Tag: meaning, nature and importance of services

Questions Related to meaning, nature and importance of services

A written record of the business transacted and the resolution passed at the meeting is minute.

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

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Correct Option: A
Explanation:

Minutes of meeting is an official record of the proceedings of a meeting. A record of minutes of meeting is to be kept in a minutes book maintained at the Registered office of the company or at a place approved by the Board of Directors of the company.

State the following statement is True or False:

The Chairman's special voting right is called the casting voting.

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

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Correct Option: A
Explanation:

Casting vote is called as second vote which is used by  Chairman in case of tie, to resolve a deadlock. 

If the Articles of the company so provide, the Chairman shall have a casting vote.

State the following statement is True or False:

A motion which brings to the notice of the Chairman certain irregularities of the meeting is point of order.

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

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Correct Option: A
Explanation:

Point of order is a type of formal motion that leads to an interruption of the meeting. A member can raise a question on the procedure of the meeting. Point of order by a member thus interrupts the meeting and draws the attention of the Chairman pointing out the irregularities in the proceedings.

State the following statements is True or False:

A person appointed by a member to attend and vote at meeting is known as proxy.

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

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Correct Option: A
Explanation:
According to the Companies Act, any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint another person as a proxy to attend and vote at the meeting on his behalf. Provided that a proxy shall not have the right to speak at such meeting and shall not be entitled to vote except on a poll.
The meeting in which the auditors are appointed is the Annual General Meeting.
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

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Correct Option: A
Explanation:

According to Section 139 of the Companies Act, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. 

The manner and procedure of selection of auditors by the members of the company at such meeting shall be such as may be prescribed.

State the following statement is True or False:

A Director who is entrusted with the substantial powers of management is the Managing Director.

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

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Correct Option: A
Explanation:
Managing director is defined by the Companies Act 2013 as:
'a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of management of the affairs of the company and includes a director occupying the position of managing director, by whatever name called'.

The purpose(s) of business that goes beyond earning profits _____________.

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

  1. An important institution in society

  2. For the supply of goods and services

  3. Creating job opportunities

  4. All of above

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Correct Option: D
Explanation:

Profit making itself shall not be the purpose of business entities. It is running in an environment where a business entity's responsibilities widen. It contributes to the growth of the society. It supplies the required goods and services thereby catering to the needs of the society. A business entity creates job opportunities for the society. Thus, the purpose of a business entity has to be growth of the society by being a profitable enterprise in itself.

_____________ services are the services uses used by business enterprises to conduct their activities.

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

  1. Business

  2. Social

  3. Personal

  4. All of the above

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Correct Option: A
Explanation:

Business services are those services which are used by business enterprises for the conduct of their activities.

Social services are those services that are generally provided voluntarily in pursuit of certain social goals.
Personal services are those services which are experienced differently by different customers.

What makes services difficult to be judged than goods?

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

  1. Price

  2. Intangibility

  3. Place

  4. Promotion

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Correct Option: B
Explanation:
A risk is associated with service when a customer buys it as customer cannot see the service before availing it. 
Thus, intangibility makes it difficult to judge services than a tangible product.

Involvement of customers in services is the most important characteristic of services. 

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

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Correct Option: A
Explanation:

Services are intangible and cannot be felt. They are heterogeneous, so are unique. They are customized to suit the requirements of customers. Hence customers are the important aspect of a service industry.