Waec Commerce 1996 Past Questions and Answers

Question 31:

• WAEC 1996

In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of

A. A constructive loss
B. A partial loss
C. A general average loss
D. A total loss
E. An actual total loss

Question 32:

• WAEC 1996

Tax levied on goods at each stage of their movement from production to the final consumer is known as

A. Customs drawback
B. Ad valorem duty
C. Specific tax
D. Value added tax
E. Tariff

Question 33:

• WAEC 1996

An association of businessmen engaged in both commerce and industry is called

A. Trade association
B. Trade union
C. Chamber of commerce
D. Trust
E. Cartel

Question 34:

• WAEC 1996

When the government decides to run a statutory corporation as a profit-oriented enterprise, this is known as

A. Nationalization
B. Commercialization
C. Take-over bid
D. Privatization
E. Indegenization

Question 35:

• WAEC 1996

The primary aim of commerce is to

A. Produce goods and services
B. Warehouse goods
C. Advertise goods and services
D. Finance goods and services
E. Exchange goods and services