2011 WAEC Commerce Past Questions & Answers - page 1

JAMB CBT App

Study offline with EduPadi JAMB CBT app that has so many features, including thousands of past questions, JAMB syllabus, novels, etc.

Install The App

1

When the government gives up its ownership and control of a business to individuals, this is known as


A
nationalization
B
commercialization
C
privatization
D
indigenization

Correct Option: C

Solution

privatization; is the transfer of a business, industry, or service from public to private ownership and control.


2

The reward received by a party in a contract agreement is known as


A
consideration
B
acceptance
C
offer
D
warranty

Correct Option: A

Solution

 Consideration is a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contractpayment or money.


3

Payment to a ship owner for carrying one's cargo is


A
demurrage
B
fare
C
dock due
D
freight

Correct Option: D

Solution

Freight is a payment for goods transported in bulk by truck, train, ship, or aircraft.


4

Which of the following is not pre-sale service?


A
Repair and maintenance work
B
Providing detailed information about the goods to be purchased
C
Demonstrating the use and performance of the products to be sold
D
Setting up facilities for storing the product to be bought

Correct Option: A

Solution

Repair and maintenance work is an after sales service


5
Which of the following is used to inform the addressee that he has a registered parcel for collection?

A
Counterfoil
B
Express label
C
Slip
D
Telegram

Correct Option: C

No further explanations yet...

6

The co-operative society that performs a combination of the functions of other types of cooperatives is called


A
consumer cooperative
B
multipurpose cooperative
C
producer cooperative
D
thrift and credit cooperative

Correct Option: B

Solution

multi-purpose cooperative-combines 2 or more of the business activities of these different types of cooperatives, e.g credit lending and production, production and provision of goods and services, etc. 


7

That portion of the share capital which the company has asked the shareholders to pay for is known as


A
authorized capital
B
paid-up capital
C
issued capital
D
called-up capital

Correct Option: D

Solution

Called up share capital is shares issued to investors, under the understanding that the shares will be paid for at a later date or in installments.


8

One of the advantages of air transport over other forms of transport is


A
safety
B
flexibility
C
cost
D
speed

Correct Option: D

Solution

Air transportation is the fastest means of transportation


9

Which of the following are elements of a valid contract?


A
Dishcarge and performance
B
Offer and acceptance
C
Age and maturity
D
Promise and capacity

Correct Option: B

Solution

Offer and Acceptance. An offer occurs when one party presents something of value that they wish to exchange for something else of value. And the other party must be willing to accept the offer before the contract can be considered valid


10

The last link in the channel of distribution is the


A
retailer
B
consumer
C
wholesaler
D
producer

Correct Option: B

Solution

The consumer is the last link in the channel of distribution. Production and distribution is complete only when goods reaches the final consumer


JAMB CBT APP

EduPadi JAMB CBT app that has thousands of past questions and answers, JAMB syllabus, novels, etc. And works offline!


Install App