2023 Commerce objectives and paper 2 for WASSCE(WAEC)
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Is your WASSCE Examination around the corner? Do not worry because we have got you covered in terms of preparation.
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In this article, I have Written down 50 questions and answers including pdf which contain the
Commerce paper 2 from WASSCE (WAEC) for Commerce 2022.
This will guide you to understand the pattern WAEC follows when setting WASSCE questions for Commerce. Help
yourself by going through each question and answer to prepare yourself for the real exam. I wish
you success ahead.
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You can study the 50 (fifty) WASSCE Commerce past questions and answer for 2022 by checking
the content below or using the table of content below to navigate to the number of your choice
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Table of Contents
- WASSCE/WAEC Commerce (2022) Questions and Answers 1 - 10
- WASSCE/WAEC Commerce (2022) Questions and Answers 11 - 20
- WASSCE/WAEC Commerce (2022) Questions and Answers 21 - 30
- WASSCE/WAEC Commerce (2022) Questions and Answers 31 - 40
- WASSCE/WAEC Commerce (2022) Questions and Answers 41 - 50
- Download WASSCE/WAEC Commerce pdF (2022) Paper 2 (essay questions and answer 1 - 8)
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WASSCE/WAEC Commerce (2022) Questions and Answers 1 - 10
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1. An article used as a means of exchange in the early days of trade in West Africa was
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(a) Cedi
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(b) Cowrie
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(c) Dalasi
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(d) Naira
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The correct answer is: (b) Cowrie
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2. The provision of services is classified under
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(a) Batch production
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(b) Flow production
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(c) Secondary production
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(d) Tertiary production
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The correct answer is: (d) Tertiary production
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3. The growth of commerce is not enhanced by
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(a) Development of modern forms of production
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(b) Government participation in business
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(c) High population growth
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(d) Low per capita income
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The correct answer is: (d) Low per capita income
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4. One of the product sof the construction industry is
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(a) Piece of cloth
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(b) Bag of cement
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(c) Television
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(d) Chair
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The correct answer is: (d) Chair
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5. The services of a retailer is part of production because it
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(a) Creates a link between consumers and producers
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(b) Enables finished goods to reach consumer
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(c) Increases consumers' standard of living
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(d) Is a commercial occupation
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The correct answer is: (b) Enables finished goods to reach consumer
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6. The resources put together to create goods and services are
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(a) Working capital
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(b) Producer goods
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(c) Factors of production
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(d) Consumer goods
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The correct answer is: (c) Factors of production
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7. Which of the following organisations provide essential goods and services at low cost to citizens?
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(a) Thrift societies
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(b) Public enterprises
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(c) Private companies
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(d) Cooperative societies
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The correct answer is: (b) Public enterprises
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8. A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
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(a) Wholesale cooperative society
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(b) Thrift and credit society
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(c) Consumer cooperative society
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(d) Chamber of commerce
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The correct answer is: (a) Wholesale cooperative society
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9. Average stock is derived by adding
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(a) Closing stock to purchases divided by 2
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(b) Closing stock to opening stock
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(c) Opening stock to closing stock divided by 2
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(d) Opening stock to purchases
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The correct answer is: (c) Opening stock to closing stock divided by 2
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10. A retail business that sells goods by post, using catalogues is a
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(a) Chain store
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(b) Departmental store
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(c) Mail order firm
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(d) Shopping mall
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The correct answer is: (c) Mail order firm
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WASSCE/WAEC Commerce (2022) Questions and Answers 11 - 20
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11. Which of the following documents would a shareholder inspect to know his voting rights
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(a) Articles of Association
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(b) Certificate of Incorporation
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(c) Certificate of Trading
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(d) Memorandum of Association
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The correct answer is: (a) Articles of Association
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12. An internal source of finance to an entrepreneur is
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(a) Trade credit
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(b) Retained earning
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(c) Overdraft
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(d) Debenture
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The correct answer is: (b) Retained earning
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Use the information below to answer questions 13 and 14
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Sales ----------------------------------- #50,000
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Debtors --------------------------------- #10,000
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Cash-in-hand ---------------------------- #5,000
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Opening stock --------------------------- #30,000
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Creditors ------------------------------- #8,000
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Purchases ------------------------------- #16,000
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Overdraft ------------------------------- #12,000
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Closing stock --------------------------- #10,000
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13. Calculate the working capital
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(a) #35,000
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(b) #20,000
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(c) #15,000
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(d) #14,000
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The correct answer is: (a) #35,000
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14. Calculate the gross profit
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(a) #35,000
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(b) #20,000
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(c) #15,000
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(d) #14,000
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The correct answer is: (d) #14,000
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15. A partner who contributes only his name to the information of a partner is
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(a) A nominal partner
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(b) A limited partner
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(c) A general partner
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(d) An active partner
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The correct answer is: (a) A nominal partner
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16. Which of the following groups would advocate for the supply of constant electricity to house holds?
