Waec Commerce 2008 Past Questions and Answers

Question 26:

• WAEC 2008

Information requested from a bank concerning the credit worthiness of a new customer to a business is

A. Private enquiry
B. Status enquiry
C. General enquiry
D. Letter of enquiry

Question 27:

• WAEC 2008

The document which gives legal authority to a company to operate as a legal entity is

A. Memorandum of Association
B. Article of Association
C. Share Certificate
D. Certificate of Incorporation

Question 28:

• WAEC 2008

A business that is independent of its owners is a

A. Sole proprietorship
B. Partnership
C. Limited liability company
D. Co-operative society

Question 29:

• WAEC 2008

The amount paid regularly by the assured to the insurer is

A. Dividend
B. Premium
C. Interest
D. Indemnity

Question 30:

• WAEC 2008

The net profit is calculated as

A. Sales less purchases
B. Sale less expenses
C. Gross profit less expenses
D. Gross profit less purchases