Waec Commerce 1999 Past Questions and Answers

Question 21:

• WAEC 1999

A bill of exchange becomes negotiable when it is

A. Accepted
B. Protested
C. Dishonoured
D. Discounted

Question 22:

• WAEC 1999

What is the purpose of a debit note? To

A. Reduce the credit in the buyer's account
B. Reduce the debit charged to an invoice
C. Compensate for damaged goods returned
D. Allow for rebate

Question 23:

• WAEC 1999

Status enquiry is necessary when

A. Goods are ordered from a mail order firm
B. Money is withdrawn from a fixed deposit account
C. Granting credit to a new customer
D. Goods areproduced according to specification

Question 24:

• WAEC 1999

Trade discount is given to the buyer for

A. Prompt payment
B. Credit purchase
C. Cash purchase
D. Retailer's mark-up

Question 25:

• WAEC 1999

Government can borrow money from the public through

A. The issuing of treasury bills
B. Increasing taxation
C. Increasing the lending rate
D. Establishing more banks