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Wednesday, 11 November 2026
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Commerce Past Questions and Answers

Waec Commerce Questions

Question 301:
That part of the money in circulation not backed by gold is known as?
  • A Exchange equalization fund
  • B Fiduciary issue
  • C Note and coins
  • D Ordinary note issue
  • E Fictitious assets
View Answer & Explanation
Question 302:
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
  • A Debit note
  • B Invoice
  • C Statement
  • D Receipt
  • E Consignment note
View Answer & Explanation
Question 303:
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
  • A Debit note
  • B Invoice
  • C Statement
  • D Receipt
  • E Consignment note
View Answer & Explanation
Question 304:
Who is liable for the contact entered into by the agent on behalf of his principal? The
  • A Agent
  • B Principal
  • C Agent and the principal
  • D Third party
  • E Lawyer who drew up the agreement
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Question 305:
An agreement whereby the seller transfers the title to goods at a price is called?
  • A Contract of sale
  • B A hire-purchase agreement
  • C An agency agreement
  • D A contract of carriage of goods
  • E Haggling
View Answer & Explanation