Jamb Commerce 1998 Past Questions and Answers

Question 21:

• JAMB 1998

When a price is quoted at F.O.B. it means that the price?

A. Excludes loading charges incurred in bringing the goods to port of destinction
B. Exclude all necessary shipping charges payable for insurrance
C. Includes all charges payable on shipping a consignment to the port destination
D. Includes charges payable for for loading goods onto the ship

Question 22:

• JAMB 1998

The document with which a manufacturing enterprises releases stock
Of raw materials to the factory for product is called?

A. Stock releases form
B. Goods received note
C. Stock issues voucher
D. Materials release note

Question 23:

• JAMB 1998

the two main categories under which marine losses fall into are?

A. Particular loss and average loss
B. Actual loss and average loss
C. Total loss and partial loss
D. Voyage policy loss and time policy loss

Question 24:

• JAMB 1998

Insurance companies operate on the principal of indemnity. This means that an insured person or firm collector

A. Only half of the loss suffered
B. Double the value of the losses suffered
C. The total sum of the premium paid prior to the loss
D. Damage claims equal to the loss suffered.

Question 25:

• JAMB 1998

The most important difference between community banks and peoples’ bank is that the?

A. Latter is owned solely by government while the former are not
B. Former cater for ruler dwellers while the latter cater for both rural and urban dwellers
C. Former are service oriented while the latter are profit oriented
D. Latter advances loans to the public while former advance loans to the rural dwellers only.