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Commerce MCQs

  • Which of the following is not a function of a warehouse?

    (A) Facilitate the distribution
    (B) Stockpiling
    (C) Manufacture goods
    (D) Provide storage

    The answer is: (C) Manufacture goods

  • At which stage the production is completed?

    (A) when product is manufactured
    (B) when product is used by the consumer
    (C) when product reach the consumer
    (D) when product reach the retailer

    The answer is: (C) when product reach the consumer

  • Which from the following risk is non-insurable?

    (A) faulty raw material
    (B) poor management
    (C) factory fire
    (D) vehicle accident

    The answer is: (B) poor management

  • World Trade Organization (WTO) is the successor organization of

    (A) ECO
    (B) GATT
    (C) NAFTA
    (D) League of Nations

    The answer is: (B) GATT (General Agreement on Tariffs and Trade)

  • NAFTA has been replaced by a new free trade agreement known as USMCA. It is effected since 1 July

    (A) 2017
    (B) 2018
    (C) 2019
    (D) 2020

    The answer is: (D) 2020
    NAFTA has been replaced by a new free trade agreement among Canada, Mexico, and the United States. The agreement is known as USMCA and is effected since 1 July 2020.

  • Finished goods and raw materials not immediately required for the next stage require

    (A) advertising
    (B) communications
    (C) transport
    (D) warehousing

    The answer is: (D) warehousing

  • Which factor threatens the survival of a small retailer?

    (A) large-scale retailers
    (B) factory outlets
    (C) voluntary chains
    (D) subsidized warehouses

    The answer is: (A) large-scale retailers

  • The World Trade Organization is the successor organization of

    (A) ECO
    (B) GATT
    (C) NAFTA
    (D) League of Nations

    The answer is: (B) GATT
    The World Trade Organization (WTO) is the successor organization of General Agreement on Tariffs and Trade (GATT).

  • Which type of retailer sells a limited range of products and uses national advertising?

    (A) local department store
    (B) supermarket
    (C) specialty chain store
    (D) variety chain

    The answer is: (C) specialty chain store

  • How are commercial services and direct services interrelated?

    (A) Commercial services depend on direct services
    (B) Buying and selling are examples of direct services
    (C) Direct services include advertising, accounting and medical services
    (D) Tertiary production consists of commerce and direct services

    The answer is: (D) Tertiary production consists of commerce and direct services