Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
consular invoice
certificate of origin
bill of lading
close indent
Correct answer is B
A Certificate of Origin (CO) is an important international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country.
The document lodged with the customs authorities before a ship can leave the port is a
shipping note
ship report
ship manifest
dock warrant
Correct answer is C
A ship manifest, customs manifest or cargo document is a document listing the cargo, passengers, and crew of a ship, aircraft, or vehicle, for the use of customs and other officials.
The role of customs and exercise authority includes the
provision of a good transport system to facilitate imports and exports
provision of security at the port
control of the flow of goods in and out of the country
provision of dockyards for ship repairs
Correct answer is C
Collect revenue for the government by charging customs and excise duties. Collect, keep and analyse records of imported and exported goods and services. Control bonded warehouses to ensure that duty is collected on imported dutiable goods before releasing them.
Trading position of Nigeria is the same as her
desire to trade with many countries
willingness to grant credit to foreigners
balance of trade
terms of trade
Correct answer is A
No explanation has been provided for this answer.
A country is said to be experiencing an unfavorable balance of trade if her
exports exceed imports
visible exports exceed visible imports
imports and exports are equal
visible imports exceed visible exports
Correct answer is D
when the value of its imports exceed exports.