JAMB and WAEC Commerce questions: Foreign trade

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

All topics Advertising and marketing · 32 Business management and environment · 32 Commerce and its scope · 31 Communication · 33 Computers and ICT in business · 29 Consumer protection · 30 Documents used in trade · 34 Elements of commercial law · 31 Financing a business · 32 Foreign trade · 40 Forms of business organisation · 40 Home trade: retail and wholesale · 40 Insurance · 39 Money and banking · 40 Occupation and production · 33 The stock exchange · 34 Transport · 33 Warehousing · 28

Question 21· Foreign trade· JAMB
The Nigeria Customs Service is responsible for
Explanation and discussion
Question 22· Foreign trade· WAEC
The document used by an importer to ask a supplier abroad for goods is the
Explanation and discussion
Question 23· Foreign trade· JAMB
Exchange control is used by government to
Explanation and discussion
Question 24· Foreign trade· JAMB
Free on board (FOB) means the seller pays costs
Explanation and discussion
Question 25· Foreign trade· WAEC
Which document is both a receipt for goods shipped and a document of title?
Explanation and discussion
Question 26· Foreign trade· WAEC
Entrepot trade means
Explanation and discussion
Question 27· Foreign trade· JAMB
An importer's bank promises to pay the exporter once the shipping documents are presented. This method of payment is
Explanation and discussion
Question 28· Foreign trade· WAEC
Tariffs are
Explanation and discussion
Question 29· Foreign trade· WAEC
A limit on the quantity of a good that may be imported is called
Explanation and discussion
Question 30· Foreign trade· WAEC
Exporting goods earns a country
Explanation and discussion
Question 31· Foreign trade· WAEC
A balance of payments deficit means that
Explanation and discussion
Question 32· Foreign trade· JAMB
Under an F.O.B. price, the exporter pays all costs until the goods are
Explanation and discussion
Question 33· Foreign trade· WAEC
Goods that cannot be exported through a port in their own country are often handled through
Explanation and discussion
Question 34· Foreign trade· JAMB
A country has a favourable balance of trade when
Explanation and discussion
Question 35· Foreign trade· JAMB
An embargo is
Explanation and discussion
Question 36· Foreign trade· WAEC
An import duty is a tax on
Explanation and discussion
Question 37· Foreign trade· JAMB
A certificate of origin shows
Explanation and discussion
Question 38· Foreign trade· JAMB
An invoice sent by an exporter to show the price and terms before an order is placed is the
Explanation and discussion
Question 39· Foreign trade· WAEC
A bill of lading is issued by a
Explanation and discussion
Question 40· Foreign trade· WAEC
A ban on importing a particular commodity is called
Explanation and discussion

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JAMB and WAEC Commerce questions: Foreign trade

The Nigeria Customs Service is responsible for

The document used by an importer to ask a supplier abroad for goods is the

Exchange control is used by government to

Free on board (FOB) means the seller pays costs

Which document is both a receipt for goods shipped and a document of title?

Entrepot trade means

An importer's bank promises to pay the exporter once the shipping documents are presented. This method of payment is

Tariffs are

A limit on the quantity of a good that may be imported is called

Exporting goods earns a country

A balance of payments deficit means that

Under an F.O.B. price, the exporter pays all costs until the goods are

Goods that cannot be exported through a port in their own country are often handled through

A country has a favourable balance of trade when

An embargo is

An import duty is a tax on

A certificate of origin shows

An invoice sent by an exporter to show the price and terms before an order is placed is the

A bill of lading is issued by a

A ban on importing a particular commodity is called