WAEC Commerce 2015 Past Questions

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

The practice of giving a particular name to a product by a manufacturer is

A.branding
B.standardization
C.publicity
D.advertising

(a) With the aid of a diagram, show the different classes of occupation.

(b) What is occupation?

(c) Explain with one example each, three classes of occupation shown in 1 (b) above.

An extra commission paid to an agent who guarantees credit sales made by him is?

A.del credere
B.guarantors fee
C.jobber's turn
D.brokerage

(a) What is a vending machine?

(b) State six reasons why supermarkets are popular with shoppers.

A professional in insurance who evaluates the level of loss claims is

A.adjuster
B.accessor
C.underwriter
D.an actuary

(a) Outline five functions of commercial banks.

(b) List and explain five ways the central bank controls the commercial banks.

The insurance services rendered to a foreign shipping company are treated as?

A.invisible export
B.invisible imports
C.visible export
D.balance of payment

(a) State five reasons for the presence of the customs and excise authority at seaports.

(b) Explain five functions of airport authority

Dividing the market for a product according to potential buyers who have common characteristics is?

A.market analysis
B.market penetration
C.market segmentation
D.market research

(a) Explain five reasons for which manufacturers advertise their products.

(b) State five reasons for the continued criticism of advertising.

Which of the following aids to trade facilitates production ahead of demand

A.insurance
B.transport
C.advertising
D.warehousing

(a) What is a contract?

(b) List and explain four ways by which a contract can be discharged.

When a government acquires business enterprises formerly owned by individuals, it is termed?

A.commercialization
B.indigenization
C.privatization
D.nationalization

(a) State five reasons for governments participation in business

(b) Explain five problems encountered by government businesses.

How many countries make up the River Niger Basin commission

A.16
B.12
C.10
D.9

(a) Write in full the following abbreviations as used in commerce:

(i) COD (ii) CIF (iii) FOB; (iv) E and O.E.

(b) The sale of consumer goods costing N 100,000 attracts a cash discount of 7½% and a quantity discount of 5%. Calculate the:

(i) value of the quantity discount

(ii) value of the cash discount

(iii) net amount of money payable by the buyer.

Which of the following means of payment makes the bank both the drawer and drawee

A.standing order
B.bill of exchange
C.bank draft
D.open cheque

An association that protects the interest of members in the same line of business is?

A.consumer association
B.trade union
C.trade association
D.chamber of commerce

The value of bamidele authorized share capital is?

A.N160,000,000
B.N100,000,000
C.N65,000,000
D.N40,000,000

Which of the following aids to trade is used to stimulate demand for goods

A.banking
B.transport
C.insurance
D.advertising

The term consumer sovereignty means that?

A.seller is the king
B.product is supreme
C.buyer is the king
D.producer is the king

Which of the following activities is classified under extractive industry?

A.exploration of minerals
B.construction of roads
C.canning of tomatoes purees
D.assembling of cars

calculate the gross profit by BYX Enterprise

A.D13,000
B.D9,000
C.D5,000
D.D1,000

what is the rate of turnover by BYX Enterprise

A.5.0 times
B.3.5 times
C.3.0 times
D.1.5 times

which of the following workers is engaged in construction occupation

A.mason
B.shop assistant
C.farmer
D.train driver

A cheque which the bank refused to pay because the drawer had insufficient funds in his account is?

A.a bounced cheque
B.a bearer cheque
C.a crossed cheque
D.an order cheque

which of the following is a function of the retailer to the wholesaler

A.providing after sales services
B.providing information on market trends
C.sales of variety of goods
D.sales of goods in smaller quantities

The term utmost good faith in insurance means?

A.both the insured and insurer must disclose all information
B.only the insurer must disclose all information
C.the beneficiary must disclose all information
D.only the insured must disclose all information

Which of the following business units enjoys government subsidies

A.private limited company
B.limited partnership
C.public limited company
D.public enterprises

Duty drawback refers to duties paid on?

A.exported goods produced with local content
B.re-exported goods previously imported
C.imported goods for sale locally
D.locally manufactured goods for sale locally

The capital used in the day to day running of a business is?

A.nominal capital
B.working capital
C.paid up capital
D.authorized capital

Which of the following is classified under current assets

A.machinery
B.motor vehicle
C.stock
D.fittings

The reduction in the value of a country's currency in relation to others is?

A.re denomination
B.devaluation
C.inflation
D.deflation

which of the following is an aspect of marketing concept

A.product differentiation
B.sales orientation
C.consumer orientation
D.price differentiation

Retail outlets which sell from specialized vans are called?

A.super market
B.multiple shops
C.mail order
D.mobile shop

the practice of selling goods in foreign markets at a price lower than the cost price is?

A.fair trading
B.under invoicing
C.hedging
D.dumping

A cheque made payable to a named person is?

A.a crossed cheque
B.a certified cheque
C.an order cheque
D.a confirmed cheque

a house insured against damage by flood was burnt down and the owner had no claim. which of the following principles prevented him from making a claim

A.indemnity
B.contribution
C.insurable interest
D.proximate cause

the market for short term security is called?

A.commodity market
B.discount market
C.money market
D.stock market

which of the following principls stipulates that the insured must be in a position to suffer financial loss?

A.indemnity
B.proximate clause
C.insurable interest
D.subrogation

when shares are sold ex-div it means the?

A.shares are sold at par price
B.buyer is entitle to the next dividend
C.shares are sold above par
D.seller has right to the next dividend

turnover could be increased by

A.increasing prices and product differentiation
B.advertising and cutting prices
C.refusing credit and customer services
D.increasing the mark up and margin

commerce started as a result of?

A.speculation
B.consumption
C.specialization
D.nationalization

which of the following is used for making payments to many people in a single cheque

A.debit transfer
B.certified cheque
C.bank draft
D.credit transfer

equity interest in a company is represented by?

A.preference shares
B.dividend
C.debenture
D.ordinary shares

when two insurers are liable under a given common policy, the principle of insurance that applies is?

A.indemnity
B.subrogation
C.proximate clause
D.contribution

All activities aimed at creation of a good image for an organisation are referred to as

A.market segmentation
B.market research
C.public relation
D.consumer orientation

which of the following is a disadvantage of foreign trade

A.it encourages dumping
B.it widens the world market
C.it encourages specialization
D.it provides varieties of goods

the study to discover consumers' preference and needs is called

A.market segmentation
B.consumer orientation
C.market research
D.market mix

a private limited liability company differs from a public limited liability because it

A.does not issue its shares to the public
B.as a separate entity
C.has many directors
D.is a going concern