Question 346:

• JAMB 1999

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

Question 347:

• JAMB 1999

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

Question 348:

• JAMB 1999

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

Question 349:

• JAMB 1999

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

Question 350:

• JAMB 1999

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