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Commerce
WAEC 1997
Commerce 1997 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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Roles of Customs, Excise, Ports Authority
Purchase and Sale of Goods
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Terms of trade: Discounts, C.O.D., C.I.F., F.O.B.
Means and terms of payment
Aids to Trade
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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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31
The insurance principle which expects the insured and the insurer to disclose all facts about a proposed contract is called
A.
uberrimae fidei
B.
indemnity
C.
proximate cause
D.
insurable interest
E.
contribution
View Answer & Discuss
WAEC 1997
32
Which of the following is not covered by fire insurance policy?
A.
Consequential loss
B.
Gas explosion
C.
Domestic boilers
D.
Lightning
E.
Kerosene explosion
View Answer & Discuss
WAEC 1997
33
Which of the following is not considered when siting a retail shop?
A.
Advertising
B.
Rent
C.
Accessibilty
D.
Target population
E.
Proximity to source of supply
View Answer & Discuss
WAEC 1997
34
The law stipulating that labels should contain full details about a product is known as the
A.
Hire-purchase Act
B.
Price Control Act
C.
Standards Organisation of Nigeria Act
D.
Trade description Act
E.
Sale of Goods Act
View Answer & Discuss
WAEC 1997
35
A design which distinguishes the goods of one producer from those of others is called
A.
patent-right
B.
copyright
C.
trade mark
D.
licence
E.
franchise
View Answer & Discuss
WAEC 1997
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