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Commerce
WAEC 1991
Commerce 1991 WAEC Past Questions
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Introduction to Commerce
Meaning, scope, characteristics and functions of Commerce
History of Commerce
Relationship of Commerce with other areas of production
Importance of Commerce in the economy
Occupations
Meaning and Importance
Types of occupations: Industrial, commercial, direct and indirect services
Factors influencing choice of occupation
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Meaning and objectives of business
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Role of Bureau de Change
Trade Associations and Economic Groups
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Trade - Home Trade
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Balance of trade/payment, terms of trade
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Terms of trade: Discounts, C.O.D., C.I.F., F.O.B.
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Legal Aspects of Business
Simple contract
Agency, Sale of Goods Act, Hire Purchase Act
Employer/employee rights
Government regulations
Consumer protection
ICT in Commerce
Computer applications
ICT terms
E-commerce, E-banking, E-business
Business Environment and Social Responsibility
Types of environment
Safe products and pollution
Corporate social responsibility
Nationalisation, Indigenisation and Divestiture
Meaning, aims, advantages, disadvantages
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81
Which of the following is not a function of money?
A.
Unit of account
B.
Store of value
C.
Determinant of exchange of medium
D.
Medium of exchange
E.
Standard for deferred payment
View Answer & Discuss
WAEC 1991
82
Which of the following is mostly used in Nigeria for setting business transactions?
A.
Credit transfer
B.
Standing order
C.
Cheques
D.
Bank notes and coins
E.
Bank drafts
View Answer & Discuss
WAEC 1991
83
When an order cheque is endorsed it becomes?
A.
a bearer cheque
B.
a certified cheque
C.
an open cheque
D.
a confirmed cheque
E.
a dishonoured cheque
View Answer & Discuss
WAEC 1991
84
Which of the following requires acceptance bythe editor to make it valuable?
A.
Postal order
B.
Cheque
C.
Promissory note
D.
Bill of exchange
E.
Bill of lading
View Answer & Discuss
WAEC 1991
85
Which of the following is not a reason for imposing custom duty? The need to
A.
raise revenue
B.
protect home industry
C.
prevent dumping
D.
decrease the volume of world trade
E.
retaliate
View Answer & Discuss
WAEC 1991
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