WAEC Past Questions and Answers - Page 111

551.

The divisions of production are

A.

industry,banking and services

B.

industry,manufacturing and services

C.

industry,commerce and services

D.

industry, commerce and services

Correct answer is C

No explanation has been provided for this answer.

552.

Any activity that changes raw materials into consumer or industrial goods is

A.

Constructive

B.

assembling

C.

extractive

D.

manufacturing

Correct answer is D

No explanation has been provided for this answer.

553.

Which of the following is not a function of commerce

A.

advertising goods

B.

creation of goods

C.

increasing profit made

D.

distribution of goods

Correct answer is C

No explanation has been provided for this answer.

554.

A bill of exchange is retired when it is

A.

paid before maturity

B.

marked "accepted"

C.

discounted

D.

dishonoured

Correct answer is D

No explanation has been provided for this answer.

555.

Mr Ajai did not disclose that he stores drums of petrol when he took a fire insurance policy. Under which of the following principles will the insurance company reject his claims

A.

Subrogation

B.

Utmost good faith

C.

Insurable interest

D.

Proximate cost

Correct answer is B

No explanation has been provided for this answer.