Commerce Practice Tests – Home and Foreign Trade (Questions with Answers and Explanations)

A documentary bill will normally be accompanied by _____ 

A. sales invoice, bill of lading and insurance certificate
B. clean bill, bill of lading and insurance certificate
C. bill of lading, consular Invoice and insurance certificate
D. consular invoice, FOB certificate and bill of lading

In foreign trade, document of title is known as ______ 

A. bill of lading     B. bill at sight     C. certificate of origin     D. declaration

An invoice of N 600 is marked 5% 1 month, 2½% 3 months and 1% 5 months. It a customer pays in the second month of purchase, how much will he remit to the seller?  

A. N 570.00       B. N 585.00       C. N 594.00       D. N 600.00

Okon Etim Esin is the ______ 

A. debtor     B. creditor     C. exporter     D. importer.

A factor necessary for sitting a warehouse is nearness to _____  

A. quantity of goods      B. utility of goods      C. quality of goods    D. price of goods