Tag: internal trade

Questions Related to internal trade

"A trader is not a middleman bringing the buyer and seller together and receiving the commission for the services provided by him." Is the statement true or false?

commerce types of trade features of internal trade internal trade business and industry

  1. True

  2. False

  3. Depends on the condition

  4. There is nothing specified about it

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Correct Option: A
Explanation:

Section 2(1) defines trader as ”trader, in relation to any goods means a person who sells or distributes any goods for sale and includes the manufacturer thereof, and where such goods are sold or distributed in package form, includes the packer thereof. However, middleman bringing the buyer and seller together and receiving the commission for the services provided by him is not considered as a trader.

When the data is shared with the companies suppliers in SCM than it is called _______.

commerce types of trade features of internal trade internal trade business and industry

  1. upstream

  2. downstream

  3. both a and b

  4. none of the above

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Correct Option: A

These are demanded when buyer returns goods already paid for on grounds of, say, unacceptable quality ____________.

commerce types of trade features of internal trade internal trade business and industry

  1. Debit Notes

  2. Credit Notes

  3. Sales Letters

  4. Statement of Accounts

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Correct Option: B

Which of the following is true in relation to internal trade?

commerce types of trade features of internal trade internal trade business and industry

  1. No custom duty or import duty is levied on such trade as goods are part of domestic production and are meant for domestic consumption

  2. Generally, payment has to be made in the legal tender of the country or any other acceptable currency

  3. Internal trade can be classified into two broad categories

  4. All of the above

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Correct Option: D
Explanation:
  • Buying and selling of goods and services within the boundaries of a nation are referred to as internal trade.
  • No custom duty or import duty is levied on such trade as goods are part of domestic production and are meant for domestic consumption.
  • Generally, payment has to be made in the legal tender of the country or any other acceptable currency.
  • Internal trade can be classified into two broad categories viz., (i) wholesale trade and (ii) retail trade.

Which of the following is an example of internal trade?

commerce types of trade features of internal trade internal trade business and industry

  1. Products purchased from a neighborhood shop in a locality

  2. Products purchased from door-to- door salesperson

  3. Products purchased from an exhibition

  4. all of the above

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Correct Option: D

NAFTA is____________________.

commerce types of trade features of internal trade internal trade business and industry

  1. treaty signed between two companies of Europe

  2. free trade between America and Europe

  3. free trade agreement between US, CANADA and MEXICO.

  4. free treaty between any two countries

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Correct Option: C
Explanation:

The North American Free Trade Agreement, which eliminated most tariffs on trade between Mexico, Canada and the United States, went into effect on Jan. 1,1994.NAFTA's purpose is to encourage economic activity between North America's three major economic powers.

WTO helped in_________.

commerce types of trade features of internal trade internal trade business and industry

  1. privatization

  2. cross burden trade

  3. helped in providing political stability for companies who are doing international business

  4. all of the above.

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Correct Option: B
Explanation:

The World Trade Organization is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, which commenced in 194

When the data is shared with the companies clients in SCM than it is called _______.

commerce types of trade features of internal trade internal trade business and industry

  1. upstream

  2. downstream

  3. both a and b

  4. none of the above

Show answer
Correct Option: B

What is the full form of CII ?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Compilation of Indian Investment

  2. Confederation of Indian Industry

  3. Confederation of Inspection in Induatry

  4. None of these

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Correct Option: B
Explanation:

The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth of industry in India, partnering industry and government alike through advisory and consultative processes.

What is the meaning of Octroi?

function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

  1. Tax collected on the goods and from the people entering the state or municipal limits.

  2. Tax collected from the customers present in the market.

  3. Tax levied on the goods in the market.

  4. None of these

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Correct Option: A
Explanation:

Octroi, tax levied by a local political unit, normally the commune or municipal authority, on certain categories of goods as they enter the area.