WASSCE COMMERCE MAY/JUNE 2015 (SSCE WAEC MAY/JUNE 2015 COMMERCE)

WASSCE COMMERCE MAY/JUNE 2015 (SSCE WAEC MAY/JUNE 2015 COMMERCE)

1. The practice of giving a particular name to a product by a manufacturer is

A. branding

B. standardization

C. publicity

D. advertising

 

2. An extra commission paid to an agent who guarantees credit sales made by firm is

A. del-credere

B. guarantor’s fee

C. jobber’s turn

D. brokerage

 

3. A professional in insurance who evaluates the level of loss for claims is an

A. adjuster

B. assessor

C. underwriter

D. actuary

 

4. The insurance service rendered to a foreign shipping company are treated as

A. invisible export

B,. invisible import

C. visible export

D. balance of trade

 

5.Dividing the market for a product according to potential buyers who have common characteristics is

A. market analysis

B. market penetration

C. market segmentation

D. market research

 

6. Which of the following aids to trade  facilitates production ahead of demand

A. insurance

B. transportation

C. Advertising

D. Warehousing

 

7. When a government acquires business enterprise formerly owned by individuals, it is termed

 A. commercialization

B. indigenization

C. privatization

D. nationalization

 

8. How many countries make up River Niger Basin Commission?

A. 16

B.12

C.10

D. 9

 

9. Which of the following means of payment makes bank both drawer and drawee

A. Standing order

B. Bill of exchange

C. Bank draft

C. Opening Cheque

 

10. An association that protects the interest of members in the same line of business is a

A. Consumer Association

B. Trade union

C. Trade Association

D. Chamber of Commerce

 

Use the following information to answer question 11 to 13.

Bamidel Co. Ltd has authorised capital of 40,000,000 ordinary share of N4 each. Shares issued and fully paid are N25,000,000.

 

11. The value Bamidele Co. Ltd’s authorized share capital is

A. N160,000,000

B. N100,000,000

C. N65,000,000

D. N40,000,000

 

12. The value of the issued capital of the company is

A. N160,000,000

B. N100,000,000

C. N65,000,000

D. N15,000,000

 

13. The un-issued capital amounts to

A. N160,000,000

B. N60,000,000

C. N40,000,000

D. N15,000,000

 

14. Which of the following aids to trade is used to stimulate demand for goods?

A. Banking

B. Transport

C. Insurance

D. Advertising

 

15. The term consumer sovereignty means that

A. seller is the king

B. product is supreme

C. buyer is the king

D. producer is the king

 

16. Which of the following activities is classified under extractive industry?

A. Exploration of minerals

B. Construction of roads

C. Canning of tomatoes puree

D. Assembling of cars

 

Use the information below to answer questions 17 and 18

BYX Enterprises has the following balance at the end of March 2010

Opening Stock

D 6,000

Purchases

D23,000

Salaries

D12,000

Closing Stock

D8,000

Sales

D30,000

 

17.Calculate the gross profit of BYX Enterprise

A. D13,000

B. D 9,000

C. D 5,000

D. D 1,000

 

18 What is the turnover of BYX Enterprises?

A 5.0 times

B. 3.5 times

C. 3.0 times

D. 1.5 times

 

19. Which of the following workers is engaged in construction occupation?

A. Mason

B. Shop Assistant

C. Farmer

D. Train Driver

 

20.  A cheque which the bank refused to pay because the drawer had insufficient funds in his account is

A. a bounced cheque

B. a bearer cheque

C. a crossed cheque

D. an order cheque

 

21. Which of the following is a function of the retailer to the wholesaler?

A. Providing after sales services

 

B. providing information on market trends

C. Sales of variety of goods

D. Sales of goods in smaller quantities

 

22. The term utmost good faith in insurance means

A.  Both the insured and insurer must disclose all information

B. only the insurer must disclose all information

C. the beneficiary must disclose all information

D. only the insured must disclose all information

 

