WAEC Commerce Past Questions & Answers - Page 173

861.

Tax levied on goods at each stage of their movement from production to the final consumer is known as

A.

customs drawback

B.

ad valorem duty

C.

specific tax

D.

value added tax

E.

tariff

Correct answer is D

No explanation has been provided for this answer.

862.

In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of

A.

a constructive loss

B.

a partial loss

C.

a general average lossa total loss

D.

an actual total loss

Correct answer is C

No explanation has been provided for this answer.

863.

Small scale retail attracts a lot of new enterpreneurs in West Africa because

A.

many people have had good training in retail trade

B.

it is easy to succeed with the business

C.

banks are always ready to lend retailers

D.

only a small amouynt of capital is needed to start the business

E.

government exempts retailers from paying tax

Correct answer is D

No explanation has been provided for this answer.

864.

The document issued to a newly formed public company to commence business is called the

A.

certificate of incorporation

B.

articles of association

C.

memorandum of association

D.

trading certificate

E.

insurance certificate

Correct answer is D

No explanation has been provided for this answer.

865.

Which of the following is a non-indemnity insurance?

A.

Personal Accident Insurance

B.

Burglary Insurance

C.

Fire Insurance

D.

Consequential loss Insurance

E.

Third Party Insurance

Correct answer is A

No explanation has been provided for this answer.