Tag: organization of commerce and management

Questions Related to organization of commerce and management

____________ are formed to provide residential houses to members.

organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

  1. Producers co-operative societies

  2. Co-operative marking societies

  3. Housing co-operative societies

  4. Consumers' co-operative societies

Show answer
Correct Option: C
Explanation:

Housing cooperative societies are formed to provide residential houses to members. They purchase land, develop it and construct houses or flats and allot the same to members. Some societies also provide loans at low rate of interest to member to construct their own houses.

_____________ are formed to protect the interest of small producers by making available items of their need for production like raw materials, tools and equipments, machinery, etc.

organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

  1. Producers' co-operative societies

  2. Co-operative marking societies

  3. Housing co-operative societies

  4. Consumers co-operative societies

Show answer
Correct Option: A
Explanation:

Producers co-operative societies are formed to protect the interest of small producers by making available items of their need for production like raw materials, tools and equipments, machinery, etc. Handloom societies like APPCO, Bayanika, Haryana handloom, etc are examples of producer's cooperative.

____________ are formed by small producers and manufacturers who find it difficult to sell their products individually.

organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

  1. Producers' co-operative societies

  2. Co-operative marking societies

  3. Housing co-operative societies

  4. Consumers co-operative societies

Show answer
Correct Option: B
Explanation:

Cooperative marketing societies are formed by small producers and manufacturers who find it difficult to sell their products individually. The society collects the products from the individual members and takes the responsibility of selling those products in the market.

CWC stands for _______.

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. Central Water Commission

  2. Central Warehousing Commission

  3. Central Warehousing Corporation

  4. Central Water Corporation

Show answer
Correct Option: C
Explanation:
Central Warehousing Corporation (CWC) is a premier Warehousing Agency in India, established during 1957 providing logistics support to the agricultural sector and is a public Warehouse operator offering logistics services to diverse group of clients.

State the following statement is True or False:

The report prepared by the director at the end of every financial year is called Annual Report or Director Report.

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

A directors’ report is a legal financial document that companies are required to file at end of the financial year.

Which of the following can be treated as disadvantage of HUF form of business?

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. A HUF business is not affected by the insolvency or death of any member including that of karta.

  2. An inefficient karta can do harm to the business.

  3. The continuity of business is always under threat. It may be due to a small rift within the family and if a co-parcener asks for a partition the business is closed.

  4. Since the karta has absolute freedom to manage the business, there is scope for him to misuse it for his personal gains.

Show answer
Correct Option: B
Explanation:

Despite having various advantages, the HUF form of business has disadvantages as well. One of them could be misuse of power. Since the karta has absolute freedom to manage the business, there is a scope for him to misuse it for his personal gains. An inefficient karta can do harm than good to the business.

Businesses providing direct services like tailors, restaurants and professional services like doctors, lawyers are generally organized as _____________.

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. Proprietary concern

  2. Trust

  3. Co-operative society

  4. Any of the above

Show answer
Correct Option: A
Explanation:

These business are usually run at a smaller scale and hence are organised as proprietary business firms.

Trust can be called as a form of business wherein a trustee (an individual or a company) runs business for the benefit of the beneficiaries.
The cooperative society is a voluntary association of persons, who join together with the motive of welfare of the members. 

Services can be touched and felt.

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

Services are intangible. They cannot be touched and felt. Inseparability is another characteristic of a service.

The purpose of strategy is to provide__________.

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. the strategic direction for an organization in the foreseeable future.

  2. direction and scope of an organization over the long term, which achieves advantage for an organization within a changing environment to meet the needs of markets.

  3. direction and scope of an organization over the long-term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations.

  4. a set of standards which all employees in an organization should strive to attain

Show answer
Correct Option: C
Explanation:

The purpose of strategy is to provide direction and scope of an organization over the long-term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations. Business strategy helps to increase the efficiency of the organizational activities and minimize costs.

In order for promissory estoppel to arise, a number of requirements exist. Which of the following is NOT a requirement for promissory estoppel?

organization of commerce and management markets and marketing meaning, nature and importance of services introduction to services nature and types of services

  1. The promise must be made by clear words.

  2. It must be inequitable for the promisor to go back on his promise.

  3. The promisee must rely on the promise.

  4. There must be a clear promise that legal rights will not be enforced.

Show answer
Correct Option: A
Explanation:

In order for promissory estoppel to arise, a number of requirements exist. The promise must be made in clear words is not a requirement for promissory estoppel. Promissory estoppel can be defined as legal principle which is enforceable y law even if the promise is made without formal consideration.