Purchase and Sale of Goods - Jamb Commerce Past Questions and Answers

Question 66:

• JAMB 2017

What document is required when a country imposes valorem import duties on goods?

A. Mail transfer
B. Shipping note
C. Bill of lading
D. Consular invoice

Question 67:

• JAMB 2017

Goods and services transferred from seller to buyer without immediate payment is referred to as ______

A. Hire purchase
B. Mutual understanding
C. Credit sale
D. Leasing

Question 68:

• JAMB 2018

Why is clear bill of lading called so?

A. It shows records of damaged goods
B. It shows no records of damaged goods
C. It is a clear bill
D. It signifies no debt is owed

Question 69:

• JAMB 2018

A company which issues a promissory note in lieu of payment for goods purchased

A. Is not bound to renew the note before payment
B. Can return the goods purchased and refuse to pay
C. Can refuse to pay on due date since it is only a promise
D. Is bound to redeem the note for cash on due date

Question 70:

• JAMB 2018

When does the buyer in a hire purchase becomes the owner of the goods?

A. When all installments have been fully paid
B. After payment of the first installment
C. Before the payment of the first installment
D. When half of the purchased price has been paid