WAEC SSCE - Commerce - 2015 (Objective)

Question 1 Report

which of the following is an aspect of marketing concept

product differentiation

sales orientation

consumer orientation

price differentiation

Elements Of Marketing

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Question 2 Report

An association that protects the interest of members in the same line of business is?

consumer association

trade union

trade association

chamber of commerce

Answer Details

An association that protects the interest of members in the same line of business is called a trade association. It is an organization made up of businesses and businesspeople in a particular industry or trade, who come together to protect their interests, share information and knowledge, and advocate for policies that benefit their industry. They often provide services such as market research, networking opportunities, and lobbying activities. Trade associations can help to promote their industry and provide support and assistance to their members.

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Trade Associations

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Question 3 Report

when two insurers are liable under a given common policy, the principle of insurance that applies is?

indemnity

subrogation

proximate clause

contribution

Answer Details

When two or more insurers are liable under a common insurance policy, the principle that applies is the principle of contribution. This principle ensures that each insurer contributes proportionately to the loss or claim, based on the amount of premium they have received. In other words, each insurer will pay their fair share of the claim, which is determined based on the limit of liability in the policy and the amount of premium they have received. The principle of contribution is important in ensuring that the policyholder is not over-compensated for the loss or claim and that insurers are not over-burdened with the cost of the claim.

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Commerce

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Question 4 Report

which of the following principls stipulates that the insured must be in a position to suffer financial loss?

indemnity

proximate clause

insurable interest

subrogation

Answer Details

The principle that stipulates that the insured must be in a position to suffer financial loss is "insurable interest." This principle states that in order for insurance to be valid, the insured must have a financial interest in the item or property being insured. This means that the insured must stand to suffer a financial loss if the item or property is damaged or destroyed. The principle of insurable interest helps prevent insurance from being used as a means of gambling or profiting from misfortune. It also helps ensure that insurance is used for its intended purpose of protecting against unexpected financial losses.

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Legal Aspect Of Business

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Question 5 Report

Duty drawback refers to duties paid on?

exported goods produced with local content

re-exported goods previously imported

imported goods for sale locally

locally manufactured goods for sale locally

Answer Details

Duty drawback refers to the refund of duties previously paid on goods that are either re-exported or used to produce goods that are exported. In other words, it is a mechanism that allows exporters to recover the duties paid on imported inputs used in the production of goods that are subsequently exported. This helps to reduce the cost of production and makes exports more competitive in the international market.

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Commerce

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Question 6 Report

the market for short term security is called?

commodity market

discount market

money market

stock market

Answer Details

The market for short term security is called the money market. It is a platform where financial instruments such as Treasury bills, commercial papers, and certificates of deposits are traded. The money market enables lenders to provide short term funds to borrowers who require them for a brief period, typically less than a year. The interest rates in the money market are determined by the demand and supply of money. It is an important aspect of the financial market as it helps to regulate the supply of money in the economy.

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Money

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Question 7 Report

turnover could be increased by

increasing prices and product differentiation

advertising and cutting prices

refusing credit and customer services

increasing the mark up and margin

Purchase And Sale Of Goods

Commerce

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Question 8 Report

The minimum lending rate of a bank is a component of its

current assets

debit balances

credit balance

fixed assets

Financing Business

Money

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Question 9 Report

When a government acquires business enterprises formerly owned by individuals, it is termed?

commercialization

indigenization

privatization

nationalization

Answer Details

When a government acquires business enterprises formerly owned by individuals, it is termed "nationalization." Nationalization is a process whereby the government takes control of privately owned businesses and makes them public property. This can occur for various reasons, such as to increase state control over certain industries, to protect national interests, or to provide essential services to citizens. When the government takes over a business through nationalization, it assumes ownership and control of its operations, assets, and liabilities.

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Question 10 Report

Retail outlets which sell from specialized vans are called?

super market

multiple shops

mail order

mobile shop

Answer Details

Retail outlets which sell from specialized vans are called mobile shops. They are shops that are designed and built into a van or truck, which can move from place to place, allowing the vendor to sell their goods directly to customers in different locations. These mobile shops are often used by small business owners who may not have a permanent physical store, or who want to expand their customer base beyond their regular locations. The vans are typically stocked with a variety of products, such as groceries, clothing, or electronics, and may operate on a regular schedule or by appointment.

