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Commerce
WAEC 1996
Commerce 1996 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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Trade Associations and Economic Groups
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Trade - Home Trade
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Warehousing: Types, functions
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Balance of trade/payment, terms of trade
Export, import and entrepôt procedures and documents
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Purchase and Sale of Goods
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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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21
Mr Chidi insured his house against fire. The house was destroyed by flood. Which of the following principles prevented him from being compensated?
A.
Uberrimae fidei
B.
Subrogation
C.
Indemnity
D.
Proximate cause
E.
Insurable interest
View Answer & Discuss
WAEC 1996
22
The price charged for leasing a ship is known as
A.
way bill
B.
haulage
C.
clean bill
D.
freight
E.
demurrage
View Answer & Discuss
WAEC 1996
23
Goods in bonded warehouses are under the strict supervision of the
A.
Customs Authority
B.
Ports Authority
C.
Importer
D.
Clearing agent
E.
Exporter
View Answer & Discuss
WAEC 1996
24
Which of the following regulates and controls the activities of the Nigerian Stock Exchange?
A.
The Nigerian Capital Market Association
B.
The Securities and Exchange Commmission
C.
The Nigerian Deposit Insurance Commission
D.
The Nigerian Reinsurance Corporation
E.
The Central Bank of Nigeria
View Answer & Discuss
WAEC 1996
25
Which of the following is drawn up as a guide to the running of a Partnership?
A.
Deed of Agreement
B.
Partnership Act
C.
Memorandum of Association
D.
Prospectus
E.
Articles of Association
View Answer & Discuss
WAEC 1996
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