Purchase and Sale of Goods Generix Content - Purchase and Sale of Goods
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WAEC questions for "Commerce :: Purchase and Sale of Goods"
Q1
Which of the following is a reduction in the catalogue price?
A
rebate
B
cash discount
C
commission
D
trade discount
E
Q2
Which of the following features is common to all retailers?
A
Operating as sole-proprietors.
B
Selling to the final consumer.
C
Operating with small capital.
D
Selling on hire purchase to consumers
E
Q3
A sale agreement whereby the buyer takes possession but not title to the goods is
A
credit purchase
B
hire purchase
C
action sales
D
direct sale
E
Q4
A place where dutiable goods are kept until duties on them are paid is known as
A
private warehouse
B
public warehouse
C
bonded warehouse
D
manufacturer's warehouse
E
Q5
An agreement whereby the seller transfers or agrees to transfer the property in goods for a monetary consideration is a
A
contract of sale.
B
hire purchase.
C
conditional sale
D
party selling
E
Q6
A shop that sells only the products of a particular manufacturer is known as
A
mobile shop
B
unit shop
C
nature of shop
D
small shop
E
Q7
Which of the following is mostly used by a mail order business to sell goods?
A
Posters
B
Catalogues
C
Journals
D
Magazines
E
Q8

The cost of goods sold is

A

₦135,000.00

B

₦115,000.00

C

₦60,000.00

D

₦35,000.00

E
Q9
A popular product low to attract a larger number of buyers to a shop is called
A
loss leader
B
capital good
C
seasonal good
D
price ring
E
Q10
Centralized buying and decentralized selling are features of
A
cooperative wholesalers
B
department stores
C
mail order business
D
multiple stores
E
Q11
Which of the following is not a feature of a self-service store?
A
It is found mainly in urban areas
B
It offers steady employment opportunities
C
Goods carry price tags
D
It operates an a large floor space
E
Q12
Mr Ojo buys a book from a bookseller and pays cash. The bookseller will issue him a
A
debit note
B
credit note
C
voucher
D
receipt
E
Q13
The cost of goods sold is
A
N10,000
B
N14,400
C
N15,600
D
N20,200
E
Q14
Which of the following goods has the lowest rate of turnover?
A
Staple foods
B
Office stationary
C
Refrigerator
D
School excise books
E
Q15
Any activity aimed at finding out the wants of consumers and supplying them at a profit is referred to as
A
promotion.
B
marketing.
C
segmentation.
D
penetration.
E
Q16
Which of the following retail outlets is described as selling without shops?
A
Multiple stores.
B
Supermarkets.
C
Mail order business.
D
Department stores.
E
Q17
The difference between the cost of goods and the sales value is known as
A
net profit
B
net loss
C
gross profit or loss
D
surplus
E
Q18
Which of the following is not suitable for hire purchase?
A
textiles.
B
furniture.
C
refrigerators.
D
printing machine.
E
Q19
A seller quoting his goods loco price means that
A
all charges are borne by the seller.
B
all charges are borne by the buyer.
C
the seller pays carriage as far as the buyer's warehouse.
D
the price includes cost, insurance and freight
E
Q20
A retail outlet is described as a multiple shop when it
A
has many shops under one roof.
B
sells goods which are not standardized.
C
sells through catalogue.
D
deals in one line of goods.
E
Q21
A distinctive feature of personal selling is the
A
face to face meeting of seller and buyer.
B
selling of cheap items only.
C
sale of industrial goods only.
D
hawking of goods.
E
Q22
An increase in the volume of sales is also an increase in
A
profit
B
turnover
C
fixed assets
D
owners equity.
E
Q23
Which of the following makes sales possible without a sales attendant?
A
Telex machine
B
Fax machine
C
Vending machine
D
Franking machine
E
Q24
When customers are aware of the quality of a product, the best advertising technique to use is
A
informative advertising
B
competitive advertising
C
direct advertising
D
indirect advertising
E
Q25
The choice of medium used in advertising is not determined by the
A
cost of using a particular medium.
B
age group to which the medium appeals.
C
nationality of people using the medium.
D
number of people reached by the medium.
E
Q26
Which of the following is the best channel for the sale of an aircraft?
A
Producer-wholesaler-Consumer
B
Producer-Retailer-Consumer
C
Producer-Consumer
D
Producer-wholesaler-Retailer-Consumer
E
Q27
Which of the following requires the services of middlemen?
A
Technical goods.
B
Expensive goods.
C
Convenience goods.
D
Perishable goods.
E
Q28
Which of the following tells the customer exactly what has been sold to him, the amount due and any discount granted?
A
Advice note
B
Statement
C
Invoice
D
Credit note
E
Q29
Taxes imposed on locally made goods are known as
A
as valorem duties
B
import duties
C
export drawback
D
excise duties
E
Q30
Which of the following contains the complete information on goods available for sale?
A
Invoice
B
delivery note
C
Consignment note
D
Cataloque
E
Q31
Which of the following is used to inform the buyer that goods ordered is on the way?
A
Quotation
B
Proforma invoice
C
Advice note
D
Despatch book
E
Q32
Quantity discount is offered to persuade
A
pay promptly
B
defer payment
C
pay a deposit
D
buy more
E
Q33
Which of the following does not belong to the group?
A
posters
B
Window display
C
Free samples
D
Hoarding of goods
E
Q34
A retailer sells his product at ''Buy-two -take-three''. The sales promotion method referred to is
A
free sample
B
gift
C
premium
D
trade discount
E
Q35
A retail outlet meant to sell only a particular manufacturer's product is known as a
A
co-operative shop.
B
chain store.
C
department store.
D
tied shop.
E
Q36
Department stores usually
A
offer a wide variety of goods.
B
specialize in selling only household goods.
C
offer a few line of goods.
D
sell on cash delivery basis.
E
Q37
Which of the following is sent to a customer who wishes to know the price, quality and terms of sale of a product?
A
Quotation
B
Letter of Enquiry
C
Proforma invoice
D
Advice note
E
Q38
A label on a product such as ''Three Crown Milk'' is a form of
A
patent right.
B
branding.
C
copy right.
D
packaging.
E
Q39
Which of the following is a customer service?
A
Delivery
B
Merchandising
C
Branding
D
Market researc
E
Q40
Branding is an aspect of marketing mix associated with
A
price.
B
product.
C
place.
D
distribution.
E
Q41

