Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
statement of account
consular invoice
proforma invoice
statement affairs
Correct answer is A
A statement of account is a detailed report of the contents of an account. An example is a statement sent to a customer, showing billings to and payments from the customer during a specific time period, resulting in an ending balance.
The role of customs and excise authority includes the
control of the flow of goods in and out of the country
control of security agents within and out of the borders
provision of dockyards for ship repairs and maintenance
provision of transport system to facilitate imports and exports
Correct answer is A
Functions of customs and excise authorities
a bill of sight
an invoice
an indent
a bill of entry
Correct answer is A
Bill of sight refers to a declaration made to customs officer by an importer who is unsure about what is being shipped. The bill of sight allows an importer to inspect the goods before paying duties.
The document issued by a port authority for goods deposited is a
bill of lading
bill of sight
consular invoice
warehouse warrant
Correct answer is C
A consular invoice is a document certifying a shipment of goods and shows information such as the consignor, consignee, and value of the shipment.
To eliminate middlemen, there should be a retail outlet such as
producer co-operative
consumer co-operative
multiple shop
departmental store
Correct answer is C
In a typical distribution channel, the middleman is the wholesaler or the retailer. Manufacturers would eliminate the middleman by selling products directly to retail stores or consumers. Wholesalers can do the same by skipping retailers and selling directly to consumers.