2014 - JAMB Commerce Past Questions and Answers - page 2

11
A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a
A
statement of account
B
consular invoice
C
proforma invoice
D
statement affairs
correct option: a
Users' Answers & Comments
12
In response to an inquiry from a customer, a wholesaler is expected to send back
A
a consignment note
B
an order
C
a qoutation
D
an advice note
correct option: c
Users' Answers & Comments
13
A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue
A
an invoice for #200
B
a debit note for #2,00
C
a credit note for #1,800
D
a debit note for #1,800
correct option: d
Users' Answers & Comments
14
Tourists with no fixed address in a town may receive their letters from post office through a
A
poste restante
B
parcel post
C
private mail bag
D
recorded delivery
correct option: a
Users' Answers & Comments
15
Endowment policy in insurance business is an aspect of
A
accident insurance policy
B
fidelity guarantee insurance policy
C
motor vehicle insurance policy
D
life assurance policy
correct option: d
Users' Answers & Comments
16
Insurance against burglary is an example of
A
indemnity insurance
B
fidelity guarantee insurance
C
non-insurable risk
D
non-indemnity insurance
correct option: a
Users' Answers & Comments
17
The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is
A
subrogation
B
proximate cause
C
uberrimae fidei
D
contribution
correct option: c
Users' Answers & Comments
18
The insurance principle that allows an insurance an insurance company to take over the rights of the insured once he has been compensated is
A
indemnity
B
proximate cause
C
utmost good faith
D
subrogation
correct option: d
Users' Answers & Comments
19
A trader who experienced loss through fire can be restored by
A
an insurance company
B
a trade association
C
the bank
D
an advertising agency
correct option: b
Users' Answers & Comments
20
The distribution of petroleum products in Nigeria is through
A
rail
B
road
C
sea
D
air
correct option: d
Users' Answers & Comments
Please share this, thanks: