Commerce WAEC Past Questions 2024 [UPDATED]
Commerce WAEC Past Questions are essential for those that want to start their WAEC examination in few weeks. Commerce is one of the subjects that some people consider hard and that is why we have decided to drop this past questions for you here because you would need it.
In this post, you are going to see the 50 questions that you would likely be seeing in your next exam, so do well to share this with your classmates and friends that will be writing WAEC too.
Commerce WAEC Past Questions
1. Which of the following is not a factor of production?
- A. Capital
- B. Staffing
- C. Labour
- D. Land
2. The excess value of total assets over total liabilities is
- A. capital owned
- B. borrowed capital
- C. paid-up capital
- D. paid-up capital
3. An element of a valid contract is
- A. operation of law
- B. performance
- C. breach
- D. capacity to contract
4. Industrial, commercial and service are types of
- A. specialization
- B. occupation
- C. manufacturing
- D. extraction
5. Operating a state owned enterprise with the intention of making more profit is
- A. nationalization
- B. deregulation
- C. privatization
- D. commercialization
Read More: WAEC Past Questions For Literature In English 2024
6. An example of after-sales services is
- A. sorting and grading of goods
- B. granting of discount
- C. provision of price list and terms
- D. free replacement of parts
7. An organization that could strive for improvement in electricity and telephone services to users is
- A. a trade association
- B. a manufacturers’ association
- C. a manufacturers’ association
- D. a consumers’ association
8. A bill of lading that is tagged clean means that the goods being delivered are
- A. on credit
- B. not damaged
- C. paid for
- D. duty free
9. The function of money that makes it generally acceptable is
- A. unit of account
- B. store of value
- C. medium of exchange
- D. standard of deferred payment
10. Dissolution of a partnership could arise from
- A. fall in output
- B. death of a member
- C. non access to capital
- D. increase in market share
Read More: WAEC TimeTable For Science Students 2024/2025
11. A problem associated with barter is
- A. poor road network delaying transportation of goods
- B. inability to measure what is to be exchanged
- C. difficulty in collecting debt
- D. inability to produce enough goods
12. A voluntary association of businessmen who are not in the same line of business is a
- A. bureau de change
- B. trade association
- C. chamber of commerce
- D. trade union
13. A disadvantage of privatization is that
- A. there is decline in the supply of goods
- B. public interest outweighs the profit motive
- C. income is unevenly distributed
- D. there is less efficiency in the production of goods
14. A reduction in the value of a country’s currency in relation to that of other countries is
- A. revaluation
- B. inflation
- C. devaluation
- D. deflation
15. The means by which a firm obtains information before introducing new products is
- A. market segmentation
- B. advertising
- C. promotion
- D. market research
Read More: NECO Syllabus For Literature in English 2024
16. A factor to be considered in selecting a means of transporting fish is the
- A. demand for fish
- B. supply of fish
- C. cost of fish
- D. nature of the fish
17. A business that can obtain capital through of sale of shares is a
- A. demurrage
- B. freight
- C. charge
- D. dock due
18. Which of the following countries is not a member of the European Union?
- A. Greece
- B. France
- C. Denmark
- D. Bolivia
19. Advertising designed to sell more of a company’s products than other brands is
- A. persuasive
- B. indirect
- C. competitive
- D. informative
20. The reward for capital is
- A. rent
- B. interest
- C. profit
- D. dividend
Read More: History NECO Syllabus 2024
21. Divesting government interest in a business to the public is
- A. commercialization
- B. deregulation
- C. privatization
- D. nationalization
22. Which of the following activities does not belong to the extractive industry?
- A. Drilling
- B. Mining
- C. Barbing
- D. Farming
23. The use of brand names and trademarks is to
- A. control the supply of goods
- B. prevent imitation by competitors
- C. stabilize the prices of goods
- D. make after-sale service possible
24. One of the aim of ECOWAS is to
- A. ensure production of quality goods
- B. encourage foreign investments
- C. improve transportation and communication
- D. promote privatization policies
25. When a seller wishes to be paid before supplying goods, he would send the buyer a
- A. consular invoice
- B. consignment note
- C. proforma invoice
- D. credit note
26. A similarity of private and public company is that they
