WAEC Past Questions and Answers - Page 24

116.

The document in which full details of goods and the ship carrying the goods are contained is known as

A.

bill of exchange

B.

bill of sight

C.

certificate of origin

D.

shipping advice note

Correct answer is C

Certificate of Origin (CO) is an important international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country.

117.

Throwing cargo overboard in order to save a ship from sinking is

A.

jettison

B.

abandonment

C.

piracy

D.

flotsam

Correct answer is A

Jettison; this simply means to throw or drop (something) from an aircraft or ship.

118.

The functions of credit and thrift society does not include

A.

charging low interest rate on loans

B.

providing savings facilities

C.

encouraging mutual co-operation of members

D.

providing security for member's property

Correct answer is D

Cooperative thrift and credit societies can address some of the shortcomings of Esusu. These are member-based organisations that help members to address economic problems. The ultimate goal is to encourage thrift among the members and to meet the credit needs of people who might otherwise be exposed to exploitation. Their functions does not include option D

119.

The abbreviation E & O.E. on an invoice seeks to

A.

draw the attention of the buyer to the contents of the document

B.

show that there is no error about price quoted on the invoice

C.

protect the seller against any error on the document

D.

draw the attention of the seller to the contents of the document

Correct answer is C

This is an abbreviation for "errors and omissions excepted," a disclaimer stating that information in a document is not necessarily accurate. It is used to say that a price list, product description, or other document may contain mistakes or may not include some details

120.

Industrial occupation does not involve the

A.

growing and extraction of raw materials

B.

use of machinery

C.

construction and manufacturing of goods

D.

movement of people and goods

Correct answer is D

Industrial Occupation: This involves those who engage in the physical production of goods or changing of raw materials into finished or semi-finished goods or products.