(i)       Which of the following statements is true?

1. Economics is part of Commerce 
2.  Commerce is part of Economics
3. Commerce includes production
4. Commerce is the study of exchange only

(ii)      A warehouse which is used to store goods on payment is called:

1. Public warehouse
2. Private warehouse
3. Bonded warehouse
4.  Waiting room

(iii)    The point where demand and supply curves intersect is known as:

1.  centre point
2. equilibrium point
3. zero point
4.  mark-up point

(iv)    The distinguishing marks attached to products and which cannot be used by any other producer are called:

1.  trade marks
2.  approval seals
3.  copy rights 
4.  kite marks

(v)      The following do not posses permanent business premises:

1. itinerant traders
2.  tied shop traders
3. chain stores
4. multiple shops

(vi)    One of the main features of a supermarket is:

1.  selling on credit
2.  raising commodity prices
3. shopping by post 
4.  self-service

(vii)  A service that takes care of risks involved in trade is:

1.  insurance
2.  banking
3. a police station 
4.  warehousing

(viii)Production ends when:

1. manufacturing process ends
2. goods finally reach retailers
3. goods are stored in bonded houses 
4. goods reach final consumers

(ix)    Marginal cost is defined as:

1.  a change in total output due to additional unit of cost 
2.  distribution of total cost per unit of output
3. a change in total cost due to additional unit of output 
4. distribution of fixed costs per unit of output

(x)      The level reached after receiving new delivery is called:

1.  minimum stock 
2.  average stock
3. maximum stock
4. stock taking