WAEC Commerce questions: Documents used in trade

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

1. Question 1· Documents used in trade· WAEC

   A debit note is issued to

   • Aorder goods
   • Brefund money
   • Cacknowledge payment
   • Dcorrect an undercharge on an invoice

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   Explanation and discussion

2. Question 2· Documents used in trade· WAEC

   A statement of account shows

   • Athe transactions between buyer and seller over a period and the balance owed
   • Bthe price list
   • Cthe goods ordered
   • Dthe delivery details

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   Explanation and discussion

3. Question 3· Documents used in trade· WAEC

   An enquiry is sent by a buyer to

   • Aacknowledge delivery
   • Bpay for goods
   • Cask about prices and terms of goods
   • Dclaim insurance

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4. Question 4· Documents used in trade· WAEC

   A debit note is issued when the buyer has been

   • Asent damaged goods
   • Bovercharged
   • Cgiven a discount
   • Dundercharged

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5. Question 5· Documents used in trade· WAEC

   A document from the seller that lists the goods sold and the amount due is

   • Aan invoice
   • Ban order
   • Ca quotation
   • Da consignment note

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6. Question 6· 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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7. Question 7· 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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8. Question 8· 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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9. Question 9· 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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10. Question 10· 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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11. Question 11· 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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12. Question 12· 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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13. Question 13· 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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14. Question 14· 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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15. Question 15· 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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16. Question 16· 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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17. Question 17· 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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18. Question 18· 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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    Explanation and discussion