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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2018

Objectives



1. Activities which facilitate commerce include

(a) Engaging youths in environmental sanitation

(b) Funding political campaigns

(c) Providing recreational facilities in communities

(d) Improving road network.


2. A document through which invitation is extended to the public to subscribe to shares is

(a) Article of association

(b) Prospectus

(c) Memorandum of association

(d) Quotation


3. One example of a product of construction in an industry is a

(a) Chair

(b) Bag of cement

(c) Piece of cloth

(d) Television


4. A person authorized to sell property of a company in a winding up is

(a) An auctioneer

(b) An agent

(c) A liquidator

(d) A bailee


Use the diagram below to answer questions 5 to 7.





5. The space marked A represents

(a) Trading

(b) Industry

(c) Occupation

(d) Advertising


ANSWERS

6. The space marked X represents

(a) Industry

(b) Foreign Trade

(c) Home Trade

(d) Production


7. What does the space marked M represent?

(a) Quarrying

(b) Manufacturing

(c) Agriculture

(d) Trade


8. The purchase and sale of goods over electronics systems is

(a) E-payment

(b) E-commerce

(c)( E-mail

(d) E-transfer


9. One disadvantage of a sole proprietorship is

(a) Quick Decision Making

(b) Unlimited liability

(c) Pride of Ownership

(d) Unlimited sources of capital


10. Which of the following is a source of Short-term finance to a business?

(a) Hire purchase

(b) Overdraft

(c) Lease

(d) Debenture


ANSWERS

11. The portion of share capital which the company has asked shareholders to pay is

(a) Called-up capital

(b) Authorized capital

(c) Paid-up-capital

(d) Unpaid capital


12. Multilateral trade is carried out

(a) Between two countries only

(b) Within many countries

(c) Among many countries

(d) Between neighbouring countries only


13. An association of businesses engaged in both trade and industry is a

(a) Co-operative society

(b) Trade union

(c) Trust fund

(d) Chamber of commerce


14. Which of the following statements is true of a debenture?

(a) Its holders receive interest

(b) It forms part of company's authorized capital

(c) Its holders are co-owners of the company

(d) Its holders control the company


15. The part through which a product moves from the manufacturer. to the consumer is a

(a) Channel of communication

(b) Line of production

(c) Means of transportation

(d) Channel of distribution


ANSWERS

16. If the opening stock of Ali Ltd is N40.000 cost of goods sold is N48.000 and closing stock is N 24,000, its rate of turnover will be

(a) 1.2 times

(b)1.5times

(c) 2.0 times

(d) 7.5 times


17. A business which requires a certificate of trading in order to commence operation is a

(a) Co-operative society

(b) Private company

(c) Sole proprietorship

(d) Public company


18. Exchange of goods in international market which does not involve the Use of money is

(a) Barter system

(b) Entrepot trade

(c) Counter trade

(d) Bilateral trade


19. Which of the following features is not associated with a chamber, of commerce? It is

(a) Democratically administered

(b) An independent association

(c) Open only to entrepreneurs

(d) A voluntary association


20. The reason for sending a preformed invoice to a potential customer is that it is

(a) An indication of the seller's willingness to grant credit

(b) A polite way of telling the customer to return the goods

(c) An invitation to the buyer to buy on hire purchase

(d) A polite way of refusing to sell on credit


ANSWERS

21. The insurance policy taken to cover dishonesty of accounts personnel of an organisation is.

(a) Employers liability

(b) Fidelity guarantee

(c) Life endowment

(d) Marine insurance


22. Which of the following documents is used when goods are being sent by a common carrier?

(a) Delivery note

(b) Consignment note

(c) Advice note

(d) Credit note


23. A put option in the stock exchange is an option

(a) To sell

(b) Not to sell

(c) To buy

(d) Not to buy


24. The function of money do not include

(a) Store of value

(b) Medium of exchange

(c) Double coincidence of wants

(d) Means of deferred payment


25. A document of title to goods written by the ship owner, specifying that certain goods are being conveyed in the ship is a