23. Which of the followinmg units enjoys government subsidies

A. Private Limited company

B. Limited partnership

C. public limited company

D. Public corporation

 

24. Duty drawback refers to duties paid on

A. exported goods  produced with local content

B. re-exported goods previously imported

C. imported goods for sales locally

D. locally manufactured goods for sales locally

 

25. The capital that is used in the day to day running of a business is

A. nominal capital

B. working capital

C. paid up capital

D. authorized capital

 

26. Which of the following is classified under current asset?

A. machinery

B. Motor Vehicle

C. Stock

D. Fittings

 

27. The reduction in value of a country’s currency in relations to other is

A. redenomination

B. devaluation

C. inflation

D. deflation

 

28. Retail outlets which sell from specialized vans are called

A. supermarkets

B. multiple shops

C. mail order firms

D. mobile shops

 

29. Which of the following is an aspect of marketing concept?

A. product differentiation

B. sales orientation

C. Consumer orientation

D. price Differentiation

 

30. The practice of selling goods in foreign markets at price lower than the cost price is

A. fair trading

B. under invoicing

C. hedging

D. dumping

 

31.A cheque made payable to named person is

A. a crossed cheque

B. a certified cheque

C. an order cheque

D.a confirmed cheque

 

32. A house insured against damage by flood was burnt down and the owner has no claims. Which of the following principle prevented him for making claims?

A. indemnity

B. Contribution

C. Insurable interest

D.Proximate market

 

33. The market for short term capital is called

A. commodity market

B. discount market

C. money market

D. stock market

 

34. Which of the following principle of Insurance stipulates that the insured must be in a position to suffer financial loss?

A. Indemnity

B. proximate cause

C. Insurable interest

D. Subrogation

 

35.When share are sold”ex-div” it means the

A. buyer is entitled to the next dividend

B. shares are sold at par

C. shares are sold above par

D. Seller has right to the next dividend

 

36. Turnover could be increased by  

A. increasing prices and product differentiation

B. advertising and cutting prices

C. refusing credits and customer services

D. increasing the mark up and margin

 

37. Commerce started as a result of

A. speculation

B. competition

C. specialization  

D. nationalization

 

38.Which of the following is used for making payments to many people in a single cheque

A. Debit transfer

B. certified cheques

C. Bank draft

D. Credit transfer

 

39. Equity interest in a company us represented by  

A. Preference share

B. Dividend

C. debenture

D. ordinary share

 

40.When two insurers are liable under a given common policy, the principle of insurance that applies

A. indemnity

B. subrogation

C. proximate cause

D. contribution

 

41. All activities aimed at creation of goods image for an organization are referred to as

A. market segmentation

B. market research

C. public relation

D. consumer orientation

 

42. Which of the following is a disadvantage of foreign trade?

A. it encourage dumping

B. it widens the world market

C. it encourage specialization

D. it provides variety of goods

 

43.A study to discover consumers’ preference and need is called

A. market segmentation

A .consumer orientation

C. market research

D. marketing mix

 

44.Which of the following is a disadvantage of retailing?

A. selling on credit

B. lower prices of goods

C. selling in smaller quantities

D. location of convenient places

 

 45. A  private limited liability company differs from a public limited company because it

A. does not issues its shares to the public

B. has a separate entity

C. has many directors

D. is a going concern

 

46.A tax charged in proportion to the value of imported goods is

A. specific duty

B. ad valorem duty

C. custom duty

D. exercise duty

 

47. Which of the following is a reason for the failure of public corporations?

A. Legal requirement

B. Inadequate funding

C. Political stability

D. Lack of competitions

 

48.The factor that is not considered when determining the means of transport suitable for cargo is

A. size

B. weight

C. manufacturer

D. perishability

 

49. Which of the following is a document of title of goods

A. bills of exchange

B. bill of entry

C. letter of hypothecation

D. bill of lading

 

50. The fee paid of transporting goods by ship is

A. fare

B. freight

C. demurrage

D. charges

 

WAEC SUBJECTS: 
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