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.
Which of the following would be used when goods are sent through independent carriers?
Delivery note
Despatch note
Consignment note
Advice note
Correct answer is C
A consignment note is a document containing particulars of goods for shipment and which provides proof that the goods have been received by the carrier for delivery.
It simply shows the details of goods that have been sent from a seller to a buyer, and the carrier transporting the goods.
The rate of turnover is the number of times within a given period that
stock is sold and replaced
closing stock is sold and replaced
purchases are added to stock
average stock is sold
Correct answer is A
The rate of turnover is the number of times a firm sells all of its goods and it is gotten by dividing the total sales revenue in a period by the average inventory in that period.
The taking over of privately owned businesses by the government is called
indigenization
commercialization
nationalization
privatization
Correct answer is C
Nationalization involves the transfer of privately owned companies or industries from private individuals to government control
The authority given to a bank to make regular payments on behalf of a customer is
credit transfer
bank endorsement
standing order
bank overdraft
Correct answer is C
A standing order is an instruction given to a bank by an account holder, to make periodic payments to a named payee on a specific date. The bank makes the payment on behalf of the drawer (account holder). Here, the bank is referred to as the drawee.
When an order cheque is endorsed it becomes a
confirmed cheque
bearer cheque
dishonoured cheque
cleared cheque
Correct answer is B
No explanation has been provided for this answer.