Question

short answer type question 1 What were factories ? Why were they called so

Answer 1

Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called afactor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs

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Answer 2

Ans............✍

From the 17th century onwards, trading companies from Europe began to set up their trading centres in different parts of the India, especially in the coastal areas.These centres were called factories, not because anything was manufactured there but because the officials of the companies were called 'factors'.

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