Waec Commerce 1998 Past Questions and Answers

Question 81:

• WAEC 1998

The basic principles upon which International Trade is carried on among countries is

A. Specialization
B. Absolute cost advantage
C. Comparative cost advantage
D. Division of labour
E. Scarcity

Question 82:

• WAEC 1998

A supplier who needs to make additional charges for goods delivered will send

A. A debit note
B. A credit note
C. A consignment note
D. A advice note
E. A delivery note

Question 83:

• WAEC 1998

Gross profit is correctly ascertained by

A. Adding opening stock to purchases
B. Adding closing stock to sales
C. Subtracting returns outwards from purchases
D. Subtracting returns inwards from sales
E. Subtracting cost of goods sold from sales

Question 84:

• WAEC 1998

The returns from capital investment are known as

A. Turnover
B. Commission
C. Annuity
D. Profit
E. Bonus

Question 85:

• WAEC 1998

The total asset of business minus its total liability is the

A. Net profit
B. Capital owned
C. Working capital
D. Capital employed
E. Gross profit