2021 WAEC Marketing Questions and Answers

1. The performance of business activities that direct the flow of goods and services from producer to consumer is
A. distribution.
B. marketing.
C. advertising.
D. promotion.

2. Goods produced for immediate use by a household is classified as
A. industrial goods.
B. market goods.
C. durable goods.
D. consumer goods.

3. Which of the following is not a component of marketing mix?
A. Price
B. Product
C. Profit
D. Promotion

4. Which of the following is not influenced by consumer behavior?
A. Life style
B. Culture
C. Religion
D. Distribution

5. In Nigeria, the body that ensures that its members operate according to their professional ethics is the

6. The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the

A National Council on Privatization
B Securities and Exchange Commission
C Nigeria Investment Promotion Commission
D Bureau of Public Enterprises

7. The principle of indemnity is NOT applicable to
A. Life assurance
B. Accident insurance
C. Fire insurance
D. Marine insurance

8. The advertising medium which combines sight and sound is the
A. Radio
B. Television
C. Print media
D. posters
Show Answer

9. The closure of the unregistered patent medicine stores is geared towards sound
A. economic environment
B. social environment
C. physical environment
D. legal environment

1O. The recommendation made by the Central Bank to the commercial banks in respect of their lending policy is known as
A. directives
B. moral suasions
C. advisory notes
D. consolidation

11. Waybill is a document driving details of goods sent by
A. public vehicle, train and air
B. train ad ship
C. ship alone
D. air alone

12. An association of the principal business concerns in an area is referred to as

A. Article of association

B. Memorandum of Association

C. Chambers of Commerce

D. Chambers of Companies

13. Commission salesman include the following except

A. Factors

B. Brokers

C. Del credere agents

D. Partners

14. Into which of the following two broad areas can trade be divided

A. home and foreign trade

B. wholesale and retail trade

C. imports and exports

D. visible and invisible trade

15. Which of the following is not true of sole proprietorship?

A. It has a separate legal entity

B. It has unlimited liability

C. It has slim chances of expansion

D. It can convert into a company

16. Commerce means

A. The creation of utility

B. Exchange of goods and services

C. Exchange and distribution of goods and services

D. Exchange and distribution of goods

17. The most common means of transport in the riverine area is

A. Bus

B. Canoe

C. Train

D. helicopter

18. Which of the following cheques could not be cashed across the counter?

A. Crossed cheque

B. Order cheque

C. Certified cheque

D. Bearer cheque

19. In marketing, any good or service that satisfies the consumer is called a

A. Place

B. Product

C. Promotion

D. price

2O. Which of the following is a non-consumable item in the office?

