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Question 1 Commerce | WAEC/GCE (2017)
A
Asians 
B
Europeans 
C
Americans 
D
Africans 
Explanation.
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By 1900 much of Africa had been colonized by seven European powers—Britain,FranceGermany, Belgium, Spain, Portugal, and Italy. After the conquest of African decentralized and centralized states, the European powers set about establishing colonial state systems. The result was a string of European settlements from present day SENEGAL to the coast of modern NIGERIA. Centuries later these trading posts became the bases for European colonial claims in western Africa. Europeantraders referred to sections of the coast by the main goods traded there: grain, ivory, gold, and slaves.


Correct Option:
B
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Question 2 Commerce | WAEC/GCE (2017)
A
a commercial service 
B
an indirect service 
C
a direct service 
D
a self service 
E
specialized service 
Explanation.
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Indirect servicesIndirect service occupation describes those occupations whose services are not for direct consumption by the public. They are not paid directly by the consumers. They are paid by the government from the public tax. They are services that are not personally received by the individual, although they influence but influence them in one way or the other.


Correct Option:
B
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Question 3 Commerce | WAEC/GCE (2017)
A
continuity 
B
expansion 
C
liquidation 
D
re-incorporation 
Explanation.
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Insolvency is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent. When a business is in such a state, it may eventually be liquidated. that is, the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.


Correct Option:
C
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Question 4 Commerce | WAEC/GCE (2017)
A
quarrying 
B
carving 
C
mining 
D
agriculture 
Explanation.
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Any processes that involve the extraction of raw materials from the earth to be used by consumers. The extractive industry consists of any operations that remove metals, mineral and aggregates from the earth. Examples of extractiveprocesses include oil and gas extraction, mining, dredging and quarrying. carving is under the manufacturing industry


Correct Option:
B
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Question 5 Commerce | WAEC/GCE (2017)
A
import, export and transportation 
B
trade, communication and warehouse 
C
import, trade and production 
D
trade and auxiliaries to trade 
Explanation.
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The branches of commerce comprise two fundamental categories: trade and aids to trade.

Trade is the process of buying and selling goods and services through the use of some medium of exchange.

Auxiliaries or Aids to Trade are the activities which are necessary for smooth flow of goods from producers to consumers. These activities facilitate trade by removing various barriers in the buying and selling of goods.


Correct Option:
D
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Question 6 Commerce | WAEC/GCE (2017)
A
defining a company'srelationship with the public 
B
inviting the public to buy a company's shares 
C
governing the affairs of the partnership 
D
regulating a company's internal affairs 
Explanation.
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Memorandum of Association (MOA) is a legal document prepared in the formation and registration process of a limited liability company to define its relationship with shareholders. (public)


Correct Option:
A
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Question 7 Commerce | WAEC/GCE (2017)
A
increase the quantity of goods demanded 
B
increase the selling price of goods 
C
differentiate goods from other similar goods 
D
enhance turnover of goods 
Explanation.
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The aim of branding a product or service is the same everywhere in the world. The major objectives of branding are as follows: Create identification and brand awareness.


Correct Option:
C
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Question 8 Commerce | WAEC/GCE (2017)
A
berth 
B
warehouse 
C
tarmac 
D
cranes 
Explanation.
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The following are some of the facilities provided by port authorities

  • Cargo handling, stevedoring, warehousing and delivery.
  • Acquisition of cargo handling and operations related equipment.
  • Development and maintenance of ports' superstructure.
  • Maintenance of safety and security within the terminal.
  • Towage, mooring, bunkering, ship chandelling and ship repairs

A tarmac is an area of ground covered with a hard surface, esp. the areas of an airportwhere aircraft park, land, and take off: not a facility provided by the port authority. 

  •  

Correct Option:
C
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Question 9 Commerce | WAEC/GCE (2017)
A
same amount in words and figure 
B
insufficient fund 
C
general crossing 
D
regular signature 
Explanation.
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Reasons Why Your Cheque Is Dishonoured

  • Insufficient Funds. Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque. ...
  • Irregular Signature. 
  • Alterations. 
  • Post-dated Cheque
  • Stale Cheque
  • When Payment Is Stopped. 
  • Frozen Account.

Correct Option:
B
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Question 10 Commerce | WAEC/GCE (2017)
A
a right issue 
B
bonus issue 
C
private placing 
D
issue by introduction 
Explanation.
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rights issue is when shares are offered to existing shareholders to purchase additional stock shares, known as subscription warrants, in proportion to their existing holdings. Rights are often transferable, allowing the holder to sell them in the open market.


Correct Option:
A
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