24 extra multiple-choice questions for Concept of Market and Marketer (12th Standard Commerce, Samacheer Kalvi), beyond the ones printed in the textbook — each with the correct option highlighted and a clear, worked explanation. Free to read in English and Tamil.
Q1
The word 'market' is derived from which Latin word?
- A. MarcatusCorrect
- B. Mercator
- C. Mercantile
- D. Marketus
Explanation. Section 13.01 says the word market comes from the Latin word 'Marcatus', meaning trade, commerce, merchandise or a place where business is transacted.
Q2
Who defined market as one that "includes both place and region in which buyers and sellers are in free competition with one another"?
- A. Clark and Clark
- B. PyleCorrect
- C. Philip Kotler
- D. Business Dictionary
Explanation. This is Pyle's definition. Clark and Clark instead describe a market as a centre or area where the forces leading to exchange of title to a product operate.
Q3
Which of the following statements about the need for market is/are correct?
1. Market helps to exchange goods and services.
2. Market adjusts demand and supply through the price mechanism.
3. Market helps to introduce new modes of life.
- A. 1 and 2 only
- B. 2 and 3 only
- C. 1 and 3 only
- D. 1, 2 and 3Correct
Explanation. Section 13.02 lists all three as needs for market, along with improving the quality of life of society and developing products by enhancing the market segment.
Q4
On how many different bases are markets classified in the chart given in the lesson?
- A. Four
- B. Six
- C. EightCorrect
- D. Ten
Explanation. The chart classifies markets on eight bases: area, goods, economics, transaction, regulation, time, volume of business and importance.
Q5
When the exchange of goods or services is confined within a family or its close members, the market is called a ______.
- A. Local market
- B. Family marketCorrect
- C. Primary market
- D. Retail market
Explanation. Under the basis of area, a market where exchange is confined within a family or close family members is called a family market.
Q6
Choose the odd one out among markets classified on the basis of area.
- A. Family market
- B. Local market
- C. National market
- D. Bullion marketCorrect
Explanation. Family, local, national and world markets are classified by area. The bullion market, which deals in gold and silver, comes under the basis of commodities or goods.
Q7
Which market deals in the purchase and sale of gold and silver?
- A. Bullion marketCorrect
- B. Produce exchange market
- C. Money market
- D. Manufactured goods market
Explanation. The bullion market is a commodity market dealing in gold and silver; the lesson names the bullion markets of Mumbai, Kolkata and Kanpur as examples.
Q8
Which market helps exporters and importers to convert their currencies into foreign currencies and vice versa?
- A. Money market
- B. Foreign exchange marketCorrect
- C. Stock market
- D. Bullion market
Explanation. The foreign exchange market is described as an international market that helps exporters and importers convert their currencies into foreign currencies and back.
Q9
In which type of capital market are short-term securities exchanged?
- A. Stock market
- B. Foreign exchange market
- C. Money marketCorrect
- D. Future market
Explanation. The money market is the capital market in which short-term securities are exchanged; it meets the short-term financial needs of businesses, banks and financial institutions.
Q10
Which of the following is NOT a condition of a perfect market?
- A. A large number of buyers and sellers
- B. Uniform prices throughout the market
- C. Perfect knowledge of the market among buyers and sellers
- D. Restrictions on the movement of goodsCorrect
Explanation. In a perfect market goods move freely from one place to another. Restrictions on the movement of goods are a feature of an imperfect market.
Q11
In which market are contracts made over the price for future delivery, with dealing and settlement taking place on different dates?
- A. Spot market
- B. Future marketCorrect
- C. Regulated market
- D. Long period market
Explanation. Under the basis of transaction, a future market makes contracts for delivery at a later date. In a spot market goods are delivered immediately.
Q12
Assertion (A): In an unregulated market, demand and supply determine the price of goods.
Reason (R): An unregulated market is a free market that is not controlled by statutory measures.
- A. Both A and R are true, and R is the correct explanation of ACorrect
- B. Both A and R are true, but R is not the correct explanation of A
- C. A is true, but R is false
- D. A is false, but R is true
Explanation. Because no statutory measures control an unregulated market, there is no control over price, so price is fixed by demand and supply. R therefore explains A.
Q13
A market dealing in perishable goods like milk, fruits and vegetables, where price is determined on the basis of demand, is called a ______.
- A. Very short period marketCorrect
- B. Short period market
- C. Long period market
- D. Terminal market
Explanation. Under the basis of time, the very short period market deals in perishable goods such as milk, fruits and vegetables, and price is fixed on the basis of demand.
