Chapter Exam

Chapter 22: Types of Trade — Online MCQ Test

Q: Which trade is carried on between two or more countries?

Answer: C. External Trade — External trade, also known as international trade, involves the exchange of goods and services between countries.

Q: The trade that takes place within the boundaries of a country is called ______.

Answer: A. Home Trade — Internal trade or home trade involves buying and selling of goods within the geographical boundaries of a nation.

Q: When goods are imported for the purpose of re-exporting to another country, it is known as:

Answer: C. Entrepot Trade — Entrepot trade is the process of importing goods from one country and exporting them to another, often with some processing.

Q: Consider the classification of trade: Which combination correctly identifies the two primary categories?

Answer: B. Internal and External — Trade is broadly classified into internal trade (within the country) and external trade (across country borders).

COMMERCE · CLASS 11th · Tamil Nadu State Board

Practice Chapter 22: Types of Trade with a free chapter-wise online MCQ test for Tamil Nadu State Board CLASS 11th COMMERCE. This chapter covers: Focusing on commercial exchange this chapter introduces internal and external trade frameworks. Students examine home trade features wholesale retail mechanisms and foreign trade f.... AI-generated questions from basic to board-exam level, with instant results and explanations.

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Chapter 22: Types of Trade — Important Questions & Answers (FAQ)

Frequently asked questions from Tamil Nadu State Board CLASS 11th COMMERCE — Chapter 22: Types of Trade, with answers and explanations. These are sample questions; the exam has its own separate question set.

Which trade is carried on between two or more countries?

A. Internal Trade
B. Wholesale Trade
C. External Trade ✓
D. Retail Trade

Answer: C. External Trade
External trade, also known as international trade, involves the exchange of goods and services between countries.

The trade that takes place within the boundaries of a country is called ______.

A. Home Trade ✓
B. Import Trade
C. Export Trade
D. Entrepot Trade

Answer: A. Home Trade
Internal trade or home trade involves buying and selling of goods within the geographical boundaries of a nation.

When goods are imported for the purpose of re-exporting to another country, it is known as:

A. Direct Export
B. Home Trade
C. Entrepot Trade ✓
D. Retail Trade

Answer: C. Entrepot Trade
Entrepot trade is the process of importing goods from one country and exporting them to another, often with some processing.

Compare Wholesale and Retail trade: Which statement is true?

A. Wholesalers sell directly to the public
B. Retailers deal in bulk quantities for resale
C. Wholesalers require large warehousing facilities compared to retailers ✓
D. Retailers perform no service to the consumer

Answer: C. Wholesalers require large warehousing facilities compared to retailers
Wholesalers buy in large bulk and need significant storage space, unlike typical small-scale retailers.

Consider the classification of trade: Which combination correctly identifies the two primary categories?

A. Export and Retail
B. Internal and External ✓
C. Wholesale and Import
D. Local and International

Answer: B. Internal and External
Trade is broadly classified into internal trade (within the country) and external trade (across country borders).