(a) Bill of sale

(b) Bill of sight

(c) Bill of entry

(d) Bill of lading


ANSWERS

26. Informative advertising is aimed at

(a) Giving advice on the use of a product

(b) Influencing customers to buy a product

(c) Giving gifts to attract customers

(d) Encouraging specific customers to buy a product


27. A cheap means of carrying bulky goods overlong distance is by

(a) Rail

(b) Road

(c) Air

(d) Pipeline


28. A contract terminated by the occurrence of an event which if takes performance impossible is discharged by

(a) Breach

(b) Agreement

(c) Frustration

(d) Performance


29. An individual employed to act on behalf of another within a specified guideline is.

(a) A jobber

(b) An agent

(c) A broker

(d) A distributor


30. Which of the following is not a component of the marketing Mix.?

(a) Price

(b) Place

(c) Population

(d) Product


ANSWERS

31. A method of buying in anticipation of price fluctuation in the commodity market is

(a) Speculation

(b) arbitrage

(c) contango

(d) hedging


32. A shipping document detailing the charges for carrying a particular cargo for a specified voyage is

(a) Dock warrant

(b) Freight note

(c) Bill of lading

(d) Mate's receipt


33. Commercial agents who are authorized to keep goods until they are sold are

(a) Factors

(b) Distributors

(c) brokers

(d) Auctioneers


34. An advertisement method whose objective is to convince customers to buy a product is

(a) Informative advertisement

(b) Persuasive advertisement

(c) Competitive advertisement

(d) Mass advertisement


35. A government legislation which ensures that quality goods and Services are available to customers is

(a) Hire Purchase Act

(b) Copyright Act

(c) Price Control Act

(d) Standard Organisation Act`


ANSWERS

36. A bank draft is a cheque drawn by a bank on

(a) Another bank

(b) Itself

(c) Creditors

(d) Customers' deposit


37. A company is quoted on the stock exchange when its shares are

(a) put under private placement

(b) not for sale to the public

(c) listed for sale on the exchange

(d) owned by the government


38. Which of the following functions is not performed by the export promotion council?

(a) Prevention of importation of harmful goods

(b) Provision of credit facilities to exporters

(c) 1 revision of technical advice to exporters

(d) Creation of export free zones


39. Activities undertaken to create awareness of a product by giving out sample or gifts is

(a) Marketing mix

(b) Marketing concept

(c) Window displayed

(d) Sales promotion


40. An advantage of privatizing a firm is that it

(a) Becomes more efficient

(b) Sells goods at low prices

(c) Employs more workers

(d) Attracts more customers


ANSWERS

41. The transfer of authority by a superior officer to his subordinate in an organization is

(a) Controlling

(b) Decentralization

(c) Delegation

(d) Directing


42. The provision of scholarships by a firm to needy students is part Of its

(a) Political responsibility

(b) Economic responsibility

(c) Social responsibility

(d) Legal responsibility


43. How many countries form ECOWAS?

(a) 17

(b) 16

(c)15

(d) 14


44. Which of the following is a modem means of communication?

(a) Grape vine

(b) E-mail

(c) Whistles

(d) Town crier


45. A system of issuing new shares to selected investors instead of the general public is

(a) Public offer

(b) Issue by tender

(c) Offer for sale

(d) Private placement


ANSWERS

46. One of the aims of the European Union is to

(a) Ease trade among member countries

(b) Enhance better trade with Africa

(c)Enhance free trade with America

(d) Offer financial assistance to poor countries


47. The purpose of commercialization is to

(a) Encourage the participation of the private sector

(b) Make state-owned firms more efficient

(c) Encourage the flow of foreign capital

(d) Enable state-owned firms pay tax


48. The time allowed for loading and unloading a ship at the harbour is

(a) Demurrage

(b) Tenure

(c) Lay days

(d) Dead freight


49. Interbank indebtedness is settled at the

(a) Clearing house

(b) Money market

(c) Discount house

(d) Stock exchange


50. The concern of a marketing manager whose company has adopted the marketing concept is to

(a) Recruit more salesmen

(b) Make maximum profit

(c) Identify and satisfy customers' needs

(d) Maintain the company's share of the market



WASSCE JUNE 2018 COMMERCE OBJECTIVE TEST

ANSWERS

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


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