JAMB - Commerce (2024 - No. 56)
A wholesaler who acts as an agent on behalf of the owner of the goods in buying or selling for a commission proportionate to the value of the transaction is called a
commissioned agent
del-credere agent
factor
speculator
Explication
A factor is a type of wholesaler or intermediary who acts as an agent on behalf of the owner of the goods. The factor assists in the buying and selling of goods, typically in large quantities, and earns a commission based on the value of the transaction. Factors primarily operate in the field of financing and trade, providing services such as inventory management, credit assessment, and collection of accounts receivable.