2017 - JAMB Commerce Past Questions and Answers - page 1

This protects the consumers from false description of goods in terms of quality, quantity, size, place and date of manufacture

Is an unconditional written order from one person to another to pay a specified sum of money to a designated person.

A contract is an agreement or law binding the creation of business and enforceable in law.

This is wealth reserved for the production of more wealth. It includes physical cash, building, semi-finished goods.

Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.

An Auctioneer is a person who conducts an auction by announcing the lots and controlling the bidding.

This is the process of transferring a government owned business to a private owner.

This is an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contract usually related document such as quotation or specification.

A seller receives goods (returned) from the buyer, he prepares and sends a credit note as an intimation to the buyer, showing that the money for the related goods is being returned in form of a credit note

This is a small fee charged by the post office for sending money through mail. The poundage is paid by the purchaser.