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.
When a bill of exchange is signed by a debtor, it is said to be
Aaccepted
Bnegotiated
Chonoured
Dprotested
Eaccomodated
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Question 2
waec1997
The payment made to the insured for loss incurred is
Apremium
Bindemnity
Cex gratia payment
Dsurrender value
Einterest
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Question 3
waec1997
When an industry is nationalized, ownership belongs to the
Aprivate investors
Bindigenes
Cstate
Dshareholders
Eforeigners
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Question 4
waec1997
Mr Ojo paid Nnamdi the sum of #3,000 for a piece of land without their signing any deed of sale. Which of the following elements of contract is lacking in the transaction?
AValuable consideration
BFormality
COffer and acceptance
DCapacity
EConsensus ad idem
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Question 5
waec1997
An agent with authority to bind his principal in everything, provided he acts lawfully is called
Aa del credere agent
Ba special agent
Ca universal agent
Da factor
Ean aunctioneer
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Question 6
waec1997
The art of combining human, material and other resources to achieve the stated goals of a business is known as
Aplanning
Bcontrolling
Cmotivation
Ddirecting
Eorganizing
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Question 7
waec1997
A restriction on the quantity of a commodity that could be imported is known as
Alicence
Bprice control
Cquota
Dtariff
Eban
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Question 8
waec1997
Which of the following is not a function of merchant banks?
AGranting long term loans
BAdvising corporate institutions
CUnderwriting shares
DDiscounting bills
EPrinting new bank notes
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Question 9
waec1997
The document which gives the current price and terms of trade of a product is called?
Aa letter of credit
Ban invoice
Can advice note
Da consignment note
Ean order form
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Question 10
waec1997
When firms that operate at different stages in the production of a commodity merge, this is known as
Ahorizontal intergration
Bvertical intergration
Cabsorption
Dconglomerate
Ecartel
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Question 11
waec1997
To which of the following occupations does a broker belong?
AExtractive
BManufacturing
CCommercial
DConstructive
EDirect services
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Question 12
waec1997
Which of the following is used in home trade?
ABill of lading
BBank draft
CLetter of credit
DCertificate of origin
EDocumentary credit
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Question 13
waec1997
One of the features of reinsurance is the
Atotal transfer of risk from one company to another
Bprotection of insurance company by the government
Cprotection of the insured by the third party
Dcollection of indemnity by third party only
Etransfer of a portion of risk from one insurer to another
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Question 14
waec1997
Which of the following is not one of the aims of indigenization? To
Areduce the remittance of profits aboard
Bincrease the control of the government over its economy
Cexpose the indigenes to different business enterprises
Dcollection of indemnity by third party only
Etransfer of a portion of risk from one insurer to another
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Question 15
waec1997
When a company raises additional capital by selling shares directly to the public through insurance companies or investment houses, this is known as
Arights issue
Bbonus issue
Cprivate placing
Ddebenture issue
Epreference share issue
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Question 16
waec1997
Ali Plc with issued capital of #500,000 in #1.00 shares has for now requested shareholders to pay only 50k for each #1.00 share. The amount requested from the shareholders by the company is called?
Aissued capital
BCalled-up capital
Cpaid-up capital
Dcapital owned
Eborrowed
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Question 17
waec1997
The total assets of Ogo Plc is #16,000 and the liabilities included loan #2,000, creditors #1,000 and electricity bill #2,000. Calculate the capital owned by the company?
A#21,000.00
B#18,000.00
C#17,000.00
D#16,000.00
E#11,000.00
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Question 18
waec1997
An agent who takes possession of goods and sells in his own name but does not guarantee payment is known as
Adel credere-agent
Bgeneral agent
Cbroker
Dfactor
Especial agent
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Question 19
waec1997
If goods invoiced at #1,500 were sold to Etim at less 15% trade discount, he would pay
A#1,725.00
B#1,425.00
C#1,275.00
D#1,225.00
E#1,200.00
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Question 20
waec1997
From the following figures in the accounting books of XY company, calculate its working capital : stock #2,000; cash #1,500; Creditors #1,000; Bank overdraft #1,400
