Waec Commerce Past Questions For Year 1997
Question 11
Which of the following is not a function of merchant banks?
- A. Granting long term loans
- B. Advising corporate institutions
- C. Underwriting shares
- D. Discounting bills
- E. Printing new bank notes
Question 12
The document which gives the current price and terms of trade of a product is called?
- A. a letter of credit
- B. an invoice
- C. an advice note
- D. a consignment note
- E. an order form
Question 13
When a bill of exchange is signed by a debtor, it is said to be
- A. accepted
- B. negotiated
- C. honoured
- D. protested
- E. accomodated
Question 14
The payment made to the insured for loss incurred is
- A. premium
- B. indemnity
- C. ex gratia payment
- D. surrender value
- E. interest
Question 15
When an industry is nationalized, ownership belongs to the
- A. private investors
- B. indigenes
- C. state
- D. shareholders
- E. foreigners
