WAEC Commerce 1992 Past Questions

Practice each question, then open it to see the full details.

The three main division of production are?

A.extraction, manufacturing and construction
B.import, export and entrepot
C.industry, commerce and direct service
D.industry, trade and direct service

(a) What five benefits does Nigeria derive from engaging in international trade?

(b) State and explain five problem likely to be faced by a businessman who wants to sell his goods overseas.

Into which of the following two broad areas can trade be divided?

A.home and foreign trade
B.home and retail trade
C.wholesale and retail trade
D.foreign and wholesale trade
E.import and exports

(a) Describe any four types of Cooperative Societies.

(b) Explain three advantages and three problems of Cooperative Societies.

Which of the following is not true of a sole proprietorship?

A.It has a separate legal entity
B.It has unlimited liability
C.It has a slim chances of expansion
D.The capital is small
E.It can convert into a company

(a) Mention five types of business environment

(b) Why do companies continue to advertise in spite of the criticisms levelled against it?

Which of the following is an investor earns profit on the basis of his patronage?

A.debenture holder
B.partner
C.sole proprietor
D.co-operative member
E.shareholder

(a) What is the importance of warehousing to Commerce?

(b) What factors should be considered in siting a small retail shop?

Which of the following is an investor earns profit on the basis of his patronage?

A.debenture holder
B.partner
C.sole proprietor
D.co-operative member
E.shareholder

(a) What is personal selling?

(b) Explain five ways in which personal selling is important to firm.

A group of retailing shops under one management and selling then same products is known as?

A.multiple shop
B.supermarket
C.department stores
D.variety store
E.unit shop

(a) Explain the Second Tier Security Market.

(b) Justify the existence of the Second Tier Security market.

A group of retailing shops under one management and selling then same products is known as?

A.multiple shop
B.supermarket
C.department stores
D.variety store
E.unit shop

(a) What is Planning?

(b) What are the benefits of planning in business management?

(c) Mention four functions of the personnel department of a business establishment.

Which of the following saves consumers the time and cost involved in travelling to commercial centres for shopping?

A.Department store
B.Supermarket
C.Mobile shop
D.Wholesale stores
E.Stall holder

(a) Explain five reasons why consumers need protection.

(b) Mention any five government legislations aimed at protecting the consumer.

When payments is required for goods at the time order is placed, the term of payment quoted is?

A.C.O.D
B.C.W.O
C.C.I.F
D.F.O.R
E.F.O.B

(a) Explain the following services provided by NIPOST:
(i) Business Reply Service
(ii) Express Delivery
(iii) Poste Restante
(iv) Cash on Delivery
(v) Recorded Delivery

(b) State five ways in which communication is important to commerce.

The provision of all kinds of services is related to?

A.primary production
B.secondary production
C.territorial production
D.construction
E.tertiary production

Explain any five obstacles working against the achievement of the objectives of ECOWAS

Which of the following is the primary purpose of a business concern? To

A.make maximum profit for itself and the share holders
B.provide goods and services to customers at a profit for itself and shareholders
C.supply essential commodities at a profit
D.make a goods and services available to the poor at a profit
E.ensure even development of a country

When a motor dealer undertakes routine maintenance of costumers' vehicles, he is offering?

A.self - service
B.pre - sales services
C.after - sales service
D.automobile service
E.free service

Which of the following has the main objective to differentiate between similar products from different manufacturers?

A.Branding
B.Wrapping
C.Packaging
D.Mark up
E.Display

Which of the following abbreviations permit the drawer of a document to correct any errors therein?

A.V. A. T
B.C. I. F
C.E. O. E
D.I. O. U
E.C. W. O

The most important function of the retailer is to?

A.sell goods on credit
B.operates on weekends and public holidays
C.make goods available in units
D.buy from wholesalers
E.operate at convenient places

A trade agreement in which two countries exchange goods and services is known as?

A.export trade
B.bilateral trade
C.multilateral trade
D.entrepot trade
E.barter trade

A term embracing buying, selling and distributing of goods and services is known as?

