Description : Where an unpaid seller has made part delivery of the goods he may exercise his Right of _______ A. Return of remaining goods B. Lien on the remaining goods C. Sale to any other person D. None of above
Last Answer : B. Lien on the remaining goods
Description : Under which of the circumstances unpaid seller loses his right of lien A. By estoppel B. Where seller waived the right of lien C. Where the buyer or his agent lawfully obtains possession of the goods D. Any of the above
Last Answer : D. Any of the above
Description : where the seller has expressly reserved his right to bid in the auction to bid in his behalf ,the seller can appoint a) only one bidder b) two bidders c) any number of bidders d) none,seller has no such right
Last Answer : a) only one bidder
Description : In case of ‘sale or return’ the buyer is deemed to have accepted the goods when: A. He does not intimate to the seller that he has rejected them B. He retains without intimating the seller that he has rejected them C. He rejects the goods but does not intimate the seller D. He pledges the goods
Last Answer : A. He does not intimate to the seller that he has rejected them
Description : In case of an agreement to sell, action against a third party for damaging the goods can be taken by: A. The seller B. The buyer C. Both D. None
Last Answer : A. The seller
Description : An unpaid seller is having rights against A. Goods only B. The buyer only C. Both goods and buyer D. None of the above
Last Answer : C. Both goods and buyer
Description : Where the seller wrongfully neglects or refuses to deliver the goods to the buyer, the buyer may sue for: A. Damages for non-delivery B. Damages for non-acceptance C. Specific performance D. Compensation
Last Answer : A. Damages for non-delivery
Description : The seller is required to supply the goods which shall be fit for buyer's purpose where the A. Seller is the sole distributor of goods sold. B. Seller knows the particular purpose of buyer. ... and relies upon seller's skill and judgement. D. Buyer is uneducated and the person of rural background.
Last Answer : B. Seller knows the particular purpose of buyer.
Description : In case of breach of condition, the buyer A. Has no remedy B. Can reject the goods. C. Cannot reject the goods. D. Can get the seller arrested
Last Answer : B. Can reject the goods.
Description : Future goods mean goods to be manufactured or produced or acquired by the seller A. In future prescribed time B. After making of contract C. Before making of contract D. None of above
Last Answer : B. After making of contract
Description : Which type of product might require a more direct marketing channel to avoid delays and too much handling? A. products in their decline stage B. products in their maturity stage C. perishable products D. high-priced products
Last Answer : A. products in their decline stage
Description : _______________ doctrine places the responsibility of product safety on corporations A. Buyer beware B. Seller beware C. Seller take care D. Buyer and seller take care
Last Answer : C. Seller take care
Description : When a seller requires that a dealer not handle competitors' products, the agreement is called a/an A. Exclusive distribution B. Exclusive dealing C. Control criterion D. Dual distribution
Last Answer : D. Dual distribution
Description : In ________ marketing, the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers. A. Group B. Mass C. General D. Segmented E. Differentiated
Last Answer : B. Mass
Description : Caveat Emptor means A. Let the buyer beware B. Let the seller beware C. Let the government beware D. None of the above
Last Answer : A. Let the buyer beware
Description : Delivery of key of the warehouse by the seller to the buyer will amount to: A. Symbolic Delivery B. Actual Delivery C. Constructive Delivery D. No delivery
Last Answer : A. Symbolic Delivery
Description : The agent having in customary course of business as such agent authority either to sell goods or to consign goods for the purpose of sale or to buy goods or to raise money on the security of goods is called A. Agent B. Mercantile agent C. Partner D. None of above
Last Answer : B. Mercantile agent
Description : Where the transfer of the property in the goods is to take place at a future time or subject to some condition, then such contract is called: A. An agreement to sell B. A contract to Sale C. Future Contract D. Conditional contract
Last Answer : A. An agreement to sell
Description : A time based market basically for perishable goods
Last Answer : Ans. Short period market
Description : What is the subject matter of bailment a) Movable goods b) Immovable goods c) Perishable goods d) All of the above
Last Answer : a) Movable goods
Description : Which of these will have highly inelastic supply curve (a) Perishable goods ; (b) Consumer durables goods; (c) Items of elite class consumption ; (d) All the three
Last Answer : (a) Perishable goods ;
Description : Object of the central council is A. The right to be protected against the marketing of goods which are hazardous to life and property B. The right to informed about the quality, quantity ... to be assured that consumer interests will receive due consideration appropriate fora E. All the above
Last Answer : E. All the above
Description : The Right of Lien is exercised: A. To retain the possession of goods B. To regain the possession of goods C. To resell the goods D. To transfer the goods
Last Answer : A. To retain the possession of goods
Description : According to implied ' warranty as to quiet possession' it is presumed that the buyer shall have the A. Peaceful possession of the goods. B. Right to use the goods as an owner. C. Both D. None of these
Last Answer : C. Both
Description : Notice of dishonour must be given A. To the drawer and drawee only B. To the drawer, acceptor and endorser(s) only C. To all the parties liable on the instrument or to their duly ... agent D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent
Last Answer : D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent
Description : The doctrine of _________ does not apply to acts void ab initio. A. Ultra virus B. Intra virus C. Constructive notice D. Indoor management
Last Answer : C. Constructive notice
Description : A stipulation which is essential to the main purpose of the contract and if proved false, gives the buyer a right to terminate the contract, is legally known as A. Condition B. Warranty C. Guarantee D. None of these
Last Answer : A. Condition
Description : detailed records of goods held for resale are not maintained under a -General Knowledge
Last Answer : periodic inventory system.
