Internal Trade Test

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Internal Trade Test - 19

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Weekly Quiz Competition

Question 1
1 / -0

Who cannot opt for Composition Scheme under GST?

A
Taxpayer supplying exempt supplies.

B
Supplier of services other than restaurant related services.

C
Casual taxable person or a non-resident taxable person.

D
All of the above

Solution

The following people cannot opt for the scheme:

Supplier of services other than restaurant related services
Manufacturer of ice cream, pan masala, or tobacco
Casual taxable person or a non-resident taxable person
Businesses which supply goods through an e-commerce operator
Question 2
1 / -0

The vending machine incorporates ______ which are placed inside the machine in order to store and dispense products.

A
can feeder

B
stack columns

C
feeder trays

D
all of the above

Solution

The initial outlay is not too high and you can get a machine for Rupees 150 to rupees 450, meaning if you do not have a lot of cash to invest at the beginning, you can still break into the vending machine business by choosing bulk candy vending machines. The products inside these machines offer very good profit margins.
Question 3
1 / -0

Exemptions of Goods under GST apply to which of the following?

A
Animal feeds and supplements

B
Fresh milk and pasteurized milk

C
Khadi garments /goods and made-ups

D
All of the above

Solution

List of Exempted Goods under GST includes:
Animal feeds and supplements, Fresh milk and pasteurized milk,Khadi garments /goods and made-ups
Question 4
1 / -0

In India, GST became effective from _______.

A
1st April, 2017

B
1st January, 2017

C
1st July, 2017

D
1st March, 2017

Solution

The Goods and Services tax came into effect from July 1, 2017 through the implementation of 101st Amendment of the Constitution of India by the Indian government. The tax replaced existing multiple cascading taxes levied by the central and state governments.
Question 5
1 / -0

Advantages of GST:

A
It eliminates the cascading effect of tax.

B
Under GST, small businesses (with a turnover of Rs 20 to 75 lakh) can benefit.

C
The number of compliance is lesser

D
All of the above
Solution
Advantages of GST are
GST eliminates the cascading effect of tax
Higher threshold for registration
Composition scheme for small businesses
Simple and easy online procedure
The number of compliances is lesser
Defined treatment for E-commerce operators
Improved efficiency of logistics
Unorganized sector is regulated under GST
Question 6
1 / -0

Under ________ system the goods can be sent to all the places having postal services.

A
mail order houses

B
chain Stores

C
departmental store

D
specialty shops

Solution

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 7
1 / -0

There can be different alternatives for receiving payments for a Mail Order House. They are _______.

A
full payment in advance

B
Value Payable Post (VPP)

C
the goods may be sent through a bank

D
All of the above

Solution

A card not present transaction (CNP, MO/TO, Mail Order/ Telephone Order, MOTOEC) is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant's visual examination at the time that an order is given and payment effected.
Question 8
1 / -0

The seller approaches the customers by advertising the goods through ______.

A
the press

B
sending circulars

C
samples and catalogs

D
all of the above

Solution

A consultative or need based selling approach is where you identify your customer's needs and use it as the basis for a sales approach. It takes the hard edge out of product selling, and you can customize it to meet their needs.
Question 9
1 / -0

________ are the small retailers who are commonly found at places where huge floating population gathers, for example, near railway stations and bus stands.

A
Market traders

B
Peddlers and hawkers

C
Street 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 10
1 / -0

Wholesalers undertake advertisements and other sales promotional activities to induce customers to purchase the goods. The function performed by the wholesalers is ____.

A
Grant of credit

B
Specialized knowledge

C
Marketing support

D
Risk sharing

Solution

Marketing Support Service. A Marketing Support Service would typically include some or all of the the following elements Stationery & Marketing Collateral management design, print, logistics. Website portfolio design and development. Advertising Campaign media planning / buying, creative, delivery & management.

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Re-Attempt Weekly Quiz Competition

Internal Trade Test - 19

Result

Internal Trade Test - 19

Score

-

Rank

-

SHARING IS CARING

Question 1

Taxpayer supplying exempt supplies.

Supplier of services other than restaurant related services.

Casual taxable person or a non-resident taxable person.

All of the above

Solution

Question 2

can feeder

stack columns

feeder trays

all of the above

Solution

Question 3

Animal feeds and supplements

Fresh milk and pasteurized milk

Khadi garments /goods and made-ups

All of the above

Solution

Question 4

1st April, 2017

1st January, 2017

1st July, 2017

1st March, 2017

Solution

Question 5

It eliminates the cascading effect of tax.

Under GST, small businesses (with a turnover of Rs 20 to 75 lakh) can benefit.

The number of compliance is lesser

All of the above

Solution

Question 6

mail order houses

chain Stores

departmental store

specialty shops

Solution

Question 7

full payment in advance

Value Payable Post (VPP)

the goods may be sent through a bank

All of the above

Solution

Question 8

the press

sending circulars

samples and catalogs

all of the above

Solution

Question 9

Market traders

Peddlers and hawkers

Street traders

Cheap jacks

Solution

Question 10

Grant of credit

Specialized knowledge

Marketing support

Risk sharing

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

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