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COMMERCE (Objective Questions And Answers)


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2019

Objectives



1. A firm which turns timber into wooden office desks belongs to the

A. extractive industry

B. direct service industry

C. indirect service industry

D. construction industry


2. E-commerce is an activity which involves

A. trading in products through the post office

B. trading in products through the internet

C. buying and selling of products through telegram messages

D. buying and selling of product through fax messages


3. Rent is the return on

A. a loan

B. labor

C. land

D. a share


4 A partner whose only contribution to the partnership is his name and goodwill is

A. an active partner

B. a limited partner

C. a nominal partner

D. a sleeping partner


5. Computer manufactures in an area could form a

A. producer association

B. thrift society

C. chamber of commerce

D. consumer association




ANSWERS

6. The problem of double coincidence of wants is that

A. it is hard to determine the exchange rate for goods.

B. it does not encourage purchase of large quantities and varieties.

C. deferred payment is not possible because good exchange are not durable.

D. one has to find someone who wants his surplus and also has what he needs.


7. The type of business where management is separated from ownership is a

A. sole proprietorship

B. public company

C. partnership

D. cooperative society


8. Where there is no deed of partnership, members share profit on

A. the basis of participation

B. the basis of shares held

C. patronage basis

D. equal basis


9. The factor of production that is fixed in nature is

A. Land

B. Labor

C. Entrepreneurship

D. capital


10. A means of payment through the post office is

A. Standing Order

B. Money Order

C. Debit Card

D. Credit Card


ANSWERS

11. A stock exchange broker is engaged in

A. Construction Occupation

B. Commercial Occupation

C. Extractive Occupation

D. manufacturing occupation


12. A group of companies formed to carry out an activity that is beyond the ability of any individual company

A. a subsidiary

B. a merger

C. a consortium

D. an acquisition


13. The share capital of a company stated in the Memorandum of Association and approved by the registrar companies is

A. working capital

B. paid – up capital

C. nominal capital

D. called –up capital


14. One of the aims of a trade association is to

A. liaise with other trade associations in other countries.

B. organizes trade fairs and exhibitions.

C. provides quality goods and services.

D. promote commercial activities in their business


15. Retail outlets which sell from vehicles are

A. supermarkets

B. mobile shops

C. departmental stores

D. chain store


ANSWERS

16. Cash in hand and at bank, plus debtors are components of

A. intangible assets

B. current assets

C. current liabilities

D. depleting assets


17. Goods sold under a distinctive trademark are

A. branded goods

B. unsought goods

C. perishable goods

D. public goods


18. A firm which imports goods with the view of re-exporting them is engaged in

A. bilateral trade

B. entrepot trade

C. multilateral trade

D. counter trade


19. A risk whose probability of occurrence is impossible to estimate is

A. uninsurable risk

B. pure risk

C. particular risk

D. insurable risk


20. An instruction to a bank to make regular payment to a third party on behalf of a customer is

A. standing order

B. money order

C. money transfer

D. credit transfer


ANSWERS



Use the diagram above to answer question 21 to 23


21. The diagram above shows a

A. standing order

B. receipt

C. cheque

D. bill of exchange


22. XYZ Bank of Commerce PLC is the

A. payee

B. endorser

C. drawer

D. drawee


23. Oki Williams is the

A. payee

B. endorser

C. drawer

D. drawee


24. An international trade practice where goods are exchanged for other good is

A. entrepot trade

B. bilateral trade

C. barter trade

D. counter trade


25. A proportion of the total deposit that a commercial bank must keep as cash and convertible paper is

A. special deposit

B. liquidity ratio

C. interest rate

D. bank rate


ANSWERS

26. The principle that applies when Greene and Sunward Insurance Companies jointly indemnified Fatou for the destruction of her storey building by fire is

A. contribution

B. insurance interest

C. proximate cause

D. subrogation


27. The charge paid by a speculator for non-settlement of his account within the specified period is

A. backwardation

B. brokerage

C. commission

D. contango


28. A cheque for which payment is refused due to insufficient funds is a

A. bearer cheque

B. crossed cheque

C. dishonoured cheque.

D. state cheque


29. The keyboard of a computer is classified as

A. an input device

B. a memory device

C. an output device

D. a storage device


30. A communication equipment which is stationed in space for sending signals is

A. data processor

B. internet

C. satellite

D. telex machine


ANSWERS

31. One of the factors which determines the choice of transport for goods is the

A. cost of purchasing the mode of transport.

B. maintenance cost of the mode of transport

C. number of users of the mode of transport

D. nature of the goods to be transported


32. Which of the following activities increases demand for goods and services?

A. Advertising

B. Banking.

C. Transportation

D. Warehouse


33. A diagram showing the positions of the structure of a company is

A. span of control

B. organizational chart

C. vertical integration

D. flow chart


34. Good customer service practice requires

A. charging high prices so as to make profit

B. hanging up customers’ phone calls when busy.

C. patience towards ill – mannered customers

D. promoting hard working employees


35. The elements of a contracted are offer,

A. acceptance and performance

B. consideration and performance

C. legality and formality

D. acceptance and consideration


ANSWERS

36. Which of the following types of advertising is aimed at taking away existing buyers from their suppliers?

A. Negative

B. Competitive

C. informative

D. Mass


37. The marketing concept emphasizes the need to

A. identifies and satisfy customer wants

B. maximize foreign investment

C. maximize profit for the company

D. builds a strong and solid brand


38. An agent whose authority as conferred by the principal, has no limit is a

A. del careered agent

B. general agent

C. special agent

D. universal agent


39. An agreement in which Philip paid half the price of a car and accept to pay the rest in installments is a

A. conditional sale contract

B. credit sale contract

C. hire purchase contract

D. haulage contract


40. A new offer of contract that terminates the original offer is

A. avoid contract.

B. a counter offer

C. an invalid offer

D. quasi contract


ANSWERS

41. Which of the following roles is performed by middle management in an organization?

A. Formulation of objectives and strategies

B. Review of master plans, programmes and budget

C. Review and appraisal of operational results

D. implementation of organizational plans and objectives


42. The management term which refers to the number of staff a superior officer can efficiently supervise is

A. delegation of authority

B. division labor

C. unity of command

D. span of control


43. Which of the following business units could be commercialized?

A. Public corporation

B. Cooperative society

C. Private company

D. Sole proprietorship


44. The restructuring of a government enterprise with the intention of making it profit oriented is

A. privatization

B. nationalization

C. commercialization

D. deregulation


45. The headquarters of the Mano River Union is in

A. Freetown.

B. Monrovia

C. Conakry

D. Abidjan


ANSWERS

46. A source of capital to a public company which attracts a fixed rate of interest is

A. an ordinary share

B. a subvention

C. a debenture

D. an overdraft


47. Which of the following is not an economic grouping in West Africa?

A. Lake Chad Basin Commission

B. Economic Community of West Africa State.

C. European Union

D. Niger Basin Commission


48. A customer who wishes to withdraw an amount greater than the balancen in his current account would apply for

A. a standing odder

B. a consortium

C. a loan

D. a credit transfer


49. The combination of business activities of Abbas Ltd and Denko Ltd to form one large company is

A. an amalgamation

B. a consortium

C. an acquisition

D. a cartel


50. The difference between commercialization and privatization is that commercialized business

A. are government owned while privatized business are owned by individuals

B. is non-profit making ventures while privatized businesses are profit oriented

C. can sell shares while privatized business cannot

D. employed more workers than privatized business.



WASSCE 2019 COMMERCE OBJECTIVE TEST

ANSWERS

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


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