Mostly Repeated WAEC Past Questions and Answers on Commerce

Mostly Repeated WAEC Past Questions and Answers on Commerce

I believe that you’re here because you don’t know the nature of how exams are being set by WAEC. If you don’t, then you’re at the right place.

In this guide, we will talk extensively about WAEC’s past questions and answers for commerce, and show you possible questions that may likely fall into the exams paper in the proceeding year.

Not only that, you’ll be given adequate instructions on how to answer questions on WAEC

Recently, I wrote on two interesting topics WAEC Past Questions and Answers on Civic Education and WAEC Past Questions and Answers on Chemistry, I strongly recommend you to click on the links above and read.

The WAEC past questions and answers are mostly repeated year after year, which is why you have to read this guide carefully till the end and take notice of those questions.

Most times, I hear students complain about how hard the questions are, the reason behind it is that they failed to study using our guide.

I believe if you’re reading this, you will definitely want to pass your exams with flying colours. See more details on the instructions and guidelines given by WAEC  to follow while writing the exams below.

Important Guidelines to follow in your WAEC Examination

There are a lot of guidelines and instructions you as a student need to follow. We will bring to light what needs to be done accordingly.

The examination paper is divided into three different parts, which is Part 1 & 2

Part 1 is Objectives. You should expect 50 questions from this section.

Part 2  is the theory section, you should be expecting 10 questions to answer 5 from this section. This section carries the highest point.

Meaning that if you do well with this section and a little of part 1 ..then you’re good to go.

You should also note that the West African Examination Council frowns at cheating. Any candidate who is caught cheating will be sentenced to life imprisonment.

WAEC Commerce Objective Questions

The questions you see below are possible questions that might be repeated in this year’s examination.

Endeavour to read this guide to the end carefully with understanding, where possible ask relevant questions and we’ll reply promptly.

SECTION A:

1. Commerce is concerned mainly with the

A. Production of goods and services.
B. Distribution of goods and services.
C. Consumption of goods and services.
D. Storing of goods.
E. Advertising of goods and services.

1. The two main branches of trade are.

A. Commerce and aids to trade.
B. Home and foreign trade.
C. Foreign and entrepot trade.
D wholesale and retail trade.
E. Visible and invisible trade

1. Who among the following is not engaged in a commercial occupation?

A. A stock broker.
B. An engineer.
C. A banker.
D. A common carrier.
E. An advertising agent.

1. On which of the following grounds may a company be compulsorily wond up? If

A. The company is making abnormal profits.
B. it did not declare dividends every year.
C. It’s product compete with that of the government company.
D. It fails to commence business within a year of incorporation.
E. It fails to make profit within a year of it’s incorporation .

1. The management and control of the co_operative societies are in the hands of the.
   A. Contributors.
   B. Board of directors.
   C. Committee.
   D. Financial controller.

2. Movement of commercial vehicles in Nigeria is controlled by the

A. Nigerian port’s authority.
B. National association of road transport workers.
C. Federal ministry of transport.
D. Nigerian custom authority.
E. Nigerian airports authority.

1. The reward for entrepreneurship as a factor of production is.

A. Interest.
B. Commission.
C. Profit.
D. Salary.
E. Rent.

1. A document issued to a buyer showing the quantity, description and price of goods bought is called.

A. a catalogue
B. a invoice
C. a price list
D. an order
E. an advice note

1. Which of the following describes the marketing mix?

A. Distribution, product polio, promotion, pricing policy
B. Product planning, development, market research, price
C. Product, price, place, development
D. Communication, advertising, pricing, promotion
E. Advertising, pricing, development, communication

1. Which of the following is not a negotiable instrument?

A. Invoice.
B. Money order.
C. Cheque.
D. Promissory note .
E. Bill of Exchange.

1. Which of the following is not a function of the Nigerian Airport Authority?

A. Maintains the buildings and tarmac.
B. Collects airport taxes.
C. Controls movement of aircrafts.
D. Maintains all aircrafts in the country.
E. Maintains security.

