Commerce | Study Mode

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Question 1
A
subrogation 
B
contribution 
C
indemnity 
D
utmost good faith 
Explanation.
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The contribution principle in insurance is a rule that specifies what happens when a person buys insurance from multiple companies to cover the same event, and that event occurs.The contribution principle of insurance states that if a risk is insured by multiple carriers, and one carrier has paid out a claim, that carrier is entitled to collect proportionate coverage from other carriers.


Correct Option:
B
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Question 2
A
hedging 
B
projection 
C
forecasting 
D
speculation 
Explanation.
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Speculation refers to the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain or other major value. it is a situation where players in the stock exchange buy or sell securities with the expectation that they mabe a fall or rise in the prices of the said securities in future.


Correct Option:
D
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Question 3
A
an order cheque 
B
a bounced cheque 
C
a bearer cheque 
D
an open cheque 
Explanation.
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A bounced cheque is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.


Correct Option:
B
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Question 4
A
third party policy 
B
comprehensive policy 
C
fidelity guaranteed policy 
D
endowment policy 
Explanation.
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The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.


Correct Option:
D
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Question 5
A
create wealth 
B
buy and sell goods and services 
C
exchange and distribution of goods and services 
D
satisfy all human wants 
Explanation.
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Commerce is basically involved in the activity of buying and selling of goods and services, especially on a large scale or quantity.


Correct Option:
B
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Question 6
A
strike 
B
consumerism 
C
picketing 
D
demonstration 
Explanation.
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Consumerism is a modern movement for the protection of the consumer against useless, inferior, or dangerous products, misleading advertising, unfair pricing, etc. it is the protection or promotion of the interests of consumers.


Correct Option:
B
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Question 7
A
law of contract 
B
trade description act 
C
company's act 
D
partnership act 
Explanation.
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The trade description act is an act of parlaiment which prevents manufacturers, retailers or service industry providers from misleading consumers as to what they are spending their money on.


Correct Option:
B
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Question 8
A
an acceptance 
B
a consensus 
C
a rejection 
D
a contract 
Explanation.
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counter offer is an offer made in response to a previous offer by the other party during negotiations for a final contract. Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract.

A counteroffer is a proposal made as a result of an undesirable offer. A counteroffer revises the initial offer and makes it more desirable for the person making the new offer.


Correct Option:
C
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Question 9
A
privatization 
B
nationalization 
C
indigenization 
D
commercialization 
Explanation.
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Nationalization is the process of transforming private assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or assets owned by lower levels of government, such as municipalities, being transferred to the state. The opposites of nationalization are privatization and demutualization.


Correct Option:
B
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Question 10
A
television 
B
direct mail 
C
cataloque 
D
magazine 
Explanation.
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Television doesnt have a permanent record of information, once the message has been conveyed.


Correct Option:
A
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