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Commerce 1993 WAEC Past Questions

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36
A person who sells goods belonging to another person in his own name and receives commission is a?
  • A. wholesaler
  • B. retailer
  • C. sole trader
  • D. factor
  • E. merchant
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37
When an insured person admits that he has indemnified, he means that?
  • A. the insurance company has accepted his claim
  • B. the damaged properties has been recovered
  • C. he has paid his premium fully
  • D. the insurance company has restored him to his formal position
  • E. he has recovered benefits lost through acting in bad faith
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38
The different between an overdraft and loan is that an overdraft?
  • A. does not yield interest
  • B. is giving to savings account holders only
  • C. yields interest on the customer before it is granted?
  • D. yields interest only on the sum drawn
  • E. requires no application by the customer before it is granted
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39
The excess value of the assets of a business over its liabilities is?
  • A. capital owned
  • B. working capital
  • C. issued capital
  • D. liquid capital
  • E. reserved capital
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40
Cash is said to be legal tender because it?
  • A. can be converted into money order
  • B. can be offered and accepted for payment
  • C. is negotiable
  • D. also takes the form of bank draft
  • E. is portable
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