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(a) Consumers' association
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(b) Credit union
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*(c) Employers' association
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(d) Labour union
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The correct answer is: (a) Consumers' association
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17. A retail store that sells a single product from a particular manufacturer is
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(a) Tied shop
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(b) Shopping mall
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(c) Hypermarket
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(d) Chain store
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The correct answer is: (a) Tied shop
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18. A country's visible balance of payment is made up of
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(a) Interest on loans to foreign countries
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(b) Profit from investment abroad
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(c) Earnings from goods exported
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(d) Dividend earned from companies
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The correct answer is: (c) Earnings from goods exported
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19. The quality of money which makes it possible to buy goods in small quantities is
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(a) Portability
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(b) Homogeneity
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(c) Divisibility
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(d) Durability
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The correct answer is: (c) Divisibility
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20. One of the functions of commercial banks that cannot be performed by central bank is
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(a) Collection of old notes
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(b) Collection of deposits from the public
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(c) Issuance of treasury bills
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(d) Printing of bank notes
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The correct answer is: (b) Collection of deposits from the public
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WASSCE/WAEC Commerce (2022) Questions and Answers 21 - 30
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21. A document that instructs an agent to buy goods from a named firm is
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(a) Proforma invoice
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(b) Open indent
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(c) Consular invoice
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(d) Closed indent
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The correct answer is: (d) Closed indent
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22. The incentive given to a buyer to encourage prompt payent is
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(a) Cash discount
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(b) Seasonal discount
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(c) Quantity discount
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(d) Trade discount
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The correct answer is: (a) Cash discount
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23. The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is
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(a) Indemnity
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(b) Contribution
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(c) Procimate cause
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(d) Uberrimae fidei
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The correct answer is: (b) Contribution
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24. Dealers in the stock exchange such as bulls, bears and stags are categorised as
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(a) Actuaries
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(b) Promoters
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(c) Speculators
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(d) Underwriters
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The correct answer is: (c) Speculators
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25. Which of the following is not a chracteristic of a commercial bank?
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(a) Established as a limited liability company
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(b) Established by individuals or organizations
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(c) Established to issue bank notes
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(d) Established with the view of making profit
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The correct answer is: (c) Established to issue bank notes
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26. Central banks sell treasury bills to the public to
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(a) Increase cash in the banking system
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(b) Raise revenue for commercial banks
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(c) Raise revenue for private investors
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(d) Reduce cash in circulation
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The correct answer is: (d) Reduce cash in circulation
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27. A document used to ensure correct payment of duty at the importing country is
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(a) Documentary credit
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(b) Consular invoice
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(c) Certificate of origin
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(d) Bill of lading
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The correct answer is: (b) Consular invoice
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28. A cheque is specially crossed if
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(a) The name of the account holder is written between two parallel lines drawn across it
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(b) It could be paid over the counter
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(c) The name of the bank is written between two parallel lines drawn across it
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(d) Only two parallel line are drawn across it
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The correct answer is: (d) Only two parallel line are drawn across it
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29. One of the functions of a trade associations is to
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(a) Pay members salaries
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(b) Promote members' welfare
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(c) Provide loans to members
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(d) Provide employment for members
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The correct answer is: (b) Promote members' welfare
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30. When a share with a nominal value of #50 is quoted at #70, it is being sold
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(a) Cum div
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(b) Ex-div
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(c) At a discount
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(d) At a premiums
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The correct answer is: (d) At a premiums
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WASSCE/WAEC Commerce (2022) Questions and Answers 31 - 40
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31. Sea vessels that do not operate on regular times and routes are
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(a) Tramps
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(b) Ocean liners
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(c) Container ships
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(d) Ferries
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The correct answer is: (a) Tramps
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32. Payment made to a carrier for transportation of goods is
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(a) Freight
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(b) Fee
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(c) Fare
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(d) Duty
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The correct answer is: (a) Freight
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33. An advantage of rail transport is that it
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(a) Is less expensive to maintain
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(b) Is not prone to delays
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(c) Carries bulky and heavy goods
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(d) Enhanced door-to-door delivery
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The correct answer is: (c) Carries bulky and heavy goods
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34. The commission on a postal order is
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(a) Tariff
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(b) Pondage
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(c) Brokerage
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(d) Fee
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The correct answer is: (c) Brokerage
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35. Consumers could be encouraged to pruchase a company's products through
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(a) Research
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(b) Planning
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(c) Distribution
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(d) Advertisement
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The correct answer is: (d) Advertisement
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36. the marketing concept emphasises
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(a) Sales of goods directly to customers
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(b) Use of promotional tools to stimulates sales
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(c) Mass production of goods
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(d) Consumers' satisfaction at a profit
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The correct answer is: (d) Consumers' satisfaction at a profit
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37. An undertaking to repair a customer's vehicle for a certain period after it has been sold is
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(a) After-sales services
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(b) Marketing mix
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(c) Market segmentation
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(d) Sales promotion
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The correct answer is: (a) After-sales services
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38. Which of the following is not a right of a consumer?
