WAEC Past Questions and Answers - Page 2

Counter trade is a form of international trade in which goods or services are exchanged for other goods or services rather than the use of hard currency.

Countries that engage in countertrade have limited foreign exchange or credit facilities, and it is most common in developing countries.

A certificate of incorporation is a legal document relating to the formation of a company or corporation. It is a license to form a corporation issued by state government or, in some jurisdictions, by non-governmental entity/corporation. Its precise meaning depends upon the legal system in which it is used. also known as the birth certificate of a company. A certificate of incorporation are issued to public limited liabilty companies.

To calculate the rate of turnover, the following things are Needed;

• opening stock
• closing stock
• cost of goods sold.

All this have been given in the question so we go ahead to calculate our rate of turnover. 

first step is calculating the average stock which is gotten as; opening stock + closing stock / 2

Thus we have; Average stock = 40,000 + 24,000= 64,000 / 2= 32,000

rate of turnover= cost of goods sold / average stock.

48,000 / 32,000= 1.5 times

A channel of distribution is the network of individuals and organizations involved in getting a product or service from the producer to the customer. Distribution channels are also known as marketing channels or marketing distribution channels.

A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community.