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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2006

Objectives



1. A transporter who offer to carry goods for anyone at a fee is called

A. A national carrier

B. A common carrier

C. A private carrier

D. An independent carrier


2. A dominant partner is one who

A. Does not work hard

B. Lent his name to the business

C. Has limited liability

D. Does not partake in running the business


3. The right that a debenture hold has on the earning of a company is

A. Lien

B. Dividend

C. Interest

D. Rent


4. Which of the following does not determine the size of a business unit

A. The quality of its product

B. The nature of the business

C. The size of market

D. The size of capital


5. The printing of catalogue is one of the costs associated with the operation of

A. Tied shops

B. Mobile shops

C. Mail order shops

D. Department stores


ANSWERS

6. Labour and entrepreneur are example of

A. Factors of production

B. Division of labour

C. Direct service

D. Primary production


7. House builders belong to

A. Manufacturing industries

B. Constructive industries

C. Commercial occupation

D. Tertiary occupation


8. Which of the following groups activities are commercial services

A. Manufacturing, weaving and storing

B. Vending, purchasing and banking

C. Advertising, farming and harvesting

D. Fishing, construction and transporting


9. The prize quotation where the buyer uses his own means to collect goods from the producers warehouse is

A. F.O.B

B. Ex-works

C. F.A.S

D. F.O.R


10. Which of the following is used only in international trade

A. Letter of enquiries

B. Certificate of origin

C. Pro-forma invoice

D. Consignment not


ANSWERS

Use the following to answer question 11 to 13.


The following information relates to Mallam Amidu Kachella for the year ended 31/12/2005

