Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
The main function of a thrift and credit cooperative society is to
encourage members to buy cheaply
enable members get the highest profit
help members get legal redress
encourage members to save
Correct answer is D
Thrift and Credit Society = Is a cooperative organization that provide its members with convenient and secured means of saving money and obtained credit at a reasonable rate of interest without collateral, but deduction from salary on monthly basis.
The ultimate goal is to encourage thrift among the members and to meet the credit needs of people who might otherwise be exposed to exploitation.
chain stores
department stores
mail order firms
supermarkets
Correct answer is C
mail order company. Companies which list their products for sale in catalogs or websites for consumers to buy via telephone, mailed check with order form, or internet order.
Proximate cause
Indemnity
Insurable interest
Subrogation
Correct answer is B
Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party.
Which of the following must be stated in the article of association?
the objects of the company
the registered office address of the company
the method of issue and transfer of shares
Statement that liabilities are limited
Correct answer is A
The object clause contained in the articles of association of a company sets out the objects for which the company has been formed.
A company whose shares are not easily transferable is a
private limited company
public limited company
public corporation
company limited by guarantee
Correct answer is A
A private limited company, or LTD, is a type of privately held small business entity, in which owner liability is limited to their shares, the firm is limited to having 50 or fewer shareholders, and shares are prohibited from being publicly traded.