WAEC Past Questions and Answers - Page 14

66.

A price quotation which includes all the expenses involved in loading the goods into a ship is

A.

Free on Board (FOB)

B.

Free Alongside Ship (FAS)

C.

Cost, Insurance, Freight (C.I.F)

D.

ex-ship

Correct answer is A

No explanation has been provided for this answer.

67.

To take an insurance policy, an applicant must first complete a/an

A.

proposal form

B.

cover note

C.

certificate of insurance

D.

advice note

Correct answer is A

proposal form is the form completed by the policyholder when applying for insurance. You will need to fill in information about the risk you are insuring e.g. the rebuild cost of your house or type of car you own.

68.

Which of the following price quotations requires the buyer to take delivery at the manufacturer's warehouse?

A.

Ex-works

B.

F.O.R

C.

F.O.B

D.

D.F.A.S

Correct answer is A

No explanation has been provided for this answer.

69.

The insurance principle of indemnity does not apply to

A.

fire insurance

B.

life assurance

C.

burglary insurance

D.

marine insurance

Correct answer is B

The principle of indemnity does not apply to life insurance because, the human being can not easily be evaluated.

70.

The ancillary to trade which ensures that people have access to information pertaining to goods is

A.

insurance

B.

advertising

C.

warehousing

D.

banking

Correct answer is B

Advertising; describe or draw attention to (a product, service, or event) in a public medium in order to promote sales or attendance.