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.
An announcement of a person's willingness to enter into a contract is referred to as?
a proxy
an offer
a consideration
an acceptance
Correct answer is B
An offer refers to a promise that one party makes in exchange for another party's performance. It is an invitation to enter into a contract on certain terms.
The major achievement of ECOWAS is?
the expansion of regional trade
the emergance of a monetary union
infrastructural development in member countries
mobility of labour among member countries
Correct answer is A
No explanation has been provided for this answer.
Citizens are against privatization mainly because of?
the rationalization of organizations
increased prices of goods and services
the likelihood of monopoly
ineffective management
Correct answer is B
One of the major reasons people do not support privatization is because of the problem of price. Private enterprises unlike public enterprises are in business to make profits, and hence the prices paid for the services they render is always high
An agent who takes tittle to goods and has authority to buy and sell on behalf of another is?
a jobber
a broker
a factor
an auctioneer
Correct answer is C
A factor is a type of trader who receives and sells goods on commission, called factorage. He transacts business in his own name and without disclosing his principal.
demographic evironment
economic evironment
cultural environment
natural environment
Correct answer is A
The demographic aspect of a business is concerned with the characteristics of the population in a specific area and includes multiple factors like age, race, income, etc.