A.wholesale trade
B.retail trade
C.commerce
D.market mix
E.marketing concept

UTC, kingsway Stores and Leventis Stores are typical examples of?

A.Telephone
B.Recorded delivery
C.Telex
D.Express mail
E.Bill of lading

Which of the following is not a reason for forming a customer association?

A.Protection against poor quality goods
B.Protection against unscrupulous salesmen
C.Improving the quality of goods to consumers
D.Improving the quality of services to shoppers
E.Making profit for consumers

The main similarity between commercial banks and other financial institution is?

A.the acceptance of customers' deposit and making on their behalf
B.financing of balance of payment deficits
C.creating and destroying money
D.giving credits to individuals or organizations
E.giving night safe facilities

Ware house are located in Lagos because of?

A.availability of wholesale
B.even development
C.nearness to sea and airports
D.the need to check smuggling
E.the need to create additional cost of production

A speculator who buys shares and stocks in anticipating of a rise in their price at the stock Exchange is a?

A.bull
B.bear
C.broker
D.jobber
E.stag

A del credere agents is distinguished from other agent in that he?

A.is a partner in a trading fim
B.works for his principal on commission basis
C.is a middle man in a transaction involving two or more people
D.usually guarantees payments in any transcaction
E.is a dealer on the stock exchange

Which of the following cannot be used as a means of transport between Kano and Lagos?

A.Airplane
B.Ship
C.Train
D.Bus
E.Car

Which of the following is common to both large and small firms?

A.Lower running cost
B.Personal attention to customers
C.Large capital
D.Profit making
E.Opening On public holidays

Nearness to a city centre and a busy street is a necessary condition for sitting?

A.a market place
B.a sales office
C.an accounts office
D.an advertising office
E.A wholesale warehouse

The minimum number of membership for a public limited company is?

A.two
B.seven
C.seventeen
D.twenty
E.fifty

Manufacturing ends when goods?

A.are advertised to the customers
B.and services are used by the producers
C.are packed and labelled
D.are sold in the markets
E.reach the final user

Which of the following functions is not performed by as small retailer?

A.Selling in units to consumers
B.Financing producers
C.Buying from wholesaler
D.Selling goods on credits
E.Stocking a variety of goods

Which of the following functions is not performed by as small retailer?

A.Selling in units to consumers
B.Financing producers
C.Buying from wholesaler
D.Selling goods on credits
E.Stocking a variety of goods

Which of the following products is likely to have a low rate of turnover?`

A.Foodstuff
B.ball-pen
C.Soap and Detergent
D.Furniture
E.Newspaper

Which of the following markets functions involves the actual movement of goods?

A.Exchange function
B.Distribution function
C.Facilitating function
D.Marketing information function
E.Stimulation function

The abbreviation ECOWAS stands for?

A.Economic Community of West African States
B.Economic Communion of West African States
C.Economic Council Of West African States
D.Economics Council of West African States
E.Economics Cooperation of west African States

The difference between cost and selling prices gives?

A.Trading account
B.net profit/loss
C.gross profit or loss
D.appropriation `
E.balance sheet

Which of the following is the quickest and most accurate means id communication?

A.Telegram
B.Express mail
C.Courier service
D.Telex
E.Railex

A sales agreement whereby the buyer takes possession but not title to goods is called?

A.mortgage
B.auction sale
C.deferred payment
D.hire purchase
E.warranty

Any paid form of non-presentation of goods services by an identified sponsor is known as?

A.merchandising
B.advertising
C.publicity
D.public relations
E.sales promotion

The document issued to a lender under a company's seal acknowledging a debt is called?

A.stock
B.share
C.dividend warrant
D.debenture
E.mortgage

One means of making payment through NIPOST is the?

A.cheque
B.money order
C.standing order
D.promissory order
E.counterfoil

The abbreviation IDAPOLY on the letter - headed papers of the federal polytechnic Idah is an example of a?

A.cablegram
B.postmark
C.post code
D.telegraphic address
E.multiple address telegram