Here is a list of former Commerce test questions to help you prepare for the West African Senior School Certificate Examination (WASSCE), which is open to applicants for both the School and GCE levels.
The value of utilizing previous test papers for preparing for the West African Senior School Certificate Examination (WASSCE) cannot be overstated, regardless of whether you are in your last stage of secondary school education (May/June) or not in the school system (GCE). You can assess your knowledge by using previous exam papers as a part of your preparation. In the same vein, you learn what you don't know or don't know well enough.
Additionally, you can plan according to each component of the paper by using the WAEC previous questions for Commerce as an organizational tool to better manage your time.
In actuality, reviewing your notes and revising is preferable to memorization. In order to prepare for your Commerce WAEC Exam, practice by responding to actual questions from previous exams. You'll have a greater chance of passing as a result.
WAEC Previous Commerce Exam Questions
COMMERCE WAEC Questions,
1. The main advantage of road transport is that it is
A. convenient and flexible
B. cheap and direct
C. common and fast
D. safe and available
2. The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called
A. subrogation
B. contribution
C. re-insurance
D. indemnity
3. The insurance policy which provides full cover against all risks at sea is known as
A. Policy with Particular Average
B. Policy Free of Particular Average
C. Marine Freight Insurance
D. Marine Voyage Policy Insurance
4. Berne union is also known as
A. International Credit Union
B. International Documentry Credit
C. International Union of Credit and Investment Insurers
D. export Credit Guarantee Scheme
5. which of the following sets of items was used for exchange in Nigeria before money was introduced?
A. cowries, iron rods, brass rods and copper rods
B. iron rods, copper rods, manilla and cowries
C. cowries, manilla, brass rod andcopper wires
D. copper wires, brass wires, cowries and iron rod
6. A major liability of a commercial bank arises from
A. customers' deposits
B. loans and advances
C. overdrafts
D. staff allowance
7. A bank statement is a document
A. ordering a bank to pay on demand a stated sum of money
B. containing records of receipts, payments and balance on an account
C. used for paying into bank account
D. used for regular withdrawal of money from a savings account
8. Which of the following is NOT a function of the stock exchange market?
A. providing long term loans to large scale enterprises
B. encouraging people to buy shares and thereby providing capital for investment
C. providing means of assessing the value of a firm's assets
D. enabling firms to wind-up quickly in times of difficulties
9. The marketing approach by which a firm carries out detailed analysis of itself, the consumers and its competitors is known as?
A. market analysis
B. marketing mix analysis
C. marketing opportunities analysis
D. market survey
10. The breaking down of a market into separate and identifiable elements each with its own special product requirement is known as market
A. differentiation
B. segmentation
C. penetration
D. identification
11. Taking a new product to a particular part of a country to test the reaction of consumers to the product referred to as
A. sales promotion
B. sampling
C. merchandizing
D. advertising
12. A manufacturer can make his product distinguishable from those of other competitors by
A. providing catalogues for his wholesalers
B. aggressive sale ppromotion
C. branding and packaging the product
D. selling the product at a much lower price
13. Which of the following are forms of sales promotion?
A. advertising, personal selling and publicity
B. advertising, market skimming and publicity
C. personal selling, packaging and publicity
D. advertising, packaging and publicity
14. A disadvantage of personal selling is that it
A. increase a company's operating cost
B. decreases acompany's operating cost
C. increase a company's number of customers
D. reduces a company's area of patronage
15. chinyere agree to make a dress for Halima with September 20, 1995 as the delivery date. If the dress was not ready on that date, Halima could
A. sue Chinyere for damages
B. sue Chinyere for specific performance
C. seize another gown from Chinyere's shop
D. regard the contract between them as terminated
16. Consumer sovereignty means that they consumer is
A. a citizen
B. always independent
C. always wrong
D. always right
17. When an industry or company is nationalized, the state becomes
A. the major shareholder
B. the mini shareholder
C. the only shareholder
D. an equal shareholder with other individuals
18. The federal Government made efforts at rendering public enterprises more efficient and profit-oriented through the process of
