Commerce JAMB, WAEC, NECO AND NABTEB Official Past Questions

64

Which of the following facilitates settlement for sub-regional indebtedness?

  • A. Niger Basin Commission(NBC)
  • B. Lake Chad Basin Commission (LCBC)
  • C. The West African Clearing House
  • D. Economic Community Of West African States (ECOWAS)
  • E. International Monetary Fund (IMF)
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65

Which of the following is not a problem of ECOWAS?

  • A. Different levels of economic development in member countries
  • B. Transportation and communication links
  • C. Different economic policies member countries
  • D. Diversified economy for West Africa
  • E. Use of different currencies
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66

Which of the following specializes in granting loans to distressed economies?

  • A. UNESCO
  • B. ECA
  • C. IMF
  • D. IBRD
  • E. UNDP
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67

The major aim of indigenization is to

  • A. standardize products
  • B. accelerate participation of citizens in business
  • C. promote international co-operation
  • D. differentiate a country's product from the orders
  • E. discourage foreign investment
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68

When an industry formerly owned by individuals is taken over by the government, such an industry becomes

  • A. privatized
  • B. nationalized
  • C. commercialized
  • D. indigenized
  • E. legalized
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69

When a company sells its shares to an issuing house which later sells to the public, it is called

  • A. an offer for sale
  • B. a rights issue
  • C. a public issue
  • D. an issue by prospectus
  • E. a private placing
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70

The setting of objectives and determination of the best way to achieve them are known as

  • A. coordinating
  • B. planning
  • C. organizing
  • D. motivating
  • E. controlling
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71

Measuring performance against the set objectives is a management function that relates to

  • A. staffing
  • B. planning
  • C. organizing
  • D. motivating
  • E. controlling
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72

Any action taken by a company outside its stated objectives is regarded as

  • A. caveat emptor
  • B. ultra vires
  • C. uberrimae fidei
  • D. exemption
  • E. formality
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73

The management of a company with a view to ending its operation is known as

  • A. low gearing
  • B. high gearing
  • C. liquidation
  • D. horizontal integration
  • E. vertical integration
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74

The agency in Nigeria which ensures that products conform to government specifications and quality control is the

  • A. Nigerian Labour Congress
  • B. Manufacturers Association of Nigeria
  • C. Nigerian Chamber of Commerce
  • D. Standards Organization of Nigeria
  • E. Ministry of Commerce and Industry
View Answer & Discuss WAEC 1998
75

The agency in Nigeria which ensures that products conform to government specifications and quality control is the

  • A. Nigerian Labour Congress
  • B. Manufacturers Association of Nigeria
  • C. Nigerian Chamber of Commerce
  • D. Standards Organization of Nigeria
  • E. Ministry of Commerce and Industry
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76

An association of small scale retailers formed to to encourage bulk buying from manufacturers is known as a

  • A. voluntary chain
  • B. producer co-operative society
  • C. multiple store
  • D. department store
  • E. hypermarket
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77

The words “Account payee only” on a cheque means

  • A. it is transferable
  • B. pay only to the holders account
  • C. a special crossing
  • D. it is a banker's cheque
  • E. it is for endorsement
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78

The set of actions of governments, and other organized bodies in response to users’ complaints about goods and services is known as

  • A. Consumer soveriegnty
  • B. consumer protection
  • C. consumer orientation
  • D. consumer loyalty
  • E. consumers' preference
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79

Which of the following brings a public corporation into existence

  • A. Certificate of Incorporation
  • B. Certificate of trading
  • C. Acts of Parliament
  • D. Registeration
  • E. Prospectus
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80

A contract to take possession of goods on installment payment with the option to transfer ownership after full payment is known as

  • A. credit sale
  • B. conditional sale
  • C. hire purchase
  • D. trade-in-sale
  • E. leasing
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81

A contract to take possession of goods on installment payment with the option to transfer ownership after full payment is known as

  • A. credit sale
  • B. conditional sale
  • C. hire purchase
  • D. trade-in-sale
  • E. leasing
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82

A transporter who had to sell some perishable goods without the authority of the owner becomes an agent by

  • A. estoppel
  • B. necessity
  • C. ratification
  • D. conduct
  • E. appointment
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83

A transporter who had to sell some perishable goods without the authority of the owner becomes an agent by

  • A. estoppel
  • B. necessity
  • C. ratification
  • D. conduct
  • E. appointment
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84

A mercantile agent having title to goods in his possession is known as

  • A. factor
  • B. broker
  • C. jobber
  • D. auctioneer
  • E. stag
View Answer & Discuss WAEC 1998