WAEC Commerce Questions and Answers 2021/2022to OBJ/ESSAY. This is another wonderful opportunity for candidates sitting for the Ongoing WAEC SSCE Examination to have good grades in their examinations. If you are one of them, you are on the right page where likely2021 commerce WAEC questions and Answers are provided.
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Today, have a collection of WAEC Commerce Questions and Answers 2021/2022 to OBJ/ESSAY to assist you with your studies for the West African Senior School Certificate Examination (WASSCE).
By using past exam papers as part of your preparation, you can find out what you already know. By the same token you also find out what you do not know well enough or don’t know at all. What is more, the WAEC past questions for Commerce can also be used as an organizational tool to manage your time better, as you can plan according to each section of the paper.
As a matter of fact, revision is better than memorizing facts and going over notes. You can practise for your Commerce WAEC Exam by answering real questions from this 2021 WAEC commerce objectives and theory questions papers. This will give you a better chance of passing your exams with a very good grade.
WAEC Commerce 2021 Objectives Questions and answers
Below are WAEC Commerce past Questions and Answers 2021/2022 to OBJ that may come out
1. Which of the following must be present in an agency by agreement?
- A. intentions
- B. will
- C. consent
- D. authority
ANSWER: A ( intentions )
2. An agreement to sell is distinguishable from sale because in the former, the transfer of goods is
- A. not anticipated
- B. not discussed
- C. deferred
- D. immediate
ANSWER: C ( deferred )
3.Mr Amusa says to Mr Bello ‘i will sell you this hat for N30’. And Mr Bello replied ‘i will pay N29’. The contract is
- A. an offer and acceptance
- B. an implied contract
- C. a complete simple contract
- D. an offer but no acceptance
ANSWER: D ( an offer but no acceptance )
4.Nationalization of an industry means that its ownership becomes that of
- A. government
- B. shareholders
- C. taxpayers
- D. indigenes
ANSWER: A ( government )
5.The comprehensive import supervision scheme was set up by the federal government in order to
- A. reverse Nigeria’s unfavourable balance of trade
- B. promote fair trade between Nigeria and other countries
- C. counteract all fraudulent business deals of Nigeria with other nationals
- D. ensue that import into Nigeria are of the correct quality, value and quantity
ANSWER: D ( ensue that import into Nigeria are of the correct quality, value and quantity )
6. Commerce can be defined as the study of how
- A. man utilizes the resources in his physical environment
- B. man produces, distributes and consumes his goods and services
- C. man buys, sells and distributes goods and services
- D. raw materials are changed into finished goods
ANSWER: C (man buys, sells and distributes goods and services)
7. …… activity turns processed raw materials into consumer and industrial goods is described as
- A. extractive
- B. manufacturing
- C. constructive
- D. processing
ANSWER: B ( manufacturing )
8. The production process that combines two or more raw materials into one end product is
- A. conditioning
- B. blending
- C. merging
- D. synthesis
ANSWER: B (blending)
9. A demonstration of social responsibility by a business is the payment of
- A. taxes to government
- B. dividends to shareholders
- C. interests on loans
- D. premium on insurance
ANSWER: A (dividends to shareholders)
10. A distinguishing characteristics of a limited liability company is that it
- A. is a collection of many sole proprietors
- B. is a multiple partnership
- C. can sue and be sued
- D. has limited resources
ANSWER: C (can sue and be sued)
WAEC Commerce Practice Questions
10. What is an advantage of telephone communication in business?
A copies of documents may be transmitted
B messages can be corrected before transmission
C problems may be discussed
D visual contact is made.
11. Which methods of transport are most likely to be used to transport oil from Australia to
A canal and sea
B pipeline and sea
C rail and pipeline
D road and air.
12. What is an advantage of containerisation in sea transport?
A avoidance of customs duty
B carriage of one type of product at a time
C fast turnaround of ships at ports
D quick unpacking of goods at docks.
13. A washing machine manufacturer wishes to promote a newly-designed product.
Which advertising medium would reach the most consumers?
14. Which factor plays a part in the increasing volume of air freight that is being transported
A availability of larger aircraft
B fluctuating aviation fuel prices
C increased international terrorism
D increased tourism.
15. Which airport facility is likely to be the most important to a business exporting goods through an airport?
A currency exchanges
B duty free shops
C lifting gear
D luggage handling.
16. Warehousing is unlikely to be part of the chain of distribution for
A canned food.
17. The diagram shows part of a credit note.
How is the document used?
A The buyer sends it to the supplier after goods have arrived damaged.
B The buyer sends it to the supplier’s bank to pay for goods supplied.
C The supplier sends it to the buyer after goods have been returned damaged.
D The supplier sends it to the buyer’s bank to cancel over-payments.
18. Which of the following take place when firms producing at different stages in the same industry combine.
B. Vertical integration
C. Horizontal integration
19. What are the fixtures and fittings in a balance sheet?
A. Liquid capital
B. Current assets
C. Fixed assets
D. Working capital.
20. One of the functions of sea ports is the provision of ______
A. Berthing and land facilities
B. Loading and offloading facilities
C. Control room for relaying radio messages
D. Ware house of storage of cargo.
Other WAEC Marketing Questions
1.Which of the following is an item in the marketing mix?
