1999 - JAMB Commerce Past Questions and Answers - page 2
11
Which of the following is not a veritable source of funds to a public limited company?
A
government financial grant
B
advances and loan from banks
C
internally generated funds
D
funds from the sale of shares
correct option: a
Users' Answers & Comments12
Okon Etim Esin is the?
A
debtor
B
creditor
C
exporter
D
importer
correct option: b
Users' Answers & Comments13
A
Bill of exchange
B
Cheque
C
Money order
D
A. Promissory note
correct option: a
Users' Answers & Comments14
The term ‘5 Net 7’ on an invoice means that?
A
5% discount will be allowed on the price charged if payment is made within seven days
B
5% discount will be allowed on the price charged if payment is made after seven days
C
5% surcharge will be made unless payment is made within seven days
D
5% dicount will be allowed on the charged if the goods are bought within seven days
correct option: a
Users' Answers & Comments15
Kabir receives two quotations. Ade quotes N 100 less 20% trade discount and 20% cash discount while Benson N100 less 30%trade discount and 10% cash discount. If Kabir wants to take advantage and cash discount, then
A
the material should be supplied by Ade
B
the material should be supplied by both of them
C
the material should be supplied by Benson
D
Benson should be ask to reduce his trade discount
correct option: a
Users' Answers & Comments16
A company which issues a promissory note in lieu of payment for goods purchased
A
can refuse to pay ondue date since it is only a promise
B
is bound to redeem the note for cash on due date
C
is not bound to renew the note before payment
D
can return the goods purchase and refuse to pay
correct option: b
Users' Answers & Comments17
Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on
A
Emeka's right to terminate the agreement
B
Kamaldeen's right to re-hire the Goods
C
Emeka's right to breach the agreement
D
Kamaldeen's right to terminate the agreement
correct option: b
Users' Answers & Comments18
The main document sent to an importer of goods by the exporter are?
A
invoice, consular invoice, certificate of orign, fright note, indent and insurance policy
B
indent, bill of lading, certificate of orign, invoice and bill of exchange
C
certificate of orign, bill of exchange, insurance policy, indent and bill of lading
D
bill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange
correct option: d
Users' Answers & Comments19
The document that indicate instant payment of cash for goods whenever the are delivered is
A
credit note
B
proforma invoice
C
debit note
D
statement of account
correct option: d
Users' Answers & Comments20
Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading?
A
Bill of sight
B
Import invoice
C
Consular invoice
D
Bill of exchange
correct option: c
Users' Answers & Comments