Commerce Past Questions and Answers

The term ‘5 Net 7’ on an invoice means that?

A 5% discount will be allowed on the price charged if payment is made within seven days
B 5% discount will be allowed on the price charged if payment is made after seven days
C 5% surcharge will be made unless payment is made within seven days
D 5% dicount will be allowed on the charged if the goods are bought within seven days

Question 297:

Kabir receives two quotations. Ade quotes N 100 less 20% trade discount and 20% cash discount while Benson N100 less 30%trade discount and 10% cash discount. If Kabir wants to take advantage and cash discount, then

A The material should be supplied by Ade
B The material should be supplied by both of them
C The material should be supplied by Benson
D Benson should be ask to reduce his trade discount

Question 298:

A company which issues a promissory note in lieu of payment for goods purchased

A Can refuse to pay ondue date since it is only a promise
B Is bound to redeem the note for cash on due date
C Is not bound to renew the note before payment
D Can return the goods purchase and refuse to pay

Question 299:

Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on

A Emeka's right to terminate the agreement
B Kamaldeen's right to re-hire the Goods
C Emeka's right to breach the agreement
D Kamaldeen's right to terminate the agreement

Question 300:

The main document sent to an importer of goods by the exporter are?

A Invoice, consular invoice, certificate of orign, fright note, indent and insurance policy
B Indent, bill of lading, certificate of orign, invoice and bill of exchange
C Certificate of orign, bill of exchange, insurance policy, indent and bill of lading
D Bill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange