Commerce Questions and Answers – Part2

11. What is Plant layout?
‘Plant layout’ means the arrangement and location of different departments and of the machinery and equipment within a department

12. What is Protocol?
The minutes or records of a diplomatic conference; especially a note of agreement on a subsidiary matters which supplements a treaty

13. What is Mortgage?
It is a transaction by which land or any other property may be given as security for repayment of a loan

14. What is Loan?
Something lent for the borrower’s temporary use, especially money lent with conditions about repayment and the payment of interest

15. What is an account?
An account is a book-keeping device used in summarizing the increases and decreases in each asset or equity item

16. What is a Balance Sheet?
It is the statement of account which is prepared at the end of every financial year. It gives the total picture of business at the point of time.

17. What is Business?
Business is the sum of activities comprising buying and sellinggoods, manufacturing goods or providing services inorder to make profit.

18. What is Guarantor?
A person who promises that if a second fails to fulfill some obligation, then he will fulfill it instead or pay money upto a specified limit to compensate for any loss caused by the second person’s failure

19. What is Quoted price?
It is the price of a share commodity as stated in the official list of the stock exchange commodity market.

20. What is Share?
A unit for reckoning investor’s interests in the contributed capital of a company

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