Question

Select the most appropriate alternatives from those given below and rewrite the statements :

A commodity in which a trader deals is known as ______.
a) Property
b) Goods
c) Expenditure
d) Income

Answer 1

A commodity in which a trader deals is known as Goods.

Explanation:
The commodities in which a business deals are termed as goods. These goods are either produced or purchased for the purpose of sale in the business.

Property is an asset of a business, which is held for a long term and enables the trader to earn profit or derive benefit from it.

Expenditure is the amount or cost incurred for acquiring the property, assets, goods or services.