WAEC Commerce Past Questions & Answers - Page 30

146.

A licensed person who is authorized to sell to the highest bidder is

A.

principal

B.

factor

C.

broker

D.

auctioneer

Correct answer is D

An auctioneer is a person who manages an auction, or a public sale at which people can bid on items. Goods are sold to the highest bidder in an auction.

147.

The collection of tariffs on imported goods is the function of

A.

Ports Authority

B.

Customs and Excise Authority

C.

Clearing and Forwarding Agents

D.

Export Promotion Council

Correct answer is B

Functions of customs and excise authorities

  • Collect and revenue for the government by charging customs and excise duties.
  • Collect, keep and analyse records of imported and exported goods and services.
  • Control bonded warehouses to ensure that duty is collected on imported dutiable goods before releasing them

148.

The entitlement of a debenture holder from a company's income is known as

A.

commission

B.

interest

C.

lien

D.

dividend

Correct answer is B

debentures are a long-term security yielding a fixed rate of interest, issued by a company and secured against assets. The holders are paid a fixed interest

149.

Which of the following is not an insurance of indemnity

A.

Life

B.

Marine

C.

Burglary

D.

Fire

Correct answer is A

Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party. The life insurance is not part of indemnity insurance because life cannot be restored once lost.

150.

Collecting information on the taste of consumers and the extent of demand for a product is

A.

market research

B.

market segmentation

C.

marketing mix

D.

marketing concept

Correct answer is A

market research; is the action or activity of gathering information about consumers' needs and preferences.