Commerce Past Questions and Answers

(a) Define a bill of exchange.
(b) State six essential features of a bill of exchange.
(c) List the parties to a bill of exchange.

(a) What is an agency?
(b) Explain the features of the following agents:
(i) Factor
(ii) Broker
(iii) Del-credere agent
(iv) Auctioneer.

(a) Distinguish between marketing and a market
(b) In which four ways is marketing important to a developing country?

Write the following in full and explain their meanings:
(a) C.I.F.
(b) F.O.B.
(c) F.A.S.
(d) F.O.R.
(e) C.F.

(a) Who is an actuary?
(b) Differentiate between contribution and group insurance
(c) Describe three types of risks that may be insured against under marine insurance.