COMMERCE 101

WAEC QUESTIONS

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. 

So let's get started.......

1. Commerce can be defined as the

a. Exchange of Goods and Services

b. Distribution and Exchange of Goods and Services

c. Distribution of Services at Home

d. Export of Services.

2. Which of the Following is not a Function of Commerce

a. Facilitates Mass Production of Goods

b. Assists in Raising Capital

c. Creates Goods and Services

d. Offers Employment.

3. Production is defined as

a. An Industrial Activity

b. Creation of Utilities

c. The Exchange of Goods and Services

d. Changing of Raw Materials into Finished Goods.

4. Babou Penn, a Fisherman says he has all necessary materials to go to sea today, except the captain of his boat. Captain here as a factor of Production, refers to

a. Entrepreneur

b. Capital

c. Labour

d. Land.

5. Farmers and all other Workers concerned with getting Raw Materials from the earth are engaged in

a. Commercial Occupation

b. Manufacturing Occupation

c. Constructive Occupation

d. Extractive Occupation.

6. The Process of Making Goods attractive and easy to handle is

a. Merchandising

b. Branding

c. Packaging

d. Labelling.

7. The Charges Imposed by the Government on Locally Manufactures Goods is called

a. Custom Duties

b. Excise Duties

c. Tariffs

d. Quota.

8. A Grocer invoiced a Carton of Fish valued at N2, 500 for N2, 000 only. To correct the error, which of the following documents would be sent to the Buyer?

a. Credit Note for N500

b. Debit Note for N500

c. Credit Note for N2, 500

d. Debit Note for N2, 500.

9. The Exchange of Goods and Services among Many Countries is

a. Multilateral Trade

b. Bilateral Trade

c. Counter Trade

d. Entrepot Trade.

10. If a Ship overstays its stipulated time at a port, it pays a Charge known as

a. Arbitrage

b. Demurrage

c. Dock Due

d. Toll.

11. A Transaction where the Buyer of a Commodity becomes its Legal owner after the Payment of the Last Installment is

a. A Credit Sale

b. Factoring

c. Hire Purchases

d. Leasing.

12. An Agreement whereby the Seller transfers or agrees to Transfer the Property in Goods for a Monetary Consideration is a

a. Contract of Sale

b. Hire Purchase

c. Conditional Sale

d. Party Selling.

NOTE: ALL THE QUESTIONS IN THIS POST ARE CREDITED TO WEST AFRICA EXAM COUNCIL 2008 PAPERS. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and Pls try to attempt the Questions on your own. Have a Blessed Day and Remember You are Amazing. God Bless.