Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
A physical restriction placed on the quantity of goods thaa quotat can be imported is
a ban
a quota
an excise duty
an import tax
Correct answer is B
A quota; a limited quantity of a particular product which under official controls can be produced, exported, or imported.
Direct sales to consumers by manufacturers is a means of eliminating
wholesalers only
retailers only
middlemen
agents
Correct answer is C
middleman: an intermediary or agent between two parties especially : a dealer, agent, or company intermediate between the producer of goods and the retailer or consumer. When a manufacturer sells directly to the consumer, the middlemen are eliminated
The selling of goods in small units is normally performed by
chambers of commerce
wholesalers
distributors
retailers
Correct answer is D
Retailer; is a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
fees imposed on contraband goods
fees paid on exports
taxes imposed on imported goods
taxes paid on home-made goods
Correct answer is C
Tariff; a tax or duty to be paid on a particular class of imports or exports.
Ad valorem duties are based on the
importance of the goods imported
value of the goods imported
weight of the goods imported
nature of the goods imported
Correct answer is B
Ad valorem duty; means according to the value. Import duties or taxes expressed as a percentage of value.