Internal Trade Test

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Internal Trade Test - 18

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Weekly Quiz Competition

Question 1
1 / -0

Through the service of ________ retailers make the products available to the final consumers, who may be scattered over a large geographic area.

A
distribution of goods

B
promotion

C
collecting market information

D
enabling large-scale operations

Solution

Distribution is the process of making a product or service available for the consumer or business user that needs it. This can be done directly by the producer or service provider or using indirect channels with distributors or intermediaries.
In a mixed economy, both market forces and government decisions determine which goods and services are produced and how they are distributed.In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts.
Question 2
1 / -0

_______ are the small retailers who are commonly found at places where huge floating population gathers.

A
Street traders

B
Peddlers and hawkers

C
Market traders

D
Cheap jacks

Solution

Street trading is defined as the selling or offering for sale of any article in thestreet. Traders who use the public highway to sell goods or services must have astreet trading licence to carry out trade from a designated site/pitch and display of goods in front of a shop.
Question 3
1 / -0

Identify the correct statement from the following.

A
Information about the consumers received from the retailers enable the manufactures to make suitable adjustments in the design, size and contents of their products.

B
Many retailers offer free home delivery of goods purchased.

C
Retailers are often ready to take back goods with which consumers are not satisfied and replace them.

D
None of the above

Solution

A retailer purchases in bulk from the wholesalers and sells the products to the customers in small quantities. A retailer essentially maintains a variety of merchandise. The aim of a retailer is to achieve maximum satisfaction by exceeding their expectations and delivering exceptional services.
Question 4
1 / -0

To ensure fair management of funds the accounts of the stores are audited by _______.

A
Registrar of Cooperative Societies

B
Registrar of Companies

C
Registrar of Retail Stores

D
Joint Stock Company

Solution

A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise.
Question 5
1 / -0

Which of the limitation talks about lack of initiative under the Chain store or Multiple shops retailer?

A
Fluctuations in demand for the merchandise may lead to loss because of large stock.

B
The personnel managing the multiple shops have to obey the instructions received from the head office which makes them habitual for directions.

C
The multiple shops deal only in limited range of products.

D
All of the above

Solution

It is an approach to operating a retail business in which you offer products to customers through multiple retail channels. Brick and mortar stores, catalogs and the Internet are three primary multiple channels used by many retailers, but other, smaller retail formats exist as well.
Question 6
1 / -0

Retailers help manufacturers to advertise their products and offer short-term incentives in the form of coupons, free gifts, sales contests. This service is identified as _________.

A
Help in distribution of goods

B
Help in promotion

C
Collecting market information

D
Enabling large-scale operations

Solution

Promotion is a type of communication between the buyer and the seller. The seller tries to persuade the buyer to purchase their goods or services through promotions. It helps in making the people aware of a product, service or a company. It also helps to improve the public image of a company. Promotion is the element in an organization's marketing mix that serves to inform, persuade and remind the market of the organization or its products.
Question 7
1 / -0

Identify the incorrect statement regarding large shop retailers.

A
There are different size groups of fixed shop retailers.

B
These retailers may be dealing in different products, including consumer durable as well as non-durable.

C
This category of retailers has greater credibility in the minds of customers.

D
They normally deal in consumer products of daily use.

Solution

Large scale retail trade is a type in which either single type of goods or a variety of goods is made available to a large number of consumers in a big shop under a singel roof or may be made available at the convenience of customers.
Question 8
1 / -0

Which of the following is not a feature of Chain store?

A
The manufacturing/procurement of merchandise for all the retail units is centralized at the head office.

B
Each retail shop is under the direct supervision of a Branch Manager.

C
As the size of these stores is very large, they are generally formed as a joint stock company.

D
The prices of goods in such shops are fixed and all sales are made on cash basis.

Solution

Chain store is that it deals in one type of product. Thus the idea behind multiple shops is specialisation. Thus we can say that chain stores mean a group of stores, handling similar lines of merchandise with single ownership and scattered location
Question 9
1 / -0

Disadvantages of GST include _______.

A
increased costs due to software purchase

B
smaller businesses, especially in the manufacturing sector will face difficulties under GST.

C
GST came into effect in the middle of the financial year

D
all of the above
Solution
Disadvantages of GST include:
Increased costs due to software purchase
Being GST-compliant
GST will mean an increase in operational costs
GST came into effect in the middle of the financial year
GST is an online taxation system
SMEs will have a higher tax burden
Question 10
1 / -0

Sellers cannot clear all the doubts of customers through catalogues and advertisements. This is because of _____.

A
High promotion cost

B
No after sales service

C
Delayed delivery

D
Lack of personal contact with customers

Solution

Poor Customer service occured due to customers needs and expectation are not satisfied, failing to managing a customer service operation and company standerd , laking of organised planned to execute cutomer service,laking of motivational skills, and laking of good communication skills in concern of product/service.

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Re-Attempt Weekly Quiz Competition

Internal Trade Test - 18

Result

Internal Trade Test - 18

Score

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Rank

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SHARING IS CARING

Question 1

distribution of goods

promotion

collecting market information

enabling large-scale operations

Solution

Question 2

Street traders

Peddlers and hawkers

Market traders

Cheap jacks

Solution

Question 3

Information about the consumers received from the retailers enable the manufactures to make suitable adjustments in the design, size and contents of their products.

Many retailers offer free home delivery of goods purchased.

Retailers are often ready to take back goods with which consumers are not satisfied and replace them.

None of the above

Solution

Question 4

Registrar of Cooperative Societies

Registrar of Companies

Registrar of Retail Stores

Joint Stock Company

Solution

Question 5

Fluctuations in demand for the merchandise may lead to loss because of large stock.

The personnel managing the multiple shops have to obey the instructions received from the head office which makes them habitual for directions.

The multiple shops deal only in limited range of products.

All of the above

Solution

Question 6

Help in distribution of goods

Help in promotion

Collecting market information

Enabling large-scale operations

Solution

Question 7

There are different size groups of fixed shop retailers.

These retailers may be dealing in different products, including consumer durable as well as non-durable.

This category of retailers has greater credibility in the minds of customers.

They normally deal in consumer products of daily use.

Solution

Question 8

The manufacturing/procurement of merchandise for all the retail units is centralized at the head office.

Each retail shop is under the direct supervision of a Branch Manager.

As the size of these stores is very large, they are generally formed as a joint stock company.

The prices of goods in such shops are fixed and all sales are made on cash basis.

Solution

Question 9

increased costs due to software purchase

smaller businesses, especially in the manufacturing sector will face difficulties under GST.

GST came into effect in the middle of the financial year

all of the above

Solution

Question 10

High promotion cost

No after sales service

Delayed delivery

Lack of personal contact with customers

Solution

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