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*(a) Right to a fair hearing
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(b) Right to buy on credit
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(c) Right to obtain replacement
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(d) Right to a safe product
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The correct answer is: (b) Right to buy on credit
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39. Advertisement which is geared towards a particular audience is
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(a) Direct advertisemet
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(b) Indirect advertising
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(c) Mass advertising
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(d) Persuasive advertising
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The correct answer is: (a) Direct advertisemet
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40. The law by which a seller transfers the property in goods to a buyer at an agreed price is the
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(a) Weights and Measures Act
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(b) Trade description act
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(c) Sale of Goods Act
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(d) Foods and Drugs Act
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The correct answer is: (c) Sale of Goods Act
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WASSCE/WAEC Commerce (2022) Questions and Answers 41 - 50
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41. The act of removing government laws and allowing market forces to determine prices is
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(a) Commercialisation
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(b) Deregulation
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(c) Divestiture
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(d) Privatisation
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The correct answer is: (b) Deregulation
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42. The purpose of commercialisation is to
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(a) Make state-owned ifrms more efficient
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(b) Enable state-owned firms pay tax
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(c) Encourage the flow of foreign capital
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(d) Encourage greater participation of the private sector
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The correct answer is: (a) Make state-owned ifrms more efficient
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43. An agency agreement in which the principal approves the action of his authorised representative is agency by
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(a) Ratification
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(b) Necesssity
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(c) Implication
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(d) Estoppel
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The correct answer is: (a) Ratification
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44. A requirement for an offer to be valid is that it should be
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(a) Witnessed by a third party
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(b) Something of value
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(c) Made to one person only
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(d) Communicated to the offeree
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The correct answer is: (d) Communicated to the offeree
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45. A disadvantage of privatisation is
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(a) High motive for rofit than public interest
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(b) Decline in the supply of goods
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(c) Less efficiency in production of goods
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(d) Increase in government expenditure
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The correct answer is: (a) High motive for rofit than public interest
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46. The number of subordinates a head of department supervises is
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(a) Unity of command
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(b) Chain of command
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(c) Span of control
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(d) Unity of direction
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The correct answer is: (c) Span of control
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47. An organisational chart of a company shows the
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(a) Arrangement of equipment in the company
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(b) Financial status of employees in the company
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(c) Geographical location of the company
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(d) Hierarchy of staff in the company
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The correct answer is: (d) Hierarchy of staff in the company
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48. which of the following is not a function of management?
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(a) Controlling
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(b) Delegating
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(c) Directing
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(d) Organising
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The correct answer is: (b) Delegating
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49. One of the aims of ECOWAS is to
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(a) Promote commercialisation policies
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(b) Promote trade withn the region
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(c) Discourage foreign investors
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(d) Ensure production of quality goods
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The correct answer is: (b) Promote trade withn the region
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50. The agreement which led to the formation of the West African Clearing House was signed in
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(a) The Gambia
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(b) Sierra Leone
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(c) Nigeria
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(d) Ghana
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The correct answer is: (c) Nigeria
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Download WASSCE/WAEC Commerce pdF (2022) Paper 2 (essay questions and answer 1 - 8)
We have provided a pdf where you can practice wassce Paper 2 for Commerce 2022. To download the
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- wassce/waec past questions and answers for Commerce 2023
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