(i) The exchange and distribution of goods and services is referred to as:

1.  commerce
2.  production
3.  stock control
4. trade

Which of the following set represents the branches of production?

1. Industry, Commerce and Aids to Trade
2. Industry, Commerce and Direct services
3. Industry, Commerce and Services and Direct Services
4. Industry, Trade and Direct Services

(iii)    When a commodity is used for two or more purposes the demand for such a commodity is called:

A.         competitive demand

B.         composite demand

C.         derived demand D. joint demand

(iv)    The quantity of a commodity supplied usually increases when the:

1.  income of consumer falls
2. price of that commodity remains constant
3. price of that commodity falls
4.  price of that commodity rises

(v)      The following are the functions of retailers except:

1.  giving advice to customers
2.  holding stock in small quantities
3.  holding stock in large quantities 
4.  selling goods to customers

(vi)    Which of the following is not a function of a wholesaler?

1.  Auditing
2. insurance
3. Market research 
4. warehousing

(vii)  Trade means:

1.  buying and selling of goods and services
2.  buying of goods and services
3.  selling of goods and services
4. selling of goods and factors of production

(viii)Which level is reached after receiving new delivery?

1. Average stock
2.   Maximum stock
3.  Minimum stock 
4.  Stock taking

(xi) Which of the following is not a function of the warehousing in preparing goods for sale?

1. Breaking
2.  Manufacturing
3. Packing 
4.  Sorting

(x) The art of making goods and services from production to be known by the whole public is called:

1. advertising
2.  broadcasting
3.  communicating
4. publishing