelity

B. Hull

C. Cargo

D. Freight


ANSWERS

36. The owners of a public limited company are

A. Board of directors

B. Management team

C. Shareholders

D. Government


37. Which of the following justifies the existence of public enterprise

A. Making quick decision

B. Creating monopoly

C. Making profit for government

D. Providing essential service


38. Who among the following has no voting right

A. Preferred ordinary shareholders

B. Ordinary shareholders

C. Deferred shareholders

D. Debenture holders


39. One of the main advantage of International Bank for Reconstruction and development (IBRD)is to

A. Settle interbank indebtedness

B. Lend to poor countries

C. Oversees the activities of the banks abroad

D. Encourage trade liberalization among members


40. Which of the following is not a function of a commercial bank

A. Collection of deposit

B. Safe custody service

C. Issuing currency

D. Agents of payment


ANSWERS

Use the diagram to answer question 41 and 42 .





41. “P” in the diagram above represent

A. Commerce

B. Home trade

C. Wholesale trade

D. Entrepot trade


42. What does “V” represent in the diagram

A. Trade

B. Home trade

C. Retail trade

D. Commerce


43. The police and the Army are engaged in

A. Direct service

B. Indirect service occupation

C. Industrial occupation

D. Primary occupation


44. Which of the following are exclusively function of marketing

A. Buying, pricing, selling, and promotion

B. Risk-bearing, storage, production and transportation

C. Organizing, risk-bearing, transportation and storage

D. Production, promotion, distribution and recruiting


45. A type of life policy where the assured or his dependent will not get anything if he did not die within the period of the policy is known as

A. Group policy

B. Whole life policy

C. Endowment policy

D. Term policy


ANSWERS

46. Which of the following note will be sent to the buyer to inform him that the goods he ordered have dispatched

A. Advice note

B. Delivery note

C. Credit note

D. Consignment note


47. The post office services that allow a traveler without a fixed address to collect his letter is known as

A. Post restante

B. Recorded delivery

C. Speed post

D. Express service


48. Which of the following is not a function of entrepreneur

A. Co-ordination

B. Risk-bearing

C. Entertaining

D. Making decision


49. A place where dutiable goods are kept until duties on them are paid is known as

A. Private warehouse

B. Public warehouse

C. Bonded warehouse

D. Manufacturer’s warehouse


50. The cost advertising is unlimited borne by the

A. Manufacturer

B. Consumer

C. Wholesale

D. Retail



WASSCE JUNE 2009 COMMERCE OBJECTIVE TEST

ANSWERS

​1. B 2. C 3. A 4. A 5. B 6. C 7. A 8. B 9. C 10. C 11. A 12. B 13. B 14. B 15. E 16. B 17. C 18. B 19. B 20. A 21. A 22. B 23. D 24. C 25. D 26. C 27. B 28. C 29. C 30. C 31. D 32. D 33. D 34. B 35. A 36. C 37. D 38. D 39. D 40. C 41. B 42. C 43. C 44. A 45. A 46. A 47. A 48. C 49. C 50. B


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