Waec Commerce 1990 Past Questions and Answers

Question 21:

• WAEC 1990

Which of the following statements best describes net profit? The excess of

A. Total revenue over total expenditure
B. Total capital income over expenditure
C. Sales over purchases
D. Total capital formation over capital consumption
E. Total expenditure over total revenue

Question 22:

• WAEC 1990

A business is in existence primarily to?

A. Make profit
B. Provide goods amd services
C. Provide employment
D. Complete with others in business
E. Sell goods at reasonable prices

Question 23:

• WAEC 1990

A number of shops under one roof is the feature of a?

A. Supermarkets
B. Chain stores
C. Department store
D. Mail order business
E. Shopping centre

Question 24:

• WAEC 1990

An agreement between two parties which will give rise to rights and obligation is known as?

A. A warrant
B. A contract
C. A consideration
D. An offer
E. An acceptance

Question 25:

• WAEC 1990

Auctions and Tenders become binding when they are?

A. Accepted
B. Offered
C. Received
D. Advertised
E. Communicated