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 legal document that gives a individual power to protect his own piece of invention is called
copyright
license
patent right
trademark
Correct answer is C
A patent is a right granted to an inventor by the federal government that permits the inventor to exclude others from making, selling or using the invention for a period of time.
Debit transfer
Credit transfer
Certified cheque
Crossed cheque
Correct answer is B
Credit transfer is a direct payment of money from one bank account to another that can be made to multiple accounts simultaneously
Which of the following is not an advantage of partnership?
Diversified managerial talents
Greater financial resources
Freedom to terminate business
Account is not made public
Correct answer is C
Advantages of a partnership include that:
Which of the following is not a source of fund for sole-proprietorship?
Personal savings
Borrowing from friends and relatives
Borrowing from financial institution
Government bonds
Correct answer is D
Sole proprietorships are not companies – you cannot sell shares to investors to raise capital. Most times, you'll be relying on your own resources, such as savings and retained profits, borrowing and grants from friends, as well as bank loans and credit cards to raise the money you need.
Which of these qualities guarantees the keeping of money for a long period?
Acceptability
Divisibility
Durability
Homogenity
Correct answer is C
Durability is critical for money to perform the related functions of medium of exchange and store of value. An item must be able to withstand being used repeatedly.