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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2017

Objectives



1. Commercial activities received a great boost in West Africa due to contact with

A. Asians

B. Europeans

C American

D. Africans


2. The job of the police in keeping law and order in the society is

A. a commercial services

B. an indirect service

C. a direct service

D. a self service


3. A business which becomes insolvent may result in

A. continuity

B. expansion

C. liquidation

D. re-incorporation


4. Which of the following activities does not belong to extractive occupations?

A. Quarrying

B. Carving

C. Mining

D. Agriculture


5. The major divisions of Commerce are

A. import, export and transportation

B. trade, communication and warehousing

C. import, trade and production

D. trade and auxiliaries to trade


ANSWERS

6. A Memorandum of Association is a document

A. defining a company's relationship with the public

B. inviting the public to buy a company's shared

C. governing the affairs of the partnership

D. regulating a company's internal affairs


7. The main purpose of branding is to

A. increase the quantity of goods demanded

B. increase the selling price of goods

C. differentiate goods from other similar goods

D. enhance turnover of goods


8. The facility which is not provided by the ports authority is

A. berth

B. warehouse

C. tarmac

D. cranes


9. A cheque could be dishonoured as a result of

A. insufficient funds

B. same amount in words and figures

C. general crossing

D. regular signature


10. When a company sells shares to existing share-holders at preferential rates, this is

A. rights issue

B. bonus issue

C. private placing

D. issue by introduction


ANSWERS

11. The conversion of raw materials into finished goods is performed by

A. the extractive industry

B. service occupations

C. commercial occupations

D. the manufacturing industry


12. Which of the following is not a factor of production?

A. Capital

B. Labour

C. Exchange

D. Entrepreneurship


Use the following information to answer questions 13-15.

Adama's opening stock is D5.000. He purchased goods worth D30.000. His closing stock was D7.000 and D55.000.


13. What is the average stock?

A. D12.000

B. D7.000

C. D6.000

D. D5,000


14. What is the cost of goods sold?

A. D55.000

B. D42.000

C. D32.000

D. D28,000


15. What is the rate of stock turnover?

A. 11 times

B. 6 times

C. 4.7 times

D. 4 times


ANSWERS

16. Which of the following is a source of short term capital?

A. Trade credit

B. Shares

C. Leasing

D. Debenture


17. The most suitable channel for the sale of an aircraft is

A. manufacturer _____wholesaler ______ retailer ______ consumer

B. manufacturer ______wholesaler _____ consumer

C. manufacturer _____retailer_____ consumer

D. manufacturer ______ consumer


18. The duty payable on goods produced locally is

A. export duty

B. excise duty

C. import duty

D. advalorem duty


19. An overdraft is granted to holder of

A. savings accounts

B. loan acounts

C. deposit accounts

D. current accounts


20. The amount of capital used in the day - to – day running of a company is

A. working capital `

B. capital employed

C. share capital

D. Fixed capital


ANSWERS

21. An example of in invisible item of trade is

A. oil

B. shipping

C machinery

D. textile


22. In a hire purchase agreement, the buyer is the

A. agent

B. heir

C. lessee

D. lessor


23. Which of the following terms is not used in price quotation for goods?

A. E & O. E

B. C I. F

C. Ex works

D. F. A. S


24. Mr Ojo paid Noak the sum of N3.000 for a piece of land without signing a deed of sale. The element of contract which is lacking in the transaction is

A. valuable consideration

B. formality

C. offer and acceptance

D. capacity


25. Which of the following documents is used in home trade only?

A. Bill of hiding

B. Airway bill

C. Certificate of origin

D. Proforma invoice


ANSWERS

26. The Central Bank carries out its monetary policy through

A. discounting bills

B. credit ceiling

C. replacement of worn-out notes

D. bank trade


27. The expert responsible for the calculation of probability of risks in insurance is

A. an actuary

B. an underwriter

C. a broker

D. a solicitor


28. A disadvantage of rail transport is that

A. it carries bulky goods only

B. the cost of carriage is high

C. it is not flexible

D. it travels on schedule


29. The advertising medium that makes only audio impression is

A. cinema

B. radio

C. television

D. hoardings


30. A speculator in-the stock exchange market who sells securities in anticipation of a fall in their prices is a

A. broker

B. bull

C. bear

D. stag


ANSWERS

31. Which of the followign activities aims at increasing sales?

A. Insurance

B. Banking

C. Warehousing

D. Advertising


32. A machine supplied by the post office to organizations to imprint stamps on their letters is

A. vending machine

B. shredding machine

C. automated teller machine

D. franking machine


33. An agreement between two parties which can be enforced is

A. a warranty

B. an offer

C. consideration

D. a contract


34. The marketing mix element which ensures that goods are available when and where needed is

A. place

B. price

C. product

D. promotion


35. An example of a computer's output device is a

A. keyboard

B. mouse

C. monitor

D. scanner


ANSWERS

36. Ocean liners are vessels that

A. sail at scheduled times on fixed routes

B. sail any time to any place where there is cargo

C. carry only cargo

D. carry only liquid


37. The process of placing the right people in the right position in an organization is

A. planning

B. motivating

C. staffing

D. directing


38. The right of an unpaid seller does not include

A. declaring the buyer bankrupt

B. retaining the possession of the goods

C. stopping the goods while in transit

D. reselling the goods


39. The coming together of people who engage in trade and industry in a particular area is

A. an employees association

B. a trade association

C. a chamber of commence

D. a trade union


40. The term which enjoins the buyer to examine goods thoroughly before making a purchase is

A. uberimae fidei

B. caveat venditor

C. consumer sovereignty

D. caveat emptor


ANSWERS

41. Which of the following is not a tool for sales promotion?

A. Publicity

B. Exhibition

C. Competition

D. Free samples


41. The organization of local and international trade fairs is the responsibility of

A. trade associations

B. labour unions

C. chambers of commerce

D. customs and excise authorities


42. Under the principle of subrogation, the insurer has the right to

A. abrogate the contract

B. re-insure the property

C. take over any legal rights of the insured

D. take over all the liabilities of the insured


43. The law that protects a musician's work from piracy is

A. usury law

B. copyright

C. trademark

D. hire purchase


44. Which of the following countries is a member of the Lake Chad Basin Commission?

A. The Gambia

B. Cameroon

C. Ghana

D. Guinea


45. Which of the following is a type of marine insurance?

A. Endowment

B. Hull

C. Accident

D. Fidelity


ANSWERS

46. The transfer of ownership of government businesses to individuals is

A. commercialisation

B. deregulation

C. privatization

D. nationalization


47. The transfer of ownership of government businesses t individuals is

A. commercialization

B. deregulation

C. privatization

D. nationalization


48. One of the aims ECOWAS is to

A. discourage foreign investors

B. promote privatization policy

C. ensure production of quality products

D. promote trade within the region


49. Which of the following businesses relies on government subvention for its operation?

A. Public Corporation

B. Public Limited Company

C. Co-operative Society

D. Private Limited Company


50. Balance of payment deficits may be caused by

A. revaluation of currency

B. sales of foreign reserves

C. unrestricted exports

D. unrestricted imports



WASSCE JUNE 2017 COMMERCE OBJECTIVE TEST

ANSWERS

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


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