1. Another name for a foreign order is .

A. consular invoice.
B. dock warrant.
C. Standing order.
D. Indent.
E. Proforma invoice.

1. Which of the following is a pre-sales service to the consumer?

A. Installation of the product
B. Provision of credit facilities
C. Maintenance of product for a period of time
D. Transportation and delivery service
E. Acceptance of damaged goods

1. Rate of stock turnover is calculated to determine.

A. Total volume of sales.
B. Number of times goods are bought and sold.
C. Number of times goods are counted .
D. Total value of goods in the store
E. The quality of goods sold

I5. Which of the following is not feature of hire purchase?

A. Customer pays initial deposit.
B. Customer pays purchase price plus interest.
C. Payment is by instalment.
D. ownership of goods passes to the customer on payment of a deposit.
E. Generally suitable for sale of durable goods

1. Which of the following is not connected with after sales services

A. Installation
B. Granting trade discount
C. Providing spare parts
D. Preparing of product
E. Replacing damaged goods

1. Credit in business transaction is.

A. A form of loan
B. Compliment to a good customer
C. Provision of services
D. A means of saving money
E. A rebate for large purchases

1. Which of the following is true of rail transport?

A. Suitable for perishable goods
B. Fast over long distances
C. Maximum handling of goods
D. Guarantees safety for goods
E. Does not travel on schedule

1. Which of the following is not a means of controlling credit by the central bank?

A. Fixing the bank rate
B. Open market operations
C. Clearing interbank in-depth ness
D. Special deposit
E. Cash liquidity ratio

1. Which of the following is an example of insurable risk

A. Change in consumer taste
B. The probability of a third world war
C flood resulting from excessive rain in a year
D. The death of a business partner
E. Loss due to change in fashion

1. If Mr olu insures mr obi’s house the insurer may ,in the event of a Loss ,refuse to pay compensation Based on the principle of

A. utmost good fate
B. Subrogation
C. Insurable interest
D. Indemnity
E. Contribution

1. Which of the following shows the quality of money?

A. Ability to represent both small and large values
B. Used for deferred payment
C. Used as a unit of Account
D. Facilitating exchange
E. Serving as a store of wealth

1. The speculator in the stock exchange market who sells securities in anticipation of a fall in price is called a

A. Bull
B. Jobber
C. Bear
D. Stag
E. Broker

1. An action taken by a seller to avoid risk from unforeseeable price fluctuations is known as

A. tendering
B. auctioneering
C. quotation
D. hedging
E. haggling

1. The insurance policy against claims from customers who might be injured within the business premises is called

A. life assurance policy
B. endowment policy
C. fidelity guarantee insurance
D. employer’s liability insurance
E. engineering insurance

1. Which of the following is a form of public relations?

A. Feature articles
B. Window display
C. Catalogue
D. Transportation and delivery services
E. Personal selling

1. When a firm sets a low price for a new product, this is said to be

A. market skimming
B. competitive pricing
C. penetration pricing
D. loss leader pricing
E. target pricing

1. When an acceptance to an offer is conditional, the offer becomes

A. accepted
B. a counter offer
C. valid
D. void
E. frustrated

1. A mercantile agent having title to goods in his possession is known as

A. factor
B. broker
C. jobber
D. auctioneer
E. stag

1. A transporter who had to sell some perishable goods without the authority of the owner becomes an agent by

A. estoppel
B. necessity
C. ratification
D. conduct
E. appointment

1. Which of the following brings a public corporation into existence?

A. Certificate of Incorporation
B. Certificate of trading
C. Acts of Parliament
D. Registration
E. Prospectus

WAEC Commerce Theory Questions

Question 1

(a) What is E-commerce?

(b) State four advantages and four disadvantages of privatization.

Question 2

(a) Define communication.

(b) List six means of communication in business.

(c) In what four ways is communication important to a business?

Question 3

(a) Explain the following retail outlets:

1.department store;

2. mobile shop;

3. chain store;

4. mail order business;

5. supermarket.

Question 4

(a) State five merits of co-operative societies.

(b) Explain five procedures to be followed in the formation of a private limited liability company.

Question 5

(a) State four features of a warehouse.

(b) Explain six reasons why warehousing is important to a business.

Recommended: Mostly Repeated WAEC Past Questions and Answers on Geography

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