Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.
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Question 291:
Payment made to a carrier for transportation of goods is
Options:
A) freight
B) fee
C) fare
D) duty
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The correct answer is A .
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Question 292: A country's terms of trade are said to improve when the ratio of her export
Options:
A) decreases
B) remains constant
C) increases
D) equals import
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The correct answer is C .
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Question 293: An employer insures against his employees' dishonesty by taking up?
Options:
A) fidelity guarantee insurance
B) accident insurance
C) group life assurance
D) endowment policy
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The correct answer is A .
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Question 294: A type of long-term loan granted to companies with fixed interest rate as well as with redeemable and irredeemable features is referred to as projects.
Options:
A) debenture
B) a bond
C) a term loan
D) an overdraft
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The correct answer is A .
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Question 295: Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the ground of
Options:
A) bankruptcy
B) frustration
C) fraudulence
D) breach of contract
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The correct answer is B .
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Question 296:
A memory that can be read and write and is volatile is known as
Options:
A) RAM
B) ROM
C) EPROM
D) EPPROM
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The correct answer is A .
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Question 297:
A major merit of the retaining middlemen is to
Options:
A) regulate price for manufacturers
B) stock perishable goods
C) pay cash to the bank for manufacturers
D) stock goods produced by different manufacturer
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The correct answer is D .
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Question 298: The term 4 net 7 on an invoice means that
Options:
A) 4% surcharge will be made unless payment is made within seven days
B) 4% discount will be allowed on the price charged only if the good are bought within seven days
C) 4% discount will be allowed on the price charge if payment is made after seven days
D) 4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.
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The correct answer is D .
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Question 299:
When two or more companies agree to execute a project too large for one to handle, this is referred to as
Options:
A) an amalgamation
B) a cartel
C) a consortium
D) a merger
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The correct answer is C .
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Question 300:
The creation of goods and services to satisfy human wants is referred to as
Options:
A) manufacturing
B) commercialization
C) production
D) entrepreneurship
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The correct answer is C .