Study and practice Commerce past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following is a characteristic of a private company?
AThere is no limit to the number of members
BShares and debentures are freely offered to the public
CShares are not dealt in on the stock exchange
DIt cannot commence trading on receipt of certificate of incorporation
Ethere is no statutory general meeting
View Explanation & Discuss
Question 22
waec1997
Which of the following is not a means by which banks facilitate foreign trade?
ACurrency exchange
BLetter of credit
COpen market operations
DDiscounting Bills of exchange
ETrade reference
View Explanation & Discuss
Question 23
waec1997
A carton of spoons valued at #3,000.00 was invoiced at #300 only. Which of the following documents would be used by the seller to correct the error?
AA credit note for #3,300.00
BA debit note for #3000.00
CA credit note for #2,700.00
DAn invoice for #300.00
EA debit note for #2,700.00
View Explanation & Discuss
Question 24
waec1997
An organized market for securities is called
AMoney Market
BFuture Market
CStock Exchange Market
DSpot Market
EHyper Market
View Explanation & Discuss
Question 25
waec1997
The cost of goods sold divided by the average stock held during a trading period gives the
Agross profit
Bnet profit
Cnet sales
Drate of stock turnover
Esum of the opening and closing stock
View Explanation & Discuss
Question 26
waec1997
A common carrier is
Aa car hire company
Bone who engages in the transportation of passengers only
Can apprentice who helps his master to carry goods
Da dealer in various brands of vehicles
Eone who engages in the transportation of goods and passengers for a fee
View Explanation & Discuss
Question 27
waec1997
Which of the following is issued to the exporter or his agent when the goods has been loaded in the ship?
ABill of exchange
BMate's reciept
CShip's manifest
DBill of sight
ECustoms declaration form
View Explanation & Discuss
Question 28
waec1997
Which of the following is not a characteristic of Charter party?
AIt is a contract for carriage by sea
BIts document shows freight charges and destination
CThere are time, voyage and charter by demise
DThe whole or part of a ship is leased
EAn association of ship owners
View Explanation & Discuss
Question 29
waec1997
Which of the following is a disadvantage of air transport?
AHigh speed
BLess risk
CHigh cost
DMoves on schedule
EConveys perishable goods
View Explanation & Discuss
Question 30
waec1997
Which of the following is not true of branding?
AFacilitates identification of goods
BLeads to increased sales and deeper loyalty
CMakes market segmentation easier
DEncourages pilfering
EFacilitates advertising
View Explanation & Discuss
Question 31
waec1997
The difference between the total amount owed to a country and the total amount owed by it is
Atrade surplus
Bterms of trade
Ctrade gap
Dbalance of trade
Ebalance of payments
View Explanation & Discuss
Question 32
waec1997
Which of the following are true of a bill of lading? i. it is a means of payment in foreign trade. ii. it is document of title to goods. iii. it is a contract of carriage. iv. it is usually drawn in triplicate.
Ai and iii only
Bi, ii and iii only
Cii and iii only
Dii and iv only
Eii, iii and iv only
View Explanation & Discuss
Question 33
waec1997
The major disadvantage of pipeline transportation is that it
Adoes not involve toomuch labour
Breduces road congestion
Cis fast
Dis not easy to detect damages
Eis not affected by weather
View Explanation & Discuss
Question 34
waec1997
Which of the following covers damages to the body of a ship and its machinery?
AFreight insurance
BCargo insurance
CGeneral average insurance
DVoyage policy
EHull insurance
View Explanation & Discuss
Question 35
waec1997
Which of the following is true of a merger?
AOriginal names of the companies are retained
BExpansion is restricted
CAll debts are written off
DThe company formed aquires a new name
EAll workers are paid bonuses
View Explanation & Discuss
Question 36
waec1997
A company which acquires more than 50% voting shares of another company is called?
Aa trust
Ba cartel
Can amalgamation
Da consortium
Ea holding company
View Explanation & Discuss
Question 37
waec1997
Which of the following is usually sent to prospective buyer when the seller expects payment of the goods dispatched?
APro-forma invoice
BAdvice note
CConsignment note
DStatement of account
EDelivery note
View Explanation & Discuss
Question 38
waec1997
Which of the following indicates special crossing on a check? Two parallell lines with
A"& Co" and "not negotiable"
Bthe abbreviation "& Co" only
C"account payee" only
Dthe name of a particular bank
E"not negotiable" only
View Explanation & Discuss
Question 39
waec1997
Which of the following is not a function of the Nigerian Ports Authority?
AChecking smuggling activities
BHandling of goods
CCollection of harbour dues
DDecongestion of ports
EProvision of warehouse facilities
View Explanation & Discuss
Question 40
waec1997
Which of the following makes it possible for people to collect their letters at their convenient time ?
