Waec Commerce 2006 Past Questions and Answers

Question 41:

• WAEC 2006

The term "utmost good faith" in insurance requires that the insured must

A. Make profit from any loss suffered
B. Receive his compensation fully in the event of loss
C. Disclose all relevant facts on what is being insured
D. Pay his premium regularly

Question 42:

• WAEC 2006

Commercial banks usually settle their interbank indebtedness through the

A. Money market
B. Clearing house
C. Discount house
D. Stock exchange

Question 43:

• WAEC 2006

Which of the following retail outlets is described as selling without shops

A. Multiple stoes
B. Supermarket
C. Mail order business
D. Department stores

Question 44:

• WAEC 2006

Which of the following arranges for the conveyance of goods abroad

A. Ports Authority
B. Customs and Excise Authority
C. Airports Authority
D. Export Promotion Council

Question 45:

• WAEC 2006

The difference between the cost of goods sold and the sales value is known as

A. Net profit
B. Net loss
C. Gross profit or loss
D. Surplus