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Test: Internal Trade- Case Based Type Questions - Commerce MCQ


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18 Questions MCQ Test - Test: Internal Trade- Case Based Type Questions

Test: Internal Trade- Case Based Type Questions for Commerce 2024 is part of Commerce preparation. The Test: Internal Trade- Case Based Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Internal Trade- Case Based Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Internal Trade- Case Based Type Questions below.
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Test: Internal Trade- Case Based Type Questions - Question 1
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Direction: Match the following types of goods from column I with the itinerant retailers selling them from column II.

Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 1
1. Peddlers and hawkers: A hawker is an individual who sells wares by carrying them through the streets. A peddler is defined as a retail dealer who brings goods from place to place, exhibiting them for sale. The terms are frequently defined in state statutes or city ordinances and are often used interchangeably.

2. Market Traders: Market traders sell goods and services from street stalls or indoor markets.

3. Cheap jacks: The term "cheap Jack" (sometimes "cheapjack") refers to a seller of cheap or inferior quality goods. The person being referred to is often a traveling salesperson. The term is also sometimes used as an adjective describing goods of inferior quality or construction.

4. Street traders: Street trading is defined as the selling or offering for sale of any article in the street. Traders who use the public highway to sell goods or services must have a street trading licence to carry out trade from a designated site/pitch and display of goods in front of a shop.

Test: Internal Trade- Case Based Type Questions - Question 2
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Direction: Match the following features given in Column I with the types of itinerant retailers given in Column II.

Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 2
1. Market Traders: Market traders sell goods and services from street stalls or indoor markets.

2. Street vendors: A street vendor is a person who offers goods or services for sale to the public without having a permanently built structure but with a temporary static structure or mobile stall (or head-load).

3. Cheap jacks: The term "cheap Jack" (sometimes "cheapjack") refers to a seller of cheap or inferior quality goods. The person being referred to is often a traveling salesperson. The term is also sometimes used as an adjective describing goods of inferior quality or construction.

4. Peddlers and hawkers: A hawker is an individual who sells wares by carrying them through the streets. A peddler is defined as a retail dealer who brings goods from place to place, exhibiting them for sale. The terms are frequently defined in state statutes or city ordinances and are often used interchangeably.

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Test: Internal Trade- Case Based Type Questions - Question 3
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Direction: Match the fixed shop small retailers given in column II with the types of goods sold by them from column I.

Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 3
1. Speciality shops: A specialty retail store is a retail store that focuses on specific product categories, as opposed to retailers who sell a large number of consumer goods categories. When you think of specialty retail, think of a specialized yoga-wear store like Lululemon rather than the big-box, everything-in-one store, Walmart.

2. Second hand goods shop: It means a retail business that primarily sells used goods such as clothing, household items, books, furniture, appliances and other merchandise not generally considered to be antiques. Also see "antique store."

3. Street stall holders: The markets or the stalls which are practically immobile in the street are known as street stallholders. The merchants place a small stall or a shop to display their merchandise. They can be erected or taken down simply on wheels. They are commonly seen in fairs conventions exhibitions etc.

4. General store: General stores often sell staple food items such as milk and bread, and various household goods such as hardware and electrical supplies. The term "general merchandise store" is also used to describe a hybrid of a department store, with a wide selection of goods, and a discount store, with low prices.

Test: Internal Trade- Case Based Type Questions - Question 4
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Direction: Match the statements given in column I with services of wholesalers to retailers given in Column II.
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 4
1. Marketing support: A Marketing Support Service would typically include some or all of the the following elements: Marketing Planning and Strategy. Stationery & Marketing Collateral management - design, print, logistics. Website portfolio design and development. Advertising Campaign media planning / buying, creative, delivery & management.

2. Grant of credit: To grant credit to someone is to trust that person and to take a risk in handing over a sum of money or goods, on the undertaking that the sum of money or goods will be repaid by a certain date plus an additional amount (of money or goods), called interest.

3. Availability of goods: Goods are tangible items that can be used and stored. Businesses make goods and sell them to customers, who then own them.

4. Risk sharing: Risk Sharing also known as "risk distribution," risk sharing means that the premiums and losses of each member of a group of policyholders are allocated within the group based on a predetermined formula.

Test: Internal Trade- Case Based Type Questions - Question 5
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Direction: Read the following text and answer the questions that follow:

Malti was selling vegetables going door to door in the local area in her cart along with her mother. Her father sells consumer items of daily use outside different temples of that locality at different places on fixed days. She doesn’t like the business of selling vegetables because of short shelf life of vegetables and very little profit. She told her father to take loan and to open a small shop where all plastic items of daily use like jugs, baskets, thread-box, containers, etc. can be sold. Due to lack of funds, her father could not take a shop on rent rather he decided to sell soft-drinks, mouth freshener, beetle leaf etc. on a temporary platform with limited space at one of the crossing.

