Commerce (2017) | Study Mode

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Question 1
A
Law of contract
B
Trade description Act
C
Company's Act
D
Partnership Act
Explanation
This protects the consumers from false description of goods in terms of quality, quantity, size, place and date of manufacture

Correct option: B
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Question 2
A
the central bank
B
at least two banks
C
his bank
D
any bank
Explanation
Is an unconditional written order from one person to another to pay a specified sum of money to a designated person.

Correct option: D
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Question 3
A
a contract
B
an offer
C
an acceptance
D
a consideration
Explanation
A contract is an agreement or law binding the creation of business and enforceable in law.

Correct option: A
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Question 4
A
capital
B
labour
C
land
D
rent
Explanation
This is wealth reserved for the production of more wealth. It includes physical cash, building, semi-finished goods.

Correct option: A
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Question 5
A
Token money
B
commodity money
C
fiat money
D
representative
Explanation
Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.

Correct option: B
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Question 6
A
an auctioneer
B
a broker
C
a liquidator
D
an auditor
Explanation
An Auctioneer is a person who conducts an auction by announcing the lots and controlling the bidding.

Correct option: A
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Question 7
A
indigenisation
B
privatisation
C
deregulation
D
commercialisation
Explanation
This is the process of transferring a government owned business to a private owner.

Correct option: B
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Question 8
A
Errors of exception
B
Errors and omissions excepted
C
Estimated and order error
D
End of error
Explanation
This is an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contract usually related document such as quotation or specification.

Correct option: B
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Question 9
A
debit note
B
proforma invoice
C
letter of credit
D
credit note
Explanation
A seller receives goods (returned) from the buyer, he prepares and sends a credit note as an intimation to the buyer, showing that the money for the related goods is being returned in form of a credit note

Correct option: D
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Question 10
A
interest
B
brokerage
C
poundage
D
premium
Explanation
This is a small fee charged by the post office for sending money through mail. The poundage is paid by the purchaser.

Correct option: C

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