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.
The purchase of goods under the CWO system of payment implies that?
money must be enclosed when ordering
payment must be made on delivery
payment must be made within few days
cash must be paid on the spot
Correct answer is A
Cash With Order (CWO): A payment term whereby the buyer remits the money at the time the order is placed.
Free Alongside Ship
Franco
Free On Board
Free On Rail
Correct answer is C
Free On Board, in short FOB, is a term frequently used in shipping terms where the seller quotes a price including the cost of delivering goods to the nearest port. In simple terms, FOB price means the buyer has to bear the shipping costs completely.
The document which can be exchange for a bill of lading is?
freight note
mate receipt
export invoice
ship report
Correct answer is A
Freight note is an invoice from a shipowner to a shipper showing the amount of freight due on a shipment of goods. It can be use in place of a bill of lading
A document that indicates obligation that is transferable by delivery and endorsement is a?
bill of lading
bill of exchange
documentary evidence
negotiable instrument
Correct answer is A
No explanation has been provided for this answer.
The three components of a country's balance of payments are?
current account, capital account and monetary movement account
capital account, trade account and business record
sales account, profit and loss account and capital account
monetary movement account, trade account and sales ledger
Correct answer is A
The three components of the balance of payments are the current account, financial account, and capital account.