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.
An instalmental buying system where ownership immediately transfers to the buyer is known as?
deferred payment
hire - purchase
spot buying
cash sales
prompt payment
Correct answer is A
No explanation has been provided for this answer.
Who is liable for the contract entered into the agent on behalf of his principal? The
agent
principal
agent and principal
third party
lawyer who drew up the agreement
Correct answer is B
No explanation has been provided for this answer.
excess of income over expenses
total income from the sale of goods
difference between sales and purchases
amount of purchasenless closing stock
excess of total sales over total purchases
Correct answer is A
No explanation has been provided for this answer.
Which of the following terms of price quotation includes cost of transportation to buyers premises?
FOB
C & F
FOR
FAS
Exship
Correct answer is B
No explanation has been provided for this answer.
Which of the following is the safest means of sending a postal order from Lagos to a friend in Jos?
Registered letter
Recorded delivery
Railex
First class mail
Express mail
Correct answer is B
No explanation has been provided for this answer.