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Question 1 Commerce 2018 | WAEC/GCE (2018)
A
article of association 
B
memorandum of association 
C
prospectus 
D
qoutation 
Explanation.
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A prospectus is a document published by every firm offering its securities to public for purchase. its an invitation for the purchase of a company's finanacial security.

it is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements, biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information.


Correct Option:
C
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Question 2 Commerce 2018 | WAEC/GCE (2018)
A
engaging youths in environmental sanitation 
B
funding political campaigns 
C
providing recreational facilities 
D
improving road network 
Explanation.
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In general, good road network improves overall accessibility (i.e., they improve businesses ability to provide goods and services, and people's ability to access these goods, education, employment and services) and reduce transportation costs (including travel time, vehicle operating costs, road and parking facility costs.


Correct Option:
D
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Question 3 Commerce 2018 | WAEC/GCE (2018)
A
an auctioneer 
B
an agent 
C
a liquidator 
D
a bailee 
Explanation.
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A liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution


Correct Option:
C
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Question 4 Commerce 2018 | WAEC/GCE (2018)
A
chair 
B
bag of cement 
C
piece of cloth 
D
television 
Explanation.
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Construction is the process of constructing a building or infrastructure. Construction is a general term meaning the art and science to form objects, systems, or organizations. A chair is shaped, fine- tuned and put together and the process of putting all the required material to form a tangible piece, is construction.


Correct Option:
A
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Question 5 Commerce 2018 | WAEC/GCE (2018)
A
quick decision making 
B
unlimited liability 
C
pride of ownership 
D
unlimited source of capital 
Explanation.
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The main disadvantages to being a sole proprietorship are: Unlimited liability: Your small business, in the form of a sole proprietorship, is personally liable for all debts and actions of the company. This means that, in the event of winding up, the personal properties of the sole proprietor would be used the settle the debts of the business.


Correct Option:
B
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Question 6 Commerce 2018 | WAEC/GCE (2018)
A
hire purchase 
B
overdraft 
C
lease 
D
debenture 
Explanation.
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An overdraft is an extension of credit from a lending institution when an account reaches zero. Overdrafts come with interest and additional fees and should only be used sparingly. An overdraft will allow you to borrow money through your current account. Usually there’s a charge. You might request one from your bank or your account might automatically offer you an overdraft

Loan (such as an overdraft) with or without a fixed maturity date, can be recalled anytime (often on a 24-hour notice) by the lender and must be paid in full on the date of demand. Also, the borrower can pay off a demand loan at any time without incurring early-payment penalties. Also called call loan or money at call.


Correct Option:
B
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Question 7 Commerce 2018 | WAEC/GCE (2018)
A
called-up capital 
B
authorized capital 
C
paid-up capital 
D
unpaid capital 
Explanation.
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The authorized capital of a company is the maximum amount of share capital that the company is authorized by its constitutional documents to issue to shareholders.

Paid-up capital is the amount of money a company has received from shareholders in exchange for shares of stock. Paid-up capital is created when a company sells its shares on the primary market directly to investors.

Unpaid share capital is where none of the monies due for an allotment of shareswhich have been issued has been paid. It is quite common in smaller companies for the share capital to be unpaid and remain due to the company indefinitely.

 "called up capital "The value of the issued shares that have remained fully or partially unpaid, and whose holders have now been called upon to pay all the unpaid balance.


Correct Option:
A
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Question 8 Commerce 2018 | WAEC/GCE (2018)
A
between two countries only 
B
within many countries 
C
among many countries 
D
between neighbouring countries only 
Explanation.
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Multilateral trade agreements are commerce treaties between three or more nations. The agreements reduce tariffs and make it easier for businesses to import and export. Since they are among many countries, they are difficult to negotiate. That same broad scope makes them more robust than other types of trade agreements once all parties sign.


Correct Option:
C
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Question 9 Commerce 2018 | WAEC/GCE (2018)
A
co-operative society 
B
trade union 
C
trust fund 
D
chamber of commerce 
Explanation.
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chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community.


Correct Option:
D
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Question 10 Commerce 2018 | WAEC/GCE (2018)
A
its holders receive interest 
B
it forms part of a company's authorized capital 
C
its owners are co-owners of the company 
D
its owners control the company 
Explanation.
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In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowledges it.

A debenture is thus like a certificate of loan or a loan bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company's capital structure, it does not become share capital.


Correct Option:
A
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