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.
bill of lading
consular invoice
bill of sight
ships manifest
Correct answer is D
ships manifest; is simply a list of the shipments or cargo that a vessel is carrying
The buyer in a hire purchase contract becomes the legal owner of the goods by paying
initial deposit
the last installment
half of the purchase price
two-third of the purchase price
Correct answer is B
Hire purchase is a system by which one pays for a thing in regular installments while having the use of it. The buyer becomes the overall owner of the property when the last installment has been paid.
A ceiling on the quantity of commodity to be imported into the country is called
ban
tariff
price limit
quota
Correct answer is D
Quota; is a limited quantity of a particular product which under official controls can be produced, exported, or imported.
The difference between the cost price and selling price of an article is
commission
mark-up
rebate
discount
Correct answer is B
Mark-up is simply the amount added to the cost price of goods to cover overheads and profit. This is the difference between the buying price and the selling price
cash discount
trade discount
commission
bonus
Correct answer is A
A cash discount is a reduction in the amount of an invoice that the seller allows the buyer. This discount is given in exchange for the buyer paying the invoice earlier than its normal payment date and also encourages bulk purchases