A. Furniture

B. Loose sheets

C. Office pins

D. File tags

21. One of the obstacles to achieving one objective of ECOWAS is

A. Lack of common currency

B. Colonial linkages

C. Sovereignty of states

D. Language differences

22. One of the main objectives of establishing the Niger River Basin Commission was to

A. Embark on a comprehensive survey of the available water resources

B. Carry out research for the development of fresh water fisheries

C. Develop infrastructures to facilitate economic activities

D. Promote trade among member-states to improve standards of living

23. The basic function of the Nigerian Port Authority is to

A. Ensure that the right caliber of personnel is employed at the ports

B. Coordinates and regulate the activities of shipping lines

C. Facilitate and control the movement of goods arid services into and out of the country

D. Coordinate the activities of all the seaports in the country

24. The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

A. subrogation

B. contribution

C. re-insurance

D. identity

25. Goods imported to a country for the purpose of re-exporting attracts a rebate known as

A) customers drawback

B) export royalty

C) incentive

D) export rebate

26. The nominal value of a share as specified in the memorandum of association and the share certified is the

A. discounted value

B. stock value

C. face value

D. par value

27. “Caveat emptor” as a commercial legal word means

A. Let the seller beware

B. Let the producer beware

C. Let the buyer be awarded

D. Let the buyer beware

28. The main feature of a supermarket is the sale of

A. Office equipment only

B. Food stuff only

C. General household goods

D. Building materials

29. The ship that is used as a sea taxi is called

A. Linens


C. Tankers

D. coasters

30. Which of the following is not a reward for labour

A. Profits

B. salaries

C. Wages

D. allowances

31. The person who calculates premium, sums assured and surrenders value in insurance contract is called

A. accountant

B. actuary

C. valuer

D. auditor

32.In the contract of sale of goods, let the buyer beware’ is signified by

A. del credence

B. caveat vendetta

C. caveat emptor

D. res ipsaloquitor

33. The main purpose of establishing a public corporation is to

A. provide employment

B. provide essential services

C. make profit

D. establish monopoly

34. Factorizing is a trade debt term used when the agent buys all the trade debts of the

A. Importer

B. Exporter

C. Nations

D. customers

35. Stevedores as a term in foreign trade means men who

A. inspect goods in ships

B. import goods by ships

C. collect duties

D. load and unload ships

36. A close indent is an instruction to an agent to

A. Order goods from a particular manufacturer

B. Order goods from any manufacturer

C. Sell goods in any form

D. Sell goods to a certain firm

37. Profit expressed as a percentage of the goods sold is referred to as

A. Margin

B. Mark up

C. Gain percentage

D. Gross profit

38. The main advantage of a sole trader is its freedom to

A. Employ anyone he likes

B. Seek advice from any source

C. Take quick decisions

D. Plough all the profits back into the business

39. In the case of voluntary liquidation of a business is (lie receiver is appointed by

A. Creditors

B. Debtors

C. Directors

D. Shareholders

40. When a company was more of loans than equity to finance its business, the company is said to be

A. Bankrupt

B. Solvent

C. High geared

D. In a strong liquid position

41. Rights issue means the

A. Issue of shares to the directors of a company on favourable firms

B. Issue of shares of a company only to the founder of the company

C. Rights of shareholder to vote on any issue

D. Issue of shares to shareholders on favourable terms

42. A term which indicates that a share is temporary suspended is

A. Ex-dividend

B. Un-dividend

C. Bond

D. stock

43. Excise duties are paid on goods that are

A. imported into the country

B. manufactured within the country

C. exported to other countries

D. kept in bonded warehouses

44. The business in the stock exchange is characterized essentially by

A. dealing

B. brokerage

C. speculations

D. transactions

45. The insurance policy which provides full cover against all risks at seas is known as:

A. policy with particular average

B. policy free of particular average

C. marine freight insurance

D. marine voyage policy insurance

46. A major liability of a commercial bank arises form

A. customers deposit

B. loans and advances

C. overdrafts

D. staff allowances

47. In the channel of distribution, which of the following sets is entirely made up of middle men?

A. Wholesales, retailers and agents

B. Manufacturers, consumers and retailers

C. Wholesales, agents and consumers

D. Retailers, manufacturers and wholesales

48. Most foreign trade transactions are paid through the use of

A. Central Bank cheques

B. Bank drafts drawn by commercial banks on their foreign branches

C. Irrevocable and confirmed letters of credits

D. Letters of credit authenticated by the embassies of the respective countries

49. The merger of two companies producing same type of produce is an example of

A. Vertical integration

B. Horizontal integration

C. Internal merger

D. An acquisition

Opening stock: ₦40,000.00
Purchases: ₦115,000.00
Closing stock: ₦60,000.00
Sales: ₦250,000.00

