Tag: business and industry

Quizzes (19) Questions (18)

Questions Related to business and industry

Multiple choice commerce types of trade features of internal trade internal trade business and industry

"A trader is not a middleman bringing the buyer and seller together and receiving the commission for the services provided by him." Is the statement true or false?

  1. True

  2. False

  3. Depends on the condition

  4. There is nothing specified about it
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Section 2(1) defines trader as ”trader, in relation to any goods means a person who sells or distributes any goods for sale and includes the manufacturer thereof, and where such goods are sold or distributed in package form, includes the packer thereof. However, middleman bringing the buyer and seller together and receiving the commission for the services provided by him is not considered as a trader.

Multiple choice commerce types of trade features of internal trade internal trade business and industry

These are demanded when buyer returns goods already paid for on grounds of, say, unacceptable quality ____________.

  1. Debit Notes

  2. Credit Notes

  3. Sales Letters

  4. Statement of Accounts
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A credit note is issued by a seller to a buyer to reduce the amount the buyer owes, typically due to returned goods or errors in the original invoice.

Multiple choice commerce types of trade features of internal trade internal trade business and industry

Which of the following is true in relation to internal trade?

  1. No custom duty or import duty is levied on such trade as goods are part of domestic production and are meant for domestic consumption

  2. Generally, payment has to be made in the legal tender of the country or any other acceptable currency

  3. Internal trade can be classified into two broad categories

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
  • Buying and selling of goods and services within the boundaries of a nation are referred to as internal trade.
  • No custom duty or import duty is levied on such trade as goods are part of domestic production and are meant for domestic consumption.
  • Generally, payment has to be made in the legal tender of the country or any other acceptable currency.
  • Internal trade can be classified into two broad categories viz., (i) wholesale trade and (ii) retail trade.
Multiple choice commerce types of trade features of internal trade internal trade business and industry

Which of the following is an example of internal trade?

  1. Products purchased from a neighborhood shop in a locality

  2. Products purchased from door-to- door salesperson

  3. Products purchased from an exhibition

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Internal trade occurs within a country's borders. Neighborhood shops, door-to-door sales, and exhibitions held within the country are all examples of internal trade.

Multiple choice commerce types of trade features of internal trade internal trade business and industry

NAFTA is____________________.

  1. treaty signed between two companies of Europe

  2. free trade between America and Europe

  3. free trade agreement between US, CANADA and MEXICO.

  4. free treaty between any two countries
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The North American Free Trade Agreement, which eliminated most tariffs on trade between Mexico, Canada and the United States, went into effect on Jan. 1,1994.NAFTA's purpose is to encourage economic activity between North America's three major economic powers.

Multiple choice commerce types of trade features of internal trade internal trade business and industry

WTO helped in_________.

  1. privatization

  2. cross burden trade

  3. helped in providing political stability for companies who are doing international business

  4. all of the above.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The World Trade Organization is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, which commenced in 194