A seller of goods or services writes a bill that is submitted to a purchaser for payment. What this bill is called?
Correct answer: C. Invoice
- A. Demand draft
- B. Draft
- C. Invoice
- D. Bill of Intent
Explanation
An invoice is the seller's written statement showing the goods or services supplied and the amount payable by the purchaser. A draft is a payment order, while a demand draft is a bank-issued instrument.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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