WAEC Commerce 2006 Past Questions

(a) What is foreign trade?

(b) Explain four ways by which foreign trade is different from home trade.

(c) State five reasons why countries restrict foreign trade.
 

(a) State three differences between:
(i) shareholders and debenture holders.
(ii) Ordinary shares and preference shares.

(b) Explain four reasons for winding up a public limited company. 
 

(a) What is non-indemnity insurance?

(b) List and explain three types of life assurance policies.

(c) Explain the term surrender value.
 

(a) Who is a common carrier?

(b) State three functions of each of the following communication agents:
(i) Post Office.
(ii) Telecommunication.
(iii) Courier companies. 
 

(a) What is turnover?

(b) The following information relates to Mrs. Lulu, a trader. 

(i) Calculate the gross profit percentage on each item. (ii) Calculate the net profit on each item.

(a) Explain seven functions of a commercial bank.

(b) Explain three types of accounts that are operated in a commercial bank. 

(a) Define marketing mix

(b) Explain the term marketing concept.

(c) List and describe the four elements of marketing mix. 
 

(a) List four types each of:
(i) Small scale retailers.
(ii) Large scale retailers.

(b) Explain four reasons why small scale retailers survive despite the dominance of large scale retail outlets.
 

(a) State five functions of a chamber of commerce.

(b) Explain five functions of a trade association. 
 

(a) State one use of each of the following:
(i) Letter of enquiry
(ii) Invoice
(iii)Advice note
(iv) Credit note
(v) Statement of account
(vi) Debit note.

(b) Identify two advantages and two disadvantages of automatic vending.