Q. Identify the type of trade discussed above:
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 5
Retail trade is the business activity associated with the sale of goods to the final consumer, the ultimate customer. It is the link between wholesalers or manufacturers and the customers of the product. Typically retailers sell goods in small quantities to consumers for personal use, not for resale or business use.
Test: Internal Trade- Case Based Type Questions - Question 6
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Direction: Read the following text and answer the questions that follow:

Malti was selling vegetables going door to door in the local area in her cart along with her mother. Her father sells consumer items of daily use outside different temples of that locality at different places on fixed days. She doesn’t like the business of selling vegetables because of short shelf life of vegetables and very little profit. She told her father to take loan and to open a small shop where all plastic items of daily use like jugs, baskets, thread-box, containers, etc. can be sold. Due to lack of funds, her father could not take a shop on rent rather he decided to sell soft-drinks, mouth freshener, beetle leaf etc. on a temporary platform with limited space at one of the crossing.

Q. “...soft-drinks, mouth freshener, beetle leaf, etc. on a temporary platform with limited space at one of the crossing’. The type of retailer stated here is:
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 6
The markets or the stalls which are practically immobile in the street are known as street stallholders. The merchants place a small stall or a shop to display their merchandise. They can be erected or taken down simply on wheels. They are commonly seen in fairs conventions exhibitions etc.
Test: Internal Trade- Case Based Type Questions - Question 7
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Direction: Read the following text and answer the questions that follow:

Malti was selling vegetables going door to door in the local area in her cart along with her mother. Her father sells consumer items of daily use outside different temples of that locality at different places on fixed days. She doesn’t like the business of selling vegetables because of short shelf life of vegetables and very little profit. She told her father to take loan and to open a small shop where all plastic items of daily use like jugs, baskets, thread-box, containers, etc. can be sold. Due to lack of funds, her father could not take a shop on rent rather he decided to sell soft-drinks, mouth freshener, beetle leaf etc. on a temporary platform with limited space at one of the crossing.

Q. “She told her father to take loan and to construct a small shop where all plastic items of daily use like jugs, baskets, thread-box, containers can be sold.” Specify the type of retailer indicated here:
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 7
A specialty store carries a deep assortment within a narrow line of goods. Furniture stores, florists, sporting-goods stores, and bookstores are all specialty stores. Stores such as The Athlete's Foot (sports shoes only) and DXL Big + Tall.
Test: Internal Trade- Case Based Type Questions - Question 8
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Direction: Read the following text and answer the questions that follow:

Malti was selling vegetables going door to door in the local area in her cart along with her mother. Her father sells consumer items of daily use outside different temples of that locality at different places on fixed days. She doesn’t like the business of selling vegetables because of short shelf life of vegetables and very little profit. She told her father to take loan and to open a small shop where all plastic items of daily use like jugs, baskets, thread-box, containers, etc. can be sold. Due to lack of funds, her father could not take a shop on rent rather he decided to sell soft-drinks, mouth freshener, beetle leaf etc. on a temporary platform with limited space at one of the crossing.

Q. “Malti was selling vegetables going door to door.” What kind of retailer Malti is?
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 8
A hawker is a vendor of merchandise that can be easily transported; the term is roughly synonymous with costermonger or peddler. In most places where the term is used, a hawker sells inexpensive goods, handicrafts, or food items.
Test: Internal Trade- Case Based Type Questions - Question 9
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Direction: Read the following text and answer the questions that follow:

Malti often noticed that nuclear families where both husband and wife go to work find it difficult to cook as cleaning and cutting vegetables took a lot of time, so as an entrepreneur she started gathering information regularly and developed a new product line of selling chopped vegetables in hygienic packaging under the brand name ‘Sabjiwala’. She started her shop in her home space. In the beginning, she catered to the orders of customers directly but later on as demand increased, it was difficult for her to manage all the orders from that space. Her friends advised her to sell the products by opening her chain stores. This will increase her sales turnover and eventually the profits. Following her friend’s suggestion now she has expanded her business to an extent that from a small shop operating from her home, she has changed it to a chain store having its 6 branches in the city.

Q. ‘In the beginning, she catered to the orders of customers directly’. Who serves as the last link in the distribution channel?
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 9
A retailer is a person or business that you purchase goods from. Retailers typically don't manufacture their own items. They purchase goods from a manufacturer or a wholesaler and sell these goods to consumers in small quantities.
Test: Internal Trade- Case Based Type Questions - Question 10
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Direction: Read the following text and answer the questions that follow:

Malti often noticed that nuclear families where both husband and wife go to work find it difficult to cook as cleaning and cutting vegetables took a lot of time, so as an entrepreneur she started gathering information regularly and developed a new product line of selling chopped vegetables in hygienic packaging under the brand name ‘Sabjiwala’. She started her shop in her home space. In the beginning, she catered to the orders of customers directly but later on as demand increased, it was difficult for her to manage all the orders from that space. Her friends advised her to sell the products by opening her chain stores. This will increase her sales turnover and eventually the profits. Following her friend’s suggestion now she has expanded her business to an extent that from a small shop operating from her home, she has changed it to a chain store having its 6 branches in the city.

