Waec Commerce 2005 Past Questions and Answers

Question 16:

• WAEC 2005

The net profit of a business is determined by?

A. Deducting cost of goods sold from sales
B. Deducting purchases from sales
C. Adding commission received to gross profit
D. Deducting all expenses from gross profit and other income

Question 17:

• WAEC 2005

An organization formed mainly by traders on the same line of business is known as?

A. Trade union
B. Cooperative society
C. Trade association
D. Chamber of commerce

Question 18:

• WAEC 2005

A bank's undertaking to pay an exporter on behalf of an importer is a?

A. Documentary credit
B. Letter of credit
C. Letter of hypothecation
D. Bill of exchange

Question 19:

• WAEC 2005

Who among the following cannot be regarded as an itinerant trader?

A. Gypsy
B. Barrow toy
C. Pediar
D. Stall owner

Question 20:

• WAEC 2005

Who among the following cannot be regarded as an itinerant trader?

A. Gypsy
B. Barrow toy
C. Pediar
D. Stall owner