Free WAEC Commerce objective Past Questions and Answers (+PDF)

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WAEC

1. The development of trade in West Africa was aided by the _____ 

A. emergence of traditional rulers
B. arrival of the Portuguese
C. introduction of tax payment
D. introduction of money

WAEC literary device

2. An issuing house is an outlet for _____ 

A. new shares and bonds
B. non-listed companies’ shares 
C. existing shares and bonds 
D. only gilt-edged securities

WAEC poetry terms

3. Which of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller's warehouse up to his own warehouse? 

A. F.O.R 
B. C.I.F 
C. E.A.S 
D. Loco

WAEC drama terms

4. The relationship between all imports and exports of a country is known as _____ 

A. terms of trade
B. balance of trade
C. balance of payment
D. terms of payment

WAEC poetry terms

5. Which of the following is an example of large-scale retailing? 

A. Hawking 
B. Mobile shops 
C. Kiosks 
D. Department stores

WAEC figures of speech

6. A cheque drawn by a bank on itself is a/an _____ 

A. direct debit
B. bank draft
C. bank transfer
D. overdraft

WAEC rhyme scheme

7. A voluntary body formed by people in the same line of business for the purpose of protecting their interest is a ____

A. Trade Association
B. Trade Union
C. Chamber of Commerce
D. Trading Partnership

WAEC poetry terms

8. Those who are engaged in the distribution of goods belong to _____

A. commercial occupation
B. extractive industry
C. manufacturing industry
D. construction industry

WAEC drama terms

9. Which of the following is an advertising function? 

A. Packaging
B. Persuading
C. Grading
D. Segmenting

WAEC poetry terms

10. Buildings and machinery used in the running of a business are examples of _____

A. current assets
B. intangible assets
C. liquid assets
D. fixed assets

WAEC rhyme scheme

11. Which of the following is classified as invisible item in balance of payment? 

A. Import of goods 
B. Salaries of expatriates 
C. Export of groundnuts 
D. sale of equipment

WAEC prose terms

12. Collecting information on the taste of consumers and the extent of demand for a product is _____ 

A. market research 
B. market segmentation 
C. marketing mix
D. marketing concept

WAEC literary device

13. Which of the following is NOT an insurance of indemnity? 

A. Life
B. Marine
C. Burglary
D. Fire

WAEC literary device

14. The entitlement of a debenture holder from a company's income is known as _____

A. commission
B. interest 
C. lien 
D. dividend

WAEC figures of speech

15. The collection of tariffs on imported goods is the function of _____ 

A. Ports Authority 
B. Customs and Excise Authority 
C. Clearing and Forwarding Agents
D. Export Promotion Council

WAEC drama terms

16. A licensed person who is authorized to sell to the highest bidder is _____ 

A. principal
B. factor 
C. broker 
D. auctioneer

WAEC poetry terms

17. An efficient transport system enables a trader to _____ 

A. widen the market for his products
B. avoid customs examination of goods
C. adopt better price policy
D. reduce cost of production

WAEC drama terms

18. The Central Bank's monetary policy instrument by which it buys and sells Treasury bills is known as _____ 

A. Open Market Operation
B. Bank rate
C. Cash reserve ratio
D. Special deposit

WAEC figures of speech

19. Which of the following acted as the central bank for West African countries before their independence? 

A. The West African Clearing House 
B. The British Bank for West Africa 
C. The West African Currency Board 
D. The African Development Bank

WAEC literary device

20. Current account holders withdraw money by means of _____

A. credit card
B. draft
C. withdrawal form
D. cheque

WAEC literary device

21. Which of the following is a feature of mail order business? 

A. Employs many shop assistants 
B. Practises self-service 
C. Provides attractive shop front 
D. Rents large warehouse

WAEC figures of speech

22. Bonded warehouse is a place where _____ 

A. duty free goods are kept
B. perishable goods are kept
C. home-made goods are kept
D. dutiable goods are kept

WAEC literary device

23. Which of the following is concerned with promoting favourable image of an organization? 

A. Consumer sovereignty 
B. Public relations 
C. Marketing research 
D. Market segmentation

WAEC figures of speech

24. The document issued by the registrar of companies to permit a public limited company to commence business is _____ 

A. Memorandum of Association
B. Certificate of Incorporation 
C. Article of Association 
D. Trading Certificate

WAEC prose terms

25. Which of the following is NOT an economic grouping? 

A. Lake Chad Basin Commission 
B. Economic Community of West African State 
C. European Union 
D. International Monetary Fund

