Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
What is a statement of account? It is a/an
note to inform the customer of an addition to his business transaction
original letter sent to customer asking them to settle their bills
statement of acceptance of credit facilities to a customer
summary of customer’s transactions for a given period
summation of goods sold to a customer for a particular item
Correct answer is D
No explanation has been provided for this answer.
What best explains the principle of subrogation in insurable?
Both parties of the insurance contract must deal openly and honestly with each other and disclose all relevant facts
The right that a person has to stand in the place of another and enjoy all the rights and remedies of that other person
There must be a close connection between the risk insured against and the cause of the loss
The insurer who insures the same risk with more than one insurer can only recover to the extent of the loss and nothing more, in the occurrence of the event
The insured discloses all the material facts which would affect the premium which the insurer charges
Correct answer is B
No explanation has been provided for this answer.
.......... is NOT a principle of insurance
utmost good faith
particular average
indemnity
subrogation
insurable interest
Correct answer is B
No explanation has been provided for this answer.
The reward of capital as a factor of production is
dividend
interest
profit
rent
wages
Correct answer is B
No explanation has been provided for this answer.
ln partnership business, the maximum number of persons for its formation is
five
fifteen
ten
twenty
twenty five
Correct answer is D
No explanation has been provided for this answer.