- A. sell shares on the stock exchange
- B. have equal number of members
- C. receive certificate of incorporation
- D. are required to publish their final accounts
27. The term 2%/15 net 30 represents a
- A. seasonal discount
- B. quantity discount
- C. cash discount
- D. trade discount
28. Buying and selling products through a network of digital devices is
- A. e-commerce
- B. e-payment
- C. e-transfer
- D. e-mail
29. A document in which the internal regulations of a company are stated is
- A. Certificate of Incorporation
- B. Articles of Association
- C. Memorandum of Association
- D. Partnership Deed
30. Which of the following is not a type of security?
- A. Stock
- B. Overdraft
- C. Share
- D. Debenture
31. An advantage of road transport over other means of transport is that
- A. packing and loading is easy as activities are handled by experts
- B. canteen services are provided during the course of transportation
- C. specific vehicles could be used to carry certain loads
- D. terminal handling is eliminated by door-to-door delivery
32. Which of the following modes of transport could be used to convey both liquid and gas?
- A. Aeroplane
- B. Tanker
- C. Tramp
- D. Ferry
33. Which of the following is not a form of sales promotion?
- A. Cash on delivery
- B. Cash on delivery
- C. Free samples
- D. Buy one get one free
34. The business in which sale of goods involves use of vehicles is a
- A. mobile shop
- B. chain store
- C. shopping mall
- D. tied shop
35. The arrangement for the conveyance of goods abroad is performed by the
- A. customs and excise authority
- B. ports authority
- C. clearing and forwarding agents
- D. chamber of commerce
36. An organizational chart is used to
- A. determine the departmental objectives and targets
- B. show the hierarchy of staff
- C. implement policies on staff welfare
- C. measure variation on staff performance
37. The rate at which a country’s export exchange for its imports is
- A. terms of payment
- B. terms of trade
- C. balance of payment
- D. balance of trade
38. A source of capital to a cooperative society is
- A. contribution
- B. debenture
- C. retained profit
- D. ordinary share
39. The department that ensures that products are made available to consumers is
- A. purchases
- B. finance
- C. marketing
- D. production
40. An advantage of advertising is that
- A. prices of products are reduced
- B. awareness is created on the existence of products
- C. quality of products is improved
- D. distribution channels for products are improved
41. The management function that is concerned with coordinating business resources efficiently is
- A. organizing
- B. controlling
- C. planning
- D. motivation
42
Use the diagram to answer the question
The instrument in the diagram is a
- A. cheque
- B. money order
- C. deposit slip
- D. warrant
43
Use the diagram to answer the question
The two lines on the instrument shows that it is
- A. altered
- B. crossed
- C. cancelled
- D. paid
44
Use the diagram to answer the question
The instrument will not be valid on
- A. September 25, 2023
- B. July 25, 2023
- C. October 25, 2023
- D. June 25, 2023
45. The bank that conducts research on an economy, thereby identifying obstacles to growth is the
- A. commercial bank
- B. mortgage bank
- C. development bank
- D. central bank
46. A duty of the principal to his agent is to
- A. stop the sale of good in transit
- B. pay the agent for services rendered
- C. disclose confidential information
- D. renegotiate agreements made by the agent
47. One of the barriers to foreign trade is
- A. imposition of embargo
- B. removal of tariff
- C. trade liberalization
- D. memorandum of understanding
48. In a contract of sale, the amount deposited with the seller for a particular product by a buyer is
- A. consideration
- B. warranty
- C. counter offer
- D. acceptance
Frequently Asked Question
How Many Questions are my going to answer in WAEC?
You will be answering 48 objective questions and some theory questions
Can i register 10 subjects for WAEC?
No, you are expected to register only 9 including english and maths
Conclusion
There you have it! If you have any question about this content, kindly reach out to use through the comment section.
![WAEC Agricultural Science Past Questions 2024 [OBJECTIVE]](https://examdon.com/wp-content/uploads/2024/06/images-8-1.jpeg)
![NECO Biology Past Questions 2023 [UPDATED]](https://examdon.com/wp-content/uploads/2024/06/Screen-Shot-2024-06-23-at-5.26.31-PM-1-768x341.png)
![WAEC Syllabus For Agricultural Science 2024 [UPDATED]](https://examdon.com/wp-content/uploads/2024/06/waec_syllabus_311-1950637.png)
![WAEC Computer Studies Past Questions 2024 [UPDATED]](https://examdon.com/wp-content/uploads/2024/06/images-2021-08-22T080206.046.webp)