Question 1
A person who invented a new machine for making beverages may protect his exclusive right by
Objective
WAEC Commerce 2009 Past Questions
Practice each question, then open it to see the full details.
Question 1
(a) Differentiate between industry and commerce.
(b) List and explain four activities of those engaged in commercial occupations
Theory
Question 2
Which of the following occupations come under the extractive industry? i. Cattle-rearing,lumbering,farming ii. Mining, quarrying, hunting iii.Ship building, road construction, iron bending iv. Singing, dancing, barbing
Objective
Question 2
Explain five benefits that would be derived and five losses that would be suffered when a sole trader admits other partners.
Theory
Question 3
Which of the following is sent by a supplier who does not want to sell on credit?
Objective
Question 3
(a) What is personal selling?
(b) List and explain six media available to an advertiser of goods and services
Theory
Question 4
Retail outlets that have identical store design, layout and stock display are
Objective
Question 4
Explain the following terms:
(a) fixed assets
(b) certificate of trading
(c) dividend
(d) authorized capital
(e) promoters
Theory
Question 5
Life assurance premium is determined by the assured's
Objective
Question 5
Describe each of the following documents and state one use of each:
(a) consular invoice
(b) bill of lading
(c) certificate of origin
(d) bill of sight
Theory
Question 6
Which of the following is not a contract of indemnity
Objective
Question 6
(a) Explain five functions of the Customs Authority
(b) State five advantages of international trade
Theory
Question 7
A stale cheque is one on which the date for payment is
Objective
Question 7
Explain the following terms as used on the stock exchange market:
(a) Backwardation
(b) Bear
(c) Jobber
(d) Jobber's turn
(e) Brokerage
Theory
Question 8
When an order cheque is endorsed it becomes a
Objective
Question 8
(a) Explain the following terms:
(i) goodwill
(ii) patents
(iii) trade mark
(iv) copyright
(b) State four factors that could lead to the dissolution of a limited liability company
Theory
Question 9
The authority given to a bank to make regular payments on behalf of a customer is
Objective
Question 9
(a) Distinguish between nationalization and indigenization
(b) State five advantages of nationalization and three disadvantages of indigenization
Theory
Question 10
The taking over of privately owned businesses by the government is called
Objective
Question 10
| Le | |
| sales | 220,000 |
| stock 1/1/05 | 60,000 |
| purchases | 180,000 |
| stock 31/12/05 | 70,000 |
| salaries and wages | 8,000 |
| Debtors | 16,000 |
| Transport | 6,000 |
| Rent | 5,000 |
Calculate (showing all workings) the: (a) gross profit (b) average stock (c) net profit
Theory
Question 11
The rate of turnover is the number of times within a given period that
Objective
Question 12
Which of the following would be used when goods are sent through independent carriers?
Objective
Question 13
Which of the following is a feature of sole proprietorship?
Objective
Question 14
If a country devalues its currency, there would be
Objective
Question 15
Establishing and maintaining mutual understanding between an organization and its customers is known as
Objective
Question 16
Which of the following requires a certificate of trading to start business
Objective
Question 17
A document through which the public is invited to subscribe to the shares of a company is a
Objective
Question 18
The tax paid on goods produced within a country is known as
Objective
Question 19
The letters R/D on a cheque shows that the cheque is
Objective
Question 20
The mode of conveying liquids and gases through an underground channel is
Objective
Question 21
Which of the following is a source of capital to a sole proprietorship?
Objective
Question 22
A ship that travels without schedule is called a
Objective
Question 23
For overstaying in a port, a ship is charged a fine called
Objective
Question 24
Stocks, shares and debentures traded in the stock exchange are called
Objective
Question 25
Which of the following is a reduction in the catalogue price?
Objective
Question 26
The document which helps to determine the country from where goods were imported is
Objective
Question 27
The internal regulations of a limited company are stated in the
Objective
Question 28
Which of the following features is common to all retailers
Objective
Question 29
A private limited company differs from a public limited company because it
Objective
Question 30
Exchange is facilitated by
Objective
Question 31
Which of the following is not a means of transportation by water
Objective
Question 32
The nominal value of kC Ltd's share is 50k and the market value is 70k. This means that the company's shares are selling
Objective
Question 33
Those who are engaged in exploiting natural resources are in
Objective
Question 34
A sale agreement whereby the buyer takes possession but not title to the goods is
Objective
Question 35
Which of the following is not an example of Marine insurance?
Objective
Question 36
The owners of a public limited company are?
Objective
Question 37
Which of the following justifies the existence of public enterprises
Objective
Question 38
Who among the following has no voting right?
Objective
Question 39
One of the main objectives of International Bank for Reconstruction and Development(IBRD) is to
Objective
Question 40
Life assurance premium is determined by the assured's
Objective