Business Systems & Procedures

What type of trade refers to trade within a country's borders?

• Global Trade

• Internal Trade

• Local Trade

• External Trade

Which of the following is NOT a type of itinerant trader?

• Street Vendors

• Market Traders

• Hawkers

• Retail Stores

What is the primary focus of external trade?

• Trade within a country

• Exchange of goods across international borders

• Seasonal trading

• Local market transactions

Which step comes first in the export procedure?

• Payment Collection

• Customs Clearance

• Inquiry and Quotation

• Packing and Labeling

What principle emphasizes that authority and responsibility should go hand in hand?

• Unity of Command

• Authority and Responsibility

• Discipline

• Division of Work

Which of the following is a key function of management according to Fayol?

• Sales

• Planning

• Negotiating

• Marketing

What does the principle of 'Unity of Direction' advocate for?

• A unified direction under one plan

• Multiple managers for each employee

• Individual interests over organizational goals

• Decentralized decision-making

Which of the following is a type of non-itinerant trader?

• Online Retailers

• Hawkers

• Seasonal Traders

• Street Vendors

What is the purpose of time studies in scientific management?

• To increase employee satisfaction

• To measure task completion times

• To enhance marketing strategies

• To develop new products

Which of the following is NOT one of Fayol's 14 Principles of Management?

• Discipline

• Stability of Tenure

• Innovation

• Equity