An arrangement between a seller and buyer under which a period of credit is allowed before payment is called:
(a) Account-✔️
(b) Advertising
(c) Asset
(d) Annuity
The prices that are set by government rather than by negotiation between a seller and a buyer are known as
(a) Market Prices
(b) Management Prices-✔️
(c) Administered Prices
(d) None of the above
What is the term for paid announcements to persuade and inform public?
(a) Campaign
(b) Advertising-✔️
(c) Announcement
(d) Publicity
The inefficiencies associated with employing a representative to carry out a task for you rather than carrying it out yourself are known as in economical terms as
(a) Agency Cost-✔️
(b) Total Cost
(c) Running Cost
(d) None of theabove
In terms of economics a constant annual payment is called:
(a) Asset
(b) Annuity-✔️
(c) Capital
(d) None of theabove
The transaction in which the buyer of an item is selected after a number of buyers have made some willingness to pay for that item; is marked as
(a) Sale
(b) Bargaining
(c) Disposal
(d) Auction-✔️
The national economic self-sufficiency i.e., exclusion from international trade pursued as a national policy is called:
(a) Autarky-✔️
(b) Self-sufficiency
(c) Self-reliance
(d) All of the above
A check of accounting records conducted by a professional accountant to find out any fraud or discrepancies is termed as:
(a) Audit-✔️
(b) Scrutiny
(c) Review
(d) Checking
What is the term for total sales value divided by the number of units sold and thus equals to average price is?
(a) Average Cost
(b) Average Sale
(c) Average Revenue-✔️
(d) None of the above
The statement of the wealth of a business organization or individual on a given date usually the last day of the fiscal year is termed as:
(a) Balance Sheet-✔️
(b) Balance list
(c) Both of the above
(d) None of the above
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