Commerce Past Questions And Answers
The following information in the image above was extracted from the books of Lompat Ventures as at December 31, 2022.
a[i] Calculate:
Net profit
a[ii] Calculate:
Working capital
a[iii] Calculate:
Rate of stock turnover
View Discussion (0)WAEC 2023 THEORYWhen a company insures the lives of all its employees collectively, the policy is?
- A. accident insurance
- B. fleet insurance
- C. fidelity guarantee insurance
- D. group insurance
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
- A. inland letters
- B. registered letters
- C. airmail letters express letters
- D. express letters
A major criticism of a cooperative society is?
- A. limited capital
- B. granting exceessive loans to members
- C. selling goods on credit to non-members
- D. management incompetence
A sales agreement whereby the buyer takes possession but not title to goods is called?
- A. mortgage
- B. auction sale
- C. deferred payment
- D. hire purchase
An internal source of finance to an entrepreneur is
- A. trade credit
- B. retained earning
- C. overdraft
- D. debenture
The duties paid on goods produced locally is
- A. Ad-valorem duty
- B. excise duty
- C. export duty
- D. quota
If the insured has been fully indemnified, the insurers are entitled to take any advantage due the insured. The principle of insurance involved is?
- A. indemnity
- B. suborgation
- C. contribution
- D. insurable interest
A form of money that has gone out of use is?
- A. paper money
- B. bank money
- C. commodity money
- D. foreign money
The insurance principle that allows an insurance company to take over the rights of the insured once he has been compensated is
- A. indemnity
- B. proximate cause
- C. utmost good faith
- D. subrogation