EXPO 2021/2022 WAEC GCE IN COMMERCE
(SECTION A)
INSTRUCTION: choose the correct answer
1. Which of the following was not used as a medium of exchange by the early Europeans that came to West Africa?
(a) pounds and shillings
(b) copper manila
(c) iron bars
(d) cowries
2. The ancillary to trade which ensures that people gain access to facts pertaining to good is
(a) insurance
(b) advertising
(c) warehousing
(d) banking
1. Which of the following was not used as a medium of exchange by the early Europeans that came to West Africa?
(a) pounds and shillings
(b) copper manila
(c) iron bars
(d) cowries
2. The ancillary to trade which ensures that people gain access to facts pertaining to good is
(a) insurance
(b) advertising
(c) warehousing
(d) banking
3. Who among the following does not render direct service?
(a) teachers
(b) musicians
(c) doctors
(d) retailers
4. Which of the following is classified as an extractive industry?
(a) digging for minerals
(b) digging for road building
(c) canning of tomato puree
(d) Assembling of cars
5. The rate at which the country’s import exchanges for its export is known as (a) terms of trade
(b) balance of trade
(c) rate of exchange
(d) terms of exchange
6. Where a limited partner exists in a partnership
(a) no active partner is needed
(b) other partners must be nominal
(c) at least one ordinary partner must be there
(d) at least one member must be a legal practitioner
7. Which of the following is not a function of commerce?
(a) advertising goods
(b) creation of goods
(c) incensing profited made
(d) distribution of goods
8. Any activity that changes raw material into consumer or individual goods is (a) constructive
(b) assembling
(c) extractive
(d) manufacturing
9. The division of production are
(a) industry, banking and services
(b) industry, manufacturing and service
(c) industry, commerce and services
(d) industry, transportation and services
10. Risks in business are borne by the
(a) consumer
(b) entrepreneur
(c) marketing manager
(d) personal manager
11. A bill of exchange is made more negotiable if it has been
(a) endorsed
(b) accepted
(c) honored instantly
(d) given special crossing
12. Which of the following services is rendered by central bank?
(a) provision of brokerage services
(b) safe keeping of cash and other valuables
(c) discounting bills of exchange
(d) issuing currency notes
13. Manufacturers sell directly to consumers when they
(a) want to make profit
(b) wish to eliminate all transport costs
(c) live far away from them
(d) deal in perishable goods
14. Which of the following is regarded as a document of title in foreign trade? (a)consular invoice
(b) bill of lading
(c) bill of sight
(d) certificate of origin
15. The aid to trade responsible for the preservation of perishable items is (a) warehousing
(b) insurance
(c) transportation
(d) advertising
16. Any activities aimed at creating more markets for a product is
(a) packaging
(b) branding
(c) promotion
(d) merchandising
17. Which of the following is not a factor of production?
(a) capital
(b) land
(c) labour
(d) staffing
18. The most important function of the retailer is to
(a) sell goods on credit
(b) operate on weekends and public holidays
(c) make goods available in units
(d) operate at convenient places
19. Trade can be describe as
(a) purchase of goods and services
(b) production of goods
(c) buying and selling
(d) storage of goods
20. A trade in which many countries exchange goods and services is called
(a) bilateral trade
(b) entre pot trade
(c) multilateral trade
(b) entre pot trade
(c) multilateral trade
SECTION B THEORY (answer any five (5)
1. (a) What is foreign trade?
(b) Explain four (4) ways by which foreign trade is different from home trade
(c)State five advantages of foreign trade
2. (a) List five functions of Nigerian Airport Authority
(b) List four (4) document used in foreign trade
(c) Who are the middlemen?
3. (a) Define partnership
(b) Differentiate between balance of trade and balance of payment
(c) List three (3) sources of capital of sole proprietorship
4. (a) Define commerce
(b) State four (4) functions of commerce
(c) List five (5) ancillaries to trade
5. (a) What is internal trade?
(b) Differentiate between foreign trade and home trade
(c) State the factors of production
6. (a) Who is an wholesaler?
(b) State five (5) functions an wholesaler performed
(c) Who are middlemen?
7. (a) What is sole proprietorship?
(b) List five (5) characteristics of a sole proprietor
(c) What are ancillary to trade?
8. (a) list five (5) factors affecting occupation
(b) List four (4) functions of the central bank
(c) What is a warehouse?
(b) Explain four (4) ways by which foreign trade is different from home trade
(c)State five advantages of foreign trade
2. (a) List five functions of Nigerian Airport Authority
(b) List four (4) document used in foreign trade
(c) Who are the middlemen?
3. (a) Define partnership
(b) Differentiate between balance of trade and balance of payment
(c) List three (3) sources of capital of sole proprietorship
4. (a) Define commerce
(b) State four (4) functions of commerce
(c) List five (5) ancillaries to trade
5. (a) What is internal trade?
(b) Differentiate between foreign trade and home trade
(c) State the factors of production
6. (a) Who is an wholesaler?
(b) State five (5) functions an wholesaler performed
(c) Who are middlemen?
7. (a) What is sole proprietorship?
(b) List five (5) characteristics of a sole proprietor
(c) What are ancillary to trade?
8. (a) list five (5) factors affecting occupation
(b) List four (4) functions of the central bank
(c) What is a warehouse?
Use these free answers to pass your exam this year.