WAEC Commerce Past Questions and Answers

Select the option that correctly explains the term 'Marine insurance'.

• A A sum of money borrowed that is expected to be paid back with interest
• B A warehouse where imported goods are stored until import duty is paid
• C A type of insurance that covers loss or damage to ships and cargo during sea transport
• D The process of moving goods from producers to final consumers

In Commerce, what does 'Currency' mean?

• A The money that is in circulation and used in a particular country
• B A business organisation formed by law, owned by shareholders, and having a separate legal identity
• C Trade carried out between people within the same country
• D A document sent by a seller to a buyer listing goods supplied and their price

The statement below describes which commerce term? 'A bank account that allows frequent deposits and withdrawals, usually operated with a cheque book'

• A Current account
• B Insurer
• C Secondary occupation
• D Interest

'Department store' can best be described as:

• A The charge made for transporting goods, or the goods being transported
• B A bank account in which money is deposited for a fixed period to earn a higher interest rate
• C A large retail shop divided into different sections, each selling a different type of goods
• D The financial deficit that occurs when expenses exceed income in a business

Which commerce concept is described here: 'A person or company that assesses risk and decides the terms of an insurance policy'?

• A Cargo
• B Hawker
• C Underwriter
• D Savings account

Which term best matches this description: 'The quantity of a good or service that producers are willing and able to offer for sale at a given price'?

• A Branding
• B Supply
• C Unit of account
• D Company

Which of the following best defines 'Invoice'?

• A A document sent by a seller to a buyer listing goods supplied and their price
• B A fee paid to an agent or salesperson based on the value of sales made
• C Activities designed to boost the short-term sale of goods or services
• D An occupation that involves the processing or manufacturing of raw materials into finished goods

Which term best matches this description: 'Measures taken to safeguard the interests and rights of buyers of goods and services'?

• A Chamber of Commerce
• B Consumer protection
• C Bank
• D Trade by barter