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XYZ Ltd's total sales was #100,000. It had opening stock of #20,000 and closing stock of #22,000. It bought goods worth #80,000 and paid #2,000 for rent.
XYZ Ltd's profit is
A#58,000.00
B#42,000.00
C#38,000.00
D#22,000.00
E#20,000.00
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Question 692
waec1998
The time allowed for unloading and loading ships is referred to as
Adays of grace
Bcharter by demise
Cvoyage charter
Dtime charter
Elay days
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Question 693
waec1998
Price lists, catalogues and COD are mainly used in operating
Achain stores
Bsupermarkets
Cdepartment stores
Dmail order business
Ehypermarkets
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Question 694
waec1998
Which of the following is not a method of selling
ASelf-services
BExhibition
CMail Order
DStock control
EAutomatic vending
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Question 695
waec1998
The Third Party Motor Vehicle Insurance Policy covers damages
Ato both passengers and vehicle
Bcaused by the vehicle insured
Cto all parties concerned
Dto all vehicles involved
Eto the insured vehicle only
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Question 696
waec1998
A speculator who applies for new stocks and shares with the intention of selling them them at higher price is a
Abull
Bstag
Cbear
Djobber
Ebroker
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Question 697
waec1998
Which of the following is a disadvantage of road transport?
ATakes an available route
BFast overshort distances
CIncreased handling of goods
DOffers door-to-door services
ERelatively cheap
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Question 698
waec1998
Which of the following has no legal capacity to a contract
APublic Limited Company
BPublic Corporation
CCo-operative Society
DA Minor
EA Limited Partnership
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Question 699
waec1998
The production process is completed when what is produced
Ais in the manufacturer's warehouse
Bhas reached the manufacturer's agent
Cis in the wholesaler's warehouse
Dhas reached the retailers
Ehas reached the final users
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Question 700
waec1998
The total asset of business minus its total liability is the
Anet profit
Bcapital owned
Cworking capital
Dcapital employed
Egross profit
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Question 701
waec1998
The returns from capital investment are known as
Aturnover
Bcommission
Cannuity
Dprofit
Ebonus
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Question 702
waec1998
Gross profit is correctly ascertained by
Aadding opening stock to purchases
Badding closing stock to sales
Csubtracting returns outwards from purchases
Dsubtracting returns inwards from sales
Esubtracting cost of goods sold from sales
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Question 703
waec1998
A supplier who needs to make additional charges for goods delivered will send
Aa debit note
Ba credit note
Ca consignment note
Da advice note
Ea delivery note
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Question 704
waec1998
The basic principles upon which International Trade is carried on among countries is
Aspecialization
Babsolute cost advantage
Ccomparative cost advantage
Ddivision of labour
Escarcity
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Question 705
waec1998
Balance of trade is said to be favourable when
Avisible imports exceed visible imports
Binvisible exports exceed visible imports
Cinvisible imports exceed visible exports
Dvisible exports exceed visible imports
Evisible exports exceed invinsible imports
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Question 706
waec1998
One way of importing goods without the use of foreign exchange is through
Aexchange controls
Bentrepot trade
Cquota
Dtarriffs
Ecounter trade
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Question 707
waec1998
Which of the following assists a Nigerian producer to participate in trade fairs and exhibitions abroad?
ANigerian Ports Plc
BShipping and Clearing Agents
CFederal Airports Authority of Nigeria
DCustoms and Excise Authority
ENigerian Exports Promotion Council
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Question 708
waec1998
A partner who contributes to the capital but does not take part in running the business is known as
Aa sleeping partner
Ban active partner
Ca general partner
Da nominal partner
Ea limited partner
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Question 709
waec1998
Which of the following guides the operations of a Partnership?
AMemorandum of Association
BArticles of Association
CCertificate of trading
DCertificate of Incorporation
EThe Deed
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Question 710
waec1998
An agency that is involved in moving goods or people from place to place for a fee is called
