If you are a candidate seeking WAEC Business Management Questions and Answers for 2023, you have arrived at the right place as we will break them down for you. We will go further to show you how WAEC Business Management questions are set and the best way to answer for full marks.
The West African Senior School Certificate Examination (WASSCE) is organized by WAEC in West African countries. The exam boasts millions of candidates each year due to its importance and over 15 subjects are sat for in the exams including Business Management. That being said, let’s go through the questions and answers for the subject at hand.
WAEC Business Management Questions and Answers 2022/2023
Section – A (Objectives)
1. A business organization whose source of capital is from government subvention or grants is a
A. co-operative society.
B. public corporation.
C. public limited liability company.
D. small-scale enterprise.
2. State-owned enterprises must at least break-even. This means
A. their prices must be affordable.
B. N their profit must exceed their operational cost.
C. they must generate revenue to just cover cost.
D. they must maximize profit.
3. A person who wants information about the history and viability of a company for the purpose of buying shares must look for the
A. articles of association.
D. regulation of a company.
4. An effective way to enhance co-ordination in an organization is through
A. adequate planning.
B. committee meetings.
C. regular delegation.
D. staff motivation.
5. The exchange of services between two countries is
A. balance of trade.
B. invisible trade.
C. terms of trade.
D. visible trade.
6. The last element in the channel of distribution is the
7. Governments can protect infant industries from foreign competition by
A. giving them loans.
B. increasing excise duties.
C. increasing tariffs.
D. reducing the exchange rates.
8. An investor who buys shares at lower prices hoping to sell at a higher price is
A. an agent.
B. a bear.
C. a bull.
D. a jobber.
9. Which of the following taxes is a component of customs duty?
A. Income tax
B. Excise duty
C. Export duty
D. Sales tax
10. An exporter who deals in tangible goods is engaged in
A. counter trade.
B. entrepot trade.
C. invisible trade.
D. visible trade
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Section B – Subjective
1. An association of two or more persons who come together to form a business with a view to making profit is known as
• Joint-stock company
• Sole Proprietorship
2. Which of the following statements is not true of an organizational chart?
• It shows the various management positions in a company
• It identifies the vertical and horizontal relationships of the workers
• It shows the profits made in one accounting year by a company
• It shows the span of control
3. The basic steps in the decision-making process in an organization include
Developing possible alternative courses of action
Employing many decision makers
Appointing a board of directors
• I, II and III only
• I, III and IV only
• I, II and V only
• I, II and IV only
4. Which of the following is an essential part of a valid contract?
• Acceptance only
• Intention to create legal relations
• Counter offer
• A third party
5. One advantage of a Sole Proprietorship is
• A high overhead cost
• Ability to raise large capital
• Ability to take quick decision
• Impersonal service to customers
6. The annual revenue and expenditure of Government are projected in the
• Balance sheet
• Balance of payment
• Gross domestic income
• Budget statement
7. Money serves as:
I. Medium of exchange
II. A unit of wealth measures of wealth
III. Store of value
IV. Balance of payment
• I, II and V only
• I, II, III and IV only
• II, III and V only
• III, W, and V only
8. Which of the following is a principle underlining all insurance policies?
• personal accident
• child education
• utmost good faith
• life assurance
DISCLAIMER! These are not real WAEC GCE Business Management questions but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to take note of every question provided on this page.
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