Tag: role of chambers of commerce & industry and trade associations

Questions Related to role of chambers of commerce & industry and trade associations

What is the full form of CII ?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Compilation of Indian Investment

  2. Confederation of Indian Industry

  3. Confederation of Inspection in Induatry

  4. None of these

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Correct Option: B
Explanation:

The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth of industry in India, partnering industry and government alike through advisory and consultative processes.

What is the meaning of Octroi?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Tax collected on the goods and from the people entering the state or municipal limits.

  2. Tax collected from the customers present in the market.

  3. Tax levied on the goods in the market.

  4. None of these

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Correct Option: A
Explanation:

Octroi, tax levied by a local political unit, normally the commune or municipal authority, on certain categories of goods as they enter the area.

Name the infrastructural facilities that play a catalytic role in promoting trade.

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Road

  2. Port

  3. Electricity

  4. All of these

Show answer
Correct Option: D
Explanation:

Catalyst trading is one of many tools used to “crack the code” of profitable stock market endeavors. The most basic aspect of catalyst trading is to foresee coming “hype” within a stock or industry, buy in advance, and sell into the exponential rise.

association, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association participates in public relations activities such as advertising, education, political donations, lobbying and publishing, but its focus is collaboration between companies.

The ingredients in the performance of a contract of sale by the seller are:

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Transfer of property in goods

  2. The passing of the risk

  3. Delivery of goods

  4. All of the above

Show answer
Correct Option: D
Explanation:

The Performance of a Sale Contract The performance of a contract of sale implies delivery of goods by the seller and acceptance of the delivery of goods and payment for them by the buyer, in accordance with the contract.

What is the chief source of the Government revenue levied across states by the Central government?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Central excise

  2. Sales tax

  3. Value added tax

  4. None of these

Show answer
Correct Option: A
Explanation:

Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption. The taxable event is 'manufacture' and the liability of central excise duty arises as soon as the goods are manufactured. Central Excise duty is an indirect tax levied on goods manufactured in India. Excisable goods have been defined as those, which have been specified in the Central Excise Tariff Act as being subjected to the duty of excise.

Name some chambers or association that are the national guardians of trade, commerce and industry?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Chamber of Commerce and Industry

  2. ASSOCHAM

  3. Confederation of Indian Industry

  4. All of the above

Show answer
Correct Option: D
Explanation:

The Chambers of Commerce and Industry was formed as an association of business and industrial houses to promote and protect their common interest and goals. Many such chambers where formed and are present in the country. For example, ASSOCHAM, Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI). These associations or chambers regard themselves as the national guardians of trade, commerce and industry.

The government and Chamber of Commerce should ensure that their imposition on local levies is not at the cost of ____________.

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. smooth transportation

  2. local trade

  3. both A and B

  4. none of the above

Show answer
Correct Option: C
Explanation:

A Chamber of Commerce (also referred to in some circles as a board of trade) is a form of business network, e.g., a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community.

The Chamber of Commerce gives you the opportunity to meet with other local business owners and network. Of course, they also present business owners in a positive light to the community.

Where do the Indian Chamber of Commerce and Industry intervene?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. In transportation or inter state movement of goods.

  2. In octroi and other local levies.

  3. Weights and measures and prevention of duplication brands.

  4. All of the above.

Show answer
Correct Option: D
Explanation:

Role of Indian Chambers of Commerce and Industry. These various Indian chambers of commerce are crucial in the growth and the sustenance of the internal trade industries. They cooperate with the central and state government and other government agencies to remove some of the barriers to trade.

The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organisations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India.

The Indian Chambers of Commerce and Industry has been playing a catalytical role in strengthening____________ to make it an important part of overall economic activity.

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. external trade

  2. agricultural activities

  3. internal trade

  4. none of the above

Show answer
Correct Option: C
Explanation:

Domestic trade, also known as internal trade , is the exchange of domestic goods within the boundaries of a country. This may be sub-divided into two categories, wholesale and retail.

Name functions that are performed by the Indian Chamber of Commerce and Industry.

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Increase in interstate movement of goods.

  2. Introduce transparency.

  3. Remove layers of inspection and bureaucratic hurdles.

  4. All of the above

Show answer
Correct Option: D
Explanation:
Role of Indian Chambers of Commerce and Industry. These various Indian chambers of commerce are crucial in the growth and the sustenance of the internal trade industries. They cooperate with the central and state government and other government agencies to remove some of the barriers to trade. A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community.