Question 1
When the government gives up its ownership and control of a business to individuals, this is known as
Objective
WAEC Commerce 2011 Past Questions
Practice each question, then open it to see the full details.
Question 1
(a) Explain industrial occupation. Give three examples.
(b) State three uses of capital as a factor of production.
(c) State four uses of land as a factor of production.
Theory
Question 2
The reward received by a party in a contract agreement is known as
Objective
Question 2
(a) State five features of a partnership business.
(b) Explain five reasons why governments participate in business.
Theory
Question 3
Payment to a ship owner for carrying one's cargo is
Objective
Question 3
(a) State any four advantages of a public limited company.
(b) Explain the following:
(I) Ordinary shares (ii) Cumulative preference shares (iii) Debenture.
Theory
Question 4
Which of the following is not pre-sale service?
Objective
Question 4
(a) List four means of payment in business.
(b) Explain the following: (i) Quotation (ii) Hire purchase (iii) Deferred payment (iv) Quantity discount.
Theory
Question 5
Which of the following is used to inform the addressee that he has a registered parcel for collection?
Objective
Question 5
(a) State two advantages of courier services.
(b) List and explain six communication services rendered by the post office.
Theory
Question 6
The co-operative society that performs a combination of the functions of other types of cooperatives is called
Objective
Question 6
Explain the following:
(a) Insurance underwriter
(b) Promoters
(c) Auctioneer
(d) Factor
(e) Broker.
Theory
Question 7
That portion of the share capital which the company has asked the shareholders to pay for is known as
Objective
Question 7
(a) Outline six functions of advertising
(b) Explain seven factors to be considered in choosing an advertising medium
Theory
Question 8
One of the advantages of air transport over other forms of transport is
Objective
Question 8
(a) State four differences between a loan and an overdraft
(b) Explain six factors to be considered by a bank manager before granting a loan.
Theory
Question 9
Which of the following are elements of a valid contract?
Objective
Question 9
(a) Give five reasons for the protection of consumers
(b) state five measures taken to protect consumers.
Theory
Question 10
The last link in the channel of distribution is the
Objective
Question 10
| Le | |
| stock | 120,000 |
| fixtures | 335,000 |
| Debtors | 111,000 |
| Overdraft | 27,000 |
| machinery | 348,000 |
| motor vehicles | 232,000 |
| cash | 82,000 |
| creditors | 101,000 |
From the above information, calculate the following:
(a) Total fixed assets
(b) Total current assets
(c) Total current liabilities
(d) The working capital
(e) The capital employed
Theory
Question 11
Taxes on imported foreign goods are also known as
Objective
Question 12
If Karamo who lives in The Gambia imports goods from Senegal and later sells them in Guinea Bissau; Karamo is engaged in
Objective
Question 13
Manufacturers may sell goods directly to consumers where goods are i. made to customer's specification ii. advertised by the manufacturer iii. perishable iv. highly technical v. widely demanded
Objective
Question 14
Which of the following is a means of payment?
Objective
Question 15
Shipping services rendered by Nigeria to The Gambia would be classified by The Gambia as
Objective
Question 16
The main divisions of production are
Objective
Question 17
A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.
What is the cost of goods sold?
What is the cost of goods sold?
Objective
Question 18
A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.
What is the cost of goods sold?
What is the cost of goods sold?
Objective
Question 19
A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.
The average stock is
The average stock is
Objective
Question 20
A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.
What is the rate of turnover?
What is the rate of turnover?
Objective
Question 21
In marine insurance, when a particular cargo is thrown into the sea in order to prevent the ship from sinking, the type of marine loss is
Objective
Question 22
The turnover of a trade is the
Objective
Question 23
The total assets of a business less its total liability is known as
Objective
Question 24
A document issued to the public by a company to advertise its share is known as
Objective
Question 25
An overdraft is
Objective
Question 26
Which of the following is not a principle of insurance
Objective
Question 27
The par value of a share is also known as its
Objective
Question 28
A cheque dated 15th March 2012, will become stale on
Objective
Question 29
Banks settle their indebtedness in the
Objective
Question 30
Which of the following distinguishes home trade from foreign trade?
Objective
Question 31
Before the advent of legal tender and credit instrument, which of the following was used as a medium of exchanged?
Objective
Question 32
When C.I.F is quoted on an invoice, it means that the price includes the
Objective
Question 33
Encouraging a high quality of members' products through the circulation of research information is a function of
Objective
Question 34
A voluntary association of business executives within a locality is known as
Objective
Question 35
Which of the following is not a function of Ports Authority?
Objective
Question 36
Using symbols, letters, name or combination of these by a company to distinguish its products is
Objective
Question 37
Trade as a division of commerce is usually classified into
Objective
Question 38
Liquid capital in a business means the
Objective
Question 39
The relationship which subsists between between two or more persons carrying on a business with a view to profit" is
Objective
Question 40
Rights issue is the
Objective