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Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 11 Report

Use the following information to answer the question

Bamidele co. ltd has authorized capital of 40,000,000, ordinary shares of N4 each. shares issues and fully paid are 25,000,000

The value of bamidele authorized share capital is?

N160,000,000

N100,000,000

N65,000,000

N40,000,000

Answer Details

The value of Bamidele's authorized share capital is N160,000,000. This is because authorized share capital is the maximum amount of capital that a company is authorized to raise through the issuance of shares. In this case, the authorized capital is 40,000,000 ordinary shares of N4 each, which gives a total of N160,000,000 (40,000,000 x N4). It is important to note that authorized share capital does not represent the actual amount of capital raised, but rather the maximum amount that can be raised.

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Business Capital And Profits

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Question 12 Report

The term utmost good faith in insurance means?

both the insured and insurer must disclose all information

only the insurer must disclose all information

the beneficiary must disclose all information

only the insured must disclose all information

Answer Details

The term "utmost good faith" in insurance means that both the insured and insurer are required to disclose all material facts and information relevant to the insurance policy before the contract is formed. This principle ensures that both parties enter into the contract with a full understanding of the risks involved, and that there is no intentional or unintentional misrepresentation or fraud. The duty of utmost good faith applies throughout the life of the policy, which means that both parties must continue to disclose any material changes that occur during the policy period.

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Legal Aspects Of Business

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Question 13 Report

The capital used in the day to day running of a business is?

nominal capital

working capital

paid up capital

authorized capital

Answer Details

The capital used in the day to day running of a business is called working capital. Working capital is the money that a company uses to fund its everyday operations such as paying salaries, purchasing inventory, and covering other operational expenses. It is calculated by subtracting current liabilities from current assets. Unlike fixed assets or investments, working capital is a short-term measure of a company's liquidity and is crucial to its day-to-day operations.

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Business Capital And Profits

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Question 14 Report

Which of the following aids to trade is used to stimulate demand for goods

banking

transport

insurance

advertising

Answer Details

Advertising is the aid to trade that is used to stimulate demand for goods. Advertising involves promoting and publicizing products or services to potential customers. Through advertising, businesses can create awareness of their products, highlight their features and benefits, and convince potential customers to buy. Advertising can be done through various channels, such as print, television, radio, billboards, and social media, among others. By creating demand for goods, advertising helps businesses to increase their sales, revenue, and market share. Therefore, advertising is an important aid to trade that businesses use to promote their products and increase their customer base.

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Trade

Advertising

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Question 15 Report

which of the following is a function of the retailer to the wholesaler

providing after sales services

providing information on market trends

sales of variety of goods

sales of goods in smaller quantities

Occupation

Business Units

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Question 16 Report

A cheque which the bank refused to pay because the drawer had insufficient funds in his account is?

a bounced cheque

a bearer cheque

a crossed cheque

an order cheque

Answer Details

A cheque which the bank refused to pay because the drawer had insufficient funds in his account is known as a bounced cheque. This happens when the bank is unable to honour the payment due to insufficient funds in the account of the person who issued the cheque (drawer). A bounced cheque is also referred to as a dishonoured cheque or a returned cheque. The bank will mark the cheque as "bounced" and return it to the payee, and the drawer may have to pay additional fees or penalties to the bank.

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Commerce

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Question 17 Report

equity interest in a company is represented by?

preference shares

dividend

debenture

ordinary shares

Answer Details

Equity interest in a company is represented by ordinary shares. When a person buys ordinary shares in a company, they become part owners of the company and have a claim to a portion of its assets and earnings. As a shareholder, they may receive dividends if the company declares them, and they may also have voting rights at shareholder meetings. The value of their investment in the company can rise or fall depending on the performance of the company and market conditions.

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Transport, Tourism, Communication And Warehousing

Commerce

Stock Exchange

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Question 18 Report

a private limited liability company differs from a public limited liability because it

does not issue its shares to the public

as a separate entity

has many directors

is a going concern

Answer Details

A private limited liability company differs from a public limited liability company in that it does not issue its shares to the public. This means that the company's shares are owned by a small group of individuals or entities, such as family members or venture capitalists. In contrast, a public limited liability company can issue its shares to the public, allowing anyone to become a shareholder in the company. This can make it easier for the company to raise large amounts of capital but also comes with increased regulatory and reporting requirements. Additionally, both types of companies are separate legal entities from their owners, meaning that they have their own legal rights and obligations. The number of directors and being a going concern are not key distinguishing factors between private and public limited liability companies.

