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.
A ship that travels without schedule is called a
passenger liner
tramp
cargo liner
tanker
Correct answer is B
Tramps are ships that do not follow a fixed schedule or route for their operations
Which of the following is a source of capital to a sole proprietorship?
Loans from friends
Admission of new member
Issue of shares
Issue of debentures
Correct answer is A
One of the sources of funds for sole traders is the loans they get from family and friends. While it takes little or no legal documentation to establish a sole proprietorship, getting funds to finance the business has always posed a constraint to its growth. Hence the business owner is left with sourcing funds from either friends and families, grants, or plough-back profits.
The mode of conveying liquids and gases through an underground channel is
pipeline
rail transport
road transport
sea transport
Correct answer is A
Pipeline transportation is the means of transportation in which gas or liquid substance are moved from one place to another.
The letters R/D on a cheque shows that the cheque is
paid
dishonoured
certified
accepted
Correct answer is B
RD on a cheque means ''Refer to Drawer''
This means the cheque cannot be honored due to one reason or the other, which in this case could be a result of insufficient funds in the bank account.
Hence the bearer of the cheque is referred back to the account holder/owner.
The tax paid on goods produced within a country is known as
import duty
excise duty
ad valorem duty
customs draw back
Correct answer is B
Excise duties are taxes paid for goods produced in the domestic economy.