Chapter 7: Internal Trade — Online MCQ Test
COMMERCE · CLASS 12 INTERMEDIATE 2 YEAR · Telangana State Board
Practice Chapter 7: Internal Trade with a free chapter-wise online MCQ test.
This chapter covers: Focusing on domestic commerce this chapter covers wholesale retail trade itinerant retailers fixed shop retailers departmental stores chain stores and GST concepts..
AI-generated questions from basic to board-exam level, with instant results and explanations.
Chapter 7: Internal Trade — Important Questions & Answers
What is meant by internal trade?
- A. Trade between two countries
- B. Trade within the boundaries of a country
- C. Trade through sea routes only
- D. Trade conducted only online
Answer: B. Trade within the boundaries of a country
Internal trade refers to buying and selling of goods and services within the same country. It is also called domestic trade.
Internal trade refers to buying and selling of goods and services within the same country. It is also called domestic trade.
Which of the following is a feature of wholesale trade?
- A. Selling goods in small quantities to final consumers
- B. Buying goods from producers in bulk and selling to retailers
- C. Selling only through mobile vans
- D. Providing only after-sales service
Answer: B. Buying goods from producers in bulk and selling to retailers
A wholesaler buys goods in bulk from producers and sells them in large quantities to retailers or other traders.
A wholesaler buys goods in bulk from producers and sells them in large quantities to retailers or other traders.
A retailer buys goods from a wholesaler and sells them in small quantities to consumers. This process is called:
- A. Production
- B. Retail trade
- C. Import trade
- D. Warehouse trade
Answer: B. Retail trade
Retail trade involves selling goods in small quantities to the final consumers for personal use.
Retail trade involves selling goods in small quantities to the final consumers for personal use.
Which of the following best compares a chain store and a departmental store?
- A. A chain store has one large building with many departments, while a departmental store has many small branches
- B. A chain store has several branches, while a departmental store has one large store with departments
- C. Both always sell only food items
- D. Both are itinerant forms of retailing
Answer: B. A chain store has several branches, while a departmental store has one large store with departments
Chain stores are multiple outlets under central control, whereas a departmental store is a single large retail unit with different departments.
Chain stores are multiple outlets under central control, whereas a departmental store is a single large retail unit with different departments.
Which of the following is the correct sequence in the flow of goods from producer to consumer in a typical internal trade structure?
- A. Producer → Retailer → Wholesaler → Consumer
- B. Producer → Wholesaler → Retailer → Consumer
- C. Wholesaler → Producer → Retailer → Consumer
- D. Retailer → Wholesaler → Producer → Consumer
Answer: B. Producer → Wholesaler → Retailer → Consumer
In internal trade, goods usually move from producers to wholesalers, then to retailers, and finally to consumers.
In internal trade, goods usually move from producers to wholesalers, then to retailers, and finally to consumers.