Commerce 2021 Jamb Examination
Question 21
Registered mail provides proof of posting and ensures items reach the intended addresses safely.
Not clear enough?
Question 22
By definition, an agency contract involves a principal and an agent.
Not clear enough?
Question 23
Inbound tourism refers to non-residents visiting a country.
Not clear enough?
Question 24
A consortium is formed when multiple companies collaborate on a project too large for a single entity.
Not clear enough?
Question 25
The primary purpose of a trade association is to promote and boost the trade activities of its members.
Not clear enough?
Question 26
A del credere agent guarantees payment to the principal and receives extra commission for taking on this responsibility.
Not clear enough?
Question 27
| NAME | INSURED AMOUNT(₦) |
ACTUAL VALUE(₦) |
ACTUAL LOSS(₦) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
Compensation with average clause = (Insured / Actual Value) × Actual Loss = (25,000 / 100,000) × 30,000 = ₦7,500.
Not clear enough?
Question 28
| NAME | INSURED AMOUNT(₦) |
ACTUAL VALUE(₦) |
ACTUAL LOSS(₦) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
Overstating the value of insured property violates the principle of uberrimae fidei (utmost good faith), which requires full disclosure of true facts.
Not clear enough?
Question 29
Proforma invoices are unnecessary for customers with whom the seller deals regularly.
Not clear enough?
Question 30
Soap making involves manufacturing; hence, it is a secondary occupation.
Not clear enough?
You might like
In the reaction between sodium hydroxide and sulphuric acid solutions, what volume of 0.5 molar sodium hydroxide would exactly neutralise 10 cm³ of 1.25 molar sulphuric acid?
Choose the word that is opposite in meaning to the underlined word.
The warring communities were coerced into negotiating a settlement?
Select the word-pair in which the two words are related in the same way as are the two words in the following word-pair. Request : Order ?
Choose the option opposite in meaning to the ingenuous smile.
Her ingenuous smile drew our attention?