Internal Trade Test

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Internal Trade Test - 20

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Weekly Quiz Competition

Question 1
1 / -0

Mail order business is known as shopping by ___.

A
email

B
fax

C
post

D
website

Solution

Mail order business, also called direct mail marketing, method of merchandising in which the seller's offer is made through mass mailing of a circular or catalog or through an advertisement placed in a newspaper or magazine and in which the buyer places an order by mail.
Question 2
1 / -0

________ may provide all facilities such as restaurant, travel and information bureau, telephone booth, restrooms, etc.

A
A chain store

B
Mail order houses

C
A modern departmental store

D
Consumer Cooperative Stores

Solution

Meaning of Departmental Store A departmental store is a large retail trading organization.
It has several departments, which are classified and organized accordingly. Departments are made as per different types of goods to be sold.
Question 3
1 / -0

______ may be dealing in one particular line of merchandise, say fabrics or ready-made garments, toys, or crockery.

A
Peddlers and hawkers

B
Market traders

C
Street traders

D
All of the above

Solution

An investor who makes many trades throughout a trading day, buying and selling securities in order to profit from short-term changes in prices. However, traders provide a great deal of liquidity to the market. See also: Registered Competitive Trader.
Question 4
1 / -0

Mail order houses are confronted with the problems like _______.

A
damage of goods in transit

B
excessive operating cost

C
credit policies

D
all of the above

Solution

1. Lack of personal contact
In mail order business, the producer/seller and customers cannot have direct personal contact with each other. The customers cannot get as much satisfaction as desired from the goods. As a result, they may be attracted to other retailing institutions to buy necessary goods.
2. unnecessary delay
Unnecessary delay is a major disadvantage of mail order business. As in this method of purchase order takes a comparatively long time to reach the producers' hand and also to give delivery of goods to buyers by mail, mail order business is a delay-making business.
3. Lack of selection of goods
in mail order business, the customers cannot inspect goods; they cannot get the selection facility and buy preferred goods.
Question 5
1 / -0

The wholesalers normally make forward dealing with the supply goods with the producer. This relieves the manufacturers from ______.

A
plan and regulate their production

B
keeping the stocks

C
interim loans

D
none of the above

Solution

The stock of a corporation is all of the shares into which ownership of the corporation is divided. In American English, the shares are commonly called stocks. A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares.
Question 6
1 / -0

Facilitating large scale production is one of the services of wholesalers to manufacturers. What do wholesalers do through this function?

A
Wholesalers provide financial assistance to the manufacturers in the sense that they generally make cash payment for the goods purchased by them.

B
They bear lots of risks such as the risk of fall in prices, theft, pilferage, spoilage, fire, etc.

C
Wholesalers collect small orders from number of retailers and pass on the pool of such orders to manufacturers and make purchases in bulk quantities.

D
All of the above
Solution
Large scale production refers to the production of a commodity on a large scale with a large sized firm. It requires huge investments in plant and machinery. Large scale production can be carried out if the market size is large and expanding.Large scale firms are division of labor and production and sale of goods in large quantities. They cater to a large market. The industrial revolution laid the foundation of the factory system. The factory system which extensively used machinery and adopted division of labor made large scale production possible.
The following are some of the motives of large scale production.
1. Desire for economy.
2. Desire for increase in sales.
3. Desire for a large customer base.
4. Desire for large profits.
5. Desire to become a global company.
6. Desire for economic power.
7. Desire for continuous growth and expansion.
8. Desire to increase demand.
9. Desire to overcome competition.
10. Desire to achieve monopoly status.
11. Desire for achieving long term profitability.
Question 7
1 / -0

GST is applicable to all dealers with a turnover of over ______.

A
Rs. 10 lakh

B
Rs. 20 lakh

C
Rs. 40 lakh

D
Rs. 50 lakh

Solution

A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.
Question 8
1 / -0

The advantages of GST to the Citizens are listed as:

A
Reduction in prices of goods and services due to elimination of cascading.

B
Uniform prices throughout the country.

C
Transparency in taxation system.

D
All of the above
Solution
GST is a simplified transparent tax and has abolished a number of indirect taxes which was levied by the Centre and State Governments, including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Luxury Tax, etc.
It focuses on removing the Cascading Effect, i.e. tax on tax.
It has led to falling prices of many consumer goods as manufacturing cost of many good has reduced due to less burden of taxes.
Items like a car, FMCG etc. are expected to become cheaper than before.
As a simple rule of economics, with fall in prices of the items, there will be an increase in the demand or consumption of goods.
This increase in demand will tend to increase the supply. Hence, will ultimately lead to the rise in production of goods.
In the long run, it will be helpful for the common man, as increased production of goods will create more job opportunities.
This will help in lowering the burden on the common man i.e. you will have to shed less money to buy the same products which were earlier costly.
Question 9
1 / -0

The first committee to design GST model was headed by _____.

A
Vijay Kelkar

B
Asim Das Gupta

C
Dr. Chidambaram

D
None of the above

Solution

On February 28, 2006, GST appears in the Budget speech for the first time; Finance Minister P Chidambaram sets an ambitious April 1, 2010 as deadline for GST implementation. He said the Empowered Committee of finance ministers will prepare a road map for GST.
Question 10
1 / -0

GST helps in _______.

A
increasing productivity

B
increasing Tax to GDP Ratio and revenue surplus

C
increasing Compliance

D
all of the above

Solution

GST helps in increasing productivity, compliance as well as Tax to GDP Ratio and revenue surplus of the country. It is designed in such as way so as to benefit one and all.

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Re-Attempt Weekly Quiz Competition

Internal Trade Test - 20

Result

Internal Trade Test - 20

Score

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Rank

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SHARING IS CARING

Question 1

email

fax

post

website

Solution

Question 2

A chain store

Mail order houses

A modern departmental store

Consumer Cooperative Stores

Solution

Question 3

Peddlers and hawkers

Market traders

Street traders

All of the above

Solution

Question 4

damage of goods in transit

excessive operating cost

credit policies

all of the above

Solution

Question 5

plan and regulate their production

keeping the stocks

interim loans

none of the above

Solution

Question 6

Wholesalers provide financial assistance to the manufacturers in the sense that they generally make cash payment for the goods purchased by them.

They bear lots of risks such as the risk of fall in prices, theft, pilferage, spoilage, fire, etc.

Wholesalers collect small orders from number of retailers and pass on the pool of such orders to manufacturers and make purchases in bulk quantities.

All of the above

Solution

The following are some of the motives of large scale production.

Question 7

Rs. 10 lakh

Rs. 20 lakh

Rs. 40 lakh

Rs. 50 lakh

Solution

Question 8

Reduction in prices of goods and services due to elimination of cascading.

Uniform prices throughout the country.

Transparency in taxation system.

All of the above

Solution

Question 9

Vijay Kelkar

Asim Das Gupta

Dr. Chidambaram

None of the above

Solution

Question 10

increasing productivity

increasing Tax to GDP Ratio and revenue surplus

increasing Compliance

all of the above

Solution

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