2022 Commerce Objective Question And Answers – Free WAEC Commerce 2022

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2022 Commerce objective questions and answers: If you are a candidate searching for 2021 Commerce objective questions and answers kindly check here. Nkedugists understand how the heat of the exam looks like that is we try to help.

1. Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment

B. Man produces, distributes, and consumes his goods and services

C. Man buys, sells, and distributes goods and services

D. Raw materials are changed into finished goods

2. The type of activity which turns processed raw materials into consumer and industrial goods is described as

A. Extractive

B. Manufacturing

C. Constructive

D. Processing

3. The production process that combines two or more raw materials into one end product is

A. conditioning

B. blending

C. merging

D. synthesis

4. A demonstration of social responsibility by a business is the payment of

A. taxes to government

B. dividends to shareholders

C. interest on loans

D. premium for

5. A distinguishing characteristic of a limited liability company is that it

A. is a collection of many sole proprietors

B. is a multiple partnership

C. can sue and be sued

D. has limited resources

6. Which of the following takes place when firms producing at different stages in the same industry combine?

A, Conglomeration

B. Vertical integration

C. Horizontal integration

D. Cartel.

7. Which of the following groups is paid first when a firm liquidates?

A. Perference

B. Debenture holders

C. Ordinary

D. Cummulative preference

8. Compulsory dissolution of a business can arise from

A. an agreement by the owners

B. a declaration by a court of law

C. the termination of its life

D. an unfavourable economic climate.

9. What are fixtures and fittings in a balance sheet?

A.Liquid capital

B. Current assets

C. Fixed assets

D. Working capital

10. Government impose import duties for the following reasons EXCEPT

A. to raise revenue for other services

B. to act as as a retaliatory measure against other governments

C. to discourage the redistribution of income at home

D. to protect home industries from external

11. Sole enterprise may flourish best in

A. a mining business a retailing business

B. an oil exploration business

C. a car assembly business

D. a retailing business

12. The rate at which a country’s exports exchange for its imports is called

A. balance of payments

B. balance of trade

C. terms of payment

D. terms of trade.

13.  The production process that combines two or more raw materials into one end product is

A. conditioning

B. blending

C. merging

D. synthesis

14. A demonstration of social responsibility by a business is the payment of

A. taxes to government

B. dividends to shareholders

C. interests on loans

D. premium on insurance

15. Which of the following statements is TRUE about sea transport?

A. All ships have specific routes to

B. All ships must be insured at every journey

C. All ships are insured separately from the crew

D. All ships normally arrive at their destination with goods.

16. The postal organization which preceded in Nigerian Postal Service is

A. Post and Telecommunications

B. Post and Telephone

C. Post and Teleprinter

D. Post and Telegraph.

NOTE THAT: All the questions drop down are not exactly 2021 WAEC Commerce questions and answers but likely WAEC Commerce repeated questions and answers, so if you can practice the questions it can also be of help.

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