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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2011

Objectives



1. When the government gives up its ownership and control of a business to individuals, this known as

A. Nationalization

B. Commercialization

C. Privatization

D. Indigenization


2. The reward received by a party in a contract agreement is known as

A. Consideration

B. Acceptance

C. Offer

D. Warranty


3. Payment to a ship owner for carrying one’s cargo is

A. Demurrage

B. Fare

C. Dock due

D. Freight


4. Which of the following is not pre-sales service?

A. Repair and maintenance

B. Providing detailed information about the goods to be purchased

C. Demonstrating the use and performance of the products to be sold.

D. Setting up facilities for storing the product to be bought


5. Which of the following is used to inform the addressee that he has a registered parcel for collection?

A. Counterfoil

B. Express label

C. Slip

D. Telegram


ANSWERS

6. The co-operative society that performs a combination of the functions of other types of co-operative is called

A. Consumer cooperative

B. Multipurpose cooperative

C. Producer cooperative

D. Thrift and credit cooperative


7. That portion of share capital which company has asked the shareholders to pay for is known as

A. Authorized capital

B. Paid-up capital

C. Issued capital

D. Called-up capital


8. One of the advantages of air transport over other forms of transport is

A. Safety

B. Flexibility

C. Cost

D. Speed


9. Which of the following are element of a valid contract?

A. Discharge and performance

B. Offer and acceptance

C. Age and maturity

D. Promise and capacity


10. the last link in the channel of distribution is the

A. retailer

B. consumer

C. wholesaler

D. producer


ANSWERS

11. taxes on imported foreign goods are also known as

A. excise duties

B. tariffs

C. ad valorem taxes

D. dock dues


12. If karamu who lives in Gambia imports goods from Senegal and later sells them in Guinea Bissau: karamu is engage in

A. Multi-lateral trade

B. Counter trade

C. Barter trade

D. Entrepot trade


13. Manufacturer may sell goods directly to consumers where goods are I. made to consumer’s specification II. Advertised by the manufacturer III. Perishable IV. Highly technical

A. I, III and IV only

B. I and III only

C. III, IV and V only

D. III,IV only


14. Which of the following is a means of payment

A. I.O.U

B. Postal order

C. Promissory note

D. C.I.F


15. Shipping services rendered by Nigeria to the Gambia would be classified by the Gambia as

A. Invisible imports

B. Invisible exports

C. Visible import

D. Visible exports


ANSWERS

16. The main division of production are

A. Industry, direct and indirect service

B. Extraction, manufacturing and construction

C. Industry, commerce and direct service

D. Industry, commerce and tradeing


Use the information below to answer question 17 to 19.


A traders turnover was D36,000 purchase was D28,000. The opening stock was D2,000 and the closing stock D3,000


17. What is the cost of goods sold

A. D28,000

B. D27,000

C. D8,000

D. D5,000


18. The average stock is

A. D5,000

B. D3,000

C. D2,500

D. D2,000


19. What is the rate of turnover?

A. 3.5times

B. 10.8times

C. 9 times

D. 5.4 times


20. In marine insurance when a particular cargo is thrown into the sea in order to prevent the ship from sinking, the type of marine loss is

