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Year 12 commerce WAEC QUESTIONS Flashcards | StudBud
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Year 12 commerce WAEC QUESTIONS
Year 12 commerce WAEC QUESTIONS
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WAEC past questions year 12
Flashcards
50 cards
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Questions
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Answers
1
The main purpose of establishing a public corporation is to
Establish a monopoly
Compete with entrepreneurs
Provide essential services
Make profits
2
The organisation of petroleum exporting countries (opec) is an example of a
Trust
Chamber of commerce
Cartel
Consortium
3
Which of the following is a function of money
Provision of double coincidence of wants
Durability
Standard of deferred payment
Divisibility
4
The main object of a cartel agreement is to control
Workers to increase outputs
Output to maintain price
Directions to achieve higher profits
Shareholders to maintain shares
5
The purpose of issuing a credit note is to
Encourage bulk buying
Encourage immediate payments
Correct errors of over charging
Correct errors of under charging
6
Total sales less total returns inward is called
Net sales
Purchases
Net profit
Gross profit
7
Which of the following could account for a favorable balance of payments
Higher imports than exports
High capital repayments
Higher exports than imports
High debt service repayments
8
Agreement between two parties which will give rise to enforceable right and obligations is known as
A consideration
A warrant
A contract
An offer
9
Informative advertising is:-
To persuade consumers to do something about buying a product.
To remind consumers about existing products
To tell consumers about a new product or services
To encourage people to purchase one product over another competitors brand.
10
An individual who makes the final use of goods and services provided by firm is the
Manufacturer
Trader
Consumer
Wholesaler
11
The selection and promotion of staff in an organisation is the function of
Production department
Personnel department
Marketing department
Finance department
12
E.& O.E stands for
Expects omission and errors
Errors and omission expected
Errors and omission exempted
Errors and order expected
13
___ is the association of manufacturers and business men form different commercial field to protect their interest
Consurtium
Trade association
Cartel
Chamber of commerce
14
Which of the following is not an element of the marketing mix
Products
Distribution
Merchandising
Pricing
15
Competitive advertising is:
To remind consumers about existing products
To encourage people to purchase one product over another competitors brand.
To tell consumers about a new product or services
To persuade consumers to do something about buying a product.
16
When there is a trade deficit, the...
Exports exceed the imports
There is low chance of inflation
Imports exceed the exports
Exports exceed the exports
17
Which of the following is not a reason for imposing tariff ?to
Encourage import
Correct and adverse balance of payments
Raise revenue for the government
Protect infant industries
18
The main source of capital for a limited liability company is
Government subsidy
Share subscription
UnDistributed profits
Bank overdraft
19
Which of the following is a type of marine insurance
Endowment
Fire
Fidelity
Freight
20
Which of the following is not a function of a small retailer
Supplying goods to the final consumer
Granting credit to known customers
Breaking goods into small unit
Selling in large quantities
21
Entrepot trade refers to
Exporting for factory use
Importing for re-export
Importing for domestic consumption
Importing for industrial use
22
The value of anything expressed in monetary terms is the
charge
Money
Price
Service
23
Overdraft is usually granted to a
Deposit account holder
Savings account holder
Current account holder
Loan account holder
24
Which organisation is an oil pricing cartel
OAU
NAFDAC
OPEC
IMF
25
Which of the following is the most suitable means of transporting bulky goods from Lagos to kaduna
By train
Caravan
My ship
Lorry
26
Which of the following is not a fixed asset of a business
Sundry debtors
Goodwill
Plant and machinery
Patent
27
Which of the following is a public corporation? The
Nigeria breweries limited
Lagos chamber of commerce
Nigerian merchant Bank limited
Nigeria Port authority
28
The organized efforts of consumers to protect themselves against the unfair practices of businessmen is called
Propaganda
Consumerism
Strike
Amalgamation
29
When a business is insolvent it may result in
Incorporation
Restoration
Recuperation
Liquidation
30
In which of the occupation would you place a taxi driver
Commercial services
Primary occupation
Personal service
Indirect services
31
Which of the following advertising media combines the advantages of sound and motion
Television
Press
Radio
Neon signs
32
A study to discover consumers preferences and need is called
Consumer orientation
marketing mix
Market research
marketing
33
A number of shops under One roof is a feature of a
Department store
Supermarket
Chain store
Shopping centre
34
The major dealers on a stock exchange market are the
Investor
Brokers
Authorise clerks
Jobbers
35
The taking over by the state on ownership and control of certain business enterprises is known as
Nationalization
Commercialization
Privatization
Indigenization
36
What aids to trade is used to protect producers, sellers and buyers against loss and damages
Banking
Warehousing
Communication
Insurance
37
The three main divisions of production include ; industrial,
Banking and services
Transportation and services
Commercial and services
Commercial and banking services
38
The world Ltd written after the name of a company means that
The total sum of the company's capital is limited
Members are liable to the extent of their holding
The individuals members capital is limited
Companies location is limited
39
Which of the following is a feature of cooperative society
Limited membership
Owned and run by the state
Dividend is based on the number of shares sold sold
Democratic control and management
40
In holding company, the company whose shares are acquired is called
Superior
Subsidiaries
Inferior
Parent company
41
Which of the following is not an advantage of advertising?
Gives information about products
Increase production
Improves the quality of production
Increase sales
42
The exchange of goods for other goods in home trade is known as
Barter trade
Counter trade
Foreign trade
Entrepot trade
43
Efforts geared towards establishing and maintaining good image for a company is Termed
Human relations
public Relations
Personnel relations
Professional relations
44
The main purpose of branding is to
Increase the quantity of goods demanded
Introduce the product to the customers
Differentiate goods from other similar goods made by other producers
Increase the selling price of goods
45
____ is the association of traders or producers engaged in the Same line of business
Cartel
Consurtium
Trade association
Chamber of commerceloyment
46
Which of the following is an aspect of the marketing concept
Mass production
Sale orientation
consumer orientation
Products orientation
47
Management can be defined as
Implementation of business decisions
Getting things done through people
The general manager and the employees
The number of levels in an organisation
48
Custom duties are
Dock dues
Customary dues
Import tariffs
Custom office duties
49
The production of goods in anticipation of demand is made possible by
Transporting
Advertising
Warehousing
Packaging
50
A private limited liability company differs from a public limited liability company because
It as a separate entity
Of its inability to offer shares to the public
It has many shareholders
It declares dividends to shareholders