Commerce 2011 Jamb Examination

Balance of payment problems arise when imports exceed exports, leading to a deficit.

The three main components are: current account, capital account, and monetary movement account.

A negotiable instrument can be transferred by delivery and endorsement.

A mate receipt is issued by the ship's officer and can be exchanged for a bill of lading.

"Franco" means the seller delivers the goods to the importer's warehouse, including all costs like insurance, freight, and delivery charges. 

CWO means "Cash With Order". Payment must be enclosed at the time of ordering goods.

While billboards offer high visibility and impactful visuals, their reach is geographically confined to specific locations, making them effective for targeted audiences within those areas, but not able to reach a nationwide audience like television or radio. 

A cheque remains valid for 6 months from the date of issue unless otherwise stated.

The major source of income for commercial banks is banking activities such as lending and interest charges.

Insurance covers only the risks specified in the contract. Since burglary was covered but fire was not, Mr. Lawal bears the loss.