WAEC Commerce 2008 past questions

Checked by the Skolra question team · Last updated 23 October 2026

Ten questions from the 2008 WAEC Commerce paper, with answers and explanations. We hold 51 questions from this paper, and the Skolra app has all of them.

WAEC Commerce 2008 questions and answers

1. 1.The main purpose of sending delivery notes along with goods is to
   1. A
      to give a detailed price list of the goods supplied
   2. B
      to remind the buyer of goods ordered but not yet paid for
   3. C
      to enable the buyer check and confirm the goods delivered against what was ordered before signing as proof of receipt
      Correct
   4. D
      to request payment for the goods supplied
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   Answer: C

   A delivery note is a document the seller packs along with the goods themselves when they are sent out to the buyer. It lists the items, and their quantities, that are actually being delivered in that consignment.

2. 2.Babou Penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat . Captain here as a factor of production refers to
   1. A
      Labour
   2. B
      Capital
   3. C
      Organisation
      Correct
   4. D
      Land
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   Answer: C

   Organisation (the entrepreneur) is correct. In Commerce, the four factors of production are Land, Labour, Capital and Organisation. Organisation is the factor that brings the other three together, plans the venture, directs the workers, and takes the risk of the business.

3. 3.One disadvantage of advertising to the consumer is that it
   1. A
      it forces producers to lower the quality of their packaging
   2. B
      it eliminates the role of middlemen in distributing the goods
   3. C
      it raises the cost of the product, which is passed on to the consumer
      Correct
   4. D
      it reduces the variety of goods a producer can offer for sale
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   Answer: C

   Correct answer: advertising raises the cost of the product, which is passed on to the consumer.

4. 4.A refund of the duty collected on goods imported into a country which are later re-exported is called
   1. A
      Rebate
   2. B
      Bonded warehouse
   3. C
      Subsidy
   4. D
      Drawback
      Correct
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   Answer: D

   Drawback is the correct term. In international trade, a duty drawback is a refund of import duty already paid on goods that are later re-exported rather than consumed in the importing country. Nigerian customs practice recognises this so that a country does not end up taxing goods meant for another market.

5. 5.List and explain four documents involved in the formation of a public limited company.
   1. A
      Memorandum of Association, Share Certificate, Trading Certificate and Statement of Affairs
   2. B
      Articles of Association, Certificate of Incorporation, Prospectus and Bill of Lading
   3. C
      Certificate of Incorporation, Articles of Association, Partnership Deed and Business Name Certificate
   4. D
      Memorandum of Association, Articles of Association, Certificate of Incorporation and Prospectus
      Correct
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   Answer: D

   To form a public limited company in Nigeria, the promoters must prepare and file four key documents with the Corporate Affairs Commission: the Memorandum of Association (it states the company's name, objectives, registered address and its relationship with people outside the company), the Articles of Association (the internal rule book that governs how the company is to be run), the Certificate of Incorporation (the legal certificate issued by the Corporate Affairs Commission that brings the company into existence as a corporate body), and the Prospectus (an invitation to members of the public to subscribe for the company's shares or debentures — a document only a public company can lawfully issue).

6. 6.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?
   1. A
      Debit note
      Correct
   2. B
      Credit note
   3. C
      Receipt
   4. D
      Statement of account
   Show answerHide answer

   Answer: A

   The carton of fish was actually worth ₦2,500, but the grocer's invoice charged the buyer only ₦2,000. This means the buyer was undercharged by ₦500, so the buyer now owes the seller an extra ₦500.

   So, since the buyer was undercharged, the grocer must send a debit note to recover the shortfall of ₦500.

7. 7.If a ship overstays its stipulated time at a port, it pays a charge known as
   1. A
      Demurrage
      Correct
   2. B
      Wharfage
   3. C
      Freight
   4. D
      Dispatch
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   Answer: A

   In shipping practice, a charterparty fixes a period called laytime — the time allowed for a ship to load or discharge its cargo at a port. If the ship stays longer than this agreed time, the charterer must pay the shipowner a penalty charge called demurrage for every extra day the ship is held beyond the stipulated time.

8. 8.Which of the following advertising media combines the advantages of both sight and sound?
   1. A
      Newspaper
   2. B
      Billboard
   3. C
      Television
      Correct
   4. D
      Radio
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   Answer: C

   Television is the advertising medium that combines both sight and sound. It shows moving pictures (sight) while playing a voice, music or jingle (sound) at the same time, which is why it is often considered the most persuasive advertising medium.

9. 9.Which of the following economic unions is made up of countries in West Africa only?
   1. A
      OPEC (Organization of Petroleum Exporting Countries)
   2. B
      EEC (European Economic Community)
   3. C
      ECOWAS (Economic Community of West African States)
      Correct
   4. D
      OAU (Organisation of African Unity)
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   Answer: C

   ECOWAS (Economic Community of West African States) is correct. It was formed in 1975 and its membership is drawn only from West African countries such as Nigeria, Ghana, Senegal, Côte d'Ivoire, Benin and others, brought together mainly for economic cooperation and trade among themselves.

   The European Economic Community is made up of European countries, not West African ones, so it does not fit the question at all.

10. 10.Which of the following is mostly used by a mail order business to sell goods
    1. A
       Showroom
    2. B
       Retail shop
    3. C
       Commission agent
    4. D
       Catalogue
       Correct
    Show answerHide answer

    Answer: D

    A mail order business does not have a shop that customers walk into. Instead, it sells by producing a catalogue — a booklet or list showing pictures, descriptions and prices of the goods on offer. The customer looks through the catalogue, chooses what he wants, and sends his order (with payment) by post; the trader then delivers the goods to the customer's address.

The questions come from past JAMB, WAEC and NECO papers. We use software to help write the answer options and explanations, and every answer is checked twice before it goes on the site. How we check

Spotted a wrong answer? Tell us from the app or on the contact page and we check it.

Practise all 51 questions we hold from the 2008 paper, on a timed CBT screen

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