Tag: organization of commerce and management

Questions Related to organization of commerce and management

The body of the elected representatives of the shareholders is the Board of Directors.
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:

The Board of Directors is a team of people elected by a corporation's shareholders to represent the shareholders' interests and ensure that the company's management acts on their behalf. The head of the board of directors is the chairman or chairperson of the board.

State the following statement is True or False:
Fire Insurance is a contract to cover risk of loss due to fire.

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:
Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by fire during a specified period upto the amount specified in the policy. Normally, the fire insurance policy is for a period of one year after which it is to be renewed from time to time.

The type of warehouse suitable for seasonal goods is ______.

organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

  1. Private warehouse

  2. Co-operative warehouse

  3. Cold Storage warehouse

  4. Public warehouse

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Correct Option: C
Explanation:

The type of warehouse suitable for seasonal goods is cold storage warehouse. Cold storage warehouse helps to prolong the shield life for fresh goods. It helps to keep the goods fresh after production and before the delivery or sale of the goods.

Identify the type of warehouse licensed by the government provided for storing imported goods _______________.

organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

  1. Duty-paid warehouse

  2. Bonded warehouse

  3. Government warehouse

  4. Licensed warehouse

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Correct Option: B
Explanation:

Bonded warehouse licensed by the government provided for storing imported goods. It may be managed by the state or  private enterprises.Bonded warehouse can be defined as customs-controlled warehouse for storing the imported goods until the duty is paid.

Cold-Storage are found in ______.

organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

  1. Kolkata

  2. Delhi

  3. Mumbai

  4. All of the above

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Correct Option: D
Explanation:
Cold storage are used to store perishable goods for a period of time. It is important as it helps to prolong the shelf life of fresh goods. Cold-Storage are found in:
a) Kolkata
b) Delhi
c) Mumbai

How does warehousing help in the widening of the market?

organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

  1. The goods stored are maintained in good condition.

  2. Goods can be transported in bulk.

  3. Processed goods can be packaged.

  4. Goods produced at one place can be supplied at a distant place by storing them in various cities.

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Correct Option: D
Explanation:

Goods produced at one place can be supplied at a distant place by storing them in various cities as because warehousing help in widening of the market. Warehousing can be defined as an act of storing goods which are to be distributed or sold later.

The growth in warehousing in India is primarily being driven by the factors viz __________.

organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

  1. Growing manufacturing activity

  2. Rising domestic consumption

  3. Increasing international trade

  4. All of the above

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Correct Option: D
Explanation:
Warehousing can be defined as the process of storing physical goods before the distribution of goods for sale. The growth in warehousing in India is primarily being driven by the factors viz:a) Growing manufacturing activity
b) Rising domestic consumption
c) Increasing international trade.

Quotation on GIF basis included _________.

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

  1. cost of product

  2. expenses incurred on insurance

  3. expenses incurred on freight

  4. all of the above

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Correct Option: D

Central Sales Tax _______________.

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

  1. Varies

  2. Fixed to 4%

  3. Fixed to 11%

  4. Various from 4% to 10%

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Correct Option: B

__________ warehouse divides the the commodities stored into smaller quantities. 

organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

  1. Consolidation

  2. Break the bulk

  3. Stock piling

  4. Price stabilsation

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Correct Option: B
Explanation:
Consolidation: In this function the warehouse receives and consolidates, materials/goods from different production plants and dispatches the same to a particular customer on a single transportation shipment.

Break the bulk: The warehouse performs the function of dividing the bulk quantity of goods received from the production plants into smaller quantities.

Stock piling: Warehousing is used for the seasonal storage of goods to select businesses. Goods or raw materials which are not required immediately for sale or manufacturing are stored in warehouses.

Price stabilization: By adjusting the supply of goods with the demand situation, warehousing performs the function of stabilizing prices.