WAEC Commerce 2017 Past Questions

Question 1

commercial activities recieved a great boost in west A frica due to contact with?

A.Asians
B.Europeans
C.Americans
D.Africans

Objective

Question 1

(a) What is E-Commerce

(b) State four advantages and four disadvantages of privatization

Theory

Question 2

The job of the polic in keeping law and order in the society is?

A.a commercial service
B.an indirect service
C.a direct service
D.a self service
E.specialized service

Objective

Question 2

(a) Define communication

(b) List six means of communication in business

(c) In what four ways is communication important to business?

Theory

Question 3

A business which becomes insolvent may result in

A.continuity
B.expansion
C.liquidation
D.re-incorporation

Objective

Question 3

Explain the following retail outlets:

(i) department store (ii) mobile shop (iii) chain store (iv) mail order business (v) supermarket

Theory

Question 4

which of the follwing does not belong to the extractive occupation?

A.quarrying
B.carving
C.mining
D.agriculture

Objective

Question 4

(a) State five merits of co-operative societies

(b) Explain five procedure to be followed in the formation of a Private Limited Company

Theory

Question 5

The major division of commerce are?

A.import, export and transportation
B.trade, communication and warehouse
C.import, trade and production
D.trade and auxiliaries to trade

Objective

Question 5

(a) State four features of a warehouse

(b) Explain six reasons why warehousing is important to a business

Theory

Question 6

A memorandum of association is a document

A.defining a company's relationship with the public
B.inviting the public to buy a company's shares
C.governing the affairs of the partnership
D.regulating a company's internal affairs

Objective

Question 6

(a) Define advertising

(b) Explain four demerits of advertising

(c) Explain five different ways producers can create awareness for their goods and services

Theory

Question 7

The main purpose of branding is to?

A.increase the quantity of goods demanded
B.increase the selling price of goods
C.differentiate goods from other similar goods
D.enhance turnover of goods

Objective

Question 7

Explain the following business terms:

(a) standing order

(b) bank draft

(c) legal tender

(d) money order

(e)I.O.U

Theory

Question 8

The facility which is not provide by the port authority is?

A.berth
B.warehouse
C.tarmac
D.cranes

Objective

Question 8

(a) Write the following commercial abbreviations in full:

(i) C.OD (ii) C.I.F (iv) E & O.E

(b) The sale of a good costing Le100,000 attracts a trade discount of 5% and a cash discount of 5%. You are required to calculate the:

(i) trade discount value

(ii) cash discount value

(iii) net amount payable by the buyer.

Theory

Question 9

A cheque could be dishonoured as a result of?

A.same amount in words and figure
B.insufficient fund
C.general crossing
D.regular signature

Objective

Question 10

when a company sells shares to existing shareholders at preferential rate, this is

A.a right issue
B.bonus issue
C.private placing
D.issue by introduction

Objective

Question 11

The conversion of raw materials into finished goods is performed by?

A.extractive industry
B.service occupation
C.commercial occupation
D.the manufacturing industry

Objective

Question 12

which of the following is not a factor of production

A.capital
B.labour
C.exchange
D.entrepreneurship

Objective

Question 13

what is the average stock

A.D12,000
B.D7,000
C.D6,000
D.D5,000

Objective

Question 14

What is the cost of goods sold

A.D55000
B.D42,000
C.D32,000
D.D28,000

Objective

Question 15

What is the rate of stock turnover.

A.11 times
B.6 times
C.4.7 times
D.4 times

Objective

Question 16

which of the following is a source of short term capital.

A.trade credit
B.shares
C.leasing
D.debenture

Objective

Question 17

The most suitable channel for the sale of an aircraft is?

A.manufacturer-wholesaler-retailer-consumer
B.manufacture-wholesaler-consumer
C.manufacturer - retailer - consumer
D.manufacturer - consumer

Objective

Question 18

The duty payable on goods produced locally iis

A.export duty
B.excise duty
C.import duty
D.advalorem duty

Objective

Question 19

An overdraft is granted to holders of?

A.savings accounts
B.loan accounts
C.deposit accounts
D.current accounts

Objective

Question 20

The amount of capital used in the day-to-day running of a company is?

A.working capital
B.capital emplyed
C.share capital
D.fixed capital

Objective

Question 21

an example of an invisible item of trade is?

A.oil
B.shipping
C.machinery
D.textile

Objective

Question 22

in a hire purchase agreement, the buyer is the

A.agent
B.hirer
C.lesse
D.lessor

Objective

Question 23

which of the following terms is not used in price qoutation for goods

A.E. & O,E
B.C.I.F
C.EX works
D.F.A.S

Objective

Question 24

Mr ojo paid Noak the sum of N3,000 for a piece of land without signing a deed of sale. the lement of contract which is lacking is?

A.valuable consideration
B.formality
C.offer and acceptance
D.capacity

Objective

Question 25

which of the following documents is used in home trade only

A.bill of lading
B.airway bill
C.certificate of origin
D.proforma invoice

Objective

Question 26

the central bank carries out its monetary policy through?

A.discounting bills
B.credit ceilling
C.replacement of worn out notes
D.bank rates

Objective

Question 27

the expert reponsible for the calculation of prabability of risk in insurance is?

A.an actuary
B.an underwriter
C.a broker
D.a solicitor

Objective

Question 28

A disadvantage of rail transport is that?

A.it carries bulky goods only
B.the cost of carriage is high
C.it is not flexible
D.it travels on schedule

Objective

Question 29

the advertising medium that makes only audio impression is

A.cinema
B.radio
C.television
D.hoardings

Objective

Question 30

A speculator in the stock exchange market who sells securities in anticipation of a fall in their prices

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

Objective

Question 31

which of the following activities is aimed at closing sales.

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

Objective

Question 32

a machine supplied by a post office to an organisation to imprints stamps on their letters is?

A.vending machin
B.shredding machine
C.automated teller machine
D.franking machine

Objective

Question 33

an agreement between two people which can be enforced is?

A.a warranty
B.a contract
C.an offer
D.a consideration

Objective

Question 34

the marketing mix element which ensures that goods are available where and when needed is?

A.place
B.price
C.product
D.promotion

Objective

Question 35

an example of a computer output device is a?

A.keyboard
B.mouse
C.monitor
D.scanner

Objective

Question 36

ocean liners are vessels that?

A.sail at schedule time on fixed routes
B.sail anytime to anyplace where there is cargo
C.carry only cargo
D.carry only liquid

Objective

Question 37

The process of placing the right people in the right position in an organisation is?

A.planning
B.motivating
C.staffing
D.directing

Objective

Question 38

The right of an unpaid seller doesnt include?

A.declaring the buyer bankrupt
B.retaining the possession of the goods
C.stopping the goods while in transit
D.reselling the goods

Objective

Question 39

The coming together of people who engage in trade and industry in a particular area is?

A.an employers association
B.a trade association
C.a chamber of commerce
D.a trade union

Objective

Question 40

The term which enjoins a buyer to examine goods thoroughly before making payment is?

A.uberimae fidei
B.caveat venditor
C.consumer sovereignty
D.caveat emptor

Objective

Question 41

which of the following is not a tool for sale

A.publicity
B.exhibition
C.competition
D.free samples

Objective

Question 42

The organisation of local and international trade fairs is the responsibilty of

A.trade aasociations
B.labour unions
C.chamber of commerce
D.custom and excise authorities

Objective