Commerce past questions and answers, WAEC, 1989

Commerce past questions and answers, 1989:

Use the information below to answer questions 1 - 3

 

H has three branches. The branches are:

• W
• Commerce
• Direct service

Commerce has the following branches:

• M
• Transport
• Advertising
• Warehousing
• Insurance
• Banking and Finance

 

1. From the information above, H stands for _____.

1. trading
2. production
3. occupation
4. farming
5. advertising

 

2. W stands for _____.

1. industry
2. foreign trade
3. home trade
4. entrepreneur
5. civil service

 

3. M stands for _____.

1. quarrying
2. building
3. engineering
4. trade
5. agriculture

 

4. Paper money originated in the form of receipts given by _____.

1. money lenders
2. goldsmiths
3. bankers
4. traders
5. thrift societies

 

5. An insurance broker is involved in _____.

1. manufacturing occupation
2. distributive occupation
3. commercial occupation
4. extractive occupation
5. constructive occupation

 

6. The process of buying, selling and distribution of goods and services is known as _____.

1. retail trade
2. commerce
3. marketing concept
4. marketing mix
5. wholesale trade

 

7. The practice of employing specialists in relevant occupations is a feature of _____.

1. subsistence economy
2. mobility of labour
3. mixed economy
4. exchange economy
5. division of labour

 

8. Which of the following converts raw materials into finished goods?

1. extractive industry
2. manufacturing industry
3. commercial occupation industry
4. constructive industry
5. tertiary industry

 

9. Which of the following supports the view that there was commerce in Nigeria many years ago?

1. communities were interdependent
2. the economy was subsistent
3. specialization was minimal
4. cowries were used as money
5. horses were used as means of transportation

 

10. Which of the following towns was important to trans-Saharan traders?

1. Enugu
2. Oyo
3. Ilorin
4. Kaduna
5. Kano

 

11. Production ends when goods _____.

1. and services are used by the producer
2. are packed and labeled
3. are sold in the market
4. and services reach the final consumer
5. are advertised to the consumers

 

12. A counter offer operates as _____.

1. an acceptance
2. an offer
3. a rejection
4. an agreement
5. a contract

 

13. In the contract of sale of goods, “let the buyer beware” is signified by _____.

1. del credere
2. uberrimae fidei
3. caveat emptor
4. res ispa loquitor
5. caveat vendetta

 

14. Branding is a good example of _____.

1. informative advertising
2. marketing mix
3. persuasive advertising
4. consumerism
5. competitive advertising

 

15. The critical factor in organizing a business is _____.

1. money
2. capital
3. machinery
4. management
5. control

 

16. Which of the following is NOT an attribute of an effective business manager?

1. empathy
2. subjectivity
3. altruism
4. objectivity
5. self awareness

 

17. Prior to the issue of a certificate on a motor insurance contract, the insured is issued with _____.

1. a license of insurance
2. insurance policy certificate
3. a cover note
4. a simple receipt
5. an invoice

 

18. The worth of a life assurance policy before maturity date is known as _____.

1. principal value
2. surrender value
3. accumulated value
4. prepaid value
5. accrued value

 

19. Under the law of insurance, exemption clauses _____.

1.  enables the insured to claim on the insurance company
2. protect the insurance company under the contract
3. guard against occurrence of the insured events
4. protect a third party under the contract
5. protect the insured against the insurance company

 

20. The assured is the _____.

1. insurance company
2. insurance company’s client
3. insurance broker
4. insurance agent
5. insurance manager

 

21. If a limited liability company wishes to finance expansion by using its retained earnings, it will  issue _____.

1. debenture stock
2. preferred stock
3. dividend warrants
4. bonus shares
5. rights issue

 

22. A partnership formed for banking business is made up of _____.

1. 2 – 10 members
2. 2 – 20 members
3. 2 – 30 members
4. 2 – 40 members
5. 2 – 50 members

 

23. Which of the following statements is true of limited partnership?

1. Every member is a limited partner
2. All members are general partners
3. All members have limited liability
4. There is at least one ordinary partner
5. Limited and ordinary partners must be equal in number

 

24. Which of the following is NOT a requirement for the dissolution of a partnership?

1. Expiration of the partnership deed
2. Termination of the venture
3. One partner notifying the other of his intention to dissolve it
4. Mutual consent of the partners
5. Order from the registrar of companies

 

25. An organization formed mainly by traders and manufacturers to cater for the interest of their members is called _____.

1. trade union
2. co-operative societies
3. trade association
4. chamber of commerce
5. manufacturers association

Please read questions 26 - 50 here

Please read questions 51 - 75 here

Please read questions 76 - 98. Answers are present here

You can read various topics on Commerce here