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Thursday, 12 November 2026
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Commerce Past Questions and Answers

Waec Commerce Questions

Question 716:
Which of the following will enable customs officers to correctly assess import duties on goods?
  • A Pro-forma invoice
  • B Bill of exchange
  • C Documentary credit
  • D Consular invoice
  • E Bill of laden
View Answer & Explanation
Question 717:
An insurance policy which benefits one's family only is in the event of one's death is known as
  • A A comprehensive insurance
  • B A whole-life insurance
  • C An endowment policy
  • D An annuity
  • E A third party insurance
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Question 718:
One of the demerits of sole trading is
  • A Quick decision taking
  • B Flexibility in operation
  • C Unlimited liability
  • D Pride of ownership
  • E Ease of commencement
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Question 719:
A group of people in the same line of business who come together for the interest of its members is called
  • A Chamber of Commerce
  • B Trade association
  • C Trade union
  • D Consortium
  • E Cartel
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Question 720:
A foreign order which instructs an agent to buy certain goods at a particular place called
  • A Letter of credit
  • B Letter of attorney
  • C Open indent
  • D Closed indent
  • E Bill of laden
View Answer & Explanation