A refund of the duty collected on goods imported into a country which are later re-exported is called

• A. excise duty
• B. ad valorem tax
• C. customs drawback
• D. demurrage

The quality of money which makes it possible to buy goods in small quantities is

• A. portability
• B. homogeneity
• C. divisibility
• D. durability

Commerce developed as a result of

• A. speculation
• B. competition
• C. specialization
• D. importation

An amount paid by a bull who wishes to defer the purchase of shares to the next accounting period is

• A. brokerage
• B. backwardation
• C. contango
• D. commission

A firm's organizational structure would change if

• A. one of the major partner dies
• B. there is excessive competition
• C. there is seasonal variation in demand
• D. the scope of business operation changes

(a) With the aid of a diagram, show the different classes of occupation.

(b) What is occupation?

(c) Explain with one example each, three classes of occupation shown in 1 (b) above.

A document sent by a seller to inform a buyer about the prices of goods is the?

• A. catalogue
• B. price list
• C. credit note
• D. proforma invoice

The primary objective of insurance is to

• A. prevent accidents
• B. meet uncertainties in future
• C. give loan to business men
• D. control the flow of cash

The main concern of commerce is?

• A. create wealth
• B. buy and sell goods and services
• C. exchange and distribution of goods and services
• D. satisfy all human wants

The document issued to a newly formed public company to commence business is called the

• A. certificate of incorporation
• B. articles of association
• C. memorandum of association
• D. trading certificate