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Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from.
Aa manufacturer's warehouse
Ba bonded warehouse
Can importer's warehouse
Da wholesaler's warehouse
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Question 1622
jamb1999
The principle of subrogation states that
Aan insured person should be indemnifed to the tune of the amount insured
Ban insurance company can stand in place of the insured in dealing with third party
Coly a person who is likely to sufferrd loss should take take out an insurance cover
Dther must be a close connection between the actual loss suffered and risk insured
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Question 1623
jamb1999
The rate at which a central bank discount first class bills is called the
Afixed rate
Bbill rate
Cbank rate
Dinterest rate
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Question 1624
jamb1999
A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages
Acaused by the insured vehicle
Bto the insured vehicle
Ccause by the other vehicle
Dto the driver of insured vehicle
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Question 1625
jamb1999
The overriding advantage of home trade over foreign trade is
Aaccessibility of seller to buyer
Babsence of many documents
Cease in language of transaction
Dease in form of payment
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Question 1626
jamb1999
Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading?
ABill of sight
BImport invoice
CConsular invoice
DBill of exchange
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Question 1627
jamb1999
The document that indicate instant payment of cash for goods whenever the are delivered is
Acredit note
Bproforma invoice
Cdebit note
Dstatement of account
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Question 1628
jamb1999
The main document sent to an importer of goods by the exporter are?
Ainvoice, consular invoice, certificate of orign, fright note, indent and insurance policy
Bindent, bill of lading, certificate of orign, invoice and bill of exchange
Ccertificate of orign, bill of exchange, insurance policy, indent and bill of lading
Dbill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange
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Question 1629
jamb1999
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
AEmeka's right to terminate the agreement
BKamaldeen's right to re-hire the Goods
CEmeka's right to breach the agreement
DKamaldeen's right to terminate the agreement
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Question 1630
jamb1999
A company which issues a promissory note in lieu of payment for goods purchased
Acan refuse to pay ondue date since it is only a promise
Bis bound to redeem the note for cash on due date
Cis not bound to renew the note before payment
Dcan return the goods purchase and refuse to pay
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Question 1631
jamb1999
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
Athe material should be supplied by Ade
Bthe material should be supplied by both of them
Cthe material should be supplied by Benson
DBenson should be ask to reduce his trade discount
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Question 1632
jamb1999
The term ‘5 Net 7’ on an invoice means that?
A5% discount will be allowed on the price charged if payment is made within seven days
B5% discount will be allowed on the price charged if payment is made after seven days
C5% surcharge will be made unless payment is made within seven days
D5% dicount will be allowed on the charged if the goods are bought within seven days
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Question 1633
jamb1999
The document represents a
ABill of exchange
BCheque
CMoney order
DA. Promissory note
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Question 1634
jamb1999
Use the document below to answer question
Okon Etim Esin is the?
Adebtor
Bcreditor
Cexporter
Dimporter
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Question 1635
jamb1999
Which of the following is not a veritable source of funds to a public limited company?
Agovernment financial grant
Badvances and loan from banks
Cinternally generated funds
Dfunds from the sale of shares
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Question 1636
jamb1999
A business whose owners enjoys loan facilities on the basis of personal goodwill is a?
Acommercial bank
Bthrift society
Cco-operative society
Dcommunity bank
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Question 1637
jamb1999
An abridged version of a company's income statement for 11993 contains the following information:
N
Turnover 286.5
cost of goods sold 147.5
overhead and other expenses 85.5
Taxes due for the year 26.9
What was the company's profit before tax for 1993?
A26.9 million
B53.5 million
C139.2 million
D286.5 million
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Question 1638
jamb1999
A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have
Abeen issued but have not been paid-up
Bbeen applied for but not issued
Cnot been paid-up
Dnot yet been issued
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Question 1639
jamb1999
Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of
Avertical integration
Bhorizontal integration
Cforward intergration
Dbackward integration
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Question 1640
jamb1999
The primary motive behind an individual engaging in production is to?
