Waec Commerce 2014 Past Questions and Answers

Question 11:

• WAEC 2014

A system of sales where goods are sold to the highest bidder is known as

A. Credit sale
B. Hire purchase
C. Clearance sale
D. Auction sale

Question 12:

• WAEC 2014

The term "fiduciary issue" means

A. Money issued without gold backing
B. Money issued with gold backing
C. Money issued as currency note
D. Gold reserve

Question 13:

• WAEC 2014

An insurance principle which prevents an insured from making profit when compensated is known as

A. Proximate cause
B. Indemnity
C. Insurable interest
D. Utmost good faith

Question 14:

• WAEC 2014

A retail outlet with many branches all dealing in similar line of goods is described as a

A. Department store
B. Supermarket
C. Chain store
D. Hypermarket

Question 15:

• WAEC 2014

A person who gave his building as a security for loan is known as a

A. Trustee
B. Mortgagee
C. Mortgagor
D. Guarantor