Waec Commerce Past Questions and Answers

Question 451:

• WAEC 1993

When an insured person admits that he has indemnified, he means that?

A. The insurance company has accepted his claim
B. The damaged properties has been recovered
C. He has paid his premium fully
D. The insurance company has restored him to his formal position
E. He has recovered benefits lost through acting in bad faith

Question 452:

• WAEC 1993

The different between an overdraft and loan is that an overdraft?

A. Does not yield interest
B. Is giving to savings account holders only
C. Yields interest on the customer before it is granted?
D. Yields interest only on the sum drawn
E. Requires no application by the customer before it is granted

Question 453:

• WAEC 1993

The excess value of the assets of a business over its liabilities is?

A. Capital owned
B. Working capital
C. Issued capital
D. Liquid capital
E. Reserved capital

Question 454:

• WAEC 1993

Cash is said to be legal tender because it?

A. Can be converted into money order
B. Can be offered and accepted for payment
C. Is negotiable
D. Also takes the form of bank draft
E. Is portable

Question 455:

• WAEC 1993

A crossed postal order is?

A. Generally acceptable for payment
B. Easily converted to cash
C. The same as money order
D. Cashed through a bank
E. Cashed through a post office