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.
The major determinant of fire insurance premium is the
Owner of the property
usefulness of the property to the owner
Type and structure of the property to be insured
extent of fire damaged anticipated.
Correct answer is C
The type and structure of the property will determine the value of the property since the value of the property will have to be considered by the insurance company before the contract will be entered into by both parties.
In product pricing, which of these elements need more consideration than others?
The cost of producing the product
The economic conditions in the market
the demography of the buyers of the product
The demand for the product
Correct answer is A
What the form consider first and most is the cost of production i.e. the cost of producing the product as this determines the price at which the product will be sold.
Which of the following is classified as an immaterial want?
Protection
Raw materials
Machines
Goods and Services
Correct answer is A
Protection is not meant to increase our materials wealth but to make our lives worth living
The development of commerce in west Africa was not hampered by
Inadequate capital
Inadequate means of transportation
Insurance
Low savings
Correct answer is C
No explanation has been provided for this answer.
Bank draft
Bankers’ order
Promissory note
Travelers cheque
Correct answer is B
it is an order by the customer requesting the bank to transfer certain amount from the customer’s account to another bank account, so it is a standing order.