Question

Complete the following sentence.

"______ also known as admission fee is paid only once by the member at the time of becoming a member. In case of organizations like clubs and some charitable institutions".

Options

• Entrance fee

• Legacies

• Life membership fees

• None of these

Answer 1

"Entrance fee also known as admission fee is paid only once by the member at the time of becoming a member. In case of organizations like clubs and some charitable institutions".

Explanation:

The member pays the entrance cost, also known as the admission charge, only once when he or she joins. Because the number of admission fees is fairly considerable in organizations like clubs and some charitable institutions, it is classified as a non-recurring item and deposited immediately to the capital/general fund. Entrance fees, on the other hand, are a regular source of income for some organizations, such as educational institutions, and the amount involved may be tiny.