A. privatization
B. commercialization
C. indigenization
D. nationalization
19. Which of the following organizations represents those who engages labour in Nigeria?
A. Nigerian Labour Congress
B. Nigerian Employers Consultative Association
C. Manufacturers Association of Nigeria
D. Nigerian Union of Local Government Employees
20. The practice of assessing employees for payment or advancement according to their observed achievement is called
A. employee ranking
B. merit rating
C. job grading
D. employee education
21. Motivation is an essential element in management because it
A. leads to the improvement of staff welfare
B. encourage individual to work towards achieving the orgaization's objective
C. reduce friction among employees in the process of achieving the company's objective
22. The direct authority of a superior over his subordinate is known as
A. staff authority
B. line authority
C. line and staff authority
D. office authority
23. A firm's organizational structure would change if
A. one of the major partner dies
B. there is excessive competition
C. there is seasonal variation in demand
D. the scope of business operation changes
24. The secretariat of the Niger Basin Commission is located at
A. Ouagadougou, Burkina Faso
B. Abuja, Nigeria
C. Niamey, Niger
D. Bamako, Mali
25. Which of the following are the components of commerce?
I Trading and advertising
II Warehousing and transportation
III Packaging and branding
IV Insurance and banking
A. I and II
B. I and III
C. I, II and IV
D. II, III and IV
26. A royal charter was granted to the Royal Niger Company to do business in Nigeria in
A. December 1888
B. May 1887
C. July 1886
D. August 1885
27. Transport, retailing and wholesaling industries rely heavily on
A. banking
B. insurance
C. manufacturing
D. railway
28. An example of indirect service is rendered by
A. civil servants
B. family doctors
C. household servant
D. entertainers
29. The mode of transportation that is noted for on time dependability and low cost peer unit on gods carried is?
A. pipe line
B. air
C. rail
D. road
30. The person who undertakes any risk in insurance business is known as
A. a broker
B. an underwriter
C. an insurer
D. an actuary
31. The main purpose of insurance is to
A. encourage business to surviveand grow
B. ensures that facilities are available for operators
C. accepts risk s and extend credit to policy holders
D. spread individual losses ove all covered participants
32. The object of the business are determined by the
A. workers
B. government
C. society
D. promoters
33. Partnership are most suitable where
A. the partners are family friends
B. professionals are involved
C. members can easily rasie enough capital
D. government regulations are favourable
34. Use the conversation below to answer the question below;
MUSA: Taiwo why are you in business?
TAIWO: To optimize profit, provide quality products, and discharge my social responsibilities. What of you, Okon and Kalu
OKON: I am in business to cater to the needs of the consumers at all costs.
KALU: I am in business to make a profit, provided quality products at reasonable prices, and establish a good reputation for myself.
The businessman that may end up not discharging his social responsibility is--------------------
A. Musa
B. Okon
C. Taiwo
D. Kalu
35. The business organization in which shareholder's have equal vote is
A. sole pprietorship
B. partneeship
C. co-operative
D. limited liability company
36. The major objective of corporate mergers is to
A. minimize the effects of taxation
B. increase financial advantage
C. faclitate profit maximization
D. enhance economies of scale
37. When it became necessary to liquidate a company, the frist step to be taken is the appointment of
A. a receiver
B. an auditor
C. an accountant
D. liquidator
38. In which of the following circumstances is a court order NOT necessary for the winding up of a company?
A. supension of businesss for one year
B. special resolution of members
C. reduction in the number of members below the legal minimum
D. inability to pay it debts
39. One type of investment that have a variable income is
A. debentures
B. preferred shares
C. government bonds
D. ordinary shares
40. A term which indicates that share is temporarily suspended is
A. ex-dividend
B. cum-dividend
C. bond
D. stock
41. Leasing is the right to use asset for an agreed period in return for
A. profit
B. interest
C. wages
D. rents
42. The form of business financing which involves pledging of a specific asset is
A. debenture
B. mortgage
C. loan
D. bond
43. The total amount that a company is allowed to raised according to its memorandum of association is known as
A. issued capital
B. authorized capital
C. called-up capital
D. paid-up capital
44. A public limited liability company having a nominal capital made up of 200 000 ordinary shares of 50k each decided to issued 50% of it to the public.
What is the authorized capital?
A. N40 000
B. N50 000
C. 100 000
D. 200 000
45. The turnover of firm maybe affected by
A. the demand for its product
B. the cost of its goods sold
C. its closing stock
D. its net assets
46. The cost of transporting goods to consumers called
A. carried inward
B. carried forward
C. carried paid
D. carried outward
47. The main aim of selling directly to consumers by manufactures is to
A. dis courage the activities of middlemen
B. make contacts with comsumers
C. eliminate transportation cost
D. maximize the profit margin
48. In foreign trade, document of title is known as
A. bill of lading
B. bill at sight
C. certifiate of origin
D. declaration form
49. Excise duties are paid on goods that are
A. imported into the country
B. manufactured within the company
C. exported to other clonutries
D. kept in bond warehouses
50. Stevedores as a term in foreign trade means men who
A. inspect goods in ships
B. import goods by ships
C. collect duties in ships
D. load and unload ships
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