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WorksheetsCommerce and Trade Quiz
Total questions: 20
Worksheet time: 10mins
Commerce can best be described as:
The production of goods and services
The distribution and exchange of goods and services
The consumption of goods and services
The storage of goods and services
Which of the following is NOT an aid to trade?
Banking
Advertising
Transport
Farming
The main difference between trade and commerce is that:
Trade involves buying and selling, while commerce includes all activities that facilitate trade
Trade deals only with services, while commerce deals only with goods
Commerce excludes distribution, while trade includes it
Trade is broader than commerce
Which of the following is an example of home trade?
Exporting cocoa to Britain
Selling yam in a local market
Importing cars from Japan
Buying crude oil abroad
The movement of goods and services across national borders is known as:
Wholesale trade
Retail trade
Foreign trade
Domestic trade
Which of these is an example of invisible trade?
Importing rice from China
Exporting crude oil to the USA
Providing shipping services to another country
Selling electronics locally
The process of turning raw materials into finished goods is called:
Production
Distribution
Consumption
Specialization
Which of the following is the main role of a wholesaler?
Selling in small units to final consumers
Buying in large quantities and selling to retailers
Producing raw materials for manufacturers
Advertising goods to the public
A person who buys goods in small quantities for personal use is a:
Retailer
Producer
Consumer
Wholesaler
Which of the following is NOT a function of money?
Store of value
Medium of exchange
Unit of account
Production of goods
The insurance principle which states that you cannot recover more than the value of your loss is called:
Subrogation
Indemnity
Contribution
Proximate cause
The document used by a seller to demand payment before goods are delivered is called:
Invoice
Quotation
Proforma invoice
Receipt
Which of these is an advantage of advertising?
It increases production costs
It encourages mass production
It discourages competition
It reduces sales volume
A current account holder in a bank can withdraw more money than he has deposited through:
Standing order
Overdraft
Loan
Fixed deposit
Which of the following refers to the movement of goods from the producer to the final consumer?
Consumption chain
Production chain
Distribution channel
Trade link
The term “Division of Labour” means:
Sharing work among workers according to their skills
Producing only for oneself
A worker doing all the tasks alone
Sharing profits among workers
A retailer who sells goods from house to house is known as a:
Chain store retailer
Mobile trader
Multiple shop dealer
Department store retailer
The balance of trade is the difference between a country’s:
Visible exports and visible imports
Invisible exports and invisible imports
Exports and savings
Imports and services
The bank document that shows details of a customer’s account is called:
Ledger
Bank statement
Cheque
Passbook
Which of the following is NOT a characteristic of a good?
It is tangible
It can be stored
It can be touched
It is invisible
