Internal Trade Test - 2

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.

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.

Chain Stores refer to a chain of retail stores at different locations in a country that are run and managed by the same oraganisation. They provide a limited selection of goods because they sell goods that are produced by their oraganisation itself.

Vending machines are costly to establish which is one of its limitations. One of the shortfalls is that this technology gives no provision for bargaining and therefore fixed prices apply.

ICICI is a banking company and not concerned with Chambers of Commerce & Industry

NDTV News Channel is a media company.

General Stores come under Fixed Shop Small Retailers. These shops provide products which are required to satisfy the day to day requirements of the customers like stationery, household items. They maintain permanent establishment in a locality.

Wholesale Trader is the person who buys and sells goods and services in large quantities for the purpose of resale or intermediate use. They buy in bulk quantities unlike retail traders and sell them to retailers who ultimately sell the goods to end consumers.

The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.