WAEC Commerce Past Questions & Answers - Page 53

261.

A type of policy where the assured or his dependents will not get anything if he dies within the period of the policy is known as

A.

group policy

B.

whole life policy

C.

endowment policy

D.

term policy

Correct answer is D

Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified "term" of years. In this type of insurance policy, the insurance company is not obligated to compensate the policy holder if they do not die within the time frame covered in the agreement

262.

Which of the following are exclusively functions of marketing?

A.

Buying, pricing, selling and promotion

B.

Risk-bearing, storage, production and transporting

C.

Organizing, risk-bearing, transporting and storage

D.

Production, promotion, distribution and recruiting

Correct answer is A

No explanation has been provided for this answer.

263.

The police and the army are engaged in

A.

direct service occupation

B.

indirect service occupation

C.

industrial occupation

D.

primary occupation

Correct answer is B

People in the indirect service occupation are involved in offering services that are not directly consumed by the consumers. They are not paid directly by the consumers but by the government from the public tax.

For instance; military personnel, civil servants, and law makers indirectly serve the public and are paid by the government by tax payers money.

264.

Which of the following is not a function of the commercial bank?

A.

Collection of deposit

B.

Safe custody services

C.

Issuing of currency

D.

Agents of payment

Correct answer is C

Only the central bank is tasked with the responsibility of issuing currency in a country

265.

One of the main objectives of International Bank for Reconstruction and Development(IBRD) is to

A.

settle interbank indebtedness

B.

lend to poor countries

C.

oversee the activities of banks abroad

D.

encourage trade liberalization

Correct answer is B

The major responsibility of the International Bank for Reconstruction and Development(IBRD) otherwise known as the world is to lend financial aid to poor countries that are torn by war and insecurity for developmental purposes.