- The business unit that applies the principle of one man, one vote is ______
- sole proprietorship
- public company
- co-operative society
- The type of activity which turns processed raw materials into consumer and industrial goods is described as ________
- Land as a factor of production does not vary in _______
- The effects of devaluation includes all except _______
- exports become cheaper
- expansion of local industries
- increase in standard of living
- increase in import
- The West African clearing House became legally operational on
- 1st july, 1976
- 25th june, 1975
- 14th march, 1975
- 3rd may, 1974
- The lake Chad Basin commission was founded to enable member states
- expand the volume of water in the lake for fishing activities
- increase navigational activities on the lake
- dam the lake for electricity and agricultural purposes
- co-ordinate their efforts in managing the use of the lake’s resources
- What are the factors with which commercial undertaking can be distinguish?
I Size of the undertaking
II Profits generated
III Forms of ownership
IV Location of the undertaking
- I and II only
- I andIII only
- II and III only
- III and IV only
- Freight note is a document
- used by government to transport goods from one country to another
- issued by a shipping company giving details of charges
- used for payment for imported goods
- given by an importer to pay for goods at a future period
1O. Spot market goods are those which are available for
- immidiate delivery
- short-term delivery
- long-term delivery
- end of the delivery
- Which of the following must be present in an agency by agreement?
- An agreement to sell is distinguishable from sale because in the former, the transfer of goods is
- not anticipated
- not discussed
- Mr Amusa says to Mr Bello ‘i will sell you this hat for N30’. And Mr Bello replied ‘i will pay N29’. The contract is
- an offer and acceptance
- an implied contract
- a complete simple contract
- an offer but no acceptance
- Nationalization of an industry means that its ownership becomes that of
15.The production of goods and services in anticipation of demand is made possible by _______
- Factors considered when setting up a retail business is one of the following _________
- capital, experience and trading
- experience, term of trade, and trading
- capital, trading and term of trade
- capital, type of goods and source of supply
- Any activity directed at conveying commodities to buyers is an aspect _________
- If a business uses part of its profit to develop the area where it operates, the business is fulfilling its ______
- economic responsibilities
- marketing responsibilities
- social responsibilities
- managerial responsibilities
- The comprehensive import supervision scheme was set up by the federal government in order to
- reverse Nigeria’s unfavourable balance of trade
- promote fair trade between Nigeria and other countries
- counteract all fraudulent business deals of Nigeria with other nationals
- ensue that import into Nigeria are of the correct quality, value and quantity
2O. The second tier security market is
- an appendage to the Nigeria stock exchange
- a member of the Nigeria stock exchange
- meant for the shares of quoted private companies
- a regulating arm of the Nigerian stock exchange
- The element of the marketing mix are
- product promotion, place and price
- [personal selling, advertising and research
- promotion, production, place and price
- procurement, price, product and place
- Which of the following items has the shortest effect on the consumer
- Which of the following is a form of sales promotion
- advertising on radio
- offering free sample
- distributing printed materials
- advertising on television
- One advantage of personal selling over all other elements of promotion is that
- it can provide instant feedback
- it is very cheap in terms of cost per contact
- it does not need to use mass media
- sales people are wewll trained
- One of the effects of the devaluation of the Naira is that the
- goods that can be imported with the naira have become cheaper
- value of other currencies relative to the naira have become cheaper
- goods that can be exported from Nigeria have become costlier
- imports that can be bought with the naira have become costlier
- Drawing two parallel lines across a cheque means that it has to be paid into the account of the
- The financial institution established to boost Nigeria’s trade with the rest of the world is called
- Nigerian Deposit Insurance Corporation
- Nigerian Economic Reconstruction Fund
- Nigerian Industrial Development Bank
- Nigerian Export-Import Bank
- Which of the following is both direct and indirect credit enterprise?
- A co-operative and thrift society
- retail co-operative society
- consumer co-operative society
- wholesaler co-operative society
- A demonstration of social responsibility by a business is the payment of _______
- taxes to government
- dividends to shareholder
- interest on loans
- premium on insurance
3O. Risk bearing in business organisation is a function of the _____
- The Nigeria Stock Exchange consist of ______
- primary and secondary-tier market
- secondary and primary market
- money and commodities market
- commercial and mortgage market
- A system where customer patronage is sought by producing what they need is referred to as _______?
- sales promotion
- market promotion
- product promotion
- market orientation
- The scope of commerce is limited to ________
- wholesale and entrepot trade
- trade and aids-to-trade
- wholesale and retail trade
- home and foreign trade
- The business in the stock exchange is characterized essentially by
- A pro forma invoice is NOT required when
- quoting for the supply of goods
- goods are sent on approval
- dealing regularly with a customer
- final prices are uncertain
- Which of the following statements is TRUE about sea transport?
