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.
non-residents of a country travel to other countries
resident of a country travel to another country
non-resident of a country travel within it
resident of a country travel within it
Correct answer is B
Inbound tourism is when a person from his/her home country travels to another country for not less than 24 hours and not more than few months. The purpose of the travel is mostly leisure and very seldom for business.
The agreement of insurers to spread risks among themselves is a major feature of?
reinsurance
life insurance
underwriter
marine insurance
Correct answer is A
Reinsurance is the practice whereby insurers transfer portions of their risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim.
Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. this implies that?
the loss should be borne by the insurer
Mr. Lawal is liable only for half of the estimated loss
the insurer should make a consolation payment for the loss
the loss should be borne by Mr. Lawal
Correct answer is D
No explanation has been provided for this answer.
The major source of income to commercial banks is?
tourism
banking
communication
transportation
Correct answer is B
Banking has to do with engaging in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit etc. it consist of transacting business with a bank; depositing or withdrawing funds or requesting a loan etc. in another aspect, it is the legal right of a bank to seize deposited funds to cover a loan that is in default.
A cheque that has been drawn but not presented for payment can still be honored?
within 6 months
after 9 months
within 9 months
after 6 months
Correct answer is A
Personal cheques are valid for six months from the date of issue after which they become stale. Unlike personal cheques, bank cheques do not go stale after six months.