Aids to Trade
Commerce · 50 practice questions
Advertising (types, media, advantages/disadvantages); banking (types, services, challenges); communication (process, types, trends, merits/demerits, barriers); insurance (types, principles, terms, importance); tourism (importance, promoting agencies in Nigeria, challenges); transportation (modes, importance, advantages/disadvantages); warehousing (importance, types/functions, siting factors).
- Identify the types and media of advertising and analyse its advantages/disadvantages.
- Categorize types of bank and assess their services and challenges.
- Assess the stages, types, merits/demerits and barriers of communication.
- Describe types and principles of insurance and state its importance.
- Examine the importance, promoting agencies and challenges of tourism.
- Appraise the relevance and advantages/disadvantages of transportation modes.
- Highlight the importance of warehousing and evaluate factors determining its siting.
Try a few questions
- Practice question 1
Communication, as an aid to trade, is essential in business mainly because it enables
- A.The exchange of information between buyers, sellers and other parties involved in trade
- B.The complete automation of production
- C.The abolition of currency
- D.The elimination of all business risk
Show the answer
A. The exchange of information between buyers, sellers and other parties involved in trade
Communication enables the exchange of information among buyers, sellers and other trade participants.
- Practice question 2
A 'third-party logistics' (3PL) provider assists businesses mainly by
- A.Only handling a business's tax filings
- B.Outsourcing and managing aspects of a business's warehousing, transportation and distribution needs on its behalf
- C.Only providing insurance coverage, with no other service
- D.Manufacturing the business's products directly
Show the answer
B. Outsourcing and managing aspects of a business's warehousing, transportation and distribution needs on its behalf
A 3PL provider manages outsourced warehousing, transportation and distribution needs on a business's behalf.
- Practice question 3
One advantage of road transport, as a mode of transportation, compared to rail, is that road transport generally offers
- A.Guaranteed lower cost for every type of good
- B.Less flexibility in reaching remote or door-to-door destinations
- C.Greater flexibility, allowing door-to-door delivery to locations rail cannot directly reach
- D.Lower capacity for bulk cargo than rail
Show the answer
C. Greater flexibility, allowing door-to-door delivery to locations rail cannot directly reach
Road transport generally offers greater flexibility for door-to-door delivery than rail.
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