Commerce 2024 Jamb Examination

A cash discount is an incentive offered to customers to encourage prompt payment within a specified period.

An individual who operates a business independently and assumes full responsibility for profits and losses is called a sole trader.

Principles of insurance include insurable interest, utmost good faith, and subrogation. Particular average is a type of marine insurance claim, not a principle.

Carpentry is a trade skill while agriculture, fishing, and mining are primary sector occupations related to natural resources.

A public limited liability company is owned by shareholders who hold the issued shares and have voting rights in the company.

A closed indent is an instruction to an overseas agent to buy goods only from a specified manufacturer.

A bill of lading is a document issued by a carrier to the shipper, acknowledging receipt of goods and establishing the importer's title to the goods.

Fishing is an extractive industry because it involves obtaining natural resources directly from nature.

Shoes cannot be sold through vending machines due to their size and handling requirements; vending machines are suitable for small items like snacks, drinks, or tickets.

Consumers have rights to information, choice, and a healthy environment, but they do not have the right to set or fix prices.