Commerce Past Questions

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1
Commerce is defined as the study of how
  • A. man utilizes the resources in his physical environment
  • B. man produces, distributes and consumes his goods and services
  • C. man buys, sells and distributes goods and services
  • D. raw materials are changed into finished goods
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2
The type of activity which turns processed raw materials into consumer and industrial goods is described as
  • A. extractive
  • B. manufacturing
  • C. constructive
  • D. processing
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3
The production process that combines two or more raw materials into one end product is
  • A. conditioning
  • B. blending
  • C. merging
  • D. synthesis
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4
A demonstration of social responsibility by a business is the payment of
  • A. taxes to government
  • B. dividends to shareholders
  • C. interests on loans
  • D. premium on insurance
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5
A distinguishing characteristics of a limited liability company is that it
  • A. is a collection of many sole proprietors
  • B. is a multiple partnership
  • C. can sue and be sued
  • D. has limited resources
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