JAMB Commerce 2009 Objective — Question 11
Question 11 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2009 Objective paper, with the correct answer and a full explanation.
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11. The term 'free on board' means that
- A. the price includes costs and insurance only
- B. the price includes costs and freight only
- C. the price includes freight and insurance only
- D. the buyer is responsible for freight and insuranceCorrect
Explanation
Free On Board means the buyer is responsible for the associated risk/cost on the sea, including insurance and freight, once goods are loaded.
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