Form 5 POB Graded Quiz - Competition

When a firm engages in frequent discount sales it is engaging in

• advertising

• merchandising

• market research

• sales promotion

"The deliberate, planned and sustained effort to establish and maintain understanding between an organization and its customers' defines

• sales promotion

• public relations

• market research

• advertising

Which one of the following is NOT a feature of perfect competition?

• Each firm is faced with a given market price and can exert no influence to change it

• The product sold is differentiated from other products on the market

• Freedom of entry and exit of firms into the industry

• Perfect knowledge of the market by both buyers and sellers

When an article is produced by a sole supplier the form of market practise engaged in is called

• duopoly

• monopsony

• monopoly

• oligopoly

It is a group of manufacturers, business people and other professional people which seeks to promulgate and strengthen both local and foreign trade.

Which one of the following institutions is best described above?

• Bureau of Standards

• Businessmen's Association

• Chamber of Commerce

• Industrial Development Corporation

Cash, credit and hire purchase are regarded as terms of

• payment

• trade

• sales

• delivery

An installment is

• a regular payment made over an agreed period

• an installation of lights on new business premises

• a ceremony in which the new board of directors is installed

• a sum of money deposited to open a new bank account

In which type of arrangement does the buyer become the owner of good as soon as the first instalment is paid?

• Cash sale

• Credit sale

• down payment

• hire purchase

The main purpose of a trade discount is to

• encourage prompt payment of debts

• increase sales through bulk-buying

• make consumers aware of the products for sale

• reduce bad debts

How much will a person pay for an article marked $200, if he is allowed 5 per cent cash discount?

• $190

• $195

• $205

• $210