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COMMERCE EXAM QUESTIONS
This exam is setup from WAEC COMMERCE topics of standard questions.
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1. The factor of production that is a gift of nature is
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2. The two types of partners in a partnership are
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3. Entrepot trade means
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4. Which of the following is not a function of wholesalers?
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5. The difference between total revenue and total cost is
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6. Which of the following is not a branch of commerce?
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7. The person who takes goods from the wholesaler to the final consumer is the
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8. A contract of insurance which indemnifies an employer against accident at work is
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9. A business unit owned by one person is called
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10. A contract where one party promises to pay another in case of loss is
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11. The main function of transport in commerce is
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12. Insurance is based on the principle of
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13. Which of the following is used to acknowledge payment?
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14. A bill of exchange payable on demand is called
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15. Which of these is a disadvantage of division of labour?
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16. Which of the following is not a source of business finance?
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17. The type of integration where firms at the same stage of production combine is
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18. The government uses tariffs in international trade to
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19. Which of the following is not a function of the stock exchange?
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20. The method of payment most suitable for international trade is
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21. The reward for labour is
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22. A firm’s liabilities are N25,000 and assets are N60,000. The capital is
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23. Which of the following is a disadvantage of sole proprietorship?
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24. The government agency responsible for company registration in Nigeria is
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26. Which of these is not a function of the retailer?
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27. Which of the following is an example of indirect service?
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28. Which of the following is an advantage of advertising?
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29. The instrument used to transfer ownership of shares is
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30. A document sent by a supplier showing goods supplied and amount owed is
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31. Which of the following is an example of direct service?
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32. Which of these is a function of the Central Bank?
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33. Which of the following is a disadvantage of advertising?
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34. Which of the following is not a negotiable instrument?
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35. Which of the following is an example of a perishable good?
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36. A merger occurs when
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37. Division of labour leads to
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38. The term “turnover” in business means
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39. Turnover less cost of sales is equal to
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40. Commerce is mainly concerned with
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41. A document that gives detailed information about a company to the public is
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42. A partnership that allows a person to contribute capital but not take part in management is called
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43. In commerce, a warehouse is important for
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44. A company owned by the government is called
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45. A trader who sells in small quantities to consumers is called
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46. Which of the following is not a consumer right?
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47. Which of these is an example of invisible trade?
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48. Which of the following is the most liquid asset?
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49. Which of the following is not an aid to trade?
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50. The main objective of every business is
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51. The reward for capital is
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52. Which of the following is a visible item in foreign trade?
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53. A place where securities are bought and sold is
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54. The factor of production that bears risk is
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55. Home trade is divided into
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56. The difference between visible exports and imports is called
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57. Which of the following is a capital expenditure?
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58. The act of selling goods abroad at a loss to capture a market is called
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