Commerce Past Questions And Answers
2121
The factor of production which bear all the risk of the business is?
- A. capital
- B. entrepreneurship
- C. labour
- D. land
2122
Pooling of risk in insurance means that?
- A. compensations are paid out of a common fund
- B. two people can pool their risks to be insured
- C. two insurance companies can buy two policies
- D. insurance companies should encourage taking risks.
2123
“Caveat emptor as a commercial legal word means
- A) Let the seller beware
- B) Let the producer beware
- C) Let the buyer be awarded
- D) Let the buyer beware
2124
A business becomes a separate legal entity after it has
- A. started operation
- B. been incorporated
- C. been insured
- D. been accepted by the public
2125
A partnership cannot raise its capital by
- A. selling shares to the public
- B. personal contribution of partners
- C. admission of new partners
- D. undistributed profits
2126
Authorized share capital is also known as?
- A. called-up share capital
- B. paid-up share
- C. registered share capital
- D. issued share capital
2127
In the formation of a united liability company, the following documents are prepared except_______
- A. Memorandum of Association
- B. Article of Association
- C. Statement of Nominal Capita
- D. Prospectus
2128
Services are made up of
- A. visible and invisible
- B. Industry and Commerce
- C. direct and indirect services
- D. Goods and Services
2129
Which of the following tells the customer exactly what has been sold to him, the amount due and any discount granted?
- A. Advice note
- B. Statement
- C. Invoice
- D. Credit note
2130
(a) Describe five factors that determine the choice of means of transportation for goods
(b) Explain five factors that have contributed to the growth of Commerce.
View Discussion (0)WAEC 1995 THEORY