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.
If a buyer is given 12.5% discount on N50,000 worth of goods, how much will he pay?
N56 250
N43 750
N43 250
N6250
Correct answer is B
\(\frac{12.5}{100}\) x 50,000 = 6250
50,000 - 6250 = 43,750
The term free on board means that the price includes?
costs and insurance only
costs and freight only
freight and insurance only
costs, insurance and freight
Correct answer is D
The term Free On Board is a transportation term that indicates when liability and ownership of goods are transferred from a seller to a buyer. It shows when the risk of loss shifts from the seller to the buyer, and who pays the costs of freight and insurance.
The most commonly used commercial documents are?
order notes, debit notes, invoices and quotations
letters of enquiry, consignment notes, receipts and invoices
credit notes, statement of accounts, depatch order and bills
balance sheet, receipts, invoices and manifest
Correct answer is A
No explanation has been provided for this answer.
An artificial barrier to international trade is?
political unrest
culture of the people
units of measurement
custom duties
Correct answer is D
The three major barriers to international trade are natural barriers, such as distance and language; tariff barriers, or taxes on imported goods; and non-tariff barriers. The non-tariff barriers to trade include import quotas, embargoes, buy-national regulations, and exchange controls.
Customs Duty refers to the tax that is imposed on the transportation of goods across international borders.
One of the functions of the wholesaler is to?
forecast prices
reduce prices of goods
promote sales
analyse sales periodically
Correct answer is C
No explanation has been provided for this answer.