Internal Trade Test - 24

Super market allows the customers to check variety of products under one roof at a low cost. Customers can buy anyhing from groceries to books,etc at reasonable prices.

Liaison office acts as communication channel between foreign corporation and Indian customers. Liaison office functions as a representative office to understand business and investment climate. It also conveys information to the head office or principal office of the company.

GST is a unified tax system that subsumes various indirect taxes and is levied on the supply of both goods and services.

Market Trader refers to the person who sell their goods in periodical markets such as weekly or monthly. They sell their goods through stalls in such markets.

A wholly owned subsidiary is a company where \(100 \%\) of the share capital is invested by the parent company or the holding company. In case of foreign or overseas operations, this kind of mode is preferred as this gives the total control in the hands of the holding company. The holding company gets full authority to decide whether to start new operations or to procure an existing company doing business overseas in order to establish the subsidiary company.

Middleman is an intermediary or agent between two parties; especially a dealer, agent, or company intermediate between the producer of goods and the retailer or consumer for promotion of trade.

The composition of trade refers to the types or nature of goods that are exported and imported by a country or region. It includes categorizing and analyzing the variety, quantity, and quality of goods exchanged in international trade transactions. This analysis helps in understanding the structure of trade, identifying patterns of specialization, and assessing the comparative advantage of a country in various sectors.

Value Added Tax is the new tax imposed instead of sales tax in different states. It is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. The rates of Vat are different for different states.

Import means purchase of goods from a foreign country. They are foreign goods and services bought by residents of a country. They can be shipped, sent by email or even hand-carried in personal luggage on a plane. If they are produced in a foreign country and sold to domestic residents, they are imports.

Franchising, a common form of privatization in utility services and transport, involves the government granting licenses to private entities to operate specific services or facilities. These entities, known as franchisees, are responsible for delivering services within designated areas or routes. Franchising allows for private sector involvement while retaining government oversight, ensuring accountability and quality of service. It often involves a contractual agreement outlining terms, conditions, and performance expectations. Franchising can enhance efficiency and innovation in sectors traditionally managed by the government.