Commerce 2022 Jamb Examination
Question 21
A closed indent specifically instructs the agent to buy from a named supplier or firm.
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Question 22
A cash discount is offered to buyers who settle their bills promptly.
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Question 23
The principle of contribution ensures that when multiple insurers cover the same risk, each shares the loss proportionally.
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Question 24
Bulls, bears, and stags are types of speculators in the stock exchange.
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Question 25
Commercial banks do not issue bank notes; that is the role of the central bank.
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Question 26
Selling treasury bills withdraws money from the public, thereby reducing cash in circulation.
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Question 27
A document used to ensure correct payment of duty at the importing country is
Bill of lading is a document of title giving the holder a right to take possession of the goods to which it refers. It is divided into:
- Clean bill of lading: if no damage occurred to the goods.
- Dirty or foul bill of lading: indicates some deficiencies, irregularities or damage on the goods
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Question 28
A cheque is specially crossed when the name of a specific bank is written between two parallel lines.
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Question 29
A trade association mainly exists to promote and protect the welfare of its members.
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Question 30
A share quoted above its nominal value is said to be sold at a premium.
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