Tag: organization of commerce and management

Questions Related to organization of commerce and management

Which of the following are a type of warehouse?

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

  1. Private 

  2. Public 

  3. Bonded 

  4. All of the above

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Correct Option: D
Explanation:

Private warehouses are operated, owned or leased by a company handling their own goods, such as retail chain stores or multi-brand multi-product companies.

Public warehouses can be used for storage of goods by traders, manufacturers or any member of the public after the payment of a storage fee or charges.
Bonded warehouses are licensed by the government to accept imported goods prior to payment of tax and customs duty.
Thus, all the three are types of warehouses.

The place where goods are preserved on a large scale in a systematic and orderly manner is commonly called as _____________.

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

  1. Retail outlet

  2. Factory

  3. Open ground

  4. Warehouse

Show answer
Correct Option: D
Explanation:

The place where goods are preserved on a large scale in a systematic and orderly manner is commonly called as warehouse. Goods are stored in warehouse generally before th delivery or sale of the goods. Warehouse helps to protect the perishable goods.

Which among the following gives an idea that the goods preserved are perishable?

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

  1. Cold storage helps to maintain the quality of goods.

  2. It helps to widen the market.

  3. It saves time by providing the goods as and when required.

  4. Processed goods can be graded, packed, and labeled.

Show answer
Correct Option: A
Explanation:

Cold storage helps to maintain the quality of goods gives an idea that the goods preserved are perishable. Cold storage is useful as it helps to store perishable goods for a period of time. Cold storage is crucial as it helps to prolong thhe shelf life of fresh goods.

Goods once cleared from Bonded warehouse can be shifted to Duty-paid warehouse.

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

  1. True

  2. False

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Correct Option: A
Explanation:

Bonded warehouses are licensed by the government to accept imported goods prior to payment of tax and customs duty. 

The goods are kept in bonded warehouses by the customs authorities till the customs duty is paid. 
Goods can be removed in part as and when required by the importers and buyers, and import duty can be paid in installments.

'Goods in bond' is related to which of the following warehouses?

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

  1. Public warehouses

  2. Bonded warehouses

  3. Co-operative warehouses

  4. Cold-storage warehouse

Show answer
Correct Option: B
Explanation:
  • Public warehouses can be used for storage of goods by traders, manufacturers or any member of the public after the payment of a storage fee or charges. The government regulates the operation of these warehouses by issuing licences for them to private parties.
  • Bonded warehouses are licensed by the government to accept imported goods prior to payment of tax and customs duty. These are goods which are imported from other countries. Importers are not permitted to remove goods from the docks or the airport till customs duty is paid.
  • At times, importers are not in a position to pay the duty in full or does not require all the goods immediately. The goods are kept in bonded warehouses by the customs authorities till the customs duty is paid. These goods are said to be in bond.
  • Some marketing cooperative societies or agricultural cooperative societies have set up their own warehouses for members of their cooperative society.
  • Cold-storage warehouse are suitable for storing goods that are highly perishable.

All innovation begins with creative ideas

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  1. True

  2. False

  3. Partly true

  4. None of above

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Correct Option: A

Modern observation states that though they are born entrepreneurs, they can be made by education and training.

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  1. True

  2. False

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Correct Option: A
Explanation:

No one is born as an entrepreneur. Some posses some skills for being an entrepreneur whereas some don't. The entrepreneurial skills can be developed within an individual. This process refers to entrepreneurship development.Entrepreneurship development refers to the enhancement of being an entrepreneur skills or potentials inside an individual.

After the idea generation, the next process in entrepreneurship that follows is _____.

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. improving standards of living

  2. development of managerial capabilities

  3. feasibility study

  4. creation of organisations

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Correct Option: C
Explanation:

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.

To identify the possible sources of funding. To estimate the sales that can be achieved. 
To check out the competitors for the products or services.
To analyse the risks that may be faced.

Which of the following describes the Entrepreneurship development?

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. It is the process of enhancing entrepreneurial skills and knowledge.

  2. It aims to enlarge the base of entrepreneurs.

  3. It focuses on individuals who wish to start or expand business.

  4. All of the above

Show answer
Correct Option: D
Explanation:

Entrepreneurship development refers to the enhancement of being an entrepreneur skills or potentials inside an individual. This is done through various processes like classroom training, other programmes etc. Now, even the school curriculum insludes chapter for entrepreneurship developments.

Collectively, these are referred to as competencies. What are 'they'?

organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

  1. Perception of self-efficacy

  2. Knowledge or know-how

  3. Skills

  4. All of the above

Show answer
Correct Option: D
Explanation:

To be an entrepreneur there need to be some competencies. Collectively perception that means the ability to do something or achieve anything with the help of forecasting the future, Knowledge and proper skills help in building an entrepreneur.