July 2015

Letter of Credit

By |2017-01-17T11:19:10+02:00July 27th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Procedure for issuing a letter of credit. Image credit letterofcredit.biz

Procedure for issuing a letter of credit. Image credit letterofcredit.biz ZIMSEC O Level Commerce Notes: Credit Letter

Letter of credit

  • a letter issued by a bank to another bank (especially one in a different country) to serve as a guarantee for payments made […]

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Functions of the Zimbabwe International Trade Fair ( ZITF)and Export Processing Zones Authority (EPZA)

By |2017-01-17T11:19:12+02:00July 27th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

ZITF exhibition. Image credit radiodialogue.com

ZITF exhibition. Image credit radiodialogue.com ZIMSEC O Level Commerce Notes: Functions of the Zimbabwe International Trade Fair ( ZITF)and Export Processing Zones Authority (EPZA)

Functions of the Zimbabwe International Trade Fair ( ZITF)

  • The fair is advertised extensively both locally and internationally.
  • Facilitates trade between Zimbabwean and Foreign companies.
  • Enables local and […]

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Bills of exchange

By |2017-01-17T11:19:12+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

A bill of exchange. Image credit delcampe.net

A bill of exchange. Image credit delcampe.net ZIMSEC O Level Commerce Notes: Bill of exchange

Bill of exchange

  • The Bill of Exchange Act defines the bill of exchange as:
  • An unonditional order in writing, addressed by one person to another, singed by the person giving […]

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Cable (telegraphic) money transfer

By |2017-01-17T11:19:13+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kanooncurrency.co.uk

Image credit kanooncurrency.co.uk ZIMSEC O Level Commerce Notes: Cable (telegraphic) money transfer
  • A method of sending and receiving payments.
  • Payments are made using telegraph,cable or telephone.
  • Payment is made in foreign currency.
  • Money is transferred from the debtor’s (importer’s) account to the creditor’s (exporter’s) account.
  • A safe and fast way of making payments.
  • Money […]

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Airway bill

By |2017-01-17T11:19:14+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

An Air Waybill for use with FedEx

An Air Waybill for use with FedEx ZIMSEC O Level Commerce Notes: International Trade: Airway bill

Airway bill

  • Also mentioned here.
  • Completed when goods are carried by air.
  • A contract to carry goods aboard an aircraft.
  • An evidence of receipt of goods on board the aeroplane.
  • Gooes together with […]

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Certificate of insurance

By |2017-01-17T11:19:15+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit generalmills.com

Image credit generalmills.com ZIMSEC O Level Commerce Notes: Certificate of insurance

Certificate of insurance

  • Provides proof that the goods being transported have been insured.
  • Has to be produced when making a claim to the insurance company, if a risk insured against has occurred.
  • Can be an open (floating) insurance policy.
  • To cove […]

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Certificate of origin

By |2017-01-17T11:19:15+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kkfreight.com

Image credit kkfreight.com ZIMSEC O Level Commerce Notes: Certificate of Origin

Certificate of origin

  • Specifies the name of the country which goods being exported have been manufactured e.g. Made in China.
  • Required for the assessment of amount of duty to be charged on imports from the country of origin.
  • Required when customs […]

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Consular invoice

By |2017-01-17T11:19:16+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit jaicourtney.net

Image credit jaicourtney.net ZIMSEC O Level Commerce Notes: Consular invoice

Consular invoice

  • Assist customs officials to calculate customs duty where duty is charged on the value of imported goods.
  • Signed by a consul of the importing country certifying and confirming that the prices of the goods are correct:
  • prices of the […]

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Export invoice

By |2017-01-17T11:19:17+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit DHL.

Image credit DHL. ZIMSEC O Level Commerce Notes: Export Invoice

Export invoices

  • Prepared from various invoices for goods purchased and expenses incurred (on transportation and warehousing of goods)
  • Summarises the goods bought and expenses incurred.
  • Copies of the original invoices received from suppliers of goods and services are attached to the […]

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Indent document

By |2019-05-04T08:52:07+02:00July 25th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit gotomyies.com

Image credit gotomyies.com ZIMSEC O Level Commerce Notes: Indent document

Indent

  • An order to buy goods abroad.
  • Sent by an importer (principal) to an agent overseas.
  • Gives details of:
  • types, quantities and prices of goods required.
  • How the goods are to be forwarded.
  • Marking or numbers on crates […]

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