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WAEC questions for "Commerce :: Introduction"
Q1
Commerce can be defined as the
A
exchange of goods and services.
B
distribution and exchange of goods and services.
C
distribution of services at home.
D
export of services.
E

Answer: B

Introduction
Q2
Which of the following is not a function of commerce?
A
Facilitates mass production of goods.
B
Assists in raising capital.
C
Creates goods and services.
D
Offers employment.
E

Answer: C

Introduction
Q3
Production is defined as
A
an industrial activity.
B
creation of utilities.
C
the exchange of goods and services.
D
changing of raw materials into finished goods.
E

Answer: B

Introduction
Q4
Which of the following is not a function of commerce?
A
Advertising goods.
B
Creation of goods.
C
Increasing profit made.
D
Distribution of goods.
E

Answer: C

Introduction
Q5
The scope of commerce is limited to
A
home and foreign trade.
B
wholesale and retail trade
C
trade and aids-to-trade
D
wholesale and entrepot trade.
E

Answer: C

Introduction
Q6
The distribution of goods and services for the satisfaction of wants is the concern of
A
production.
B
utility.
C
commerce.
D
industry.
E

Answer: C

Introduction
Q7

Which of the following best describes commerce?

A

Buying and selling of goods and services.

B

Buying, selling and distribution of goods and services.

C

Preserving goods until they are needed.

D

Making goods and services known to people.

E

Answer: B

Introduction
Q8
The deliberate and sustained efforts to maintain a good image of a company is known as
A
personal relations.
B
public relations.
C
professional relations.
D
industrial relations.
E

Answer: B

Introduction
Q9
Commerce is concerned mainly with the
A
production of goods and services.
B
distribution of goods and services.
C
consumption of goods and services.
D
storing of goods.
E
advertising of goods and services

Answer: B

Introduction
Q10

Which of the following defines communication in commerce?

A

Movement of files

B

Transmission of information

C

Movement of people

D

Storing of imformation

E

Distribution of newspaper

Answer: B

Introduction
Q11
Which of the following is a form of public relations
A
Feature articles
B
Window display
C
Catalogue
D
Transportation and delivery services
E
Personal selling

Answer: A

Introduction
Q12
The setting of objectives and determination of the best way to acheive them are known as
A
coordinating
B
planning
C
controlling
D
organizing
E
direceting

Answer: B

Introduction
Q13
Commerce developed as a result of
A
speculation
B
competition
C
specialization
D
importation
E
exportation

Answer: C

Introduction
Q14
An Association of businessmen engaged in both commerce and industry is called a
A
trade association
B
trade union
C
chamber of commerce
D
trust
E
cartel

Answer: C

Introduction
Q15
The primary aim of commerce is to
A
produce goods and services
B
warehouse goods
C
advertise goods and services
D
finance goods and services
E
exchange goods and services

Answer: A

Introduction
Q16
Which of the following is not a branch of Commerce?
A
Insurance
B
Warehousing
C
Trade
D
Transport
E
Computerisation

Answer: E

Introduction
Q17
All activities involved in the distribution and exchange of goods and services are referred to as
A
Trade
B
Market survey
C
Advertising
D
Commerce
E
Sales promotion

Answer: D

Introduction
Q18
Which of the following is not true of commerce?
A
It is part of production.
B
It creates time and place utility.
C
It is the life's blood of a nations' economic activities
D
Commercial activities begin after the goods are produced.
E
it makes goods and services available when and where needed.

Answer: D

Introduction
Q19
Which of the following is not a basic want of man.
A
transport.
B
food.
C
water.
D
clothing.
E
shelter.

Answer: A

Introduction
Q20

Which of the following is not of the 4m's of business resources?

A

Method.

B

Men.

C

Money.

D

Material.

E

Machine.

Answer: A

Introduction
Q21
The management technique that anticipates the future and determines the appropriate line of action is known as
A
planning.
B
organizing.
C
consulting.
D
directing.
E
controlling.

Answer: A

Introduction
Q22
Commerce increases the utility of goods by making them available when they are wanted. this function is performed by the use of
A
banks.
B
insurance.
C
transport.
D
advertising.
E
warehousing.

Answer: E

Introduction
Q23
Which of the following is not a function of the chamber of commerce?
A
Publication of journals for members.
B
Consideration of customs regulations and tariffs.
C
Issueing certificates of origin.
D
Issuing consular invoice to exporters
E
Organizing trade fairs.

Answer: D

Introduction
Q24
Which of the following is a commercial service?
A
Transporting.
B
Gari processing.
C
Oil drilling.
D
Lumbering.
E
Tailoring.

Answer: A

Introduction
Q25
The major divisions of commerce are
A
import, export and banking.
B
home trade and foreign trade.
C
trade and aids to trade.
D
exchange, consumption and production.
E
trade and banking.

Answer: C

Introduction
Q26
Commerce developed as a result of
A
specialization.
B
competition.
C
specialization.
D
importation.
E
exportation.

Answer: C

Introduction
Q27
Which of the following is not a function of money?
A
Unit of account.
B
Store of value.
C
Determinant of exchange.
D
Medium of exchange.
E
Standard for deferred payment.

Answer: C

Introduction
Q28
Which of the following requires acceptance by the debtor to make it valuable?
A
postal order
B
cheque
C
promissory note
D
bill of exchange
E
bill of lading

Answer: D

Introduction
Q29
The major division of commerce are
A
import, export, and transport.
B
trade, communication, and warehousing.
C
trade and auxillaries to trade.
D
exchange, consumption and production.
E
import trade and production.

Answer: C

Introduction
Q30
Which of the following statements is not true?
A
Commercial services are the life's blood of a country's economic system.
B
There cannot occur commercial services until goods have been produced.
C
Without commercial services most goods and services will not be produced.
D
There is no stage of production that does not employ commercial services.
E
Commercial services add to the value of a product.

Answer: B

Introduction
Q31
Which of the following is one of the functions of commerce?
A
Manufacturing.
B
Growing of tomatoes.
C
Storage of goods.
D
Construction of Roads.
E
Car assemblying.

Answer: C

Introduction
Q32

The purpose of issuing a credit note is to

A

correct errors of overcharging

B

correct errors of undercharging

C

write off bad debts

D

encourage immediate payment

E

encourage bulk buying

Answer: A

Introduction
Q33
Which of the following is sent as a reply to an inquiry?
A
Tender.
B
Estimate.
C
Statement.
D
Advice note.
E
Quotation.

Answer: E

Introduction
Q34
In insurance the term Uberrimae Fide stands for
A
Utmost good faith.
B
subrogation.
C
insurable interest.
D
indemnity against loss
E
proximity cause.

Answer: A

Introduction
Q35
What is planning?
A
Unification of effort and co-ordination of all activities in pursuance of the same goal.
B
Exchange of information among different people in an organization.
C
Giving instructions to ensure that decisions are carried out to acheive a company's objective.
D
Division of work and allocation of duties, authorities and responsibilities.
E
Anticipating the future and making decisions for future action to acheive company's objective.

Answer: E

Introduction
Q36
Which of the following supports the view that there was commerce in Nigeria many years ago?
A
Communities were independent
B
the economy was subsistent.
C
Specialization was minimal.
D
Cowries were used as money.
E
Horses were uses as means of transportation.

Answer: A

Introduction
Q37

Which of the following is not a true characteristic of a Chamber of Commerce?

A

Its is not for profit making.

B

It i9s open only to political party members.

C

It is democratically administered.

D

It is a voluntry organization.

E

It is independent of government control.

Answer: B

Introduction