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.
Life assurance premium is determined by the assured's
educational level
age
reputation
number of children
Correct answer is B
Life insurance provides financial protection for your family in the event of your passing. It is determined by the age of the policy holder, at the time of entering the insurance contract
Retail outlets that have identical store design, layout and stock display are
multiple shops
tied shops
mobile shops
supermarkets
Correct answer is B
Tied Shop is a retail business that only sells a particular supplier's products. This type of retail shop has agreed to sell goods of a particular manufacturer solely.
Which of the following is sent by a supplier who does not want to sell on credit?
Pro forma invoice
Consular invoice
Quotation
Advice note
Correct answer is A
A proforma invoice is a preliminary bill or estimated invoice which is used to request payment from the committed buyer for goods or services before they are supplied.
i, ii and iii only
i, ii and iv only
i and ii only
ii and iii only
Correct answer is C
The extractive industry involves all kinds of works concerned with the extraction of natural resources from the soil, the sea, or forest e.g. farming, fishing, hunting, lumbering, mining, quarrying, etc.
Option C is the correct answer from the given options
A person who invented a new machine for making beverages may protect his exclusive right by
labelling the product
obtaining a patent
choosing a name for the product
obtaining a trade mark
Correct answer is B
A patent is an exclusive right granted for an invention, which could be a product or a process that provides a new way of doing something