What are the definitions of trade, home trade, wholesale trade, retail trade, international trade, aids to trade, banking, and insurance?

Section A: Multiple Choice Questions

13. Trade is the buying and selling of goods and services, which provides a channel for producers to exchange their products for money and for consumers to obtain what they need. * The correct option is (b) trade.

14. The kind of trade carried out within a country is called home trade. * The correct option is (c) home trade.

15. Wholesale trade is the act of buying goods in large quantities from producers and selling in smaller quantities to retailers. * The correct option is (c) wholesale trade.

16. The act of buying in small quantities from wholesalers and selling directly to consumers is called retail trade. * The correct option is (c) retail trade.

17. The trade which takes place between two or more countries is called international trade. * The correct option is (a) international trade.

18. Aids to trade are all the services and activities that support, simplify, and facilitate buying and selling of goods and services, making trade easier and more efficient. * The correct option is (d) aids to trade.

19. Banking provides financial services to traders and businesses. * The correct option is (b) banking.

20. Insurance provides protection against risks and losses. * The correct option is (d) insurance.

21. The government agencies that regulate imports and exports and excise are customs and excise. * The correct option is (a) customs and excise.

22. A system, structure or arrangement that brings buyers and sellers of goods and services together for the purpose of exchange is called a market. * The correct option is (b) market.

23. The act of market where raw materials and agricultural produce are bought and sold is called commodity market. * The correct option is (b) commodity market.