2014 WAEC Commerce past questions and answers

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1
A price quotation which includes all the expenses involved in loading the goods into a ship is

A Free on Board (FOB)

B Free Alongside Ship (FAS)

C Cost, Insurance, Freight (C.I.F)

D ex-ship



Correct Option: A


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2
Shares, bonds, stocks and debentures traded on the stock exchange are collectively called

A collaterals

B commodities

C resources

D securities



Correct Option: D


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3
In a hire purchase contract, the customer becomes the legal owner of the goods by

A paying the last installment

B paying the first installment

C taking possession of the goods

D paying half the purchase price



Correct Option: A


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4
Which of the following is engaged in commercial occupation?

A a brick layer

B an engineer

C an insurance broker

D a barber



Correct Option: C


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5
"Net 3 months" on an invoice means the buyer will

A pay interest after 3 months

B gets discount if he pays within 3 months

C pay full invoice amount after 3 months

D have discount if he pays after 3 months



Correct Option: B


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6
The ratio between a country's exports and her imports prices is the

A balance of trade

B balance of payments

C terms of trade

D exchange rate



Correct Option: C


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7
The charge paid to a ship owner for the unused part of a ship is known as

A penalty

B dock dues

C dead freight

D demurrage



Correct Option: C


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8
Fidelity guarantee insurance will only cover

A cashier's fraud

B daylight robbery

C loss of profit

D unpaid loan



Correct Option: A


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9
In the absence of the bill of lading, which of the following is used o clear the goods

A Bill of sight

B Dock warrant

C Certificate of Origin

D Mate's receipt



Correct Option: C


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10
A system of sales where goods are sold to the highest bidder is known as

A credit sale

B hire purchase

C clearance sale

D auction sale



Correct Option: D


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