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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2014

Objectives



1. A price of quotation which include all the expenses involved in loading the goods into a ship is ?

A. Free on board (FOB)

B. Free Alongside Ship(FAS)

C. Cost, insurance, Freight (C.I.F)

D. Ex-ship


2. Share, bonds, stocks and debenture traded on the stock exchange are collectively called

A. Collaterals

B. Commodity

C. Resource

D. Security


3. In a hire purchase contract, the customer becomes the legal the owner of the goods by?

A. Paying the last installment

B. Paying the first installment

C. Taking possession of goods

D. Paying half the purchase price


4. Which of the following is engaged in commercial occupation?

A. A brick layer

B. An engineer

C. An insurance broker

D. A barber


5. “Net 3 months” on an invoice means the buyer will

A. Pay interest after 3 months

B. Get discount if he pay within 3 months

C. Pay full invoice amount after 3 months

D. Have discount if he pays after 3 months


ANSWERS

6. The ratio between a country’s exports and her imports price is the

A. Balance trade

B. Balance of payment

C. Terms of trade

D. Exchange rate


7. The charge paid to a ship owner for the unused part of a ship is knownas

A. Penalty

B. Docks dues

C. Dead freight

D. Demurrage


8. Fidelity guarantee insurance will only cover

A. Casher’s fraud

B. Daylight robbery

C. Loss of profit

D. Unpaid loan


9. In the absence of the bill of lading, which of the following is use to clear the goods?

A. Bill of sight

B. Dock warrant

C. Certificate of origin

D. Mate’s receipt


10. A system of sale, where goods is sold the highest bidder is knwn as

A. Credit sales

B. Hire purchase

C. Clearance sale

D. Auction sale


ANSWERS

11. The term “fiduciary issue” means

A. Money issued without gold backing

B. Money issued with gold backing

C. Money issued as currency note

D. Gold reserve


12. An insurance principle which prevents an insured from making profit when compensated is known as

A. Proximate cause

B. Indemnity

C. Insurable interest

D. Utmost good faith


13. A retail outlet with many branches all dealing in similar line of goods is described as a

A. Department store

B. Supermarket

C. Chain store

D. Hypermarket


14. The person gave his building as security for loan is known as

A. Trustee

B. Mortgagee

C. Mortgagor

D. Guarantor


15. A firm that specializes in packing and shipping of goods is known as a

A. Forwarding agent

B. General agent

C. Del credere agent

D. Cargo handling company


ANSWERS

16. Which of the following is a function of marketing department in affirm?

A. Add value to goods and services

B. Protect those who engage in business transaction

C. Initiate general policies in the organization

D. Handle all staff matter in the business


17. An individual are company that engages in the transportation of any type of goods for fee is called a

A. Common carrier

B. Hawker

C. Porter

D. Clearing agent


18. Debenture which are secured by the fixed asset of a company are called

A. Mortgage debenture

B. Naked debenture

C. Redeemable debentures

D. Irredeemable debenture


19. The central bank sometime called for special deposits from the commercial banks in order to

A. Reduce bank lending

B. Increase bank lending

C. Withdraw deface currency

D. Issue new note and coins


20. A principle member of the stock exchange who buys and sells security on his own is a

A. Jobber

B. Promoter

C. Broker

D. speculator


ANSWERS

21. consumer protection places an obligation on producers to ensure that their products

A. are wholesome and safe

B. are cheap

C. do not evade customs examination

D. are branded


22. the target for marketing activities is the

A. consumer

B. middlemen

C. producer

D. distributor


23. small scale retailer continues to exist in spite of the dominance of large firms because they

A. render personal service

B. employ few salesmen

C. can raise large capital for relatives

D. deals in specific goods


24. building and machinery purchased for use in business are examples of

A. current assets

B. fixed assets

C. capital employed

D. paid up capital


Use the following information to answer question 25 and 26


Olamide bought share in a company with the following information:

