Tag: internal trade

Questions Related to internal trade

What are the projects that Chamber of Commerce needs to take for smooth trade?

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

  1. Marketing Projects

  2. Financial Projects

  3. Investment Projects

  4. All of the above

Show answer
Correct Option: C
Explanation:

Investment Project - An investment project is a detailed proposal of an expenditure of liquid resources, with the objective of taking actions that will lead to future profits. - An investment project is made before the investment itself.

Write down the full form of FICCI.

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

  1. Federation of Indian Chamber of Companies and Industry

  2. Federation of Indian Chamber of Commerce and Industry

  3. Federation of International Chamber of Commerce and Industry

  4. None of these

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Correct Option: B
Explanation:

The Federation of Indian Chambers of Commerce and Industry is an association of business organisations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India.

The term business includes every lawful trade, occupation and profession.

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

  1. True

  2. False

  3. Sometimes false

  4. None of the above

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Correct Option: A
Explanation:

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.An example of a corporate business is PepsiCo, while a mom-and-pop catering business is a private enterprise.

In which year FICCI was established in India?

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

  1. 1972

  2. 1965

  3. 1947

  4. 1975

Show answer
Correct Option: A
Explanation:

The Federation of Indian Chambers of Commerce and Industry is an association of business organisations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India.

Identify the interests and aims of Chambers of Commerce and Industry.

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

  1. Transportation or inter-state movement of goods.

  2. Octroi or other local levies.

  3. Harmonisation of VAT structure.

  4. All of the above

Show answer
Correct Option: D
Explanation:
Interests and aims of chambers of commerce and industry:
(i) Transportation or inter state movement of goods: The Chambers of Commerce and Industry help in many activities concerning inter state movement of goods which includes registration of vehicles, surface transport policies, construction of highways and roads.
(ii) Octroi and other local levies: Octroi and local taxes are the important sources of revenue of the local government. These are collected on the goods and from people entering the state or the municipal limits.
(iii) Harmonisation of sales tax structure and Value Added Tax: The Chambers of Commerce and Industry play an important role in interacting with the government to harmonise the sales tax structure in different states.

Which international agency has Trade Review Mechanism and looks after Multilateral Trade Agreements?

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

  1. IBRD

  2. IMF

  3. WTO

  4. All of the above

Show answer
Correct Option: C
Explanation:

The term multilateral trade negotiations initially applied to negotiations between General Agreement on Tariffs and Trade member nations conducted under the auspices of the GATT and aimed at reducing tariff and non tariff trade barriers. In 1995 the World Trade Organization replaced the GATT as the administrative body.