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.
Dumping means selling goods abroad
at a lower price than in the home market
at a higher price than in the home market
at the same price as in the home market
on credit in the foreign market
for ready cash in the foreign market
Correct answer is A
No explanation has been provided for this answer.
An agent who guarantees payments for goods sold is
a factor
a del credere agent
a broker
a partner
an aunctioneer
Correct answer is B
No explanation has been provided for this answer.
#675.00
#425.00
#250.00
#175.00
#75.00
Correct answer is B
No explanation has been provided for this answer.
A foreign order which instructs an agent to buy certain goods at a particular place called
letter of credit
letter of attorney
open indent
closed indent
bill of laden
Correct answer is D
No explanation has been provided for this answer.
Chamber of Commerce
trade association
trade union
consortium
cartel
Correct answer is B
A trade association is made up of people within the same industry that comes together for the purpose of improving the interest of its members. An association of timber wood sellers or manufacturers association of Nigeria is an example of a trade association.
A trade union on the other hand is also made up of people in various industries who come together to secure improvements in pay, benefits, working conditions, or social and political status through collective bargaining. An example is ASUU, Nigeria labour Congress, etc
While unions focus on relations with their employer, associations are interested in catering to their individual needs.