Authorized capital....... N500,000

Issued capital.............. N450,000

Nominal value............. N1.00

Market price................ N1.20


25. if the shares are offered to him at N1.15. the share is sold at

A. par value

B. a discount

C. face value

D. a premium


ANSWERS

26. Calculate the number of unissued share of the company

A. 950,000shares

B. 500,000shares

C. 450,000shares

D. 50,000shares


27. The throwing of goods over board to prevent a ship from sinking is known as

A. Floatsam

B. Abandonment

C. Jettison

D. Particular average


28. In insurance , risk that have no statistics for their calculation are

A. Insurable risks

B. Certain risks

C. Un-insurable risks

D. Un-certain risks


29. The practice of selling goods in foreign countries at lower price than obtainable in the exporting country is known as

A. Entrepol trade

B. Dumping

C. Hedging

D. Counter trade


30. The entertainment industry is classified under

A. Extracting industry

B. Manufacturing industry

C. Constructive industry

D. Commercial industry


ANSWERS

31. Buying on impulse is encouraged by

A. Co-operative shops

B. Hawkers

C. Supermarket

D. Mail order firms


32. A fixed deposit account is beneficial to it holders because

A. Cheques can be issued to settle huge debt

B. Customer can become shareholders of the bank

C. It attract higher interest rate

D. It allow customers to overdraw their accounts


33. An amount paid by a bull who wishes to defer the purchase of shares to the next accounting period is

A. Brokerage

B. Backwardation

C. Contango

D. commission


34. foreign trade is concerned with

A. exchange of goods and services among companies

B. buying and selling of imported goods

C. exchange of goods and services among citizens

D. buying and selling of goods and services among countries


35. the distribution of goods creates

A. time utility

B. place utility

C. form utility

D. possession utility


ANSWERS

36. the documents issued by the registrar of companies which allows a public company to commence business is called

A. trade certificate

B. prospectus

C. certificate of incorporation

D. memorandum of association


37. A cheque bearing a date showing that it was issued more than six months ago is termed a

A. Blank cheque

B. Bearer cheque

C. Stale cheque

D. Order cheque


38. A system of buying product from a machine is known as

A. Impulse buying

B. Branding

C. Automatic vending

D. Loss leader


39. Carpentry is an activity classified under

A. Extractive occupation

B. Tertiary occupation

C. Commercial occupation

D. Constructive occupation


40. A system of buying goods by an agent where the supplier is determined by the principal is

A. Tied shop

B. Closed indent

C. Open indent

D. Ring trading


ANSWERS

41. One of the functions of a central bank is to

A. Perform supervisory role over all the banks in the country

B. Provide the means of payment to individuals

C. Ensure the smooth transfer of shares

D. Accept private deposit


42. The issue of certificate of Incorporation to a company means that it has

A. Started production

B. Legally come into being

C. Appointed a board of directors

D. Merged with another company


43. The part of authorized capital of a company sold to share holders is

A. Paid-up capital

B. Called-up capital

C. Issued capital

D. Nominal capital


44. A person who contributes money to a partnership business and is also involve in its general supervision is called

A. An active partner

B. A limited partner

C. A dormant partner

D. A nominal partner


45. A business obtain part of its short-term capital from

A. Bonds

B. Debentures

C. Trade credit

D. Ordinary shares


ANSWERS

46. A postal service that allow a company’s customers to reply to its advertisement at the expense of company is

A. Recorded delivery service

B. Post restante

C. Express delivery service

D. Business reply service


47. A voluntary association which consists of people who represent a cross section of business interest in an area is a

A. Trade Association

B. Trade Union

C. Chamber of Commerce

D. Consumers’ Association


48. When a ship overstays the allowed number of days at the port, it is made to pay

A. Interest

B. Tariff

C. Demurrage

D. Commission


49. The place where bankers meet daily to exchange cheque drawn on each other is known as

A. Capital market

B. Money market

C. Clearing house

D. Discount house


50. An advertising campaign designed to sell one’s own product at the expense of other brands is

A. Competitive

B. Persuasive

C. Direct

D. Informative



WASSCE JUNE 2014 COMMERCE OBJECTIVE TEST

ANSWERS

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


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