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 major function of trade association is to _______
assist members to buy cars
help individuals to set up small business
establish a link among member
foster cooperation among members
Correct answer is D
They foster cooperation among members.
What document is required when a country imposes valorem import duties on goods?
mail transfer
shipping note
bill of lading
consular invoice
Correct answer is B
This is a document that gives details of goods being sent from one place to another.
A major objective of all business resources is ______
public relation
profit sharing
human relation
profit making
Correct answer is D
This is the money gotten from the business.
An advantage of division of labour is _______?
productivity and total output is increased
monotony of task is eliminated
loss of individual craftmanship is minimized
interdependence of workers increase remuneration
Correct answer is A
More hands are involved in the production of a particular commodity.
The function of commerce in relation to production is ______
helping in the extraction of raw material from nature
providing a link between the different stage of conversion of good
yielding result
satisfying
Correct answer is D
Options A, B and C are placed under the types of production. When extraction has been made and a desired result attained, without getting the yielded results to the final consumer and without satisfying human wants, the function of commerce has not been actualized. Hence, production is said to be complete when the transferred raw materials have met its aim of satisfying human wants