Terms of trade - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 2019

A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried

A. Cartel
B. Conference
C. Syndicate
D. Trust

Question 3:

• JAMB 2016

The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as

A. Demurrage charges
B. Premium charges
C. Excess charges
D. Trade charges

Question 4:

• JAMB 2016

The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as

A. Demurrage charges
B. Premium charges
C. Excess charges
D. Trade charges

Question 5:

• JAMB 2016

Quantity discount is offerred mainly to persuade the buyer to

A. Defer payment
B. Make prompt purchases
C. Make advance payment
D. Purchase more