Waec Commerce Past Questions and Answers

Question 301:

• WAEC 1991

That part of the money in circulation not backed by gold is known as?

A. Exchange equalization fund
B. Fiduciary issue
C. Note and coins
D. Ordinary note issue
E. Fictitious assets

Question 302:

• WAEC 1991

A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?

A. Debit note
B. Invoice
C. Statement
D. Receipt
E. Consignment note

Question 303:

• WAEC 1991

A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?

A. Debit note
B. Invoice
C. Statement
D. Receipt
E. Consignment note

Question 304:

• WAEC 1991

Who is liable for the contact entered into by the agent on behalf of his principal? The

A. Agent
B. Principal
C. Agent and the principal
D. Third party
E. Lawyer who drew up the agreement

Question 305:

• WAEC 1991

An agreement whereby the seller transfers the title to goods at a price is called?

A. Contract of sale
B. A hire-purchase agreement
C. An agency agreement
D. A contract of carriage of goods
E. Haggling