Waec Commerce 2002 Past Questions and Answers

Question 16:

• WAEC 2002

The rate at which a country's currency is converted to the currency of another country is known as?

A. Terms of trade
B. Terms of payment
C. Exchange rate
D. Bank rate

Question 17:

• WAEC 2002

Which of the following requires acceptances before it can be valid?

A. Promissory note
B. Bill of exchange
C. Letter of credit
D. Cheque

Question 18:

• WAEC 2002

A retail outlet meant to sell only a particular manufacturer's product known as a?

A. Co-operative shop
B. Chain store
C. Department store
D. Tied shop

Question 19:

• WAEC 2002

Which of the following requires acceptance before it can be valid?

A. Promissory note
B. Bill of exchange
C. Letter of credit
D. Cheque

Question 20:

• WAEC 2002

In international trade the direct exchange of goods for goods is?

A. Bilateral trade
B. Counter trade
C. Multi lateral trade
D. Entrepot trade