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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2007

Objectives



1. Which of the following was not used as a medium of exchange by the early Europeans that came to Africa?

A. Pounds and shillings

B. Copper manilas

C. Iron bar

D. Cowries


2. The ancillary to trade which ensures that people that people gain access to the facts pertaining to goods is

A. Insurance

B. Advertising

C. Warehousing

D. Banking


3. Which of the following is classified as an extractive industry?

A. Digging for minerals

B. Digging for road building

C. Canning for tomato puree

D. Assembling of cars


4. Who among the following does not render direct service?

A. Teacher

B. Musicians

C. Doctors

D. Retailers


5. A partnership cannot raise its capital by

A. Selling shares to the public

B. Personal contribution of partners

C. Admission of new partners

D. Undistributed profits.


ANSWERS

6. Which of the following is not required in the mail order business?

A. Warehouse

B. Catalogue

C. Display room

D. Post office.


7. The staff responsible for the calculation of probability of losses in insurance is the

A. Actuary

B. Underwriter

C. Broker

D. Solicitor


8. The rate at which the country’s import exchange for its export is known as

A. Terms of trade

B. Balance of trade

C. Rate of exchange

D. Terms of exchange.


9. Where a the limited exists in a partnership,

A. No active partner is needed

B. Other partner must be nominal

C. At least one ordinary partner must be there

D. At least one member must be legal practitioner.


10. Which of the following is best organized as a partnership?

A. Drilling and marketing of crude oil

B. Brewing and distribution of beer

C. Designing and building houses

D. Assembling and marketing vehicles.


ANSWERS

11. Public enterprises are financed mainly by

A. The shareholder

B. Commercial bank.

C. Government grants

D. The world bank.


12. Contributing money to buy equipment for making and marketing a production is a feature of

A. Thrift societies

B. Public limited companies

C. Consumer’s cooperatives

D. Producers’ cooperatives


13. The operation of a private company is guided by the

A. Deed

B. Certificate of trading

C. Certificate of incooperation

D. Company’s act


14. The various right attached to different classes of shares are stated in the

A. Articles of association

B. Memorandum of association

C. Balance sheet

D. Prospectus.


15. Which of the following gets extra dividend after its due fixed rate of dividend?

A. Preference

B. Cumulative preference shares

C. Ordinary share

D. Participating preferred shares


ANSWERS

16. A company may be wound up when

A. There is a disagreement among directors

B. There are too many shareholder

C. Many of the shareholders die

D. Its product completes with that of the government.


17. If the opening stock is le200, cost goods sold le2,400, and closing le120, then the rate of turnover is

A. 20 times

B. 15 times

C. 12 times

D. 7.5 times


18. The money used by Njie & co.ltd in running the day-to-day activities of the business is represented by

A. Total assets less total liabilities

B. Total assets less current liabilities

C. Current assets, less stock

D. Current assets less current liabilities.


19. A limited company has an authorized capital of 20,000,000 shares. If each share capital costs 50k and the company sold 12,000,000 shares. It is issued capital is

A. N16,000,000

B. N10,000,000

C. N6,000,000

D. N4,000,000.


20. A document used to advertise share for sale is

A. Prospectus

B. Annual report

C. Article association

D. Memorandum of association


ANSWERS

21. Which of the following refers to a voluntary association that represents a cross-section of business interests in area?

