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.
general partner
nominal partner
secret partner
dormant partner
Correct answer is D
Dormant partner; a partner who contributes capital in a business but takes no share in the active business of a company or partnership, but is entitled to a share of the profits, and subject to a share in losses. called also sleeping partner or silent partner
In order to increase the capital owned, a sole trader may
seek for bank loan
issue debentures
acquire extra shop fittings on credit
draw less of his profit for personal use
Correct answer is D
A sole trader can raise capital for the business by ploughing back profit. That is, re-investing the profits realised from the business instead of using it for personal needs
An importance of warehousing is in the
production of goods
transportation of goods
importation of goods
repackaging of goods
Correct answer is A
Warehouses reduce violent fluctuations in prices by storing goods when their supply exceeds demand and by releasing them when the demand is more than immediate productions. Warehouses ensure a regular supply of goods in the market. This matching of supply with demand helps to stabilise prices
An undertaking given by a person to another assuring his integrity is
proximate cause
fidelity guarantee
subrogation
insurable interest
Correct answer is B
fidelity guarantee; an undertaking to answer for the payment or performance of another person's debt or obligation in the event of a default by the person primarily responsible for it.
The most reliable and efficient means of conveying urgent documents is through
postal order
ordinary letters
registered letters
courier services
Correct answer is D
A Courier company is one which delivers messages, packages and mail and is known for their speed, security, tracking service and specialisation.