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.
Quantity discount is offerred mainly to persuade the buyer to
defer payment
make prompt purchases
make advance payment
purchase more
Correct answer is D
A quantity discount is often offered by sellers to entice buyers to purchase in larger quantities.
charge account
trading checks
trade credit
I owe you
Correct answer is C
Trade credit is the credit extended to you by suppliers who let you buy now and pay later. Any time you take delivery of materials, equipment or other valuables without paying cash on the spot, you're using trade credit.
Which of the following is NOT backed by gold but by government securites?
Fiduciary note
Token money
Commodity money
Fiat money
Correct answer is A
Fiduciary note. This term refers to that portion of anote issue, whether that of a Government or of a bank, which is not protected by a specific backing of metal or coin or assets capable of being converted into coin or bullion on demand.
Which of the following is a legal tender?
Cheque
Travellers cheque
Bank note
Goldsmith receipt
Correct answer is C
bank note is a piece of paper money, constituting a central bank's promissory note to pay a stated sum to the bearer on demand.
Complying with the rules relating to the conduct of business activities in a country is an aspect of
cultural enviroment
demographic environment
legal environment
political environment
Correct answer is C
Legal environment Refers to the terms/conditions of the place where you are conducting business. it outlines various laws that regulate businesses, their intended purpose in the business, and how they affect the business.