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
12
Okon Etim Esin is the?
A
debtor
B
creditor
C
exporter
D
importer
13
A
Bill of exchange
B
Cheque
C
Money order
D
A. Promissory note
14
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
15
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
16
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
17
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
18
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
19
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
20
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
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