Lottery in which an article is assigned by lot to one of those buying tickets

Solution (By Examveda Team)

One word substitute is Raffle.

Auction: a public sale in which goods or property are sold to the highest bidder.
Raffle: a means of raising money by selling numbered tickets, one or some of which are subsequently drawn at random, the holder or holders of such tickets winning a prize.
Audit: an official inspection of an organization's accounts, typically by an independent body.
Transit: the carrying of people or things from one place to another.