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CBSE Questions for Class 7 Civics Market Around Us Quiz 2 - MCQExams.com
CBSE
Class 7 Civics
Market Around Us
Quiz 2
Which among them is the feature of chain market?
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What is produced in one place reaches the people everywhere
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Only brand products are encouraged
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Chain markets are only in urban areas
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None of them
Explanation
Advantages of chain market are as follows:-
1. Things produced in one place reach people everywhere.
2. It creates employment opportunity.
3. It encourages people to produce more goods and services.
Goods are produced in ________.
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Factories
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Farms
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Homes
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All of the above
Explanation
Goods that we purchase from the market are produced in factories, farms and in homes. However, we don't buy the goods directly from the factories or from the farm. We purchase the goods from the traders who buy the goods from factories and farms.
Who may be defined as the middlemen that operate between the producers and the retailers?
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Manufacturer
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Brokers
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Wholesaler
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Customer
Explanation
A wholesaler may be defined as the middlemen who operate between the producers (from whom they purchase goods) and the retailers (to whom they sell goods). Wholesaler refers to any individual or business firm selling goods in relatively large quantities to buyers (retailers) other than the ultimate consumers. Thus the manufacturers who sell their products directly to retailers may also be regarded as wholesalers.
What does FMCG stand for?
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First Moving Consumer Goods
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Fast Moving Convenience Goods
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Fast Moving Consumer Goods
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Fast Moving Collateral Goods
Explanation
Fast Moving Consumer Goods (FMCG) goods are popularly named as consumer packaged goods. Items in this category include all consumables (other than groceries/pulses) people buy at regular intervals. The most common in the list are toilet soaps, detergents, shampoos, toothpaste, shaving products, shoe polish, packaged foodstuff, and household accessories and extends to certain electronic goods. These items are meant for daily or frequent consumption and have a high return for the manufacturing company.
Why according to the modern view of marketing is Customer the King?
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Because marketing is essentially sensing and satisfying the needs and wants of the customer.
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Because marketing is essentially creating needs and wants for the customer.
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Because marketing is essentially selling as many products as possible to the customer.
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Because marketing is essentially producing the cheapest alternative to satisfy the customers wants and needs.
Explanation
Marketing means sale and purchase of goods and products. Earlier the products were made keeping in mind the generality of the use and customers used to buy such products and bring them into use to avail their productivity.
. According to the modern view of marketing, a producer or a manufacturer needs to understand the needs and wants of the customer. It relies on sensing, increasing, servicing and satisfying the needs and wants of the customer, both current and potential. As the customer is the focus of this entire process in the modern view, he is the 'King'.
The place where activities of sale and purchase take place is known as the _____________.
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Market
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Bazaar
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Factory
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Both A and B
Explanation
Market is the place where activities of sale and purchase take place at wide scale. The market places are also called Bazaars. It has many shops of different goods and commodities. People spend their money to take goods and services whereas the sellers earn profit by sale. It can be a place physically like mall or virtually like Flipkart etc.
Which of the following is a function of a wholesale market?
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To buy goods from the producer and sell them to the consumers.
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To buy goods from the producer and sell them to the retailers.
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To act as an agent between the producer and the consumer.
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Wholesalers deal in many types of goods.
Explanation
The whole sellers buy goods directly from the consumers in stock or in bulk quantity. They further sell it to the retailers to earn profit. This way they become connecting link between retailer and producer. The retailer further sells it to the customers.
What kind of retailer is Big Bazaar - a famous super store in India?
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Itinerant retailer
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Fixed shop retailer
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Either A or B
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Neither A nor B
Explanation
Big Bazaar is a fixed shop retailer as they carry on their business at a fixed place where customers can reach and make their purchases.
Retailers purchase goods from the wholesalers and pass them on to the customers. Retailers are of many types and can be classified based on several categories. However, broadly they can be classified as Itinerant retailers and Fixed shop retailers.
Fixed shop retailers are those that carry on the business of sale of goods in fixed shops, where customers can easily reach and make purchases.
Itinerant or movable retailers are those that sell their goods by moving from place to place. They deal in low priced goods for regular use like vegetables, fruits, toys, etc. They are also known as hawkers, paddlers, street traders, etc.
Which of the following is a function of the wholesaler?
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After sale service
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Assortment of goods
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Deal in one item in large quantities
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Packaging
Explanation
The whole seller directly buys goods from the manufacturer of producers and sell them to retailers in small quantities. The whole sellers deal in one item in large quantity and sell them to different retailers to earn maximum margin profits.
Which of the following is not a function of a retailer?
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Assortment of goods
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Home delivery
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Buying goods in bulk
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Packaging and display
Explanation
Retailers buy goods from whole sellers who buy directly from the producers in massive or bulk quantity. The retailers buy goods as per their need and requirement of sale and sell them to the consumers.
What kind of retailing happens in a Kisan Mandi or a Kisan Market?
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Itinerant retailing
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Fixed shop retailing
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Dynamic retailing
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Static retailing
Explanation
Itinerant means traveling from place to place. Itinerant retailers have no fixed place of business. The Kisan Mandi or Market is itinerant retailing where retailers bring their produce or product, invest small amount of capital, sell them and earn profit and move to next place.
Which of the following processes establishes a link between the producers and the consumers _______________.
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Marketing
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Retailing
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Trade
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All of the above
Explanation
Trade is the activity of buying, selling and exchanging goods or services between people, firms and country. It creates a link between producer and consumers.
Retailers cannot be classified on the basis of which of the following criteria?
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Ownership
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Size
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Type of goods
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Quantity of goods
Explanation
Retailers cannot be classified based on the quantity of goods. Dealing in bulk quantities would make them a wholesaler. They are connecting link between the consumers and whole sellers.
Retailers are of many categories and they are classified on the following basis;
Size
Goods
Price
Ownership
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