WAEC Past Questions and Answers - Page 23

111.

A person who earns extra commission for guaranteeing debts is a

A.

factor

B.

broker

C.

commission agent

D.

del-credere agent

Correct answer is D

A del credere is an agent who guarantees the solvency of third parties with whom the agent contracts on behalf of the principal.

112.

Which of the following will be suitable for hire purchase sale?

A.

Shares

B.

Refrigerator

C.

Shoes

D.

Textile

Correct answer is B

No explanation has been provided for this answer.

113.

Carriage forward on an invoice means

A.

carriage will be paid next time

B.

carriage will be paid by seller

C.

carriage will be paid by buyer

D.

carriage has been paid

Correct answer is C

used to show that the cost of shipping goods will be payed by the buyer

114.

A document used as a polite way of refusing credit is

A.

advice note

B.

quotation

C.

proforma invoice

D.

invoice

Correct answer is C

A pro forma invoice is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods

115.

The exclusive right of an author over his book is

A.

Trade mark

B.

Brand name

C.

Copyright

D.

Patent right

Correct answer is C

Copyright; is the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.