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 bank on which a cheque is drawn is known as the
drawer
drawee
cashier
payee
Correct answer is B
Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.
The assets of a business that is available for cash or near cash is called
equity
capital employed
received capital
liquid capital
Correct answer is D
Liquid capital is defined as cash or items which are readily converted to cash in a short time
A collective bundle of shares is called?
debenture
stock
bond
share
Correct answer is B
Stock is the capital raised by a company or corporation through the issue and subscription of shares. Summation of shares is referred to as stock
standing order
money order
bank draft
overdraft
Correct answer is A
standing order; an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.
One of the principles of insurance is
consequential loss
fidelity guarantee
proximate cause
surrender value
Correct answer is C
Proximate cause is an insurance principle that refers to the first event, or first peril, in a series of events that cause damage in an insurance claim.