This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
Step 1: Analyze Question 36. An insurance principle that shows proof of ownership of property is called insurable interest. This means having a financial stake in the insured item. The correct option is B. Step 2: Analyze Question 37. A document that gives a summary of a business transaction with the seller, showing all debits and credits over a period, is known as a statement of account. The correct option is C. Step 3: Analyze Question 38. A retail shop that uses late night facilities and is typically very large, combining a supermarket and a department store, is a hypermarket. The correct option is D. Step 4: Analyze Question 39. The most profitable function of commercial banks is lending money, as they earn interest on loans. The correct option is B. Step 5: Analyze Question 40. The greatest advantage of sea transport over other forms of transport is its suitability for long distances and bulk goods due to its capacity and cost-effectiveness. The correct option is C. Step 6: Analyze Question 41. An account where the holder typically pays charges to the bank for services and transactions is a current account. The correct option is B. Step 7: Analyze Question 42. A reply to a letter of enquiry, providing details about prices, terms, and conditions, is a quotation. The correct option is D. Step 8: Analyze Question 43. A price quotation of goods right at the manufacturer's warehouse, meaning the buyer is responsible for all costs and risks from that point, refers to LOCO (Loco price). The correct option is A. Step 9: Analyze Question 44. Among the given options, air transport (flights) is generally known for operating most strictly on fixed timetables. The correct option is A. Step 10: Analyze Question 45. A crossed cheque with the word "& co" between the parallel lines indicates a general crossing, meaning it must be paid into a bank account. The correct option is B. Step 11: Analyze Question 46. To determine the gross profit, calculate the mark-up amount. Cost of goods = 2,000,000 frs Mark-up percentage = 10\% Gross profit = Mark-up amount = 10\% × 2,000,000 frs Gross profit = 0.10 × 2,000,000 frs = 200,000 frs The correct option is B. Step 12: Analyze Question 47. A document issued by a prospective buyer to many suppliers to request information about goods, prices, and terms is called a letter of enquiry. The correct option is A. Step 13: Analyze Question 48. Among the given trade restrictions, tariffs are taxes on imported goods that directly raise state revenue. Quotas, embargoes, and export subsidies do not directly generate revenue or may even cost the state. The correct option is B. Step 14: Analyze Question 49. The branch of production concerned with the extraction of raw materials is known as the primary industry, often referred to simply as Industry in this context. The correct option is D. Step 15: Analyze Question 50. When a firm offers free samples or gifts to potential consumers to stimulate immediate sales, this is known as sales promotion. The correct option is C. The final answers are: 36. B) Insurable interest 37. C) Statement of account 38. D) Hypermarket 39. B) Lending money 40. C) Flexible for long distances. 41. B) Current account. 42. D) Quotation. 43. A) LOCO 44. A) Air 45. B) General crossing 46. B) 200,000frs 47. A) Letter of enquiry. 48. B) Tariffs 49. D) Industry. 50. C) Sales promotion