50. Which is the cost of goods sold?

A. ₦155,000.00

B. ₦95.000.00

C. ₦50,000.00

D. ₦30,000.00

51. The business organization in which shareholders have equal votes is

A. Sole proprietorship

B. Partnership

C. Cooperative

D. Limited liability company

52. One type of investment that has a variable income is

A. Debentures

B. Preferred shares

C. Government bonds

D. Ordinary shares

53. A public limited company can raise long term loans through

A. The capital market

B. The money market

C. Bank overdraft

D. Discount houses

54. The selling of article from place to place on foot is

A. Mailorder

B. Itinerant trading

C. Barter

D. Self service

55. Which of the following is the safest way of sending important document s through the post?

A. Registered mail

B. Parcel post

C. Letter post

D. Segmenting

56. Which of the following is an advertising function?

A. Packaging

B. Persuading

C. Grading

D. Segmenting

57. Unlimited liability in business implies that the

A. Risk of the owner is limited only to the amount invested

B. Debts are paid with subventions

C. Property of the owners should not’ be used to secure loans

D. Owners private property can be used to settle business debt

58. The practice of selling a product below the cost price to attract customers to a shop is known as

A. Hedging

B. loss leader

C. Skimming

D. Under-invoicing

59. The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is

A. Demographic environment

B. Economic environment

C. Cultural environment

D. Natural environment

60. An announcement of a person’s willingness to enter into a contract is referred to as

A. A proxy

B. An offer

C. A consideration

D. An acceptance

More WAEC questions and answers on Marketing

1. A major function of an entrepreneur is

A. Decision-making

B. Encouraging competition

C. Human-resource training

D. Motivating employees

2. Which of these is a form of sales promotion?

A. Advertising on radio

B. Offering free samples

C. Distributing printed materials

D. Advertising on radio

3.Which of the following has the shortest effect on the consumer

A. Fashion

B. Innovation

C. Fad

D. attribute

4. What is the lifespan of a cheque which is drawn but not presented immediately for payment?

A. 30days

B. 2 months

C. 6 months

D. 12 months

5. Which of the following is not a function of money?

A. a medium of exchange

B. serves as a store of value

C. easily recongnisable

D. makes deferred payment possible

6. Who among the following does not function in the stock exchange market?

A. Bull

B. Broker

C. Jobber

D. Promoter

7. Which of the following does not influence the choice of a means of transport?

A. Distance

B. value of goods

C. Urgency

D. Brand of vehicle

8. Which of the following types of cheque protect the holder against risk of loss

A. Open cheque

B. Bearer cheque

C. Post-dated cheque

D. Crossed cheque

9. Establishing and maintaining mutual understanding between an organization and its customers is known as

A. Marketing concept

B. Advertising

C. Public relations

D. Sales promotion

10. Which of the following is sent by a supplier who does not want to sell on credit?

A. Proforma invoice

B. Quotation

C. Consular invoice

D. Advice note

11. Which of the following features is common to all retailers?

A. Operating as sole proprietors

B. Selling to the final consumers

C. Operating with small capital

D. Selling on hire purchase to consumers

12. Which of the following are exclusively functions of marketing?

A. Buying, pricing, selling and promotion

B. Risk-bearing, storage, production and transporting

C. Organizing, risk-bearing, transporting and storage

D. Production, promotion, distribution and recruiting

13. Which of the following describes the reason for international trade?

A. Balance of payment

B. Comparative cost advantage

C. Absolute cost advantage

D. Balance of trade

14. Which of the following implies that the price quoted includes the cost of insurance and carriage?

A) F.O.B


C) O.D

D) C.I.F

15. Which of the following has no limit to its membership?

A) Ordinary partnership

B) Private L imited Company

C) Limited Partnership

D) Co-operative Society

16. Which of the following does not lead to the dissolution of a partnership?

A) absence of a deed of partnership

B) withdrawal of a partner

C) incapacity of any of the partners

D) completion of contractual term

17. Which of the following are features of a limited liability company?
i. Separate legal entity
ii. Right to sue but not be sued
iii. Has its own corporate name
iv. the inability of members is limited

A) I, II and III

B) II, III and IV

C) I, II and IV

D) I, III and IV

18. When shares are sold “EX-D1V”, it means that

A) No dividend is paid on the shares

B) The buyer receives the dividend

C) The seller receives the dividend

D) The stock exchange receives the dividend

19. A retail outlet meant to sell only a particular manufacturer’s product is known as a

A) Co-operative Shop

B) Chain store

C) Department store

D) Tied shop

20. An unfavorable balance of trade for a country means that her

A) Exports exceed import

B) Visible imports exceed visible exports

C) Invisible export exceeds visible imports

D) Import & exports are equal

WAEC Marketing Essay and Objective 2021
The above questions are not exactly 2021 WAEC Marketing questions and answers but likely WAEC Marketing repeated questions and answers and WAEC Marketing past questions.

These questions are for practice. The 2021 WAEC Marketing expo will be posted on this page today during the WAEC Marketing examination. Keep checking and refreshing/reloading this page for the answers.

WAEC Marketing Questions and Answers 2021 Loading…

Today’s WAEC Marketing Answers (2020 Answers)

(i) Television
(ii) Radio
(iii) Newspaper
(iv) Billboard
(v) Magazine
(vi) Cinema

(i) It provides an edge for the company’s product in the competitive market
(iii) It boosts the business image of the company and strengthen the quality of its brand
(iv) It stimulates the company’s sales thereby increasing profit

(i) Nature of the product
(ii) Cost of the service
(iii) Speed of Transport
(iv) Safety and security of the products

(i) To identify the problem areas in the company.
(ii) To understand the needs of existing customers and why they choose the services of the company over competitors.
(iii) To identify new business opportunities and changing market trends.
(iv) To recognize new areas for expansion, and increase customer base.
(v) To develop new, effective strategies by understanding the market based on market research results

(i) Define the Problem or Opportunity
(ii) Develop The Marketing Research Plan.
(iii) Collect Relevant Data and Information.
(iv) Analyze Data and Report Findings
(v) Put The Research Results into Action

(i) Name of product
(ii) Expiry date
(iii) Ingredients
(iv) Weight
(v) Manufacturer’s contact details
(vi) Direction/Instruction for usage

(i) It gets consumer attention quickly
(ii) It helps for brand recognition
(iii) It creates a unique identity of the product

