Waec Commerce Past Questions and Answers

Question 501:

• WAEC 1994

An agreement between two parties which can be enforced is called?

A. An agency
B. A contract
C. A consideration
D. An offer
E. A warranty

Question 502:

• WAEC 1994

Which of the following is not used by the Central Bank to restrict lending by commercial banks?

A. Management of national debt
B. Reserve Requirement
C. Open Market Operations
D. Special Deposit
E. Cash ratio

Question 503:

• WAEC 1994

Which of the following relies on the government for its initial capital?

A. Co-operative Society
B. Private Limited Company
C. Public Corporation
D. Public Limited Company
E. Credit and Thrift Society

Question 504:

• WAEC 1994

A cheque does not contain?

A. Cheque number
B. Cashier's signature
C. Payee's name
D. Drawer's name
E. Date of issue

Question 505:

• WAEC 1994

The most acceptance and convenient means of payment in foreign trade is?

A. Letter of credit
B. Bank-draft
C. Telegraphic money order
D. Promissory note
E. Bill of exchange