WORKSHEET 10 BUSINESS STUDIES (CLASS 11) -INTERNAL TRADE

             CHAPTER 10 INTERNAL TRADE

               The following are the main terms used in the trade 

1. A type of transaction in which payment for goods or services is made at the time of delivery. 

A) Cash on delivery

B) Cash on hand

C) Cash at bank

D) Cash on receipt.

2. A contract between the seller and the buyer in which all the expenses up to the point of  delivery to a carrier (it may be a ship, rail, lorry, etc.) are to be borne by seller. 

A) Free home delivery

B) Free on board

C) Free shipment

D) Free on road.

3. The price of goods which includes not only the cost of goods but also the insurance and freight charges payable on goods up to destination port. 

A) Cost Insurance and Freight

B) Cash Insurance and Freight

C) Cost Issuance and Freight

D) Cost Insurance and Facilitation.

4.  A term which is used in trade documents to say that mistakes and things that have been forgotten should be taken into account. 

A) Errors and omissions Excepted.

B) Errors and omissions accounted

C) Errors and omissions accepted

D) Errors and omissions agreed.

5. Some traders  do not have a fixed place of business to operate they keep on moving with their wares from street to street or place to place, in search of customers they are called  ---------------------   

A) Nomadic tribes

B) Wanderers

C) Gypsies

D) Itinerant Traders

6. Small retailers who open their shops at different places on fixed days or dates, such as every Saturday or alternate Saturdays, and so on are called ---------------- 

A) hawkers and pedlars

B) Itinerant traders

C) Market traders

D) Retailers

7. Instead of selling a variety of products of different types, these retail stores specialise in the sale of a specific line of products .

A) General Shops

B) Speciality Shops

C) Street Stall holders

D) Second hand goods shops.

8. Some stores in India like  ‘Akberally’ in Mumbai and ‘Spencers’ in Chennai are an example of ------------------- 

A) Speciality shops

B) Departmental stores

C) Chain Stores

D) Multiple stores

9. To start a consumer cooperative store, at least ------------ people have to come together and form a voluntary association and get it registered under the Cooperative Societies Act. 

A) 12

B) 10

C) 20

D) 25

10. A  -------------------------- generally carries a complete line of food items and groceries, in addition to non-food convenience goods and they operate on the basis of self-service.

A) Departmental Store

B) Super Market

C) Chain Store

D) General Store.