JAMB Commerce 2008 Objective — Question 26

Question 26 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2008 Objective paper, with the correct answer and a full explanation.

26. When 'FOB' is written on a document, it implies that the buyer bears the

A. cost of goods and advert
B. loading costs and insurance
C. insurance and transport costsCorrect
D. transport and communication costs

Explanation

FOB (Free on Board) indicates the buyer bears the cost of insurance and transport once goods are loaded on the ship.

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