JAMB and WAEC Commerce questions

611 questions with answers and explanations. Tap an option to check yourself.

1. Question 201· Documents used in trade· WAEC

   A pro forma invoice is sent

   • Abefore goods are delivered, often to request advance payment
   • Bafter full payment
   • Cwith a receipt
   • Dto cancel an order

   Show answer

   Explanation and discussion

2. Question 202· Documents used in trade· WAEC

   A delivery note accompanies

   • Aan insurance policy
   • Ba cheque
   • Cgoods sent to a buyer
   • Da bank loan

   Show answer

   Explanation and discussion

3. Question 203· Documents used in trade· WAEC

   A statement of account is sent to a customer to

   • Aplace an order
   • Bshow the amount owed at the end of a period
   • Creturn goods
   • Dadvertise

   Show answer

   Explanation and discussion

4. Question 204· Documents used in trade· JAMB

   Cash discount is allowed to encourage

   • Aprompt payment
   • Bbulk buying
   • Creturns
   • Dadvertising

   Show answer

   Explanation and discussion

5. Question 205· Documents used in trade· JAMB

   An order is sent by a buyer to

   • Aacknowledge payment
   • Brequest the supply of goods
   • Cshow goods returned
   • Dadvertise

   Show answer

   Explanation and discussion

6. Question 206· Documents used in trade· WAEC

   A document that summarises transactions between a buyer and seller over a period is a

   • Aadvice note
   • Bdelivery note
   • Cstatement of account
   • Dquotation

   Show answer

   Explanation and discussion

7. Question 207· Documents used in trade· JAMB

   The letters E. & O.E. on an invoice stand for

   • Aerrors and omissions excepted
   • Bend of order entry
   • Cexports only exempted
   • Dextra and other expenses

   Show answer

   Explanation and discussion

8. Question 208· Documents used in trade· JAMB

   The document that tells the buyer the total amount owed at the end of a month is the

   • Astatement of account
   • Bpro forma invoice
   • Cdelivery note
   • Dadvice note

   Show answer

   Explanation and discussion

9. Question 209· Documents used in trade· WAEC

   A document that accompanies goods and is signed by the buyer on receipt is the

   • Acatalogue
   • Bdelivery note
   • Cprice list
   • Dorder

   Show answer

   Explanation and discussion

10. Question 210· Documents used in trade· WAEC

    A credit note is sent by a seller to a buyer when

    • Athe buyer pays cash
    • Bthe buyer places an order
    • Cgoods are dispatched
    • Dthe buyer has been overcharged or has returned goods

    Show answer

    Explanation and discussion

11. Question 211· Documents used in trade· JAMB

    Trade discount is allowed mainly to

    • Abuyers in the trade who buy for resale
    • Bencourage prompt payment
    • Ccustomers who pay by cheque
    • Dthe seller's own staff only

    Show answer

    Explanation and discussion

12. Question 212· Documents used in trade· JAMB

    A credit note is issued by the seller when

    • Aa quotation is made
    • Bgoods are ordered
    • Cpayment is received
    • Dgoods are returned or the buyer was overcharged

    Show answer

    Explanation and discussion

13. Question 213· Documents used in trade· WAEC

    A credit note is issued when

    • Athe buyer was undercharged
    • Bgoods are returned or the buyer was overcharged
    • Cgoods are dispatched
    • Dpayment is received

    Show answer

    Explanation and discussion

14. Question 214· Documents used in trade· JAMB

    The terms 'E & OE' on an invoice mean

    • Aexport and order entry
    • Berrors and omissions excepted
    • Cequal and opposite exchange
    • Dend of order entry

    Show answer

    Explanation and discussion

15. Question 215· Documents used in trade· JAMB

    An order is sent by the

    • Acarrier to the seller
    • Bseller to the buyer
    • Cbank to the buyer
    • Dbuyer to the seller

    Show answer

    Explanation and discussion

16. Question 216· Documents used in trade· JAMB

    A document sent by a buyer to a seller asking for the prices and terms of goods is

    • Aan invoice
    • Ban enquiry
    • Ca receipt
    • Da credit note

    Show answer

    Explanation and discussion

17. Question 217· Documents used in trade· JAMB

    Trade discount is given to

    • Acustomers paying promptly only
    • Btraders buying for resale, usually in bulk
    • Call consumers
    • Dgovernment

    Show answer

    Explanation and discussion

18. Question 218· Documents used in trade· WAEC

    In foreign trade, the document of title to goods shipped by sea is the

    • Aair waybill
    • Bbill of lading
    • Cconsignment note
    • Dcertificate of origin

    Show answer

    Explanation and discussion

19. Question 219· Documents used in trade· WAEC

    A pro forma invoice may be sent

    • Ato the government only
    • Bonly after payment
    • Cinstead of goods
    • Dbefore goods are delivered, for example to request payment in advance

    Show answer

    Explanation and discussion

20. Question 220· Documents used in trade· WAEC

    A document sent by a buyer to ask a seller for prices and terms is

    • Aa receipt
    • Ban invoice
    • Ca letter of enquiry
    • Da credit note

    Show answer

    Explanation and discussion