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.
The role of customs and exercise authority includes the
provision of a good transport system to facilitate imports and exports
provision of security at the port
control of the flow of goods in and out of the country
provision of dockyards for ship repairs
Correct answer is C
Collect revenue for the government by charging customs and excise duties. Collect, keep and analyse records of imported and exported goods and services. Control bonded warehouses to ensure that duty is collected on imported dutiable goods before releasing them.
Trading position of Nigeria is the same as her
desire to trade with many countries
willingness to grant credit to foreigners
balance of trade
terms of trade
Correct answer is A
No explanation has been provided for this answer.
A country is said to be experiencing an unfavorable balance of trade if her
exports exceed imports
visible exports exceed visible imports
imports and exports are equal
visible imports exceed visible exports
Correct answer is D
when the value of its imports exceed exports.
The final link in the chain of distribution is
middlemen
whole saling
consumer
retailing
Correct answer is C
The distribution system is the final link in the chain of supply from manufacturer to the consumer
The assembling of products into usable forms is known as
creation
manufacturing
construction
formation
Correct answer is B
Manufacturing refers to a production of goods that converts raw materials, parts, and components into finished merchandise