A. Manufactures’s association

B. Chamber of commerce

C. Consumers’ association

D. Employers’ association


22. Which of the following is used to show that goods imported were produced in an ECOWAS member country?

A. Insurance policy

B. Bill of lading

C. Certificate of origin

D. Bill of exchange


23. Importing goods into the country for re-exporting is know as

A. Home trade

B. Retail trade

C. Entrepot trade

D. Counter trade


24. Which of the following is a function of the small retailer?

A. Financing manucturers

B. Warehousing of goods

C. Branding of goods

D. Selling to consumer


25. The content of a bill of lading does not include the

A. Name of shipper

B. Date and place of shipment

C. Name and destination of the vassel

D. Demurrage payable


ANSWERS

26. Who is responsible for the payment of the bill in a documentary credit?

A. Exporter

B. Importer

C. Importer’s bank

D. Exporter’s bank


27. A popular product priced low to attract a larger number of buyers to a shop is called

A. Loss leader

B. Capital goods

C. Seasonal good

D. Price ring.


28. Centralized buying and decentralized selling are features of

A. Cooperative wholesalers

B. Department stores

C. Mail order business

D. Multiple stores


29. Which of the following is not a feature of a self-service store?

A. It is found mainly in urban areas

B. It offers steady employment opportunity

C. Goods carries price tags

D. It operated on a large floor space


30. If a share sold at a price below is face value, it is sold

A. Above par

B. At a discount

C. At par

D. At premium


ANSWERS

31. Mr. ojo buys a book from a book seller and pays cash. The bookseller will issue him a

A. Debit note

B. Credit note

C. Voucher

D. Receipt


32. A limited company can raise a long term capital through the

A. Commodity market

B. Stock exchange market

C. export market

D. foreign exchange market.


33. Which of the following is not a reason for dishonoring a chegue?

A. Insufficient funds in drawer’s account

B. When the cheque is stale

C. Amount in figure differs with amount in words

D. Poor handwriting.


34. Which of the following is not a function of the central bank?

A. Banker to the government

B. Issuance of currency notes

C. Banker’s bank

D. Granting loans to the public.


35. Treasury bills are bought and sold in the

A. Capital market

B. Open market

C. Commodity market

D. Money market.


ANSWERS

36. Which of the following is a legal tender?

A. Bank notes

B. Bank drafts

C. Central bank cheque

D. Travellers’ cheque


37. Which of the following is referred to as the oldest form of insurance?

A. Marine insurance

B. Burglary insurance

C. Whole life insurance

D. Accident insurance


38. An open cheque is one

A. On which the amount is written only in figures.

B. Which has no name.

C. Which can be cashed over the counter.

D. Which has no specific amount written on it.


Use the following information to answer question 39 to 41.


Madam tope insured her shop premises for the sum of D60,000, when insuring the shop, she did not tell the insurance company that she cooks in the shop but told the insurance company that sells second hands clothes. Hence she insured her store against natural causes. Tope’s shop got burnt yesterday by fire from the cooking pot.


39. Which of the following insurance principles was breached by madam top?

A. Insurable interest

B. Contribution

C. Utmost good faith

D. Subrogation.


40. Which of the following insurance principle will prevent her from claiming compensation?

A. Indemnity

B. Insurable interest

C. Proximate cause

D. Utmost good faith.


ANSWERS

41. The amount of D60,000 quoted represents

A. Premium

B. Sum insured

C. Contribution

D. Compensation


42. If the chatterer delayed ship beyond the days, he is asked to pay

A. Dead freight

B. Demurrage

C. Lump sum

D. Freight.


43. Which of the following involve the delivery of mails to a traveler without fixed address?

A. Speed post

B. Reply paid

C. Recorded delivery

D. Poste restante.


44. A doucument showing full details of the goods and passengers carried in a ship or aircraft is

A. Bill of lading

B. Airway bill

C. Manifest

D. Indent.


45. Which of the following is not a means of water transport?

A. Liner

B. Tanker

C. Truck

D. Barge


ANSWERS

46. Which of the following provides the evidence of receipt of an important document sent through the post?

A. Recorded delivery service

B. Air mail service

C. Letter post

D. Express delivery service


47. Which of the following is an advantage of transportation by sea?

A. Goods can be delivered from door to door

B. It is a cheaper means of transporting goods.

C. It is accident free

D. It is the fastest means transport.


48. Which of the following refers to the division of a market into identifiable sub-market?

A. Market research

B. Market segmentation

C. Market penetration

D. Marketing mix.


49. A specialist on the stock exchange who buys and sells securities in his own name is a

A. Stage

B. Bull

C. Broker

D. Jobber


50. A document showing that a person has shipped certain goods through a name ship is

A. Bill of lading

B. Bill of exchange

C. Dock warrant

D. Bill entry.



WASSCE JUNE 2007 COMMERCE OBJECTIVE TEST

ANSWERS

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


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