2003 WAEC Commerce past questions and answers

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1
The scope of commerce is limited to?

A home and foreign trade

B wholesale and retail trade

C trade and aids to trade

D wholesale and entrepot



Correct Option: C


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2
A worker who processed garri is engaged in?

A extracting

B manufacturing

C exchange

D constructing



Correct Option: B


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3
Which of the following is not a commercial occupation?

A Transportation

B Warehousing

C Banking

D Fishing



Correct Option: D


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4
Industry is a branch of production because it?

A is a division of commerce

B increases utiility of goods

C involves the use of machines

D deals with its durable goods



Correct Option: A


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5
When a public company receives the certificate of incorporation, this implies that?

A it can go ahead and start business

B it can no longer sue or be sued

C the company finds it difficult to raise capital

D the company's assets exist separately from those of its members



Correct Option: A


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6
When a number of thrift societies come together and are registered, they become a?

A holding company

B credit union

C trade union

D consumer association



Correct Option: B


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7
Which of the following would not be stated in Memorandum of Association?

A Name clause

B Registered office

C Objective clause

D Rights of shareholders



Correct Option: D


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8
The greatest risk in a business venture is borne by the?

A trade creditors

B employees

C trade debtors

D entrepreneurs



Correct Option: D


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9
A partner without an unlimited liability is known as a?

A dormant partner

B nominal partner

C general partner

D active partner



Correct Option: D


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10
A partnership without a deed shares profits/losses?

A in the ratio of partners' capital

B equally among the partners

C proportionate to patronage

D proportionate to assets introduced



Correct Option: D


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