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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2016

Objectives



1. Where a number of insurance companies are liable under one Policy, the principle applicable is

A. Subrogation

B. Contribution

C. Indemnity

D. Utmost good faith


2. Buying and selling stocks in the stock exchange in anticipation of changes in the share prices is

A. hedging

B. projection

C. forecasting

D. speculation


3. Another term for a dishonoured cheque is

A. an order cheque

B. a bounced cheque

C. a bearer cheque

D. an open cheque


4. Which of the following is an example of life assurance?

A. Third party policy

B. Comprehensive policy

C. Fidelity guarantee policy

D. Endowment policy


5. The main concern of commerce is to

A. create wealth

B. buy and sell goods and services

C. exchange and distribute goods and services

D. satisfy all human wants


ANSWERS

6. The organized efforts of consumers to protect themselves against the unfair practices of businessmen is

A. strike

B. consumerism

C. picketing

D. demonstration


7. Which of the following legislations aims primarily at protection of consumers

A. Law of Contract

B. Trade Description Act

C. Company's Act

D. Partnership Act


8. In a law of contract a counter offer operates as

A. an acceptance

B. consensus ad idem

C. a rejection

D. a contract


9. An economic policy which encourages government ownership of businesses is called

A. Privatization

B. Nationalization

C. Indigenization

D. Commercialization


10. Lack of permanent record for the massage receiver is a disadvantage of

A. television

B. direct mail

C. catalogue

D. magazine


ANSWERS

11. Which of the following occupations are classified under the extractive industry?

i. cattle -rearing, lumbering and farming ii. mining, quarrying and hunting

iii. ship building, road construction and iron bending iv. singing, dancing and tailoring

A. i and iii only

B. i, ii and iv only

C. i and ii only

D. ii, iii and iv only


12. Which of the following abbreviations allows the drawer of a document to correct any error?

A. C.I.F

B. I.O.U

C. C.W.O

D. E&O.E


Use the following information relating to Bala Enterprises to answer questions 13 to 15

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,(N)

Premises...................... 32,000

Motor vehicle ...............15,000

Debtors Stock ..............15,000

Creditors ......................20,000

C.N 25,000 ....................10,000


13. The value of current assets is

A. N 35,000

B. N 32, 000

C. N25,000

D. N10,00


14. What is the value of the working capital?

A.N 47,000

B.N 35,000

C.N 25,000

D. N10,000


15. The value of fixed assets is

A. N 72,000

B. N 47,000

C. N 35,000

D.


ANSWERS

16. A clean bill of lading is so called because

A. it shows record of damaged goods

B. it is not a stained bill /,

C. it is a document of authority /

D. it shows no record of damaged goods


17. When an importer has been overcharged for goods supplied, the exporter issues him with a

A. debit note

B. proforma invoice

C. letter of credit

D. credit note


18. Fidelity guarantee insurance is a cover against loss arising from

A. Trade debt

B, Personal accident

C. Dishonest staff

D. Fire disaster


19. When a cheque is paid by the bank on which it is drawn, tie cheque is

A. discounted

B. credited

C. debited

D. cleared


20. The process of buying, selling and distribution of goods and services is

A. retail trade

B. commerce

C. marketing concept

D. marketing


ANSWERS

21. Risk bearing in business organization is a function of the

A. employee

B. entrepreneur

C. customers

D. manager


22. The worth of a life assurance policy before its maturity date is

A. residual value

B. surrender value

C. accrued value

. assured value


23. One disadvantage of advertising is that it

A. could be misleading

B. decreases sales

C. reduces profit

D. causes overstocking


24. The business unit that applies the principle of one man, one vote is

A. Sole proprietorship

B. Partnership

C. public company

D. Co-operative society


25. The Water Corporation is an example of

A. Co-operative Society

B. Public Entreprise

C. Private Enterprise

D. Limited Company


ANSWERS

26. A partnership is dissolved due to

A. liquidity of the firm

B. death of an employee

C. insanity of a partner

D. resignation of an employee


27. A document that contains the relationship between the company and outsiders is

A. Certificate of Incorporation

B. Memorandum of Association

C. Article of Association

D. Certificate of Trading


28. An organization formed mainly by traders and manufacturers to cater for interest of member is

A. Trade Union

B. Co-operative Society

C. Trade Association

D. Chamber of Commerce


29. An insurance broker is involved in

A. industrial occupation

B. distributive occupation

C. commercial occupation

D. constructive occupation


30. An agreement that is enforceable in law is

A. a contract

B. an offer

C. an acceptance

D. a consideration


ANSWERS

31. The size of an enterprise is determined by the

A. number of customers of the enterprise

B. length of the time the firm has been in operation

C. amount of capital invested

D. type of work done


32. Which of the following functions is not performed by trade association?

A. Research and development

B. Standardization of product

C. Credit facilities

D. Technical information


33. The fees charged on postal order by the post office is

A. interest

B. brokerage

C. poundage

D. premium


34. The document issued by a warehouse keeper for goods taken into the store is

A. mate receipt

B. bill of sight

C. ship manifest

D. dock warrant


35. Which of the following is a verbal means of communication?

A. Telex

B. Express mail

C. Business reply service

D. Telephone


ANSWERS

36. The production of goods in anticipation of demand is made possible by

A. Packaging

B. Warehousing

C. Branding

D. Advertising


37. Regarding the consumer as the King who must be satisified is the main emphasis of

A. marketing research

B. marketing mix

C. consumerism

D. marketing concept


38. Which of the following is a function of marketing?

A. Branding

B. Planning

C. Organising

D. Manufacturing


39. A component of marketing mix that is put in a consumable form to satisfy the consumer is

A. product

B. promotion

C. place

D. price


40. Goods become the property of the buyer on the transfer of liability and possession without immediate payment under the

A. hire purchase agreement

B. credit sale agreement

C. auction sales agreement

D. conditional sales agreement


ANSWERS

41. The value at which one country obtains another country's currency is

A. terms of trade

B. exchange rate

C. bank rate

D. terms of payment


42. Specializing in the sale of one line of goods is the main feature of

A. supermarkets

B. chain stores

C. mail order firms

D. mobile shops


43. One objective of the European Union is to

A. fight the guilty nation in time of war

B. eliminate drug addiction among member countries

C. eliminate all tariffs and quotas among member countries

D. fight against child abuse in member countries


44. Which of the following persons is a part of a business internal environment?

A. Employee

B. Supplier

C. Creditor

D. Customer


45. A person or a firm to whom a sum of money is owed is

A. banker

B. guarantor

C. a debtor

D. creditor


ANSWERS

46. A general tax which applies at each point of exchange of goods and services is

A. a specific tax

B. an ad valorem tax

C. a value added tax

D. a direct tax


47. If a business uses part of its profit to develop the area where it operates, the business is fulfilling its

A. economic responsibility '

B. marketing responsibility

C .social responsibility

D. managerial responsibility


48. Production ends when goods and services

A. reach the final user

B. are used for manufacturing

C. are packed and labelled

D. are sold to the middlemen


49. The process of converting a non-profit making organization to a profit making business is

A. indigenization

B. privatization

C. deregulation

D. commercialization


50. A distinctive symbol, title or design that readily identifies the company and its products is

A. Patent right

B. Trade mark

C. Trade name

D. Brand name



WASSCE JUNE 2016 COMMERCE OBJECTIVE TEST

ANSWERS

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


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