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"Trade" question number distribution across years
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WAEC questions for "Commerce :: Trade"
Q1
Which of the following is sent by a supplier who does not want to sell on credit?
A
Proforma invoice
B
Quotation
C
Consular invoice
D
Advice note
E

Answer: A

Trade
Q2
Retail outlets that have identical store design layout and stock are
A
multiple shops.
B
tied shops.
C
mobile shops.
D
supermarkets.
E

Answer: A

Trade
Q3
Which of the following would be used when goods are sent through independent carriers?
A
Delivery note
B
Despatch note
C
Consignment note
D
Advice note
E

Answer: C

Trade
Q4
Establishing and maintaining mutual understanding between an organization and its customers is known as
A
marketing concept.
B
advertising.
C
public relations.
D
sales promotion.
E

Answer: C

Trade
Q5

''P'' in the diagram above represents

A

commerce.

B

hometrade.

C

wholesale trade.

D

entrepot trade.

E

Answer: B

Trade
Q6

What does ''V'' represent in the diagram?

A

Trade.

B

Home trade.

C

Retail trade.

D

Commerce.

E

Answer: C

Trade
Q7
Which of the following note would be sent to a buyer to inform him that the goods he ordered have been despatched?
A
Advice note
B
Delivery note
C
Credit note
D
Consignment note
E

Answer: A

Trade
Q8
The cost of advertising is ultimately borne by the
A
manufacturer.
B
consumer.
C
wholesaler.
D
retailer.
E

Answer: C

Trade
Q9
A grocer invoiced a carton of fish valued at N2,500 for N2,000 only. To correct the error, which of the following documents would be sent to the buyer?
A
Credit note for N500.00
B
debit note for N500.00
C
Credit note for N2,500.00
D
Debit note for N2,500.00
E

Answer: B

Trade
Q10
Which of the following services is not offered to retailers by wholesalers?
A
Keeping them informed of the demands of consumers.
B
Keeping them informed of new products
C
Offering a wide range of products
D
Granting credit
E

Answer: A

Trade
Q11
The buying and selling of goods and services within a country is called
A
counter trade.
B
entreport trade.
C
foreign trade.
D
home trade.
E

Answer: D

Trade
Q12
A firm that accepts, sells and delivers goods by post is a
A
supermarket.
B
multiple store.
C
department store.
D
mail order business.
E

Answer: D

Trade
Q13
Which of the following is not a favourable condition under which personal selling can be practised?
A
When advertising entails relatively high cost.
B
When the market is concentrated
C
When the market is dispersed
D
When personal touch is needed.
E

Answer: D

Trade
Q14
Which of the following was not used as a medium of exchange by the early Europeans that came to West Africa?
A
Pounds and shillings.
B
Copper manillas.
C
Iron bars.
D
Cowries.
E

Answer: C

Trade
Q15
The ancillary to trade which ensures that people gain access to facts pertaining to goods is
A
insurance.
B
advertising.
C
warehousing.
D
banking.
E

Answer: B

Trade
Q16
Importing goods into a country for re-exporting is known as
A
home trade.
B
retail trade.
C
entrepot trade.
D
counter trade.
E

Answer: C

Trade
Q17
Which of the following is used only in international trade?
A
Letter of enquiry
B
Certificate of origin
C
Pro-forma invoice
D
Consignment note.
E

Answer: B

Trade
Q18
The form of trade practised by the early men was characterized by
A
exchange of goods for money.
B
efficient distribution system.
C
exchange of goods for goods.
D
organized warehousing.
E

Answer: C

Trade
Q19
Who among the following cannot be regarded as an itinerant trade?
A
gypsy
B
barrow boy
C
pedlar
D
stall owner
E

Answer: D

Trade
Q20
Which of the following is a feature peculiar to multiple shops?
A
central location
B
self service
C
central buying
D
one stop shop
E

Answer: C

Trade
Q21
Terms of trade is the
A
rate at which the central bank discounts first class bills.
B
rate at which a country's exports exchange for its imports.
C
expected rate of returns on an investment.
D
rate of payment for goods and services purchased.
E

Answer: D

Trade
Q22
Which of the following encourages trade between regions?
A
differences in currencies of countries.
B
difference in national incomes of countries.
C
existence of trade associations.
D
differences in natural resources.
E

Answer: A

Trade
Q23
C.O.D. transactions are associated with
A
mail order firms
B
mobile shops
C
supermarkets.
D
multiple shops.
E

Answer: A

Trade
Q24
Which of the following makes it an offence for a trade to make untrue statements about his goods?
A
Consumerism
B
Consumer Credit Act
C
Trade Description Act
D
Price Control Act.
E

Answer: C

Trade
Q25
People who are against advertising claim that it
A
widens the market for consumer goods.
B
encourages consumers to buy what they do not need.
C
emphasizes the good feature of a particular product.
D
promotes competition among firms.
E

Answer: A

Trade
Q26
Terms of trade refers to
A
agreement between two trading companies.
B
the difference between the value of imports and exports.
C
the relationship between export and import prices.
D
all payments made to other countries and receipts from them.
E

Answer: C

Trade
Q27
The aid to trade 'responsible for the preservation of perishable items is
A
warehousing.
B
insurance.
C
transportation.
D
advertising.
E

Answer: B

Trade
Q28
Which of the following is an advantage of large scale retailing?
A
Decline in personal service
B
Pilfering
C
High overhead cost
D
One-stop shopping.
E

Answer: D

Trade
Q29
Which of the following is not a function of the retailer?
A
buying in bulk and warehousing
B
buying and selling in bits to customers
C
advising customers on the right type of goods
D
granting credits to customers.
E

