2001 WAEC Commerce past questions and answers

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1
Which of the following best describes commerce?

A Buying and selling goods and services

B Buying, selling and distribution and services

C Preserving goods until they are needed

D Making goods and services known to people



Correct Option: B


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2
hose who are engaged in exploiting natural resources are in?

A extractive occupation

B constructive occupation

C commercial occupation

D manufacturing occupation



Correct Option: A


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3
Which of the following classified under production?

A Cloth making

B Shoe mining

C Coal mining

D Road construction



Correct Option: B


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4
The mark-up of a retailer represents the?

A gross profit

B opening stock

C closing stock

D net profit



Correct Option: A


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5
The number of times the average stock of a business is sold within a given period is?

A turnover

B rate of turnover

C sales return

D current ratio



Correct Option: B


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6
Branding is an aspect of marketing mix associated with?

A price

B product

C place

D distribution



Correct Option: B


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7
Which of the following business must have at least one member with unlimited liability?

A Limited liability company

B Limited partnership

C Nominal partnership

D Public eneterprises



Correct Option: B


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8
Which of the following is a feature of sole proprietorship?

A Issue of shares

B Limited liability

C Limited capital

D Legal entity



Correct Option: C


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9
Which of the following is most appropriate for a "Cash with order" terms of sale?

A Proforma invoice

B Credit note

C Debit note

D Consignment note



Correct Option: B


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10
Which of the following is used to advertise of a company?

A Memorandum of association

B Articles of association

C Certificate of incorporation

D Prospectus



Correct Option: D


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