Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
When does the buyer in a hire purchase becomes the owner of the goods?
When all installments have been fully paid
After payment of the first installment
Before the payment of the first installment
When half of the purchased price has been paid
Correct answer is A
Hire purchase is an arrangement for buying expensive consumer goods on credit, where the buyer makes an initial down payment, with the balance being paid in installments plus interest, ownership of the merchandise is not officially transferred to the buyer until all the payments have been made.
ownership is transferred when all installments have been paid
What do we call agreement between two people enforced by law?
Consideration
offer
contract
agreement
Correct answer is C
Contract is a written or spoken agreement, especially one concerning employment, sales, or tenancy that is intended to be enforceable by law
Distribution of goods belongs to
Construction industry
extractive industry
manufacturing industry
commercial industry
Correct answer is D
Commercial Occupation: This refers to all the people involved in the distribution and exchange of goods produced by the industrial sector. Examples of commercial workers are: bankers, transporters, insurers, traders, etc.
An organization which focuses on consumers satisfaction is practicing
Marketing concepts
Selling concepts
Consumerism
Market segmentation
Correct answer is A
The marketing concept is a customer-centered “sense and responds” philosophy. The job is not to find the right customers for your product but to find the right products for your customers
The marketing concept is the belief that companies must assess the needs of their consumers first and foremost. Based on those needs, companies can make decisions in order to satisfy their consumers' needs, better than their competition
The sale of second hand securities is done in which market
Building society
cooperative society
stock exchange
capital market
Correct answer is C
A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments
Stock exchange is an organized and regulated financial market where securities (bonds, notes, shares) are bought and sold