WAEC Commerce Questions and Answers
The West African Examinations Council (WAEC) is a regional examination board that conducts examinations in a number of subjects, including Commerce.
WAEC Commerce is a popular subject for students in West Africa, and the WAEC Commerce questions and answers can be a valuable resource for students who are preparing for the exam.
Tips for Answering WAEC Commerce Questions
Here are some tips for answering WAEC Commerce questions correctly:
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Read the questions carefully and make sure you understand the instructions.
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If you don’t understand a question, ask your teacher or tutor for help.
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Take your time and answer the questions in a logical order.
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Double-check your answers before you submit them.
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Study the material thoroughly before the exam.
WAEC Commerce 2023 Objectives Questions and answers
Below are WAEC Commerce past Questions and Answers 2023/2023 to OBJ thayt may come out
OBJ QUESTIONS
1. Which of the following must be present in an agency by agreement?
- A. intentions
- B. will
- C. consent
- D. authority
ANSWER: A ( intentions )
2. An agreement to sell is distinguishable from sale because in the former, the transfer of goods is
- A. not anticipated
- B. not discussed
- C. deferred
- D. immediate
ANSWER: C ( deferred )
3.Mr Amusa says to Mr Bello ‘i will sell you this hat for N30’. And Mr Bello replied ‘i will pay N29’. The contract is
- A. an offer and acceptance
- B. an implied contract
- C. a complete simple contract
- D. an offer but no acceptance
ANSWER: D ( an offer but no acceptance )
4.Nationalization of an industry means that its ownership becomes that of
- A. government
- B. shareholders
- C. taxpayers
- D. indigenes
ANSWER: A ( government )
5.The comprehensive import supervision scheme was set up by the federal government in order to
- A. reverse Nigeria’s unfavourable balance of trade
- B. promote fair trade between Nigeria and other countries
- C. counteract all fraudulent business deals of Nigeria with other nationals
- D. ensue that import into Nigeria are of the correct quality, value and quantity
ANSWER: D ( ensue that import into Nigeria are of the correct quality, value and quantity )
6. Commerce can be defined as the study of how
- A. man utilizes the resources in his physical environment
- B. man produces, distributes and consumes his goods and services
- C. man buys, sells and distributes goods and services
- D. raw materials are changed into finished goods
ANSWER: C (man buys, sells and distributes goods and services)
7. …… activity turns processed raw materials into consumer and industrial goods is described as
- A. extractive
- B. manufacturing
- C. constructive
- D. processing
ANSWER: B ( manufacturing )
8. The production process that combines two or more raw materials into one end product is
- A. conditioning
- B. blending
- C. merging
- D. synthesis
ANSWER: B (blending)
9. A demonstration of social responsibility by a business is the payment of
- A. taxes to government
- B. dividends to shareholders
- C. interests on loans
- D. premium on insurance
ANSWER: A (dividends to shareholders)
10. A distinguishing characteristics of a limited liability company is that it
- A. is a collection of many sole proprietors
- B. is a multiple partnership
- C. can sue and be sued
- D. has limited resources
ANSWER: C (can sue and be sued)
WAEC Commerce Practice Questions
10. What is an advantage of telephone communication in business?
- A copies of documents may be transmitted
- B messages can be corrected before transmission
- C problems may be discussed
- D visual contact is made.
11. Which methods of transport are most likely to be used to transport oil from Australia to
Singapore?
- A canal and sea
- B pipeline and sea
- C rail and pipeline
- D road and air.
12. What is an advantage of containerisation in sea transport?
- A avoidance of customs duty
- B carriage of one type of product at a time
- C fast turnaround of ships at ports
- D quick unpacking of goods at docks.
13. A washing machine manufacturer wishes to promote a newly-designed product.
Which advertising medium would reach the most consumers?
- A cinema
- B flyers
- C radio
- D television.
14. Which factor plays a part in the increasing volume of air freight that is being transported
worldwide?
- A availability of larger aircraft
- B fluctuating aviation fuel prices
- C increased international terrorism
- D increased tourism.
15. Which airport facility is likely to be the most important to a business exporting goods through an airport?
- A currency exchanges
- B duty free shops
- C lifting gear
- D luggage handling.
16. Warehousing is unlikely to be part of the chain of distribution for
- A canned food.
- B clothes.
- C milk.
- D toys.
17. The diagram shows part of a credit note.
How is the document used?
- A The buyer sends it to the supplier after goods have arrived damaged.
- B The buyer sends it to the supplier’s bank to pay for goods supplied.
- C The supplier sends it to the buyer after goods have been returned damaged.
- D The supplier sends it to the buyer’s bank to cancel over-payments.
18. Which of the following take place when firms producing at different stages in the same industry combine.
- A. Conglomeration
- B. Vertical integration
- C. Horizontal integration
- D. Cartel.
19. What are the fixtures and fittings in a balance sheet?
- A. Liquid capital
- B. Current assets
- C. Fixed assets
- D. Working capital.
20. One of the functions of sea ports is the provision of ______
- A. Ware house of storage of cargo.
- B. Loading and offloading facilities
- C. Control room for relaying radio messages
- D. Berthing and land facilities
FAQ About WAEC Commerce
What are the most common topics in WAEC Commerce?
The most common topics in WAEC Commerce include:
- Business organizations
- Marketing
- Financial accounting
- Management
- Economics
What are the most common mistakes that candidates make in WAEC Commerce?
The most common mistakes that candidates make in WAEC Commerce include:
- Not reading the questions carefully.
- Not understanding the instructions.
- Making careless mistakes.
- Not knowing the material.
How can I prepare for WAEC Commerce?
The best way to prepare for WAEC Commerce is to study the material thoroughly. You can also practice answering WAEC Commerce questions by using practice tests or online resources.
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What is the format of the WAEC Commerce exam?
The WAEC Commerce exam is a two-hour exam that consists of two sections: objective and essay. The objective section has 50 questions, while the essay section has two questions.
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What are the marking schemes for the WAEC Commerce exam?
The objective section of the WAEC Commerce exam is marked out of 50, while the essay section is marked out of 100.
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What are the pass marks for the WAEC Commerce exam?
The pass mark for the WAEC Commerce exam is 35%.
