Internal Trade Test

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Internal Trade Test - 15

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Weekly Quiz Competition

Question 1
1 / -0

What are the minimum number of members required to form Consumer Cooperative Store?

A
5

B
10

C
15

D
20

Solution

A consumer cooperative store is an organisation owned, managed and controlled by consumers themselves. The objective of such stores is to reduce the number of middlemen who increase the cost of produce, and thereby provide service to the members.
To start a consumer cooperative store, at least 10 people have to come together and form a voluntary association and get it registered under the Cooperative Societies Act.
Question 2
1 / -0

What are the disadvantages that acts as a hindrance while trading through mail order houses?

A
Delayed delivery

B
No credit facilities

C
Lack of personal contract

D
All of these

Solution

The definition of a mail-order house is a company that sells or manages mail-order advertising or a mail-order business. A company that creates letters to send out to customers encouraging them to buy something via the mail is an example of a mail-order house.
Question 3
1 / -0

What restricts the purchasing power of buyers from Super markets?

A
No credit facility.

B
No personal attention.

C
Huge operating costs.

D
None of these.

Solution

Buyers' power refers to the pressure buyer can exert on businesses by raising prices, lowering quality, or reducing the availability of their products. Furthermore, a strong buyer can make an industry more competitive and decrease the profit potential for the buyer.
Question 4
1 / -0

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

A
smooth transportation

B
local trade

C
both A and B

D
none of the above

Solution

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.
Question 5
1 / -0

Where do the Indian Chamber of Commerce and Industry intervene?

A
In transportation or inter state movement of goods.

B
In octroi and other local levies.

C
Weights and measures and prevention of duplication brands.

D
All of the above.

Solution

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.
Question 6
1 / -0

What is the full form of CII ?

A
Compilation of Indian Investment

B
Confederation of Indian Industry

C
Confederation of Inspection in Induatry

D
None of these

Solution

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.
Question 7
1 / -0

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.

A
external trade

B
agricultural activities

C
internal trade

D
none of the above

Solution

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.
Question 8
1 / -0

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

A
Increase in interstate movement of goods.

B
Introduce transparency.

C
Remove layers of inspection and bureaucratic hurdles.

D
All of the above

Solution

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.
Question 9
1 / -0

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

A
Transfer of property in goods

B
The passing of the risk

C
Delivery of goods

D
All of the above

Solution

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.
Question 10
1 / -0

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

A
Central excise

B
Sales tax

C
Value added tax

D
None of these

Solution

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.

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Re-Attempt Weekly Quiz Competition

Internal Trade Test - 15

Result

Internal Trade Test - 15

Score

-

Rank

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SHARING IS CARING

Question 1

5

10

15

20

Solution

Question 2

Delayed delivery

No credit facilities

Lack of personal contract

All of these

Solution

Question 3

No credit facility.

No personal attention.

Huge operating costs.

None of these.

Solution

Question 4

smooth transportation

local trade

both A and B

none of the above

Solution

Question 5

In transportation or inter state movement of goods.

In octroi and other local levies.

Weights and measures and prevention of duplication brands.

All of the above.

Solution

Question 6

Compilation of Indian Investment

Confederation of Indian Industry

Confederation of Inspection in Induatry

None of these

Solution

Question 7

external trade

agricultural activities

internal trade

none of the above

Solution

Question 8

Increase in interstate movement of goods.

Introduce transparency.

Remove layers of inspection and bureaucratic hurdles.

All of the above

Solution

Question 9

Transfer of property in goods

The passing of the risk

Delivery of goods

All of the above

Solution

Question 10

Central excise

Sales tax

Value added tax

None of these

Solution

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