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.
Buildings and machinery used in the running of a business are examples of
current assets
intangible assets
liquid assets
fixed assets
Correct answer is D
Fixed assets are assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.
When an insurance policy is declared void because of a false declaration ; the principle involved is
indemnity
subrogation
proximate cause
utmost good faith
Correct answer is D
The doctrine of utmost good faith is a principle used in insurance contracts, legally obliging all parties to act honestly and not mislead or withhold important information while entering the contract
Those who are engaged in the distribution of goods belong to
commercial occupation
extractive industry
manufacturing industry
construction industry
Correct answer is A
Commercial Occupation: This refers to all the people involved in the distribution and exchange of goods produced by the industrial sector. Examples of commercial workers are: bankers, transporters, insurers, traders, etc.
trade association
trade union
chamber of commerce
trading partnership
Correct answer is A
Trade association is an association of people or companies in a particular business or trade, organized to promote their common interests.
A cheque drawn by a bank on itself is a/an
direct debit
bank draft
bank transfer
overdraft
Correct answer is B
A bank draft is a cheque drawn by a bank on its own funds.