Commerce Questions and Answers – Part13

121. What is the definition of Chambers of Commerce?
“Chambers of commerce is an voluntary association of merchants, financiers, manufactures and other engaged in business for the purpose of promoting and protecting the interests of its members and of the trade of the country as a whole”.

122. Who is an agent?
An agent is a person who is employed by another to represent him in dealing with other parties. The person why is so represented by an agent is called the principle.

123. Into how many types are the agents classifieds?
Into two
(1) General
(2) Special

124. Who is an general agent?
General agent is one who is authorized to undertake work of a general nature. Eg. Managing Director or General Manager of a company.

125. Who is an Special agent?
Special agent is one who is appointed to undertake some special work Eg. Agent appointed to sell a car by its owner

126. Who is Broker?
Brokers acts as intermediaries between two parties, in trade contracts.

127. Who is a Produce Broker?
These brokers arrange for the sale and purchase of agricultural products such as coffee, tea etc..

128. Who is a Stock and Share broker?
They are engaged in the purchase and sale of shares and other securities, of companies as well as Government securities on a stock exchange.

129. Who is a Shipping broker?
They are brokers who transact business connected with ship. They arrange charter parties, procure cargo etc., on the behalf of their principles.

130. Who is a insurance broker?
They arrange various types of insurance in connection with trade.

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