WAEC Commerce 2015 past questions

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

Ten questions from the 2015 WAEC Commerce paper, with answers and explanations. We hold 49 questions from this paper, and the Skolra app has all of them.

WAEC Commerce 2015 questions and answers

1. 1.Which of the following is an aspect of marketing concept
   1. A
      Consumer orientation
      Correct
   2. B
      Product differentiation
   3. C
      Price differentiation
   4. D
      Sales orientation
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   Answer: A

   Consumer orientation is correct. The marketing concept is a business philosophy that says a firm succeeds by first finding out what customers need and want, and then designing, producing and pricing goods to satisfy those needs profitably. Putting the customer's needs at the centre of every business decision is exactly what consumer orientation means, so it is a core aspect of the marketing concept.

2. 2.Which of the following is a disadvantage of foreign trade
   1. A
      It strengthens diplomatic and trade relations between nations
   2. B
      It creates more job opportunities within the country
   3. C
      It helps a country to specialise in producing the goods it is best suited to produce
   4. D
      It can lead to the dumping of inferior or substandard goods on the local market
      Correct
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   Answer: D

   Foreign trade (international trade) has both advantages and disadvantages, and this question is testing whether the candidate can tell them apart.

   So the correct answer is the dumping of inferior goods, since it is the one option that describes real harm caused by foreign trade.

3. 3.A house insured against damage by flood was burnt down and the owner had no claim. which of the following principles prevented him from making a claim
   1. A
      Principle of proximate cause
      Correct
   2. B
      Principle of indemnity
   3. C
      Principle of utmost good faith
   4. D
      Principle of insurable interest
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   Answer: A

   The principle of proximate cause is what prevented the owner from claiming.

   So the mismatch between the peril insured (flood) and the actual cause of loss (fire) is a classic example of proximate cause defeating a claim.

4. 4.A professional in insurance who evaluates the level of loss claims is
   1. A
      Underwriter
   2. B
      Loss adjuster
      Correct
   3. C
      Actuary
   4. D
      Insurance broker
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   Answer: B

   The professional described is the loss adjuster. When a policyholder makes a claim, the loss adjuster is the specialist who visits the scene, investigates the circumstances, and evaluates the level (extent) of the loss so the insurance company knows exactly how much compensation to pay.

   The other options describe different insurance roles entirely:

   Underwriter works at the start of a policy, not at claim time — he assesses the risk being proposed and decides the premium to charge before cover begins.

5. 5.The fee paid for transporting goods by ship is
   1. A
      Demurrage
   2. B
      Primage
   3. C
      Dock dues
   4. D
      Freight
      Correct
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   Answer: D

   Freight is the correct answer. Freight is the fee or charge paid to a shipping company for transporting (carrying) goods by ship from one port to another. It is the basic cost of carriage and appears on shipping documents such as the Bill of Lading.

6. 6.An association that protects the interest of members in the same line of business is?
   1. A
      Trade association
      Correct
   2. B
      Cooperative society
   3. C
      Chamber of commerce
   4. D
      Trade union
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   Answer: A

   A trade association is the body formed by firms operating in the same line of business (e.g. bakers, printers, textile dealers) specifically to protect and promote the common commercial interests of its members — things like fair pricing, standard practices, supply issues and representation to government on matters affecting that trade.

7. 7.Which of the following principls stipulates that the insured must be in a position to suffer financial loss?
   1. A
      Subrogation
   2. B
      Utmost good faith
   3. C
      Indemnity
   4. D
      Insurable interest
      Correct
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   Answer: D

   Insurable interest is the principle being described. It states that a person taking out an insurance policy must have a legal or financial relationship with the subject matter of the insurance, such that he or she stands to suffer a genuine financial loss (or incur a liability) if the event insured against actually happens. Without this interest, the "insurance" would be nothing more than a bet on an event, which is why courts will not enforce a policy where it is absent.

8. 8.Duty drawback refers to duties paid on?
   1. A
      Goods kept in a bonded warehouse awaiting clearance
   2. B
      Goods imported and sold for home consumption
   3. C
      Goods transferred from one customs warehouse to another
   4. D
      Goods imported into the country and later re-exported
      Correct
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   Answer: D

   Duty drawback is the refund (draw-back) of import duty already paid by a trader on goods, when those same goods are later re-exported out of the country instead of being sold at home. The customs authority "draws back" (returns) part or all of the duty because the goods did not end up being consumed locally.

9. 9.Which of the following is a function of the retailer to the wholesaler
   1. A
      Providing after-sales services
   2. B
      Sales of goods in smaller quantities
   3. C
      Providing information on market trends
      Correct
   4. D
      Sales of a variety of goods
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   Answer: C

   Providing information on market trends is correct. The retailer stands closest to the final consumer, so they are the first to notice a shift in consumers' tastes, preferences, and buying habits. By passing this feedback back up the chain to the wholesaler, the retailer helps the wholesaler know what to stock, what is falling out of demand, and what to reorder. This flow of information from the point of sale upward is a genuine service the retailer renders to the wholesaler, not the other way round.

10. 10.Which of the following activities is classified under extractive industry?
    1. A
       Mining of crude petroleum
       Correct
    2. B
       Rearing of poultry birds
    3. C
       Weaving of cotton into cloth
    4. D
       Building of bridges and roads
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    Answer: A

    Mining of crude petroleum is the correct answer. An extractive industry is one that extracts or removes raw materials directly from the earth (or sea) in their natural state, without growing or breeding them first. Crude petroleum, like coal, tin ore and natural gas, is simply drawn out of the ground, which makes oil mining a classic example of extractive industry.

    So among the four, only crude petroleum mining fits the definition of extractive industry.

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 49 questions we hold from the 2015 paper, on a timed CBT screen

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