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.
accepted
rejected
discounted
dishonoured
Correct answer is C
A discounted bill is one sold for early payment to a bank or credit institution at less than face value after the bank deducts fees and applicable interest charges.
Which of the following is a characteristic of a bearer cheque
it is made with transverse lines
it is made payable to whoever presents it
it is made without transverse lines
it is only payable into the payees account
Correct answer is B
A bearer cheque is payable to the bearer of the cheque.
3/9;net 30
9/27;net 30
30;net 9/3
9/30;net 3
Correct answer is D
9/30;net 3.
This means that, the buyer will get a 3% discount if payment is made on or before day 9
A document which serves as an order with details of goods required by an intending purchaser is
a freight note
an indent
a bill of landing
a way bill
Correct answer is B
An indent is an official order or requisition for goods.
The document a seller uses in dispatching goods to a customer by a carrier is
a bill of landing
an invoice
an advice note
a delivery note
Correct answer is D
A delivery note is a document sent with a shipment of goods that describes the goods and the quantities being delivered.