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Commerce

Occupation

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Question 19 Report

All activities aimed at creation of a good image for an organisation are referred to as

market segmentation

market research

public relation

consumer orientation

Answer Details

The term used to describe all activities aimed at creating a good image for an organization is "public relations." Public relations involve managing the relationship between an organization and its stakeholders, including the public, customers, employees, investors, and the media. The goal of public relations is to build and maintain a positive image of the organization, enhance its reputation, and communicate its message effectively to the public. Public relations activities may include media relations, crisis management, event planning, social media management, and community relations.

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 20 Report

An extra commission paid to an agent who guarantees credit sales made by him is?

del credere

guarantors fee

jobber's turn

brokerage

Answer Details

The correct answer is "del credere". Del credere is an Italian phrase that means "of credit". In business, it is an arrangement whereby a commission is paid to an agent who guarantees the credit sales made by him. In other words, the agent becomes a guarantor of the buyer's ability to pay, and in exchange for this guarantee, the agent receives a commission. This arrangement is typically used when the buyer is not well known or has a poor credit rating. The del credere commission acts as an incentive for the agent to take on the risk of the credit sale.

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Question 21 Report

Which of the following business units enjoys government subsidies

private limited company

limited partnership

public limited company

public enterprises

Answer Details

Public enterprises are the business units that enjoy government subsidies. Public enterprises are government-owned businesses established to provide essential services to the public. They are created to provide goods and services that are deemed necessary but may not be profitable in the short run. Since public enterprises are owned and run by the government, they enjoy government subsidies and support. This allows them to provide essential goods and services to the public at lower prices than privately owned businesses. Examples of public enterprises include public utilities, public transportation systems, and state-owned banks.

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Business Units

Occupation

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Question 22 Report

A tax charged in proportion to the value of imported goods is?

specific duty

ad valorem

custom duty

excise duty

Answer Details

A tax charged in proportion to the value of imported goods is called ad valorem. Ad valorem is a Latin term that means "according to value." The tax amount is calculated as a percentage of the total value of the imported goods. Ad valorem tax rates vary depending on the type of goods being imported and the country of origin. This type of tax is used by governments to generate revenue and protect domestic industries by making imported goods more expensive than local goods.

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Trade

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Question 23 Report

BXY Enterprise has the following balance at the end of march 2010
opening stock	D6,000
purchases	D23,000
salaries and wages	D12,000
closing stock	D8,000
sales	D30,000

Use the information above to answer the following question.

calculate the gross profit by BYX Enterprise

D13,000

D9,000

D5,000

D1,000

Answer Details

To calculate the gross profit of BYX Enterprise, we need to subtract the cost of goods sold from the total sales revenue. Cost of goods sold = opening stock + purchases - closing stock = D6,000 + D23,000 - D8,000 = D21,000 Gross profit = sales - cost of goods sold = D30,000 - D21,000 = D9,000 Therefore, the gross profit by BYX Enterprise is D9,000.

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Production

Commerce

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Question 24 Report

the fee paid for transporting goods by ship is

fare

freight

demurrage

charges

Answer Details

The fee paid for transporting goods by ship is called "freight". Freight is the cost charged by shipping companies or carriers for transporting goods or cargo from one place to another. The amount of freight charged depends on various factors, such as the weight and volume of the cargo, the distance between the origin and destination, the type of goods being transported, and the mode of transportation. Freight can be paid by the seller or buyer of the goods, depending on the agreed upon terms of the sale or contract.

