Commerce Questions and Answers

An underwriter is any party that evaluates and assumes another party's risk for a fee, such as a commission, premium, spread or interest. Underwriters operate in many aspects of the financial world, including the mortgage industry, insurance industry, equity markets, and common types of debt securities.

Excises are often associated with customs duties (which are levied on pre-existing goods when they cross a designated border in a specific direction); customs duties are levied on goods which come into existence – as taxable items – at the border, while excise is levied on goods which came into existence inland . That is to say, An excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country).

The business of co-operative society is generally managed by a committee elected by the members at annual general meeting. Since most of the co-operatives operate on a local scale, the meetings of the members are well attended, and this puts the managing committee under a lot of close supervision. ‘One man one vote’ is the basic element of co-operative democracy.

But in a co­operative, one member may have 10,000 shares and the other only 1 share, but each would command one vote only and no proxies would be permitted.

A transposition error is a simple error of data entry that occurs when two digits that are either individual or part of a larger sequence of numbers are accidentally reversed (transposed) when posting a transaction. Although this type of error is often small and unintentional, it can result in huge financial losses in some instances. A transposition error is simply substituting two sequential digits. For example, the number 78 for 87 or 1346 for 1436.

In the field of marketing, channels of distribution indicates routes or pathways through which goods and services flow, or more from producers to consumers. A channel of distribution is a path traced in the direct or indirect transfer of ownership of a product as it moves from producers to consumers. The transportation, retailing or wholesaling of goods wouldnt be possible without the manufacturing industry to actually transform this raw materials to consumables.