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Commerce Past Questions and Answers

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Commerce Questions

Question 3866:

ln partnership business, the maximum number of persons for its formation is ____________

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A Five
B Fifteen
C Ten
D Twenty
E Twenty five

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Question 3867:

The reward of capital as a factor of production is ____________

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A Dividend
B Interest
C Profit
D Rent
E Wages

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Question 3868:

____________ is NOT a principle of insurance

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A Utmost good faith
B Particular average
C Indemnity
D Subrogation
E Insurable interest

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Question 3869:

What best explains the principle of subrogation in insurable?

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A Both parties of the insurance contract must deal openly and honestly with each other and disclose all relevant facts
B The right that a person has to stand in the place of another and enjoy all the rights and remedies of that other person
C There must be a close connection between the risk insured against and the cause of the loss
D The insurer who insures the same risk with more than one insurer can only recover to the extent of the loss and nothing more, in the occurrence of the event
E The insured discloses all the material facts which would affect the premium which the insurer charges

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Question 3870:

What is a statement of account? It is a/an ____________

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A Note to inform the customer of an addition to his business transaction
B Original letter sent to customer asking them to settle their bills
C Statement of acceptance of credit facilities to a customer
D Summary of customer’s transactions for a given period
E Summation of goods sold to a customer for a particular item

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