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Commerce 2012 WAEC Past Questions

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31

A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called

  • A. cash discount
  • B. trade discount
  • C. commission
  • D. bonus
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32

The difference between the cost price and selling price of an article is

  • A. commission
  • B. mark-up
  • C. rebate
  • D. discount
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33

A ceiling on the quantity of commodity to be imported into the country is called

  • A. ban
  • B. tariff
  • C. price limit
  • D. quota
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34

The buyer in a hire purchase contract becomes the legal owner of the goods by paying

  • A. initial deposit
  • B. the last installment
  • C. half of the purchase price
  • D. two-third of the purchase price
View Answer & Discuss (3) WAEC 2012
35

The document which helps in ascertaining the correct value of imports in order to assess the custom duty is

  • A. bill of lading
  • B. consular invoice
  • C. bill of sight
  • D. ships manifest
View Answer & Discuss (1) WAEC 2012
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