WAEC Past Questions and Answers - Page 70

346.

A transaction where the buyer of a commodity becomes its legal owner after the payment of the last installment is

A.

a credit sale

B.

factoring

C.

hire purchase

D.

leasing

Correct answer is C

No explanation has been provided for this answer.

347.

If a ship overstays its stipulated time at a port, it pays a charge known as

A.

arbitrage

B.

demurrage

C.

dock due

D.

toll

Correct answer is B

No explanation has been provided for this answer.

348.

The exchange of goods and services among many countries is

A.

multilateral trade

B.

bilateral trade

C.

counter trade

D.

entrepot trade

Correct answer is A

No explanation has been provided for this answer.

349.

A grocer invoiced a carton of fish valued at #2,500 for #2,000 only. To correct the error, which of the following documents will be sent to the buyer?

A.

Credit note for #500.00

B.

Debit note for #500.00

C.

Credit note for #2,500.00

D.

Debit note for #2,500.00

Correct answer is B

No explanation has been provided for this answer.

350.

The charges imposed by the government on locally manufactured goods is called

A.

customs duties

B.

excise duties

C.

tariffs

D.

quota

Correct answer is B

No explanation has been provided for this answer.