2007 WAEC Commerce past questions and answers

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1
Which of the following was not used as a medium of exchange by the early Europeans that came to West Africa?

A Pounds and shillings

B Copper manillas

C Iron bars

D Cowries



Correct Option: C


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2
The ancillary to trade which ensures that people gain access to facts pertaining to goods is

A insurance

B advertising

C warehousing

D banking



Correct Option: B


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3
Which of the following is classified as an extractive industry ?

A Digging for minerals

B Digging for roads building

C Canning of Tomatoe puree

D Assembling of cars



Correct Option: A


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4
Who among the following does not render direct service?

A Teachers

B Musicians

C Doctors

D Retailers



Correct Option: D


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5
A partnership cannot raise its capital by

A selling shares to the public

B personal contribution of partners

C admission of new partners

D undistributed profits



Correct Option: A


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6
Which of the following is not required in the mail order business?

A Warehouse

B Catalogue

C Display room

D Post office



Correct Option: C


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7
The staff responsible for the calculations of probability of losses in insurance is the

A Actuary

B Underwriter

C Broker

D Solicitor



Correct Option: A


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8
The rate at which the country's import exchanges for its export is known as

A Terms of trade

B Balance of trade

C Rate of exchange

D Terms of exchange



Correct Option: A


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9
Where a limited partner exists in a partnership

A no active partner is needed

B other partners must be nominal

C at least one ordinary partner must be there

D at least one member must be a legal practitioner



Correct Option: C


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10
Which of the following is best organized as a partnership?

A Drilling and marketing of crude oil

B Brewing and distribution of beer

C Designing and building of houses

D Assembling and marketing of vehicles



Correct Option: C


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