Terms of payments - 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 2016

The form of credit sales common to low income groups is

A. Hire purchase
B. Club trading
C. Booking -me -down
D. Credit trading

Question 3:

• 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 4:

• 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

Question 5:

• JAMB 2019

A terms of payment in which the buyer pays cash immediately for goods bought before he takes them away is called____

A. Prompt cash
B. Cash on delivery
C. Spot cash
D. Cash with order