2008 WAEC Commerce past questions and answers

JAMB CBT App

Study offline with EduNgr JAMB CBT app that has so many features, including thousands of past questions, JAMB syllabus, novels, etc.


Install App

1
Commerce can be defined as the

A exchange of goods and services

B distribution and exchange of goods and services

C distribution of services at home

D export of services



Correct Option: A


We're working to add a detailed solution for this question



2
Which of the following is not a function of commerce?

A Facilitates mass production of goods

B Assists in raising capital

C Creates goods and services

D Offers employment



Correct Option: B


We're working to add a detailed solution for this question



3
Production is defined as

A an industrial activity

B creation of utilities

C the exchange of goods and services

D changing of raw materials into finished goods



Correct Option: B


We're working to add a detailed solution for this question



4
Babou Penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat . Captain here as a factor of production refers to

A enterpreneur

B capital

C labour

D land



Correct Option: C


We're working to add a detailed solution for this question



5
Farmers and all other workers concerned with getting raw materials from the earth are engaged in

A commercial occupation

B manufacturing occupation

C constructive occupation

D extractive occupation



Correct Option: D


We're working to add a detailed solution for this question



6
The process of making goods attractive and easy to handle is

A branding

B merchandising

C packaging

D labelling



Correct Option: C


We're working to add a detailed solution for this question



7
The charges imposed by the government on locally manufactured goods is called

A customs duties

B excise duties

C tariffs

D quota



Correct Option: B


We're working to add a detailed solution for this question



8
A grocer invoiced a carton of fish valued at #2,500 for #2,000 only. To correct the error, which of the following documents will be sent to the buyer?

A Credit note for #500.00

B Debit note for #500.00

C Credit note for #2,500.00

D Debit note for #2,500.00



Correct Option: B


We're working to add a detailed solution for this question



9
The exchange of goods and services among many countries is

A multilateral trade

B bilateral trade

C counter trade

D entrepot trade



Correct Option: A


We're working to add a detailed solution for this question



10
If a ship overstays its stipulated time at a port, it pays a charge known as

A arbitrage

B demurrage

C dock due

D toll



Correct Option: B


We're working to add a detailed solution for this question





JAMB CBT APP

EduNgr JAMB CBT app that has thousands of past questions and answers, JAMB syllabus, novels, etc. And works offline!


Install App