A. Particular average loss

B. General average loss

C. Total average loss

D. Construction average loss.


ANSWERS

21. The turnover of trader is the

A. Number of times the stock is sold.

B. Total sales made during a period.

C. Profit made during a period.

D. Total purchases made during the period.


22. The total assets of a business less its total liability is known as

A. Capital owned

B. Share capital

C. Issued capital

D. Working capital


23. A document is issued to the public by a company to advertise its share is known as

A. Prospectus

B. Tender

C. Share certificate

D. Trading certificate


24. An overdraft is the

A. Amount permitted to be withdrawn in excess of one’s deposit

B. Excessive cash withdrawn by commercial banks from the central banks

C. Credit balance standing in the name of a customer

D. Special deposit made by commercial banks


25. Which of the following is not a principle of insurance?

A. Insurable interest

B. Subrogation

C. Surrender value

D. Proximate cause


ANSWERS

26. Which par value of a share is also known as its

A. Premium price

B. Market price

C. Discount price

D. Nominal price


27. A cheque dated 15th march, 2012 will become stale on

A. 16th June 2012

B. 16th July 2012

C. 16th August 2012

D. 16th September 2012


28. Bank settle their indebtedness in the

A. Discount house

B. Stock exchange market

C. Commercial bank

D. Clearing house


29. Which of the following distinguishes home trade from foreign trade?

A. Payment are easily arranged

B. Taxes are levied

C. Goods have to be warehoused

D. Middlemen are not required


30. Before the advent of legal tender and credit instrument, which of the following was used as medium of exchange?

A. Currency note

B. Cowries

C. Cheques

D. Backdrafts


ANSWERS

31. When C.I.F is quoted on an invoice, it means that the price includes the

A. Cost of goods only

B. Cost of insurance only

C. Cost of carriage only

D. Cost, insurance and carriage


32. Encouraging a high quality of members’ products through the circulation of research information is a function of

A. Manufacturers Association

B. Trade Union

C. Employers’ Association

D. Consumers’ Association


33. A voluntary association of business executives within a locality is known as

A. Trade Union

B. Consumers’ association

C. Chamber of commerce

D. Trade Association


34. Which of the following is not a function of the ports Authority?

A. Providing facilities for loading and the off-loading of vessels

B. Collecting dock dues

C. Providing enough ships for the country

D. Dredging of harbours


35. Using symbols letters, name or combination of these by a company to distinguish its product is

A. Product cycle

B. Marketing mix

C. Trade mark

D. Market segmentation


ANSWERS

36. Trade as a division of commerce is usually classified into A. Retail and wholesale B. Import and export C. Home and foreign D. Visible and invisible


Use the diagrammed below to answer 37 to 39





37. The box marked ‘X’ stands for

A. Indirect services

B. Industry

C. Occupation

D. Aid to trade


38. The box marked ‘Y’ stands for

A. Wholesale

B. Indirect services

C. Aids to trade

D. Foreign trade


39. The box marked ‘Z’ stands for

A. Warehousing

B. Home trade

C. Foreign trade

D. Marketing


40. Liquid capital in a business means the

A. Movable assets of the business

B. Authorized capital

C. Issued capital

D. Assets easily convertible to cash


ANSWERS

41. The “relationship which subsists between two or more persons carrying on a business with a view to profit” is

A. Cooperative society

B. Partnership

C. Public limited company

D. Credit union


42. Right issue is the

A. Individual’s right to be issued shares on subscription

B. Right of shareholders to vote on issues

C. Preferential right to returns on shares

D. Shares offered to existing shareholders at a cheaper price


43. In limited partnership the partner’s

A. Capital is limited

B. Liability is limited

C. Participation is unlimited.

D. Ownership is unlimited


44. Which of the following pieces of information would be found in a typical debit note?

A. Customer code

B. Date of invoice

C. Brief reason for the debit

D. E& O.E


45. The completion of the production process by grading and branding of goods is a function of the

A. Transporter

B. Wholesaler

C. Retailer

D. Consumer


ANSWERS

46. The development of commerce was encouraged by the desire to

A. Get goods and services of other

B. Work with others

C. Create wealth for the nation

D. Satisfy all want and needs


47. Which of the following countries is not a member of the lake chad basin commission?

A. Nigeria

B. Chad

C. Gabon

D. Cameroun


48. A false statement made by one party with an intention of inducing the other party to enter into a contract with him is known as

A. Misrepresentation

B. Legal capacity

C. Consensus ad idem

D. Consideration


49. The essence of adopting the marketing concept by a firm is the recognition that the goods and services have no value unless they are

A. Desirable by consumers

B. Company oriented

C. Beautifully packaged

D. Profit oriented


50. When the consumer engage in actions that express dissatisfaction with the quantity, price and quality of goods available, such action is termed

A. Consumer behavior

B. Consumerism

C. Consumer education

D. Consumer orientation



WASSCE JUNE 2011 COMMERCE OBJECTIVE TEST

ANSWERS

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


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