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Free L3M1 Exam Braindumps (page: 5)

Page 4 of 23
PDF with 90 Questions

A market situation where there is only one buyer in the marketplace is called:

  1. Perfect competition
  2. Oligopoly
  3. Monopoly
  4. Monopsony

Answer(s): D

Explanation:

A market with only one buyer is called a 'monopsony'.
There may be other QUESTION NO :s in this test about the other terms shown, so I shall hold back on expla-nation(s) here.



'Shareholders are an example of stakeholders'. True or false?

  1. True
  2. False

Answer(s): A

Explanation:

Shareholders are one example of a range of stakeholders in a private or public limited company.



A contract clause which entitles the buyer to hold back 5% of the final price for six months to en-sure everything is in order is known as a --------- clause:

  1. Retention
  2. Redemption
  3. Intention
  4. Retainer

Answer(s): A

Explanation:

'Retention' - from the word 'retain', meaning to 'keep in place', 'hold back', 'keep possession of' something (Concise Oxford Dictionary, fifth edition) . In this case, 5% of the contract price.



Which one of the following is a commercial document issued by a seller seeking payment for goods or services?

  1. Invoice
  2. Supplier quotation
  3. Pre-qualification QUESTION NO :naire
  4. Delivery note

Answer(s): A

Explanation:

This should be straightforward.
If unclear, check your notes / textbook.






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