JAMB Commerce Past Questions & Answers - Page 98

486.

The details of the goods require by the the purchaser is outlined in?

A.

a consular invoice

B.

an indent

C.

an invoice

D.

a certificateof orign

Correct answer is C

An invoice is a document issued by a seller to the buyer that indicates the quantities and costs of the products or services provider by the seller.

487.

The document issued to a port authority when goods are deposited is a?

A.

dock landing account

B.

bill of sight

C.

bill of lading

D.

dock warrant

Correct answer is D

A dock warrant is an instrument issued by a ware housekeeper, licensed by the state to traders who deposit goods with them. A dock warrant certifies that the holder is entitled to goods imported and warehoused in the docks. It transfers the absolute right to the goods described in it.

488.

Entrepot trade usually occurs in?

A.

exchanging goods within a nation

B.

exchanging goods among countries

C.

importing goods to be re-exproted

D.

exproting goods to be re-imported

Correct answer is C

Entreport; Trade in which imported goods are re-exported with or without any additional processing or repackaging.

489.

The document that gives an importer a freehand to obtain goods from any manufacturer is?

A.

a consular invoice

B.

a closed indents

C.

an open indent

D.

a freight note

Correct answer is C

An open indent is an order to an overseas purchasing agent to buy certain goods, without specifying the manufacturer. If the manufacturer is specified this is a closed indent. 

490.

The comparison of a country's visible and invisible exports and imports expressed in monetary term is?

A.

balance of payment

B.

terms of trade

C.

balance of trade

D.

terms of payment

Correct answer is C

Balance of trade; the difference in value between a country's imports and exports.