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WAEC 2005
Commerce 2005 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 types: Primary, secondary, tertiary
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Business Units
Meaning and objectives of business
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Role of Bureau de Change
Trade Associations and Economic Groups
Trade and manufacturer associations
Chambers of Commerce
Employers’, Consumers’ and Manufacturers’ associations
Economic groups: ECOWAS, IMF, IBRD, UNCTAD, etc.
Trade - Home Trade
Retail trade: Types, functions, advantages and disadvantages, trends
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Trade - Foreign Trade
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
Documents: Enquiry, quotation, invoice, bill of lading, etc.
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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Meaning, importance and functions
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Personal selling
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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71
The practice whereby a firm prepays the postage for the response of its customers is known as
A.
express delivery
B.
post restante
C.
recorded delivery service
D.
business reply service
View Answer & Discuss (1)
WAEC 2005
72
Which of the following is not provided by the post office?
A.
Recorded delivery service
B.
Business reply service
C.
Express delivery service
D.
After sales service
View Answer & Discuss
WAEC 2005
73
Which of the following is not a principle of insurance
A.
indemnity
B.
insurable risk
C.
Subrogation
D.
Insurable interest
View Answer & Discuss (2)
WAEC 2005
74
Which of the following terms is used in marine insurance when the cargo suffers partial loss?
A.
General Average
B.
Particular Average
C.
Floating Policy
D.
Open Cover
View Answer & Discuss
WAEC 2005
75
Which of the following is not a function of money?
A.
Double coincidence of wants
B.
Medium of exchange
C.
Measure of value
D.
Store of wealth
View Answer & Discuss
WAEC 2005
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