(i) It reaches a wide audience
(ii) It grabs attention by combining sight and sound
(iii) It allow advertisers to create a long lasting and memorable brand and corporate image

(iv) It generate emotional responses from the viewer thereby increasing viewer trust for the product

(i) Organizational buying behaviour involves purchasing goods and services to produce another good with the intention of reselling it while Consumer buying behaviour is where the final consumer buys goods and services for the personal consumption
(ii) In organizational buying behaviour, decisions are frequently made by several people while decisions are usually made by individuals in consumer buying behaviour
(iii) In Organizational buying behaviour, it may engage in lengthy decision process while in Consumer buying behaviour, Individual may make quick decision in purchasing
(iv) In Organizational buying behaviour, the buying is done in large quantity while in Consumer buying behaviour, individuals buys only the necessary quantity of goods which is usually small.

(i) Technological factors
(ii) Policies
(iii) Organizational structure

(i) Technological factors: Technological factors also affect organizational behavior. This includes level of technology, pace of technology, technology transfer etc. E-commerce as well as information technology has got revolutionary change. It has directly affected organizational buying behavior.

(ii) Policies: Purchasing or buying policy also effects organizational buying behavior. Goods should be purchased according to buying policy of the organization. If the organization has the policy of buying indigenous goods, the buyer cannot buy foreign goods. If the purchasing policy is silent in this matter, whichever goods, foreign or indigenous, can be purchased as desired

(iii) Organizational structure: Organizational structure defines authority and relations which directly affects buying behavior. In some organizations, goods or services are purchased by direct order of chief executive while in some other organizations, goods or services are bought through purchase department. So, buying behavior is affected by organizational structure.


Areas of Concentration on WAEC Marketing
Introduction to Marketing
(a) Meaning;

(b) Explanation of basic terms in marketing: needs, wants, demands,

product, exchange, transactions, and markets,

(c) Brief history of marketing in Nigeria;

(d) Functions of marketing.

Marketing Concepts
(a) Meaning;

(b) Various marketing concepts (production, product, selling, marketing and societal marketing).

Marketing Mix and Marketing Environment
(a) Meaning;

(b) Elements;

(c)i Explain Marketing Environment

(c)ii Factors affecting marketing environment:

– political;

– cultural;

– religious;

– economic;

– technological;

– social.

(a) Meaning;

(b) Classification (Industrial goods, consumer goods,

services, primary and secondary products and mineral products-oil and non oil;

(c) Distinctions between classes of products.

(d) Product Design*

(a) Meaning;

(b) Classification:

– Consumer;

– Organization (industrial, reseller and government)

Consumer and Organizational Behaviour
(a) Meaning;

(b) Influencing factors;

(c) Decision process in logical order

Marketing Planning and Research
(a)i Meaning, process and importance;

ii Elements of marketing planning;

iii Information required for marketing planning

(b) Reasons for marketing planning and research.

(c) Utilization of feedback

(a) Meaning;

(b) i Strategies (haggling, cost-plus, demand and


ii Application of strategies*

(c) Price determinants.

(a) Definition;

(b) Functions;

(c) Media – meaning, types, advantages and disadvantages.

(d) Production of sample adverts*

Sales Promotion
(a) Meaning and Functions;

(b) Forms – price-off, coupons, salesmen competition,

loyalty schemes, premium offers, trade-in-allowance,

sampling, training schemes, and merchandising incentives.

(a) Meaning;

(b) Elements (packaging, branding and labeling)

(C) Influencing factors;

(d) Functions.

(a) Definition;

(b) Channels of distribution (definition and types)

(c) Factors influencing choice of distribution channels

(d) Functions of channel members.

(a) Meaning, mode, choice and importance

(b) Documents used in transportation;

(c) Factors affecting choice of transportation

(a) Meaning, types and functions.

(b) Activities in the warehouse

Market Unions and Facilitators
(a) Market Unions (Meaning and types)

(b) Roles of Market Unions in local markets;

(c) Market Facilitators – meaning, types and roles.

International Marketing
(a) Meaning, importance/reasons and methods of engaging in international marketing,

(b) Influencing factors;

(c) Guiding rules and regulations;

ICT in Marketing
(a) E-Marketing (electronic marketing) – meaning, ,importance, uses,ethics and abuses.

Entrepreneurship in Marketing
(a) Meaning of entrepreneurship and entrepreneur;

(b) Sources of funds;

(c) Factors affecting location of a market outlet;

(d) Management of market outlets – purchase and supply of goods and services;

(e) Selling and bargaining skills

»2021 WAEC Marketing Questions and Answers«