WAEC rhyme scheme

26. One of the principles of insurance is _____ 

A. consequential loss
B. fidelity guarantee 
C. proximate cause 
D. surrender value

WAEC poetry terms

27. A written instruction by a current account holder to his bank to debit his account at regular intervals with a specified amount for a given period is known as _____ 

A. standing order
B. money order
C. bank draft
D. overdraft

WAEC literary device

28. A collective bundle of shares is called _____ 

A. debenture
B. stock
C. bond
D. share

29. The assets of a business that is available as cash or near cash is called _____ 

A. equity
B. capital employed
C. reserved capital 
D. liquid capital

30. The bank on which a cheque is drawn is known as the _____

A. drawer
B. drawee 
C. cashier 
D. payee

WAEC Shakespeare (The Tempest)

31. A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called _____ 

A. cash discount
B. trade discount
C. commission 
D. bonus

32. The difference between the cost price and selling price of an article is _____ 

A. commission
B. mark-up 
C. rebate 
D. discount

WAEC Shakespeare (The Tempest)

33. A ceiling on the quantity of commodity to be imported into the country is called _____

A. ban
B. tariff
C. price limit
D. quota

34. The buyer in a hire purchase contract becomes the legal owner of the goods by paying _____ 

A. initial deposit
B. the last instalment 
C. half of the purchase price 
D. two-third of the purchase price

WAEC Shakespeare (The Tempest)

35. The document which helps in ascertaining the correct value of imports in order to assess the custom duty is _____ 

A. bill of lading 
B. consular invoice
C. bill of sight 
D. ships manifest

36. The combination of product, price, promotion and distribution decisions employed by a company is referred to as _____ 

A. pricing policy
B. marketing mix
C. product mix
D. marketing concept

WAEC Shakespeare (The Tempest)

37. The document which specifies the manufacturer from whom goods are to be imported is ____

A. closed indent
B. open indent
C. export 
D. consignment note

38. Who among the following generally has no capacity to enter into a valid contract? 

A. School principals 
B. Infants 
C. Agents 
D. Religious ministers

WAEC Shakespeare (The Tempest)

39. The satisfaction of consumers in all business activities is emphasized by _____ 

A. market research
B. marketing concept
C. marketing mix
D. product differentiation

40. The document which is used when a country imposes ad valorem duties is _____ 

A. bill of lading
B. consular invoice
C. certificate of origin
D. open indent

WAEC Shakespeare (The Tempest)

41. An activity involving buying, selling and distribution of goods and services is known as _____

A. trade
B. marketing mix 
C. exchange 
D. commerce

42. Which of the following arrangement of documents is the correct sequence as used in the retail trade? 

I. Quotation	II. Enquiry
III. Order	IV. Invoice

A. I, II, III, IV
B. II, III, IV only
C. I, IV III only
D. I, III, IV only

43. Mr. Lou who assured his life with XYZ Assurance Company, was involved in an accident and had a broken leg, the sum of ₦80,000 was paid to Mr. Lou for his broken leg. The money received is known as _____

A. compensation 
B. commission 
C. premium
D. indemnity

44. The size of profit of a business is measured by the _____

A. closing stock 
B. opening stock 
C. total purchases 
D. rate of turnover

45. Industrial occupation does not involve the _____ 

A. growing and extraction of raw materials
B. use of machinery 
C. construction and manufacturing of goods 
D. movement of people and goods

WAEC Shakespeare (The Tempest)

46. The abbreviation E & O.E. on an invoice seeks to _____ 

A. draw the attention of the buyer to the contents of the document
B. show that there is no error about prices quoted on the invoice
C. protect the seller against any error on the document
D. draw the attention of the seller to the contents of the document

47. The functions of credit and thrift society does NOT include _____

A. charging low interest rate on loan
B. providing savings facilities
C. encouraging mutual co-operation of members
D. providing security for members' property

48. Throwing cargo over board in order to save a ship from sinking is _____ 

A. jettison
B. abandonment
C. piracy
D. flotsam

49. The document in which the full details of goods and the ship carrying the goods are contained is known as _____

A. bill of exchange
B. bill of sight
C. certificate of origin
D. shipping advice note

50. The exclusive right of an author over his book is _____

A. Trade mark
B. Brand name
C. Copy right
D. Patent right

• This past questions were extracted from the official WAEC 2015 Commerce paper 1.

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• OR SEE WAEC COMMERCE THEORY PAPERS

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