Waec Commerce 2001 Past Questions and Answers

Question 26:

• WAEC 2001

Which of the following is a creditor legally bound to accept for settlement of a debt?

A. Bank draft
B. Bank note
C. Money order
D. Cheque

Question 27:

• WAEC 2001

All human efforts geared towards the production of goods and services is?

A. Entrepreneurship
B. Labour
C. Capital
D. Occupation

Question 28:

• WAEC 2001

Which of the following abbreviations indicates that the seller reverse the right to correct errors on the invoice

A. E & O.E
B. C.I.F
C. C.O.D
D. C.W.O

Question 29:

• WAEC 2001

A document from a seller which corrects an under-charge on a buyer's account is known as?

A. Proforma invoice
B. Credit note
C. Debit note
D. Statement of account

Question 30:

• WAEC 2001

A price quotation that covers the cost of goods and all other expenses incurred in delivering the goods to the buyer is called?

A. CIF
B. FAS
C. Franco
D. Loco