2005 WAEC Commerce past questions and answers

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1
The form of trade practised by the early men was characterized by?

A exchange of goods for money

B efficient distribution system

C exchange of goods for goods

D organized warehousing



Correct Option: C


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2
Which of the following is an advantage of indigenization?

A Checks exploitation by citizens

B Business risk are shared

C Fosters self-reliance

D Leads to monopoly of power



Correct Option: C


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3
Farming is an activity that falls under?

A tertiary occupation

B commercial occupation

C extractive occupation

D secondary occupation



Correct Option: C


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4
Which of the following coordinates other factors of production to achieve set objectives?

A Land

B Labour

C Enterprenuer

D Capital



Correct Option: C


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5
Production is defined as?

A an industrial undertaking

B creation of utility

C earning ones daily bread

D the changing of raw materials



Correct Option: B


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6
An advantage of a public limited company over a private one is the?

A limited liability of shareholders

B easy transferability of shares

C access to retained earnings

D less taxation by government



Correct Option: B


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7
The distribution of profits based upon the level of patronage in the business is a common feature of?

A partnership firms

B public limited companies

C co-operative societies

D private limited companies



Correct Option: C


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8
The fee which the bank charges for services rendered to their current account customers is?

A commission on turnover

B bank rate

C minimum lending rate

D interest



Correct Option: D


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9
The fee which the bank charges for services rendered to their current account customers is?

A commission on turnover

B bank rate

C minimum lending rate

D interest



Correct Option: D


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10
Which of the following would not affect the form of a business unit?

A Availability of raw materials

B The type of business

C Number of persons involved

D The capital size



Correct Option: B


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