Description : Wholesaling is best defined as 1. all transactions in which products are bought for resale, for making other products, or for general business operations 2. all transactions made at retail ... 4. all marketing activities necessary to expedite exchanges to ultimate consumers 5. none of these
Last Answer : all transactions in which products are bought for resale, for making other products, or for general business operations
Description : A sales invoice is a source document that a. provides support for goods purchased for resale. b. provides evidence of incurred operating expenses. c. provides evidence of credit sales. d. serves only as a customer receipt.
Last Answer : c. provides evidence of credit sales.
Description : Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.
Last Answer : d. Cost of Goods Sold account.
Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.
Last Answer : b. periodic inventory system.
Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.
Last Answer : B. Wages paid for the erection of plant and machinery.
Description : Wholesaling is best defined as A)all transactions in which products are bought for resale, for making other products, or for general business operations. B)all transactions made at retail ... of other goods only. D)all marketing activities necessary to expedite exchanges to ultimate consumers.
Last Answer : A)all transactions in which products are bought for resale, for making other products, or for general business operations
Description : Mark the incorrect option a) The articles of stock such as plant and machinery, furniture and fixture are classed as “Dead stock” b) Consumable and perishable articles come under the term “Stores” c) Both the A and B d) None of these
Last Answer : d) None of these
Description : he unpaid seller has right of stoppage of goods in transit only where the buyer A. Become insolvent B. Refuses to pay price C. Acts fraudulently D. All of these
Last Answer : A. Become insolvent
Description : where by exercising the right of stoppage in transit the unpaid seller regains the possession of goods, then a) unpaid seller lien revives b)contract of sale in terminated c) unpaid seller lien does not revive d)sellers possession in unlawful
Last Answer : c) unpaid seller lien does not revive
Description : The unpaid seller can exercise his right of stoppage of goods in transit where the buyer a)refuse to pay price b)acts fraudulently c)become insolvent d)all of these
Last Answer : d)all of these
Description : In which of the following cases, the unpaid seller loses his right of lien? a) delivery of goods to buyer b)delivery of goods to carrier c) tender of price by buyer d) all of these
Last Answer : c) tender of price by buyer
Description : The unpaid seller can exercise his right of lien over the goods for a) any lawfull charges b)price of goods c) storage charges d)all of these
Description : Practically, what is the most significant organ of the WTO? A. The Committee on Trade and Development B. The Council for Trade in Goods C. The General Council D. The Ministerial Conference
Last Answer : C. The General Council
Description : Theoretically, what is the most significant organ of the WTO? A. The Committee on Trade and Development B. The Council for Trade in Goods C. The General Council D. The Ministerial Conference
Last Answer : D. The Ministerial Conference
Description : Under a floating exchange rate system, an increase in U.S. imports of Japanese goods will cause the demand schedule for Japanese yen to: A. Increase, inducing a depreciation in the yen B. ... C. Increase, inducing an appreciation in the yen D. Decrease, inducing an appreciation in the yen
Last Answer : C. Increase, inducing an appreciation in the yen
Description : . If the actual rate of unemployment exceeds to natural rate of unemployment then: A. Actual output of the economy will fall below its potential B. Production will increase more than potential C. Consumption of goods decreases D. Both (a) and (c) above.
Last Answer : D. Both
Description : Full employment is the level at which there is A. Zero unemployment B. Normal rate of unemployment C. Less supply of labor D. Demand for goods is less than supply.
Last Answer : C. Less supply of labor
Description : GDP is the money value of final goods and serviced produced in the………….of a country during an accounting year A. Domestic territory B. Political territory C. Specific area D. FTZ area
Last Answer : A. Domestic territory
Description : National income is the ……………. Of all the goods and services produced by a country during a period of year A. Physical quantity B. Money value C. Value D. All the three
Last Answer : B. Money value
Description : Nominal GDP is A. The total value of goods and services net of exports B. The total value of goods and services produced during periods of low unemployment C. The total value of goods and services measured at current prices D. The total value of goods and services produced at full employment.
Last Answer : C. The total value of goods and services measured at current prices
Description : What is Gross National Product: A. The total output of goods and services produced by the country’s economy B. The total domestic and foreign output claimed by residents of the country C. The sum of gross domestic product and investment
Last Answer : B. The total domestic and foreign output claimed by residents of the country
Description : As per section 2(1)(j) of Consumer Protection Act 1986, 'manufacturer' means a person who (i) makes or manufactures any goods or part thereof (ii) does not make or manufacture any goods but assembles parts thereof made or manufactured by ... B. (i) & (iii) C. (ii) & (ii) D. (i), (ii) & (iii)
Last Answer : D. (i), (ii) & (iii)