Waec Commerce Past Questions and Answers

Question 471:

• WAEC 1993

Which of the following is the safest means of sending a postal order from Lagos to a friend in Jos?

A. Registered letter
B. Recorded delivery
C. Railex
D. First class mail
E. Express mail

Question 472:

• WAEC 1993

Which of the following terms of price quotation includes cost of transportation to buyers premises?

A. FOB
B. C & F
C. FOR
D. FAS
E. Exship

Question 473:

• WAEC 1993

Net Profit is the?

A. Excess of income over expenses
B. Total income from the sale of goods
C. Difference between sales and purchases
D. Amount of purchasenless closing stock
E. Excess of total sales over total purchases

Question 474:

• WAEC 1993

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

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

Question 475:

• WAEC 1993

An instalmental buying system where ownership immediately transfers to the buyer is known as?

A. Deferred payment
B. Hire - purchase
C. Spot buying
D. Cash sales
E. Prompt payment