WAEC Commerce 2023 Theory — Question 5

Model answer

(a) An indent is a document issued by an importer to the buyer stating all relevant information regarding the price, quantities and nature of the goods, while quotation is a document that a seller provides to a buyer showing prices and quantities. Indent involves foreign trade, quotation is domestic trade. Also, quotation is a form of invitation to treat. (b)(i) Functions of export promotion council: to promote growth and development of export related industry; to promote diversification of export of the country; to articulate the implementation of export policies; to manage goods that will be exported out of the country. (ii) Functions of customs and excise authority: to generate revenue for the government through imposition of import and excise duties; to regulate government importation policy; to control bonded warehouses to ensure proper documentation for all imported goods; to keep and analyse import and export records.