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WAEC Commerce 2011 Question 31

Question 31

Foreign Trade Documents

When C.I.F. is quoted on an invoice, it means that the price includes the

  1. A.cost of the goods only.
  2. B.cost of insurance only.
  3. C.cost of carriage only.
  4. D.cost, insurance and carriage.
Show the answer and explanation

Answer: D (cost, insurance and carriage.)

Explanation

CIF means cost, insurance and freight (carriage).