Waec Commerce 1996 Past Questions and Answers

Question 86:

• WAEC 1996

Which of the following will enable customs officers to correctly assess import duties on goods?

A. Pro-forma invoice
B. Bill of exchange
C. Documentary credit
D. Consular invoice
E. Bill of laden

Question 87:

• WAEC 1996

An insurance policy which benefits one's family only is in the event of one's death is known as

A. A comprehensive insurance
B. A whole-life insurance
C. An endowment policy
D. An annuity
E. A third party insurance

Question 88:

• WAEC 1996

One of the demerits of sole trading is

A. Quick decision taking
B. Flexibility in operation
C. Unlimited liability
D. Pride of ownership
E. Ease of commencement

Question 89:

• WAEC 1996

A group of people in the same line of business who come together for the interest of its members is called

A. Chamber of Commerce
B. Trade association
C. Trade union
D. Consortium
E. Cartel

Question 90:

• WAEC 1996

A foreign order which instructs an agent to buy certain goods at a particular place called

A. Letter of credit
B. Letter of attorney
C. Open indent
D. Closed indent
E. Bill of laden