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 total asset of business minus its total liability is the
net profit
capital owned
working capital
capital employed
gross profit
Correct answer is B
No explanation has been provided for this answer.
The returns from capital investment are known as
turnover
commission
annuity
profit
bonus
Correct answer is D
No explanation has been provided for this answer.
Gross profit is correctly ascertained by
adding opening stock to purchases
adding closing stock to sales
subtracting returns outwards from purchases
subtracting returns inwards from sales
subtracting cost of goods sold from sales
Correct answer is E
No explanation has been provided for this answer.
A supplier who needs to make additional charges for goods delivered will send
a debit note
a credit note
a consignment note
a advice note
a delivery note
Correct answer is A
No explanation has been provided for this answer.
The basic principles upon which International Trade is carried on among countries is
specialization
absolute cost advantage
comparative cost advantage
division of labour
scarcity
Correct answer is C
No explanation has been provided for this answer.