WAEC Past Questions and Answers - Page 16

76.

Direct sales to consumers by manufacturers is a means of eliminating

A.

wholesalers only

B.

retailers only

C.

middlemen

D.

agents

Correct answer is C

middleman: an intermediary or agent between two parties especially : a dealer, agent, or company intermediate between the producer of goods and the retailer or consumer. When a manufacturer sells directly to the consumer, the middlemen are eliminated

77.

The selling of goods in small units is normally performed by

A.

chambers of commerce

B.

wholesalers

C.

distributors

D.

retailers

Correct answer is D

Retailer; is a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.

78.

A tariff refers to

A.

fees imposed on contraband goods

B.

fees paid on exports

C.

taxes imposed on imported goods

D.

taxes paid on home-made goods

Correct answer is C

Tariff; a tax or duty to be paid on a particular class of imports or exports.

79.

Ad valorem duties are based on the

A.

importance of the goods imported

B.

value of the goods imported

C.

weight of the goods imported

D.

nature of the goods imported

Correct answer is B

Ad valorem duty; means according to the value. Import duties or taxes expressed as a percentage of value.

80.

Which of the following is not a function of warehousing

A.

Creating security of goods

B.

Stabilization of price

C.

Production ahead of demand

D.

Storage of goods

Correct answer is B

No explanation has been provided for this answer.