Answer: A

Trade
Q30
Entrepot trade means
A
exchange of goods between two countries
B
exchange of goods among countries
C
exporting goods to be re-imported
D
importing goods to be re-imported
E

Answer: D

Trade
Q31
When a producer in an industry combine to advertise their product instead of each firm advertising its own brand, this is referred to as
A
mass advertising
B
competitive advertising
C
persuasive advertising
D
direct advertising
E

Answer: A

Trade
Q32
It is often said that ''the consumer is always right''. This describes the doctrine of
A
consumer movement
B
consumer sovereignty
C
caveat emptor
D
consensusaddem
E

Answer: B

Trade
Q33
In international trade, the direct exchange of goods for goods is
A
bilateral trade.
B
counter trade.
C
multilateral trade.
D
entrepot trade.
E

Answer: B

Trade
Q34
A chain store is also known as a
A
department store.
B
multiple shop.
C
supermarket.
D
hypermarket.
E

Answer: B

Trade
Q35
An agreement which a buyer pays instalmentally but does not own the goods until final settlement is made
A
hire purchase.
B
deferred payment.
C
conditional sales.
D
features trading.
E

Answer: A

Trade
Q36
The grading of products to satisfy different buyers is referred to as
A
product mix.
B
product differentiation.
C
product concept.
D
product line.
E

Answer: A

Trade
Q37
The mark-up of a retailer represents the
A
gross profit
B
opening stock
C
closing stock
D
net profit
E

Answer: A

Trade
Q38
Which of the following is an example of itinerant trading?
A
Mobile shops
B
Mail order business
C
Staff holding
D
Selling from kiosk
E

Answer: A

Trade
Q39

Which of the following is not a means of payment in foreign trade?

A

Telegraph transfer

B

Cheque

C

Letter of Credit

D

Bill of Exchange

E

Answer: B

Trade
Q40

Which of the following is not a service rendered by the wholesaler to the manufacturer?

A

Warehousing

B

Quality Control

C

Financing

D

Bulk-breaking

E

Answer: B

Trade
Q41

The term ''2% 30 days'' refers to

A

mark-up

B

trade discount

C

cash discount

D

value added tax.

E

Answer: B

Trade
Q42
An association of businessmen including manufacturers, traders, bankers and people engaged in business in an area is known as
A
trade association
B
chamber of commerce
C
trade union
D
cooperative society
E

Answer: B

Trade
Q43
The exchange of goods in foreign trade is known as
A
visible trade
B
smuggling
C
counter trade
D
entrepot trade
E

Answer: C

Trade
Q44
Which of the following can be defined as trade and aid to trade?
A
Advertising
B
Commerce
C
Wholesaling
D
Retailing
E

Answer: B

Trade
Q45

Which of the following is not a function of a retailer?

A

Supplying goods to final consumer.

B

Bulk breaking.

C

Giving information to the wholesaler.

D

Branding and packaging of goods.

E

Answer: D

Trade
Q46
Which of the following refers to a price reduction based on the size of order?
A
Cash discount
B
Trade discount
C
Seasonal discount
D
Cash on delivery
E

Answer: B

Trade
Q47

Which of the following is not a means of payment in foreign trade?

A

Telegraph money order

B

Specially crossed cheque

C

Letters of credit

D

Debit transfer

E

Answer: B

Trade
Q48
Which of the following is not a means of consumer protection?
A
Price control.
B
Sales of Goods Act.
C
Trade Description Act.
D
Tax laws.
E

Answer: D

Trade
Q49
A major component of running a mail order firm is the
A
printing of catalogues.
B
paying salesmen's salaries.
C
renting shops.
D
travelling expenses.
E

Answer: A

Trade
Q50
Trade discount is given to the buyer for
A
prompt payment.
B
credit purchase.
C
cash purchase.
D
retailer's mark-up.
E

Answer: D

Trade
Q51
The task of grouping consumers according to their buying habits is known as market
A
diversification
B
development
C
expansion
D
segmentation
E

Answer: D

Trade
Q52
Which f the following is the most suitable channel for technical goods?
A
manufacturer-retailer-consumer
B
manufacturer-wholesaler-retailer-consumer
C
manufacturer-wholesaler-consumer
D
manufacturer-consumer
E

Answer: D

Trade
Q53
Bonded warehouses are controlled by
A
Exporting Promotion council
B
Ports Authority
C
Customs and Excise Authority
D
Clearing and forwarding agents
E

Answer: C

Trade
Q54
Which of the following serves as a receipt for goods kept in a bonded warehouse?
A
Dock Warrant.
B
Bill of sight.
C
Four bill.
D
Dock due.
E

Answer: A

Trade
Q55
Which of the following have lien on goods in their possession until their commission is paid?
A
Brokers.
B
Factors.
C
Auctioneer.
D
Wholesale merchants.
E

Answer: B

Trade
Q56
From the diagram, the distribution of goods to the consumers would be considered under
A
place
B
price
C
promotion
D
product
E

Answer: A

Trade
Q57
The main branches of trade are
A
commerce and aids of trade.
B
home and foreign trade.
C
foreign and entrepot trade.
D
wholesale and retail trade.
E
visible and invisible trade.

Answer: B

Trade
Q58
Which of the following is not a negotiable instrument?
A
Invoice
B
Money order
C
Cheque
D
Promissory note
E
Bill of exchange

Answer: A

Trade
Q59

Another name for foreign order is

A

consular invoice

B

dock warrant

C

standing order

D

indent

E

proforma invoice

Answer: D

Trade
Q60
An agreement to deliver goods in the future after payment of the final instalment is known as
A
credit sales.
B
hire purchase.
C
conditional sale.
D
trade-in sale.
E
leasing.

Answer: C

Trade