Q. Identify which of the following is not an advantage of a chain store?
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 10
Operating expenses (OPEX) are the costs a business incurs to stay up and running. They're also called Selling, General, and Administrative (SG&A) expenses. Examples of operating expenses are rent, payroll and benefits, inventory, banking fees, marketing ads, business licenses, and transportation.
Test: Internal Trade- Case Based Type Questions - Question 11
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Direction: Read the following text and answer the questions that follow:

Malti often noticed that nuclear families where both husband and wife go to work find it difficult to cook as cleaning and cutting vegetables took a lot of time, so as an entrepreneur she started gathering information regularly and developed a new product line of selling chopped vegetables in hygienic packaging under the brand name ‘Sabjiwala’. She started her shop in her home space. In the beginning, she catered to the orders of customers directly but later on as demand increased, it was difficult for her to manage all the orders from that space. Her friends advised her to sell the products by opening her chain stores. This will increase her sales turnover and eventually the profits. Following her friend’s suggestion now she has expanded her business to an extent that from a small shop operating from her home, she has changed it to a chain store having its 6 branches in the city.

Q. ’Chains Stores are the examples of which type of retailers?
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 11
Fixed shop retailers are retail shops who maintain permanent establishment to sell their merchandise.

The characteristics of fixed shop retailers are:

  • They have greater resources and operate at a relatively large scale as compared with the itinerant traders.

Test: Internal Trade- Case Based Type Questions - Question 12
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Direction: Read the following text and answer the questions that follow:

Malti often noticed that nuclear families where both husband and wife go to work find it difficult to cook as cleaning and cutting vegetables took a lot of time, so as an entrepreneur she started gathering information regularly and developed a new product line of selling chopped vegetables in hygienic packaging under the brand name ‘Sabjiwala’. She started her shop in her home space. In the beginning, she catered to the orders of customers directly but later on as demand increased, it was difficult for her to manage all the orders from that space. Her friends advised her to sell the products by opening her chain stores. This will increase her sales turnover and eventually the profits. Following her friend’s suggestion now she has expanded her business to an extent that from a small shop operating from her home, she has changed it to a chain store having its 6 branches in the city.

Q. Identify which of the following is not the service of retailers to consumers?
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 12
In business, promotion is any communication that attempts to influence people to buy products or services. Businesses generally promote their brand, products, and services by identifying a target audience and finding ways to bring their message to that audience.
Test: Internal Trade- Case Based Type Questions - Question 13
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Direction: Read the below case and answer the questions that follow:

Laxya is an NRI who came to India to visit her grandparents living in the small town of Jaipur. One day, during the absence of her grandfather when her grandmother fell sick, Lakshya decided to go to the market to get the required items. Her grandmother told her, “there is no fixed shop retail store selling all the goods under one roof in this town. You have to buy the items from the traders who do not have fixed place to operate.” She instructed Laxya to:

(a) Buy the vegetables from the cart-pushers who come to their doorstep to supply fruits and vegetables.

(b) Buy nail cutter and peacock feathers for pooja ghar from Som Bazaar which is held on every second Monday of the month, outside Shiva temple.

(c) She will get magazine near bus stand from the retailers who sit on pavements.

(d) For small wooden handicrafts, she can find a temporary shop in next lane which was hired by a person a month before only.

Q. ’there is no fixed shop retail store selling all the goods under one roof in this town’. Identify the type of retailer mentioned here:
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 13
Departmental stores are large scale retail stores selling under one roof under a single control. They deal in a variety of goods. They are divided into different departments, each selling a particular merchandise. Departmental stores are of French origin.
Test: Internal Trade- Case Based Type Questions - Question 14
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Direction: Read the below case and answer the questions that follow:

Laxya is an NRI who came to India to visit her grandparents living in the small town of Jaipur. One day, during the absence of her grandfather when her grandmother fell sick, Lakshya decided to go to the market to get the required items. Her grandmother told her, “there is no fixed shop retail store selling all the goods under one roof in this town. You have to buy the items from the traders who do not have fixed place to operate.” She instructed Laxya to:

(a) Buy the vegetables from the cart-pushers who come to their doorstep to supply fruits and vegetables.

