Commerce Questions and Answers – Part1

This is the Part 1 general knowledge questions and answers section on “Commerce” with explanation for various interview, competitive examination and entrance test. Solved examples with detailed answer description, explanation are given and it would be easy to understand. 

commerce questions and answers

1. What is commerce?
Commerce refers to and includes all those activities which are necessary to bring goods and services from the place of their origin to the place of their consumption

2. Into how many departments is commerce mainly divided into? Which are they?
Into two. They are
(2) Aids of trade

3. The trade is sub divided into two divisions, which are they?
Home trade and Foreign trade.

4. Into how many divisions the Home Trade is divided?
Into two they are, Whole sale and retail

5. Which are the two divisions of Whole sale?
They are import trade and export trade

6. When did the commerce begin to grow?
It is began to grow only after the division of labour and development of exchange. Once it started growing, it spread its invisible thread throughout the length and breadth of the world.

7. What is a company?
A company is an incorporated association which is an artificial person, having an independent legal entity, with a perpetual succession, a common seal, a common capital comprised of transferable shares and carrying limited liability.

8. What is Audit?
An audit may be said to be such an examination of books, accounts and vouchers of a business, whether it is in a proper manner for the financial period.

9. What is the minimum number of directors in a Public Company?
Atleast two directors

10.What is public sector?
Central government,
local authorities and
the public corporations that run nationalized industries

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