WAEC Past Questions and Answers - Page 32

156.

When an insurance policy is declared void because of a false declaration ; the principle involved is

A.

indemnity

B.

subrogation

C.

proximate cause

D.

utmost good faith

Correct answer is D

 The doctrine of utmost good faith is a principle used in insurance contracts, legally obliging all parties to act honestly and not mislead or withhold  important information while entering the contract

157.

Those who are engaged in the distribution of goods belong to

A.

commercial occupation

B.

extractive industry

C.

manufacturing industry

D.

construction industry

Correct answer is A

Commercial Occupation: This refers to all the people involved in the distribution and exchange of goods produced by the industrial sector. Examples of commercial workers are: bankers, transporters, insurers, traders, etc.

158.

A voluntary body formed by people in the same line of business for the purpose of protecting their interest is a

A.

trade association

B.

trade union

C.

chamber of commerce

D.

trading partnership

Correct answer is A

Trade association is an association of people or companies in a particular business or trade, organized to promote their common interests. 

159.

A cheque drawn by a bank on itself is a/an

A.

direct debit

B.

bank draft

C.

bank transfer

D.

overdraft

Correct answer is B

A bank draft is a cheque drawn by a bank on its own funds.

160.

Which of the following is an example of large-scale retailing?

A.

Hawking

B.

Mobile shops

C.

Kiosks

D.

Department stores

Correct answer is D

Large-Scale Retailers 

  •  Mail Order Sale:
  • Consumer Co-Operative Stores:
  • Vending Machine:
  • Discount Houses:
  • Supermarket (Self-Service Store):
  •  One-Price Shop:
  • Departmental stores