(b) Buy nail cutter and peacock feathers for pooja ghar from Som Bazaar which is held on every second Monday of the month, outside Shiva temple.

(c) She will get magazine near bus stand from the retailers who sit on pavements.

(d) For small wooden handicrafts, she can find a temporary shop in next lane which was hired by a person a month before only.

Q. “buy nail cutter and peacock feathers for pooja ghar from Som Bazaar which is held on every second Monday of the month, outside Shiva temple.” Identify the types of retailers as stated in the given sentence:
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 14
An investor who makes many trades throughout a trading day, buying and selling securities in order to profit from short-term changes in prices. For example, a trader may buy Stock A at $15 per share because he/she believes it will be $18 a few minutes, or hours, later.
Test: Internal Trade- Case Based Type Questions - Question 15
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Direction: Read the below case and answer the questions that follow:

Laxya is an NRI who came to India to visit her grandparents living in the small town of Jaipur. One day, during the absence of her grandfather when her grandmother fell sick, Lakshya decided to go to the market to get the required items. Her grandmother told her, “there is no fixed shop retail store selling all the goods under one roof in this town. You have to buy the items from the traders who do not have fixed place to operate.” She instructed Laxya to:

(a) Buy the vegetables from the cart-pushers who come to their doorstep to supply fruits and vegetables.

(b) Buy nail cutter and peacock feathers for pooja ghar from Som Bazaar which is held on every second Monday of the month, outside Shiva temple.

(c) She will get magazine near bus stand from the retailers who sit on pavements.

(d) For small wooden handicrafts, she can find a temporary shop in next lane which was hired by a person a month before only.

Q. “For small wooden handicrafts, she can find a temporary shop in next lane which was hired by a person a month before only”. Identify the types of retailers as stated in the given sentence:
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 15
The term "cheap Jack" (sometimes "cheapjack") refers to a seller of cheap or inferior quality goods. The person being referred to is often a traveling salesperson. The term is also sometimes used as an adjective describing goods of inferior quality or construction.
Test: Internal Trade- Case Based Type Questions - Question 16
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Direction: Read the below case and answer the questions that follow:

Laxya is an NRI who came to India to visit her grandparents living in the small town of Jaipur. One day, during the absence of her grandfather when her grandmother fell sick, Lakshya decided to go to the market to get the required items. Her grandmother told her, “there is no fixed shop retail store selling all the goods under one roof in this town. You have to buy the items from the traders who do not have fixed place to operate.” She instructed Laxya to:

(a) Buy the vegetables from the cart-pushers who come to their doorstep to supply fruits and vegetables.

(b) Buy nail cutter and peacock feathers for pooja ghar from Som Bazaar which is held on every second Monday of the month, outside Shiva temple.

(c) She will get magazine near bus stand from the retailers who sit on pavements.

(d) For small wooden handicrafts, she can find a temporary shop in next lane which was hired by a person a month before only.

Q. “You have to buy the items from the traders who do not have fixed place to operate.” Name such retailers.
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 16
Itinerant Retailers: These are retailers who do not have a fixed decided place of business. Their business is characterized by moving their shops around, sometimes even on a daily basis. Their sale is to the final consumers of the goods, so they are retailers, even if they do not have a standard place of business.
Test: Internal Trade- Case Based Type Questions - Question 17
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Match the Columns
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 17
1. Departmental stores: Departmental stores are large scale retail stores selling under one roof under a single control. They deal in a variety of goods. They are divided into different departments, each selling a particular merchandise. Departmental stores are of French origin.

2. Super bazar: Super bazaars are large retail stores selling a wide variety of consumer goods under one roof. They are generally organized by cooperative stores or private sector enterprises. They are run on a large scale. Some of the important features of super bazaar are low cost, self-service, central location etc.

3. Retailer: A retailer is a person or business that you purchase goods from. They purchase goods from a manufacturer or a wholesaler and sell these goods to consumers in small quantities. Retailing is the distribution process of a retailer obtaining goods or services and selling them to customers for use.

Test: Internal Trade- Case Based Type Questions - Question 18
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Match the Columns
Detailed Solution for Test: Internal Trade- Case Based Type Questions - Question 18
1. Wholesaler: A wholesaler is a company or individual that purchases great quantities of products from manufacturers, farmers, other producers, and vendors. “A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts, for example to shops.”

2. Sale of same types of goods: Multiple shops refer to retail shops started and controlled by a single organization and located in different parts of a city or throughout the country. These shops are also known as chain stores. Multiple shops deals in a limited variety of products.

3. Franchisee: A franchisee is a small-business owner who operates a franchise. The franchisee pays a fee to the franchisor for the right to use the business's already-established success, trademarks, and proprietary knowledge. The franchisee markets and sells the same brand, and upholds the same standards as the original business.

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