- all ships have specific routes to ply
- all ships must be insured at every journey
- all ships are insured separately from the crew
- all ships normally arrive at their destination with goods
- The postal organization which preceded the Nigerian Postal Service is
- Post and Telecommunication
- Post and Telephone
- Post and Teleprinter
- Post and Telegraph
- Goods discharged from ships on which import duties have not been paid are kept in the
- ordinary warehouse
- public warehouse
- private warehouse
- bonded warehouse
- A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued N80,000 were destroyed. The value of compensation expected from the insurer is
4O. Sole enterprise may flourish best in
- a mining business
- a retailing business
- an oil exploration business
- a car assembly business
- The government agency involved in issuing of export licences is _______?
- Nigeria Export Processing Zone
- Nigeria Export Promotion council
- Nigeria Port Authority
- Customs and Excise Authority
- The quality of money that describe its uniformity is
- One disadvantages of advertising is that it —
- could be misleading
- decreases sales
- reduces profit
- causes over stocking
- Water corporation is an example of ______?
- co-operative society
- public enterprise
- private enterprise
- limited company
- The concept that refers to the sale, transfer or exchange of goods and services is
- The use of coin-operated machines to sell goods is a form of
- personal selling
- mail-order selling
- What is the major function of the wholesaler?
- buying from small-scale producers and selling to exporters
- buying in bulk and selling in small quantities
- granting of credit facilities to retailers
- providing information to manufacturers on market situation
- The rate at which a country’s exports exchange for its imports is called
- balance of payments
- balance of trade
- terms of payment
- terms of trade
- The difference between the total payments for imports and the receipts from exports within a given period is referred to as
- balance of payments
- balance of trade
- comparative cost advantage
- comparative advantage
5O. Commerce is defined as the study of how
- man utilizes the resources in his physical environment
- man produces, distributes and consumes his goods and services
- man buys, sells and distributes goods and services
- raw materials are changed into finished goods
- The type of activity which turns processed raw materials into consumer and industrial goods is described as
- The production process that combines two or more raw materials into one end product is
- A demonstration of social responsibility by a business is the payment of
- taxes to government
- dividends to shareholders
- interests on loans
- premium on insurance
- A distinguishing characteristics of a limited liability company is that it
- is a collection of many sole proprietors
- is a multiple partnership
- can sue and be sued
- has limited resources
- The form of credit sales common to low income groups is
- hire purchase
- club trading
- booking -me -down
- credit trading
- Petrol voucher is an example of a
- legal tende
- token money
- partial money
- One of the major reasons for merger is to
- reduce the number of unskilled manpower
- increase the number of skilled manpower
- prevent liquidation
- liberalize the market
- A Major funtion of commerce is to
- facilitiate human satisfaction through exchange
- eliminate trade barriers
- provide raw materials for manufacturers
- influence government policies
- Which of the following legislation aims primarily at the protection of consumers?
- Law of contract
- Trade description Act
- Company’s Act
- Partnership Act
Commerce Theory WAEC Questions and Answers PDF
The following are past Questions and Answers :
(a) Differentiate between Industry and commerce
(b) List and explain four activities of those engaged in commercial occupation.
ANS: (b) (i) Banking: Those working as bankers provide facilities for saving, borrowing, investing, and payments for business transactions.
(ii) Advertising: Advertising practitioners inform potential buyers and sellers about the existence, nature, use, price of goods and services through various advertising media.
(iii) Insurance: Insurers provide cover for business risks and compensation in case of loss etc.
Explain five benefits that would be derived and five losses that would be suffered when a Sole trader admits other partners.
ANS: (a) Benefits to a Sole Trader
(i) Better decision making
(ii) Possibility of more profit
(iii) Greater degree of continuity etc.
(b) Losses to Sole Trader
(i) The death of a general partner may collapse the business
(ii) Disagreement among members can affect the smooth running of the business
(iii) Actions of a partner is binding on the firm. Therefore misconduct of an unscrupulous partner may ruin the business.
(a) State five features of partnership business.
(b) Explain five reasons why government participate in business.
Explain the following insurance terms:
(a) proximate cause
(c) utmost good faith
(e) contract of non-indemnity (compensation).
List and explain four documents involved in the formation of a Public Limited Company.
ANS: (a) Declaration:
(i) This is a statement in writing to the registrar of Companies by the promoter.
(ii) It is states that the requirement of the companies have been compiled with
(iii) It is a declaration that adequate capital has been raised etc.
(b) Trading Certificate:
(I) This is document issued by the Registrar of companies
(II) It gives the public company the right to commence the business for
which it was formed, etc.
(a) Explain the following:
(i) counter trade;
(ii) entreport trade;
(iii) import trade;
(iv) invisible trade.
(b) State four burners to International trade.
ANS: (i) Counter Trade: This is a system of International trade where countries instead of paying cash for the goods they purchase from other Countries will pay.
(ii) Entreport Trade: This is a system of trade where goods imported into a country are re-export while the goods are still in the same form as they were received.
(iii) Import Trade: This is a system of trade where goods are brought into a country from another country.
(iv) Invisible Trade: This is a type of International trade involving intangible products such as services or Banking, shipping services colu requires payment of money.
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