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  1. Essential Business Documents
  2. Trade Terms and Abbreviations
  3. Terms of Sale
  4. Means of Payment


Essential Business Documents

Letter of Inquiry

The inquiry is usually the first stage in a transaction. It is sent by potential buyer to a seller, or many sellers, requesting information, prices and delivery terms related goods or services required. The enquiry may a letter or it may be standard printed form on which the information required can be filled. An alternative way to receive quotations is to invite tenders, i.e. offers of supply from any number of firms interested in supplying whatever is required. A tender is a competitive quotation one submits in competition with other potential suppliers. Tenders may be invited by advertising an interest in receiving open quotations, or bids, in competition with others.


An invoice is a form in which the seller lists the items sold to a buyer. The following particulars are usually contained in an invoice:

  1. Name and address of the supplier or seller
  2. Date and reference number of the invoice
  3. The goods sold and their prices
  4. Discount granted and other trade terms
  5. Total amount payable on the invoice including taxes if any
  6. Signature of the seller

An ordinary invoice is used along side with the goods.

Lesson tags: Commerce Lesson Notes, Commerce Objective Questions, SS3 Commerce, SS3 Commerce Evaluation Questions, SS3 Commerce Evaluation Questions First Term, SS3 Commerce First Term, SS3 Commerce Objective Questions, SS3 Commerce Objective Questions First Term
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