Waec Commerce 2003 Past Questions and Answers

Question 61:

• WAEC 2003

Which of the following has as one of objectives the removal obstacles to movement of people and goods across the boundaries of member countries?

A. OAU
B. ECOWAS
C. OPEC
D. LCBC

Question 62:

• WAEC 2003

(a) State the difference between an ordinary invoice and a proforma invoice.
(b) Explain the following terms used in connection with an invoice:
(i) 5% trade discount
(ii) net 3 months
(iii) E.& O.E.
(iv) carriage forward
(v) 21 % cash discount.

Question 63:

• WAEC 2003

(a) Give four arguments for and three arguments against advertising.
(b) List six advertising media used by business organizations in West Africa.

Question 64:

• WAEC 2003

(a) Assume that you are a retail trader and want to open a current account with a branch of a commercial bank. Write out four steps to be taken in opening the account.
(b) State six services provided by a commercial bank.

Question 65:

• WAEC 2003

Distinguish between the following pairs of terms used in insurance:
(a) Third party and comprehensive policy
(b) Whole life and endowment policy
(c) Insurance and assurance
(d) Premium and compensation.