Opening stock....................... 4,000

Purchases............................ 16,000

Sales..................................... 30,000

Debtors................................... 6,500

Creditors................................. 4,200

Cash in hand............................. 800

Closing stock......................... 5,600

Bank overdraft....................... 3,000


11. The average stock is

A. N1,600

B. N4,800

C. N5,600

D. N9,600


12. The current liability is

A. N1,200

B. N3,000

C. N4,200

D. N7,200


13. The cost of goods sold is

A. N10,000

B. N14,400

C. N15,600

D. N20,200


14. When the public wants to buy a company’s shares that has been offered for sale, the share is said to be

A. Right issue

B. Over subscribed

C. Quoted at a premium

D. Over valued


15. Which of the following goods has the lowest rate of turnover

A. Staple foods

B. Office stationary

C. Refrigerator

D. School exercise book


ANSWERS

16. Which of the following is not a duty of a credit union

A. Helping members to save

B. Granting loan

C. Advising on the use of funds

D. Confirming members indebtedness


17. An association formed to protect the interest of buyers of various commodities is known as

A. Chamber of commerce

B. Employers association

C. Consumers association

D. Manufacturers association


18. An outright prohibition on the importation of goods to a country is referred to as

A. Quota

B. Tariff

C. Embargo

D. Devaluation


Use the diagram below to answer question 19 and 20





19. The above document is

A. Foreign bill of exchange

B. Promissory note

C. Money order

D. Cheque


20. Penny bank Plc is the

A. Drawee

B. Payee

C. Drawer

D. Endorser


ANSWERS

21. Which of the following assesses duties payable on imports and export

A. Ports Authority

B. Central Bank

C. Customs and Excise Authority

D. Export Promotion Council


22. Which of the following trends of retailing provides the convenience of shopping without cash

A. Automatic vending

B. Self-service

C. Credit card

D. Window display


23. The place where dutiable goods are kept until the duties on them are paid is

A. Customs warehouse

B. Public warehouse

C. Bonded warehouse

D. The wharf


24. The provision of dredging and dry dock facilities at any seaport is the responsibility of

A. Ports harbours Authority

B. Customs and Excise Authority

C. National health Authority

D. National Water and Electricity Authority


25. Which time allowed for unloading and loading a ship is referred to as

A. Demurrage

B. Lay days

C. Charter party

D. Charter by demise.


ANSWERS

26. Which of the following institution does not belong to the capital market

A. Commercial Banks

B. Development Banks

C. Mortage Banks

D. Insurance Companies


27. The beneficiary of a cheque

A. Acceptor

B. Drawee

C. Drawer

D. Payee


28. A speculator who applies for a new issue of share without the intention of keeping them

A. Bull

B. Stag

C. Bear

D. Jobber


29. Which of the following is not the duty of an agent to the principal

A. Acting in good faith

B. Rendering accurate account

C. Disclosing all profit made

D. Making secrete profit


30. The amount the assured receives if he decides to discontinue the life policy is known as

A. Refund value

B. Net value

C. Surrender value

D. Sum assured


ANSWERS

31. A specialized market where stock and shares are bought and sold is

A. Money market

B. Commodity exchange market

C. Perfect market

D. Stock exchange market


32. The principle where many insurance companies join together to compensate one policy holder is called

A. Contribution

B. Subrogation

C. Compensation

D. Indemnity


33. Demurrage is paid by a vessel for

A. Overloading

B. Travelling along unplanned route

C. Delay at the port

D. Not using the services at the wharf


34. In a limited partnership, one of the members must be

A. A general partner

B. A nominal partner

C. An active partner

D. A dormant partner


35. It is safer and quicker to transport petrol and gas by

A. Rail

B. Road

C. Pipeline

D. Air


ANSWERS

36. The process of taking over the management and control of a privately owned business by government is

A. Indigenization

B. Nationalization

C. Participation

D. Privatization


37. Who among the following is a middle man

A. Manufacturer

B. Agent

C. Insurer

D. Consumer


38. The monopoly right granted to an investor is

A. Trademark

B. Brand name

C. Patent

D. Copyright


39. The process of putting goods in attractive packets to arouse the interest of customers is

A. Collation

B. Wrapping

C. Branding

D. Packaging


40. Which of the following is not a reason for nationalization

A. Encouraging foreign investors

B. Reducing the remittance of profits abroad

C. Training local entrepreneurs

D. Controlling the country’s key industries


ANSWERS

41. Any activities aimed at finding out the wants of consumers and supplying them at a profit is referred to as

A. Promotion

B. Marketing

C. Segmentation

D. Penetration


42. The reduction is the value of a country’s currency in relation to other countries’ currency is

A. Devaluation

B. Inflation

C. Deregulation

D. Fluctuation


43. Which of the following is the main purpose of a third party insurance to

A. Indemnify an injured outsider

B. Indemnify the insured

C. Protect the vehicle against theft

D. Compensate the driver for injuries sustained


44. The term “utmost good faith” in insurance requires that the insured must

A. Not make profit from any loss suffered

B. Receive his compensation fully in the event of loss

C. Disclose all relevant facts on what is being insured

D. Pay his premium regularly


45. Commercial banks usually settle their interbank indebtedness through shops

A. Money market

B. Clearing house

C. Discount house

D. Stock exchange


ANSWERS

46. Which of the following retail outlet is described as selling without shops

A. Multiple stores

B. Supermarkets

C. Mail order business

D. Department stores


47. Which of the following arranges for the conveyance of goods abroad?

A. Ports Authority

B. Customs and Excise Authority

C. Airports Authority

D. Export promotion council


48. The difference between the cost of goods sold and the sales value is known as

A. Net profit

B. Net loss

C. Gross profit and loss

D. Surplus


49. Which of the following is not a feature of sole trader

A. Quick decision making

B. Guarantee profit

C. Unlimited liability

D. Bearing losses alone


50. A practice where producer of the same product come together to advertise is known as

A. Mass advertising

B. Institutional advertising

C. Direct advertising

D. Persuasive advertising



WASSCE JUNE 2006 COMMERCE OBJECTIVE TEST

ANSWERS

​1. B 2. D 3. C 4. C 5. C 6. A 7. B 8. B 9. A 10. B 11. B 12. D 13. B 14. B 15. C 16. D 17. C 18. C 19. D 20. A 21. C 22. C 23. A 24. A 25. B 26. D 27. D 28.B 29.D 30. C 31. D 32. A 33. C 34. A 35. C 36. B 37. B 38. C 39. D 40.C 41. B 42. A 43. A 44. C 45. B 46.C 47.A 48.C 49. A 50. A


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