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

Commerce
JAMB 2020

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

  • A. bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange
  • 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 bil of lading
  • D. invoice, consular invoice, certificate of origin, freight note, indent and insurance policy
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Correct Answer: Option A
Explanation

In international trade, for purchase to successfully take place, the importer (buyer) receives certain documents from the seller (exporter) to certify and aid in the clearing of the goods. 

A consular invoice is sent to certify the shipment of goods and shows information such as the consignor (seller), the consignee (buyer), and the value of the shipment.

An invoice is a time-stamped commercial document that itemizes and records a transaction between a buyer and a seller.

The insurance policy document certifies that the goods have been insured against theft or damages from the point of pick up till the point of delivery. The cost is either borne by the seller or the buyer, it is always specified in the terms of purchase.

The certificate of origin is a document declaring in which country a commodity or good was manufactured.

A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at a predetermined date.

All these documents are usually sent to the buyer by the seller.


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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995