Internal Trade Test

Result

Internal Trade Test - 8

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Weekly Quiz Competition

Question 1
1 / -0

Buying and selling of goods within the geographical limit of the company is known as

A
External Trade

B
Internal Trade

C
Wholesale Trade

D
Retail Trade

Solution

Internal trade refers to buying and selling of goods or services within the geographical boundaries of a country. It is also known as the Home trade. Under internal trade, goods and services are bought and sold in the home currency only. Internal trade can be of two types:
a) Wholesale
b) Retail.
Question 2
1 / -0

Name the tax which combine all other indirect taxes.

A
VAT

B
Sales Tax

C
GST

D
Excise

Solution

GST was introduced in India with effect from July 2017. Under the earlier taxation regime, many indirect taxes were levied like service tax, VAT, etc. GST merged these taxes into one.
Question 3
1 / -0

___________ representative body for business.

A
WTO

B
Chamber of Commerce and Industry

C
Business Organisation Union

D
None of the above

Solution

Chambers of commerce and industry is a voluntary and non-profit organization for all businesses operating in a particular territory. It works for the protection and promotion of the interest of entrepreneurs of that region. In simpler words, we can say, a chamber of commerce is a representative body for business.
Question 4
1 / -0

Name the trader who sells directly to customers.

A
Retailer

B
Manufacturer

C
Wholesaler

D
None of the above
Solution
Features of Retail Trade:-
1. The retailer is the last link in the distribution chain.
2. The retailer sells the goods or services directly to consumers.
3. Retailer deals with a variety of products.
4. Retailer buys and sells a small number of goods.
5. The retailer is, generally, located in residential areas.
Question 5
1 / -0

___________ is a network of number of branches situated at different localities in the city or in the different parts of the country.

A
Departmental Stores

B
Multiple Shops

C
Consumer Cooperative Store

D
None of the above

Solution

Multiple shops / chain stores refer to several identical retail located in different parts of the city. These shops are owned and controlled by a single organization. Such stores may be established by manufacturers or traders.
Question 6
1 / -0

The term "wholesale trade" denotes _______________________________.

A
Exporting goods and services

B
Importing goods and services

C
Buying and selling goods and services in large quantities for the purpose of resale of intermediate use

D
None of the above

Solution

Wholesale Trade refers to the trade in which goods are sold in large quantities. The person who carries on wholesale trade is known as a wholesaler. The wholesaler buys the goods directly from the manufacturer in bulk and sells them in small lots to the retailer. A wholesaler acts as a middleman between the manufacturer and the retailer.
Question 7
1 / -0

GST is charged on _______________ of goods and services.

A
supply

B
sale

C
revenue

D
cost

Solution

GST is applicable on the supply of goods and services as against the earlier concept of tax on the manufacturing or sale of goods or the provision of services.
Question 8
1 / -0

In _____________ shops, defective goods are sold.

A
Second

B
Itinerant

C
Wholesale

D
Retail

Solution

There are shops to sell goods that are not produced according to the required specification, i.e. defective goods. Such goods are sold in second shops, usually at a significant discount.
Question 9
1 / -0

_______________ is used to buy and sell goods by inserting coins.

A
Automatic Vending Machine

B
Main Order Houses

C
Wholesale

D
None of the above

Solution

A vending machine is a new form of direct retailing. It is a machine operated by coins or tokens. The buyer inserts a coin or token in the machine and receives a specific quantity of the product.
Question 10
1 / -0

In ____________ shops, used goods are bought and sold.

A
Second-hand goods

B
Street Trade

C
Hawker and Pedlars

D
Retail
Solution
Second-hand goods shops deal with used articles such as books, utensils, furniture, etc. The main features of second-hand goods shops are:
1. They sell used goods.
2. The goods are generally cheaply priced.
3. They buy goods from private and public auctions.

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Re-Attempt Weekly Quiz Competition

Internal Trade Test - 8

Result

Internal Trade Test - 8

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SHARING IS CARING

Question 1

External Trade

Internal Trade

Wholesale Trade

Retail Trade

Solution

Question 2

VAT

Sales Tax

GST

Excise

Solution

Question 3

WTO

Chamber of Commerce and Industry

Business Organisation Union

None of the above

Solution

Question 4

Retailer

Manufacturer

Wholesaler

None of the above

Solution

Question 5

Departmental Stores

Multiple Shops

Consumer Cooperative Store

None of the above

Solution

Question 6

Exporting goods and services

Importing goods and services

Buying and selling goods and services in large quantities for the purpose of resale of intermediate use

None of the above

Solution

Question 7

supply

sale

revenue

cost

Solution

Question 8

Second

Itinerant

Wholesale

Retail

Solution

Question 9

Automatic Vending Machine

Main Order Houses

Wholesale

None of the above

Solution

Question 10

Second-hand goods

Street Trade

Hawker and Pedlars

Retail

Solution

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