Commerce 2007 Jamb Examination

The main role of a trade association is to promote research and protect the interests of members collectively.

Economic sanctions hinder smooth international trade by restricting movement of goods and services.

A crossed cheque must be paid into the payee's account and cannot be cashed directly over the counter.

Traditionally, cooperative dividends are paid based on members' volume of purchases (patronage).

A share premium represents the amount received above nominal value of shares and is recorded as a capital reserve.

C and F stand for cost and freight, used in contracts for international trade that specify that the seller of the goods is required to arrange for the carriage of goods by sea to a port of destination and provide the buyer with the documents necessary to obtain the items from the carrier.

An adverse balance of payment means a country is spending more on imports than it is earning from exports. Selling foreign investments and gold reserves brings in foreign currency, which can help offset this imbalance.

The key advantage of credit facility is convenience, as it allows the debtor to make purchases without immediate payment.

Measure of value means money allows comparison of worth between different goods and services.

The difference between the buying and selling price of securities by jobbers is called the jobber's turn.