WAEC Commerce Past Questions & Answers - Page 23

111.

A document used as a polite way of refusing credit is

A.

advice note

B.

quotation

C.

proforma invoice

D.

invoice

Correct answer is C

A pro forma invoice is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods

112.

The exclusive right of an author over his book is

A.

Trade mark

B.

Brand name

C.

Copyright

D.

Patent right

Correct answer is C

Copyright; is the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.

113.

The document in which full details of goods and the ship carrying the goods are contained is known as

A.

bill of exchange

B.

bill of sight

C.

certificate of origin

D.

shipping advice note

Correct answer is C

Certificate of Origin (CO) is an important international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country.

114.

Throwing cargo overboard in order to save a ship from sinking is

A.

jettison

B.

abandonment

C.

piracy

D.

flotsam

Correct answer is A

Jettison; this simply means to throw or drop (something) from an aircraft or ship.

115.

The functions of credit and thrift society does not include

A.

charging low interest rate on loans

B.

providing savings facilities

C.

encouraging mutual co-operation of members

D.

providing security for member's property

Correct answer is D

Cooperative thrift and credit societies can address some of the shortcomings of Esusu. These are member-based organisations that help members to address economic problems. The ultimate goal is to encourage thrift among the members and to meet the credit needs of people who might otherwise be exposed to exploitation. Their functions does not include option D