A foreign order which instructs an agent to buy certain goods from a particular supplier is
- A. closed indent
- B. open indent
- C. letter of credit
- D. letter of enquiry
The practice of selling goods to a foreign country at lower prices than obtainable in the exporting country is
- A. speculation
- B. skimming
- C. hedging
- D. dumping
One of the functions of a trade association is to
- A. provide infrastructure for members
- B. provide employment for members
- C. promote members' welfare
- D. pay members' salaries
An organization of producers of similar produces, which controls output with the intention to fix price is a
- A. trust
- B. syndicate
- C. consortium
- D. cartel
A number of shops under one roof is a
- A. chain store
- B. department store
- C. discount store
- D. unit store
One of the disadvantages of selling on credit is
- A. reduction in turnover
- B. reduction in profit
- C. increase in liquidity
- D. bad debts
Which of the following businesses can raise capital through the stock exchange?
- A. Sole proprietorship
- B. Private company
- C. Public company
- D. Cooperative society
The reward for land as a factor of production is
- A. wage
- B. rent
- C. profit
- D. interest
Which type of occupation is a carpenter engaged in?
- A. Commercial
- B. Construction
- C. Extraction
- D. Manufacturing
The word ”limited” written after the name of a company means that
- A. it has a democratic system of management
- B. members are liable to the extent of their shareholdings only
- C. the company is a going concern
- D. profit is determined by management
All activities geared towards the distribution and exchange of goods and services is _______
- A. commerce
- B. market survey
- C. personal selling
- D. trade
An example of a primary product is _____
- A. textile
- B. palm oil
- C. flour
- D. cocoa
The process of changing raw materials into finished goods is ________
- A. construction
- B. extraction
- C. manufacturing
- D. marketing
Commerce started as a result of _______
- A. competition
- B. distribution
- C. privatization
- D. Specialization