Waec Commerce 1991 Past Questions and Answers

Question 106:

• WAEC 1991

Describe five measures each which a government may take to:
(a) restrict imports
(b) promote exports.

Question 107:

• WAEC 1991

Mention and explain five functions performed by the Central Bank of Nigeria showing how they facilitate commercial activities.

Question 108:

• WAEC 1991

Business relationships are deeply rooted in the law of contract'.
(a) What is a contract?
(b) State the essential elements of a valid contract.
(ii) Briefly discuss any three of them.

Question 109:

• WAEC 1991

Mention and explain five ways in which a business discharges its social responsibilities to the society.

Question 110:

• WAEC 1991

The following are the trading of Zainab Trading Co. Ltd, for the year ended 31st December, 1986.
Creditors 20,000
Premises 20,000
Machinery 20,000
cash 20000
Debtors 30,000
stock 50,000
cost of goods sold 100,000
sales 200,000
plant 30,000
Rent 10,000
From the above, calculate the (a) Fixed assets; (b) working capital; (c) gross profit (d) net profit.