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- List four means of payment in business
- Explain the following:
Quotation
Hire purchase
Deferred payment
Quantity discount.
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Means of payment were not well known by the candidates. Some answers expected include:
- Credit Card
- Vouchers (luncheon, fuel etc)
- Stamps
- Bills of Exchange etc.
The part ‘b’ of the question was not also well attempted.
- Quotation is the statement of current prices of products or services and also a reply to an enquiry.
- Deferred payment is applicable to credit sales and seller transfers ownership of the goods to the buyer immediately.
- Quantity discount: It is a reduction in the catalogue price of goods sold. It is given to encourage bulk purchase.
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