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Trade

Production

Occupation

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Question 25 Report

when shares are sold ex-div it means the?

shares are sold at par price

buyer is entitle to the next dividend

shares are sold above par

seller has right to the next dividend

Stock Exchange

Money

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Question 26 Report

BXY Enterprise has the following balance at the end of march 2010
opening stock	D6,000
purchases	D23,000
salaries and wages	D12,000
closing stock	D8,000
sales	D30,000

Use the information above to answer the following question.

what is the rate of turnover by BYX Enterprise

5.0 times

3.5 times

3.0 times

1.5 times

Answer Details

The rate of turnover refers to the number of times a company's inventory is sold and replaced within a given period. It is calculated by dividing the cost of goods sold by the average inventory value. Using the information provided, we can calculate the cost of goods sold by subtracting the closing stock of D8,000 from the cost of goods available for sale (opening stock + purchases) of D29,000. Cost of goods sold = D29,000 - D8,000 = D21,000 To find the average inventory value, we add the opening and closing stock values and divide by 2. Average inventory value = (D6,000 + D8,000)/2 = D7,000 Now we can calculate the rate of turnover by dividing the cost of goods sold by the average inventory value. Rate of turnover = Cost of goods sold / Average inventory value = D21,000 / D7,000 = 3 times Therefore, the rate of turnover by BYX Enterprise is 3 times.

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Question 27 Report

which of the following is a disadvantage of retailing

selling on credit

lower prices of goods

selling in smaller quantities

located at convenient places

Answer Details

The correct option is "selling on credit" and this is because it can lead to the accumulation of bad debts which may eventually lead to the collapse of the retail business. When a retailer sells goods on credit, it means they are allowing the customer to take the goods without making immediate payment, with the expectation that the customer will pay later. However, if the customer fails to pay or delays payment, the retailer may have to incur costs to recover the debt, which can be a financial burden on the business. This can also cause cash flow problems and make it difficult for the retailer to pay their own bills and suppliers, ultimately affecting the sustainability of the business.

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Purchase And Sale Of Goods

Commerce

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Question 28 Report

which of the following is a document of title of goods

bill of exchange

bill of entry

letter of hypothecation

bill of lading

Answer Details

The document of title of goods is a document that serves as evidence of the ownership or transfer of ownership of goods. Among the options provided, the document of title of goods is the bill of lading. A bill of lading is a legal document issued by a carrier or shipper that details the goods being transported, the terms of the shipment, and the ownership of the goods. It serves as proof of shipment and receipt of the goods and is often used as collateral for financing.

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Purchase And Sale Of Goods

Commerce

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Question 29 Report

which of the following is used for making payments to many people in a single cheque

debit transfer

certified cheque

bank draft

credit transfer

Answer Details

The option used for making payments to many people in a single cheque is a "bank draft". A bank draft is a payment order issued by a bank to pay a specified amount to the person or organization listed on the draft. It is similar to a cashier's check, but it is drawn on the bank's funds rather than the purchaser's funds. Bank drafts are commonly used for large transactions and purchases, such as buying a car or paying for a home renovation project. They can also be used to make payments to multiple parties, as the bank can split the total amount into separate payments and send them to the designated recipients.

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Money

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Question 30 Report

Which of the following is classified under current assets

machinery

motor vehicle

stock

fittings

Answer Details

Stock is classified under current assets. Current assets are assets that are expected to be converted into cash within one year or less. Stock, also known as inventory, is a current asset because it represents the goods or products that a business has on hand and expects to sell within a year or less. Machinery, motor vehicle, and fittings are not classified as current assets because they are typically used by a business for more than a year and are not expected to be converted into cash in the short term.

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Production

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Question 31 Report

Which of the following aids to trade facilitates production ahead of demand

insurance

transport

advertising

warehousing

Answer Details

The aid to trade that facilitates production ahead of demand is warehousing. Warehousing refers to the act of storing goods before they are sold. By storing goods in a warehouse, producers can produce goods in large quantities and store them until they are needed by consumers. This enables producers to take advantage of economies of scale and reduces the risk of stockouts. Therefore, warehousing helps to facilitate production ahead of demand by providing a means for producers to store excess inventory until it is needed by consumers.

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Commerce

Aids-to-Trade

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Question 32 Report

Dividing the market for a product according to potential buyers who have common characteristics is?

market analysis

market penetration

market segmentation

market research

Answer Details

Market segmentation refers to the process of dividing a larger market into smaller groups of consumers who share similar needs, interests, behaviors, or demographics. This allows businesses to create more targeted marketing strategies and tailor their products or services to specific segments of the market. By understanding the unique characteristics and preferences of each segment, businesses can better meet the needs of their customers and ultimately improve their sales and profitability. Therefore, the correct answer to the question is "market segmentation".

