Tag: organization of commerce and management

Questions Related to organization of commerce and management

According to ___________ "The objective of personnel administration include the utilization of human resources effectively, establishment and maintenance of productive and self-respecting and attainment of maximum individual development of the members in the organization."

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  1. Edwin B. Flippo

  2. French Wendell

  3. The Institute of Personnel Management

  4. Dirks

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Correct Option: D
Explanation:

According to Dirks, "The objective of personnel administration include the utilization of human resources effectively, establishment and maintenance of productive and self-respecting and attainment of maximum individual development of the members in the organization."

Rate of return which considers riskiness and an available returns on investments is classified as _______________.

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  1. constant dividend

  2. constant rate

  3. maximum rate of return

  4. minimum acceptable rate of return

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Correct Option: D

A _______ was developed to offer a broad coverage against all possible damages arising from a variety of risks.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. Lump-sum policy

  2. One-time policy

  3. Comprehensive policy

  4. All of the above

Show answer
Correct Option: C
Explanation:

A comprehensive policy was developed to offer a broad coverage against all possible damages arising from a variety of risks. Comprehensive policy typically covers damage from fire, vandalism or falling objects. Comprehensive policy is often regarded as an optional coverage.

Health Insurance is a safeguard against rising medical costs. 

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

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Correct Option: A
Explanation:

Health Insurance is a safeguard against rising medical costs- this is a true statement. Health insurance can be defined as a policy which is designed to provide coverage to costs which occur due to medical care. It helps to provide financial protection in case of hospitalization of the insured.

Whenever you buy a vehicle, motor insurance is equally important and third party liability insurance is mandatory.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

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Correct Option: A
Explanation:
A. True
Motor Vehicle Insurance falls under the General Insurance. In motor insurance, the owner’s liability to compensate people who were killed or injured through negligence of the motorists or drivers is passed on to the insurance company. This is also known as third party insurance. The premium is paid yearly in case of Motor Vehicle Insurance.

'A' group items in the ABC system are ______________.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. Large number of items with large rupee investment

  2. Very high quality items

  3. Large number of items with small rupee investment

  4. Small number of items with large rupee investment

  5. Sub standard items with large rupee investment.

Show answer
Correct Option: D
Explanation:

ABC analysis is an inventory management technique in which inventory is segregated into three groups - A, B and C on the basis of the value of annual usage. The A items are those in which contribute the largest rupee investment.

State the following statement is True or False:

The persons who are trustees, agents and managing partners of the company are the directors.

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  1. True

  2. False

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Correct Option: A
Explanation:

Since the company is an artificial person, Director acts an agent of the company. Director acts as a trustee by safeguarding the financial and other resources of the company. He/She acts as a managing partner by managing the company's affairs under the guidance of the Board of Directors.

State the following statement is True or False:

The authority which directs and manages the affairs of a company is the Board of directors.

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  1. True

  2. False

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Correct Option: A
Explanation:

Subject to the provisions of the Companies Act 2013, the Board of Directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorized to exercise and do.

State the following statement is True or False:
Fire Insurance has a surrender value.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

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Correct Option: B
Explanation:
Fire insurance is a part of general insurance. A fire insurance is a contract to indemnify the loss due to fire to any property that is insured. It is taken for a period of one year and is only for the purpose of covering the risk. There is no element of investment in the policy of fire insurance. Thus, it has no surrender or paid up value at the end of the life of the policy.

State the following statement is True or False:

The intimation to members stating the day, date, time and place of meeting is known as notice.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

The intimation to members stating the day, date, time and place of meeting is known as notice- this is a true statement.  When any information needs to get delivered to all the members of the organization, then notice is written to inform abut the necessary details like- day, time,venue, etc.