The buyer in a hire purchase contract becomes the legal owner of the goods by paying
initial deposit
the last installment
half of the purchase price
two-third of the purchase price
Correct answer is B
Hire purchase is a system by which one pays for a thing in regular installments while having the use of it. The buyer becomes the overall owner of the property when the last installment has been paid.
A ceiling on the quantity of commodity to be imported into the country is called
ban
tariff
price limit
quota
Correct answer is D
Quota; is a limited quantity of a particular product which under official controls can be produced, exported, or imported.
The difference between the cost price and selling price of an article is
commission
mark-up
rebate
discount
Correct answer is B
Mark-up is simply the amount added to the cost price of goods to cover overheads and profit. This is the difference between the buying price and the selling price
cash discount
trade discount
commission
bonus
Correct answer is A
A cash discount is a reduction in the amount of an invoice that the seller allows the buyer. This discount is given in exchange for the buyer paying the invoice earlier than its normal payment date and also encourages bulk purchases
The bank on which a cheque is drawn is known as the
drawer
drawee
cashier
payee
Correct answer is B
Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.