An agent who takes possession of goods and sells in his own name is known as

A

a broker

B

a del credere agent

C

an auctioneer

D

a factor

E
Q42

The extra commission for pledging full statement of the purchase price of goods is given to a

A

del credere agent

B

factor

C

broker

D

jobber

E
Q43

The cost of goods sold is

A

N2,000.

B

N4,000.

C

N6,000.

D

N8,000.

E
Q44

Which of the following is not a feature of a department store?

A

Located at the centre of a city.

B

Bulk buying.

C

Attractive layout.

D

Selling one line of goods.

E
Q45

Which of the following is a function of a warehouse?

A

stabilizing prices

B

Increasing competition.

C

Stimulating demand.

D

Controlling quality.

E
Q46
The law by which the seller transfers the property in goods to the buyer at an agreed price is the
A
Hire purchase Act.
B
Trade Description Act.
C
Food and drugs Act.
D
Sale of Goods Act.
E
Q47
A retail outlet which sells a fairly narrow range of goods with a number of branches in different towns is a
A
supermarket
B
mail-order shop
C
mobile shop
D
multiple shop
E
Q48

Branding is a tool for

A

competitive advertising.

B

consumerism.

C

marketing research.

D

pricing policy.

E
Q49

Which of the following is a method of sales promotion?

A

Radio gingles

B

Poster display

C

Trade fair

D

Television broadcast

E
Q50
Which of the following is not a right of the consumer?
A
Safety
B
Choice
C
Discount
D
Value
E
Q51
Which of the following enables people to consume a variety of goods and services?
A
Labour
B
Capital
C
Land
D
Exchange
E
Q52

Which of the following is formed in order to enforce the rights and powers of buyers in relation to sellers?

A

consortium

B

trade association

C

consumer association

D

holding company

E
Q53
Which of the following is not a feature of a department store?
A
one-stop shopping.
B
Deal in one line of goods.
C
Use of trolleys.
D
Convenient location.
E
Q54
Direct selling by a producer to a consumer is possible when the
A
goods have to be made on demand.
B
manufacturer has good knowledge of the market.
C
consumers buy in small quantities.
D
goods are fashionable.
E
Q55
Which of the following can be sold through a vending machine?
A
Cigarettes
B
Shirts
C
Handbags
D
Shoes
E
Q56
A hire purchase transaction becomes a sale when the
A
hirer accepts the hire purchase terms.
B
finance company agrees to pay.
C
hirer takes possession of goods.
D
hirer pays full cost of the goods.
E
Q57
The diagram which shows consumers' needs as the focus of attention illustrates the meaning of
A
market segmentation
B
marketing concept
C
market research
D
sales orientation
E
Q58
Which of the following is a pre-sale service to the consumer?
A
Installation of the product
B
Provision of credit facilities
C
Maintenance of product for a period of time
D
Transportation and delivery services
E
Acceptance of damaged goods
Q59
Which of the following is not a feature of goods of hire-purchase?
A
Customer pays initial deposit.
B
Customer pays purchase price plus interest.
C
Payment is by instalment.
D
Ownership of goods passes to the customer on payment of a deposit.
E
Generally suitable for sale of durable goods.
Q60
An action taken by a seller to avoid risk from unforeseeable is known as
A
tendering
B
auctioneering
C
quotation
D
hedging
E
haggling