The buyer in a hire purchase contract becomes the legal owner of the goods by paying
initial deposit
the last installment
half of the purchase price
two-third of the purchase price
Correct answer is B
Hire purchase is a system by which one pays for a thing in regular installments while having the use of it. The buyer becomes the overall owner of the property when the last installment has been paid.
A ceiling on the quantity of commodity to be imported into the country is called
ban
tariff
price limit
quota
Correct answer is D
Quota; is a limited quantity of a particular product which under official controls can be produced, exported, or imported.
The difference between the cost price and selling price of an article is
commission
mark-up
rebate
discount
Correct answer is B
Mark-up is simply the amount added to the cost price of goods to cover overheads and profit. This is the difference between the buying price and the selling price