WAEC Commerce questions

304 questions with answers and explanations. Tap an option to check yourself.

1. Question 101· Documents used in trade· WAEC

   A quotation states

   • Aprices and terms on which goods can be supplied
   • Bthe buyer's complaint
   • Cgoods returned
   • Dbank charges

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   Explanation and discussion

2. Question 102· Documents used in trade· WAEC

   A document from a seller giving the prices and terms of goods available is

   • Aa receipt
   • Ban invoice
   • Ca quotation
   • Da credit note

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3. Question 103· Documents used in trade· WAEC

   A pro forma invoice is often sent

   • Abefore delivery, when payment is required in advance
   • Bafter payment
   • Cto cancel an order
   • Dto show discounts only

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4. Question 104· Documents used in trade· WAEC

   A pro forma invoice is sent

   • Abefore goods are delivered, often to request advance payment
   • Bafter full payment
   • Cwith a receipt
   • Dto cancel an order

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5. Question 105· Documents used in trade· WAEC

   A delivery note accompanies

   • Aan insurance policy
   • Ba cheque
   • Cgoods sent to a buyer
   • Da bank loan

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6. Question 106· Documents used in trade· WAEC

   A statement of account is sent to a customer to

   • Aplace an order
   • Bshow the amount owed at the end of a period
   • Creturn goods
   • Dadvertise

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7. Question 107· Documents used in trade· WAEC

   A document that summarises transactions between a buyer and seller over a period is a

   • Aadvice note
   • Bdelivery note
   • Cstatement of account
   • Dquotation

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8. Question 108· Documents used in trade· WAEC

   A document that accompanies goods and is signed by the buyer on receipt is the

   • Acatalogue
   • Bdelivery note
   • Cprice list
   • Dorder

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9. Question 109· Documents used in trade· WAEC

   A credit note is sent by a seller to a buyer when

   • Athe buyer pays cash
   • Bthe buyer places an order
   • Cgoods are dispatched
   • Dthe buyer has been overcharged or has returned goods

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10. Question 110· Documents used in trade· WAEC

    A credit note is issued when

    • Athe buyer was undercharged
    • Bgoods are returned or the buyer was overcharged
    • Cgoods are dispatched
    • Dpayment is received

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11. Question 111· Documents used in trade· WAEC

    In foreign trade, the document of title to goods shipped by sea is the

    • Aair waybill
    • Bbill of lading
    • Cconsignment note
    • Dcertificate of origin

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12. Question 112· Documents used in trade· WAEC

    A pro forma invoice may be sent

    • Ato the government only
    • Bonly after payment
    • Cinstead of goods
    • Dbefore goods are delivered, for example to request payment in advance

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13. Question 113· Documents used in trade· WAEC

    A document sent by a buyer to ask a seller for prices and terms is

    • Aa receipt
    • Ban invoice
    • Ca letter of enquiry
    • Da credit note

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14. Question 114· Elements of commercial law· WAEC

    A display of goods with price tags in a shop is

    • Aan offer
    • Ban invitation to treat
    • Can acceptance
    • Da contract

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15. Question 115· Elements of commercial law· WAEC

    Under the Sale of Goods Act, goods must be of merchantable quality, meaning they

    • Aare fit for ordinary use
    • Bare expensive
    • Care imported
    • Dare new only

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16. Question 116· Elements of commercial law· WAEC

    Agency is a relationship in which

    • Atwo firms merge
    • Bone person acts on behalf of another
    • Ca buyer pays cash
    • Da court decides a dispute

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17. Question 117· Elements of commercial law· WAEC

    Ada promises to sell her phone to Musa for ₦50,000. The ₦50,000 is the

    • Aconsideration
    • Boffer
    • Ccapacity
    • Dlegality

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18. Question 118· Elements of commercial law· WAEC

    In an agency relationship, the person who appoints an agent is the

    • Athird party
    • Bprincipal
    • Cbroker
    • Dfactor

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19. Question 119· Elements of commercial law· WAEC

    An agent who guarantees payment for goods sold on credit is a

    • Adel credere agent
    • Bgeneral agent
    • Cspecial agent
    • Dauctioneer

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20. Question 120· Elements of commercial law· WAEC

    An agreement made with a person of unsound mind is generally

    • Aa sale of goods
    • Bfully valid
    • Ca criminal offence
    • Dvoidable or void for lack of capacity

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