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Elements Of Marketing

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Question 33 Report

Which of the following means of payment makes the bank both the drawer and drawee

standing order

bill of exchange

bank draft

open cheque

Answer Details

The means of payment that makes the bank both the drawer and drawee is a bank draft. A bank draft is a type of check that is guaranteed by the issuing bank, and it is a prepaid instrument. The bank creates a draft, which is similar to a check, and it is made payable to the beneficiary. The issuing bank is responsible for making payment on the draft, so it is both the drawer (issuer) and the drawee (recipient of payment). This makes the payment secure and reliable since the bank guarantees payment.

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Trade

Commerce

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Question 34 Report

A professional in insurance who evaluates the level of loss claims is

adjuster

accessor

underwriter

an actuary

Occupation

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Question 35 Report

a house insured against damage by flood was burnt down and the owner had no claim. which of the following principles prevented him from making a claim

indemnity

contribution

insurable interest

proximate cause

Answer Details

The principle that prevented the owner from making a claim in this scenario is the principle of "proximate cause." This principle requires that the loss or damage must be caused by the peril that the insurance policy covers. In this case, the policy covered damages caused by flood, not fire. Therefore, since the cause of the loss was not due to the insured peril, the owner had no valid claim under the principle of proximate cause.

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Legal Aspect Of Business

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Question 36 Report

which of the following workers is engaged in construction occupation

mason

shop assistant

farmer

train driver

Answer Details

A mason is engaged in a construction occupation. A mason is a skilled worker who builds with materials like brick, stone, and concrete. They work on construction projects such as buildings, walls, bridges, and other structures. They are responsible for interpreting blueprints, measuring and cutting materials, and laying them in a specific pattern to construct the desired structure. A shop assistant works in retail, a farmer works in agriculture, and a train driver operates trains.

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Occupation

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Question 37 Report

The insurance services rendered to a foreign shipping company are treated as?

invisible export

invisible imports

visible export

balance of payment

Answer Details

The insurance services rendered to a foreign shipping company are treated as "invisible export." An invisible export is a service provided by one country to another, where the payment for the service does not result in the physical movement of goods across the border. In this case, the insurance service provided to a foreign shipping company does not involve the physical movement of goods across borders, but it generates income for the country providing the service, hence treated as an invisible export.

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Trade

Commerce

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Question 38 Report

commerce started as a result of?

speculation

consumption

specialization

nationalization

Commerce

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Question 39 Report

The practice of giving a particular name to a product by a manufacturer is

branding

standardization

publicity

advertising

Answer Details

Branding is the practice of giving a particular name or symbol to a product by a manufacturer. It involves creating a unique identity for a product or service to differentiate it from those of competitors. The purpose of branding is to create a positive image of the product or service in the minds of customers and to make it easily identifiable. A strong brand can lead to increased customer loyalty, trust, and ultimately, increased sales. Branding can be done through various means, such as logos, slogans, packaging, and advertising.

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Elements Of Marketing

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Question 40 Report

The reduction in the value of a country's currency in relation to others is?

re denomination

devaluation

inflation

deflation

Answer Details

Devaluation is the reduction in the value of a country's currency in relation to others. It means that the exchange rate of the country's currency has decreased compared to other currencies. This could happen due to a variety of reasons such as a decrease in demand for the country's exports, high inflation, or a decrease in the country's interest rates. Devaluation makes the country's exports cheaper and imports more expensive, which can help improve the country's balance of trade. However, it can also lead to higher inflation as the prices of imported goods increase.

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Trade

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Question 41 Report

which of the following is a reason for failure of public corporations

legal requirement

inadequate funding

political stability

lack of competion

Answer Details

The reason for the failure of public corporations is inadequate funding. This means that the public corporation is not given enough financial resources to run its operations effectively. As a result, it may not be able to meet its obligations and may be forced to shut down. Inadequate funding can lead to poor performance, low productivity, and a decline in the quality of services provided. This can cause the public corporation to lose its customers and market share, ultimately leading to its failure. Other reasons such as legal requirement, political stability, and lack of competition can also contribute to the failure of public corporations, but inadequate funding is often the primary cause.

