1997 WAEC Commerce past questions and answers

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1
Extractive occupation is an example of

A construction industry

B manufacturing industry

C tertiary industry

D primary industry



Correct Option: D


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2
The fastest means of sending a printed message from Lagos to London is through

A aeroplane

B telephone

C cablegram

D telex



Correct Option: D


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3
An association that mobilizes the savings of members and channels them to needy members is known as

A Consumer Co-operative

B Producer Co-operative

C Thrift and Credit Co-operative

D Multi-purpose Co-operative



Correct Option: C


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4
If Ade issues a Union Bank cheque to Chukwu, the Union Bank is the

A drawee

B payee

C drawer

D acceptor



Correct Option: A


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5
Which of the following is the clearing house for all the banks in the country?

A The Federal Mortgage Bank of Nigeria

B The Nigerian Industrial Development Bank

C The Central Bank of Nigeria

D The Nigerian Bank for Commerce and Industry



Correct Option: C


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6
Commerce developed as a result of

A speculation

B competition

C specialization

D importation



Correct Option: C


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7
An overdraft can only be granted to the holder of a

A fixed deposit

B savings deposit

C loan account

D current account



Correct Option: D


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8
Which of the following is not a source of capital to a partnership?

A Buying on credit

B Ploughed back profit

C Borrowing

D Shares



Correct Option: D


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9
Which of the following functions of the wholesaler helps to stabilize prices

A Financing

B Advice to retailers

C Provision of credit

D Advertising



Correct Option: E


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10
The rebate given to the retailer by the wholesaler to enable him make profit is known as

A commission

B mark-up

C trade discount

D cash discount



Correct Option: C


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