Q14
Which market deals in durable goods meant for use over a longer period?
- A. Very short period market
- B. Spot market
- C. Long period marketCorrect
- D. Family market
Explanation. The long period market, classified on the basis of time, deals in durable goods and services meant for longer period usage.
Q15
Which of the following statements about the wholesale market is/are correct?
1. Goods are supplied in bulk quantity to dealers or retailers.
2. Goods are sold directly to consumers in small quantities.
- A. 1 onlyCorrect
- B. 2 only
- C. Both 1 and 2
- D. Neither 1 nor 2
Explanation. In the wholesale market goods go in bulk to dealers or retailers and are not sold to customers directly. Selling to consumers in small quantities describes the retail market.
Q16
In which market are semi-finished goods marketed, with dealings commonly between wholesalers or between wholesalers and retailers?
- A. Primary market
- B. Secondary marketCorrect
- C. Retail market
- D. Spot market
Explanation. Under the basis of importance, the secondary market handles semi-finished goods, not finished goods; the primary market is where farm producers sell their output.
Q17
The definition of a marketer as a person who identifies the goods and services desired by consumers and markets them on behalf of a company is taken from ______.
- A. Pyle
- B. Clark and Clark
- C. Business DictionaryCorrect
- D. Philip Kotler
Explanation. Section 13.04 credits this definition of marketer to the Business Dictionary. Pyle and Clark and Clark defined the term market.
Q18
Land, buildings, shares and debentures are marketed under which category of things that can be marketed?
- A. Places
- B. PropertiesCorrect
- C. Organisations
- D. Experiences
Explanation. Properties include real and financial property whose ownership is transferred on sale or purchase, such as land, buildings and shares.
Q19
Choose the odd one out among the roles of a marketer.
- A. Instigator
- B. Innovator
- C. InvestigatorCorrect
- D. Integrator
Explanation. Section 13.06 names four roles of a marketer: instigator, innovator, integrator and implementer. Investigator is not one of them.
Q20
A marketer who adds features to an existing product, modifies the pricing structure and introduces a new delivery pattern is playing the role of ______.
- A. Instigator
- B. InnovatorCorrect
- C. Integrator
- D. Implementer
Explanation. As an innovator, the marketer distinguishes products by adding features, changing pricing, delivery, business models or the production process.
Q21
Match the role of a marketer with its description.
(a) Instigator - (1) Collects feedback from consumers and coordinates the functions of the organisation
(b) Innovator - (2) Converts marketing opportunities into products with the help of functional teams
(c) Integrator - (3) Watches market developments and leads the business in new directions
(d) Implementer - (4) Adds new features to products and changes the pricing structure
- A. (a)-3, (b)-4, (c)-1, (d)-2Correct
- B. (a)-4, (b)-3, (c)-2, (d)-1
- C. (a)-3, (b)-4, (c)-2, (d)-1
- D. (a)-1, (b)-2, (c)-3, (d)-4
Explanation. The instigator spots opportunities and sets new directions, the innovator adds features and changes pricing, the integrator gathers feedback and coordinates, and the implementer turns opportunities into products.
Q22
Which of the following is NOT listed among the functions of a marketer?
- A. Standardisation and grading
- B. Branding
- C. Auditing of accountsCorrect
- D. Storage and warehousing
Explanation. Section 13.07 lists twelve functions, including standardisation and grading, branding, pricing, transportation and storage and warehousing. Auditing of accounts is not among them.
Q23
Match the market with the basis on which it is classified.
(a) Spot market - (1) Commodities/Goods
(b) Bullion market - (2) Volume of business
(c) Perfect market - (3) Transaction
(d) Wholesale market - (4) Economics
- A. (a)-1, (b)-3, (c)-4, (d)-2
- B. (a)-3, (b)-1, (c)-4, (d)-2Correct
- C. (a)-3, (b)-1, (c)-2, (d)-4
- D. (a)-4, (b)-1, (c)-3, (d)-2
Explanation. Spot market is classified by transaction, bullion market by commodities, perfect market by economics and wholesale market by volume of business, as shown in the classification chart.
Q24
According to the lesson's box on Tamil Nadu markets, a goat market is held at ______.
- A. Hosur
- B. AathurCorrect
- C. Kanpur
- D. Mumbai
Explanation. The box in the lesson notes a goat market at Aathur and a daily flower market at Hosur, both in Tamil Nadu.
