Waec Commerce 1997 Past Questions and Answers

Question 56:

• WAEC 1997

A carton of spoons valued at #3,000.00 was invoiced at #300 only. Which of the following documents would be used by the seller to correct the error?

A. A credit note for #3,300.00
B. A debit note for #3000.00
C. A credit note for #2,700.00
D. An invoice for #300.00
E. A debit note for #2,700.00

Question 57:

• WAEC 1997

Which of the following is not a means by which banks facilitate foreign trade?

A. Currency exchange
B. Letter of credit
C. Open market operations
D. Discounting Bills of exchange
E. Trade reference

Question 58:

• WAEC 1997

Which of the following is a characteristic of a private company?

A. There is no limit to the number of members
B. Shares and debentures are freely offered to the public
C. Shares are not dealt in on the stock exchange
D. It cannot commence trading on receipt of certificate of incorporation
E. There is no statutory general meeting

Question 59:

• WAEC 1997

Food and Drugs Act, Weights and Measure Act, Standards Organization of Nigeria, etc are aimed at

A. Raising revenue for government
B. Regulating balance for trade
C. Checking exports
D. Controlling dumping
E. Protecting consumers

Question 60:

• WAEC 1997

The reorganization of public enterprises to operate as profit-making ventures is known as

A. Privatization
B. Nationalization
C. Indeginization
D. Commercialization
E. Harmonization