UTME/SSCE Commerce Practice Tests – Home and Foreign Trade

The documents that indicates instant payment of cash for goods whenever they are delivered is ______ 

A. credit note
B. proforma invoice
C. debit note
D. statement of account

The main documents sent to an importer of goods by the exporter are ______ 

A. invoice, consular invoice, certificate of origin, freight note, indent and insurance policy.
B. indent, bill of lading, certificate of origin, invoice and bill of exchange.
C. certificate of origin, bill of exchange, invoice, insurance policy, indent and bill of lading
D. bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange

Spot market goods are those which are available for _____ 

A. immediate delivery
B. short-term delivery
C. long-term delivery
D. end of year delivery

A pro forma invoice is NOT required when ______

A. quoting for the supply of goods
B. goods are sent on approval
C. dealing regularly with a customer
D. final prices are uncertain

The term ‘5 Net 7’ on an invoice means that ______ 

A. 5% discount will be allowed on the price charged if payment is made within seven days
B. 5% discount will be allowed on the price charged if payment is made after seven days
C. 5% surcharge will be made unless payment is made within seven days
D. 5% discount will be allowed on the price charged only if the goods are bought within seven days