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Legal Aspects Of Business

Finance And Financial Institutions

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Question 42 Report

The type of wholesaler that combines selling, delivery and collection in one operation is

specialist wholesaler

rack jobber

drop shipment

truck wholesaler

Answer Details

The type of wholesaler that combines selling, delivery and collection in one operation is a "truck wholesaler". A truck wholesaler is a wholesaler who operates from a truck and provides a mobile service to retailers by selling, delivering, and collecting payments all in one operation. They typically carry a limited range of products and cater to retailers who may not have the resources or time to visit traditional wholesalers. This type of wholesaler is often used in rural areas or by small retailers who have limited access to other types of wholesalers.

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Occupation

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Question 43 Report

Which of the following is NOT backed by gold but by government securites?

Fiduciary note

Token money

Commodity money

Fiat money

Transport, Tourism, Communication And Warehousing

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Question 44 Report

A cheque made payable to a named person is?

a crossed cheque

a certified cheque

an order cheque

a confirmed cheque

Answer Details

A cheque made payable to a named person is an order cheque. An order cheque is a type of cheque that can only be paid to the person named on the cheque or to someone they have endorsed the cheque over to. This is different from a bearer cheque which can be paid to anyone who presents it to the bank. An order cheque can be crossed or uncrossed, and can also be post-dated, meaning it can only be cashed or deposited after a certain date.

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Purchase And Sale Of Goods

Commerce

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Question 45 Report

the study to discover consumers' preference and needs is called

market segmentation

consumer orientation

market research

market mix

Answer Details

The study to discover consumers' preference and needs is called market research. Market research is a process of collecting, analyzing and interpreting information about a market, product or service to identify consumer preferences, behavior, and needs. It helps businesses to understand their customers, make informed decisions, and develop effective marketing strategies. Market research can be conducted through various methods, such as surveys, interviews, focus groups, and observation.

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Elements Of Marketing

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Question 46 Report

How many countries make up the River Niger Basin commission

16

12

10

9

Economic Groupings

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Question 47 Report

The term consumer sovereignty means that?

seller is the king

product is supreme

buyer is the king

producer is the king

Answer Details

Consumer sovereignty means that the buyer is the king. It refers to the idea that in a market economy, consumers determine what goods and services are produced by their purchasing decisions. In other words, producers must respond to the wants and needs of consumers in order to succeed in the market. This gives consumers the power to determine what is produced and sold, and producers must compete to provide goods and services that meet consumer demands.

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Commerce

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Question 48 Report

the practice of selling goods in foreign markets at a price lower than the cost price is?

fair trading

under invoicing

hedging

dumping

Answer Details

The practice of selling goods in foreign markets at a price lower than the cost price is called "dumping." Dumping is an unfair trade practice that is often used to drive competitors out of business. It is considered illegal in many countries and is regulated by trade laws and regulations. The purpose of these laws is to protect domestic businesses from being harmed by the sale of goods at unfairly low prices.

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Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

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Question 49 Report

Which of the following activities is classified under extractive industry?

exploration of minerals

construction of roads

canning of tomatoes purees

assembling of cars

Answer Details

The activity classified under extractive industry is the exploration of minerals. Extractive industries involve activities that extract raw materials from the earth, such as mining, drilling, and quarrying. Exploration of minerals involves searching for and identifying areas where minerals are located. This process involves prospecting, geological mapping, and drilling to extract mineral samples for analysis. The extracted minerals are then processed into finished products that can be used for various purposes, such as building materials, energy production, and industrial manufacturing.

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Production

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Question 50 Report

which of the following is a disadvantage of foreign trade

it encourages dumping

it widens the world market

it encourages specialization

it provides varieties of goods

Answer Details

Foreign trade has several advantages, but it also has some disadvantages, one of which is that it encourages dumping. Dumping is a situation where a country exports goods at prices that are lower than their domestic prices or production costs. This practice may hurt domestic industries in the importing country, as the imported goods become cheaper and more attractive to consumers than locally produced goods. The result can be a loss of jobs in the domestic market and overall economic decline. Hence, while foreign trade can provide various benefits such as widening the world market, encouraging specialization, and providing varieties of goods, it also has its drawbacks.

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Purchase And Sale Of Goods

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