Tag: historical background of commerce in the sub-continent

Quizzes (5) Questions (22)

Questions Related to historical background of commerce in the sub-continent

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

Which of the following factors causes the barter system to be inefficient?

  1. The cost associated with information search is too low.

  2. Its cost of transaction is too low.

  3. It requires a double coincidence of wants.

  4. It requires high liquidity.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The barter system requires a double coincidence of wants, meaning both parties must simultaneously want what the other has to offer. This makes transactions difficult and inefficient compared to using a medium of exchange like money.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

If a farm has an abundance of corn but no pigs, and a neighboring farm has no corn, but too many pigs, the two farms might come to an agreement that would benefit both through bartering.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Bartering is a system of exchange where goods or services are traded directly for other goods or services without using a medium of exchange. In the described scenario, both parties have a surplus of one item and a need for another, making a mutually beneficial trade possible.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

Hindrance of _____ refers to the problem of distribution of goods at distant places without loss.

  1. skill

  2. person

  3. time

  4. place
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The hindrance of place refers to the geographical gap between the location of production and the location of consumption. Transporting goods helps overcome this hindrance.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

____ hindrance is solved by warehousing or storage.

  1. Hindrance of person

  2. Hindrance of time

  3. Hindrance of ability

  4. Hindrance of place
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Warehousing and storage allow goods to be kept until they are needed, effectively bridging the gap between the time of production and the time of consumption.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

_______ is the sum total of all those processes which are engaged in the removal of hindrance of person, place or time

  1. Commerce

  2. Industry

  3. Business

  4. Retail
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Commerce is defined as the sum of all activities that facilitate the exchange of goods and services, specifically by removing hindrances related to person, place, and time.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

The hindrance of ____ is removed by trade thereby making goods available to the consumers from the producers.

  1. place

  2. persons

  3. time

  4. knowledge
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Trade involves the buying and selling of goods, which connects producers to consumers, thereby removing the hindrance of persons (the gap between who produces and who consumes).

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

In industrial production skills of ancient Indian in which of the following have attracted world-wide celebrity?

  1. Production of delicate woven fabrics

  2. Mixing of colours

  3. Working of metals and precious stones

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

Ancient Indian craftsmanship was highly regarded globally for its excellence in textiles, metallurgy, and the artistic use of precious stones and colors.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

Enayam port is not the first of its kind in Tamil Nadu.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Enayam port is a major project, but it is not the first port in Tamil Nadu, as the state already has several major and minor ports like Chennai, Ennore, and Tuticorin.

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

______ eliminates the barriers of persons for the smooth flow of goods from producer to consumer.

  1. Advertising

  2. Warehousing

  3. Trade

  4. Insurance
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.

HMRC considers that your company or organisation has not yet become active or started trading if it has not yet engaged in any business activity (business activity means carrying on a trade or profession, or buying and selling goods or services with a view to making a profit or surplus).

Multiple choice business organisation and correspondence commerce and modern civilization history of commerce in india hindrances of commerce historical background of commerce in the sub-continent

_______ removes the hindrance of finance and facilitate the exchange.

  1. Banking

  2. Trade

  3. Insurance

  4. Transport
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A financial institution that is licensed to deal with money and its substitutes by accepting time and demand deposits, making loans, and investing in securities. The bank generates profits from the difference in the interest rates charged and paid.

The network of institutions and laws that provide a great variety of financial services. At its most basic, banking involves an institution holding money on behalf of customers that is payable to the customer on demand, either by appearing at the bank for a withdrawal or by writing a check to a third party.