Which of the following is classified as invisible item in balance of payment?
import of goods
Salaries of expartriates
Export of groundnuts
Sale of equipment
Correct answer is B
The invisible balance or balance of trade on services is that part of the balance of trade that refers to services and other products that do not result in the transfer of physical objects. Examples include consulting services, shipping services, tourism, salaries of expatriates and patent license revenues.
Buildings and machinery used in the running of a business are examples of
current assets
intangible assets
liquid assets
fixed assets
Correct answer is D
Fixed assets are assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.
When an insurance policy is declared void because of a false declaration ; the principle involved is
indemnity
subrogation
proximate cause
utmost good faith
Correct answer is D
The doctrine of utmost good faith is a principle used in insurance contracts, legally obliging all parties to act honestly and not mislead or withhold important information while entering the contract
Those who are engaged in the distribution of goods belong to
commercial occupation
extractive industry
manufacturing industry
construction industry
Correct answer is A
Commercial Occupation: This refers to all the people involved in the distribution and exchange of goods produced by the industrial sector. Examples of commercial workers are: bankers, transporters, insurers, traders, etc.