Tag: meaning, nature and importance of services

Questions Related to meaning, nature and importance of services

The service provided to improve the standard of living of the weaker sections of society are ______________.

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

  1. Business services

  2. Social services

  3. Personal services

  4. None of the above

Show answer
Correct Option: B
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. These social goals may be to improve the standard of living for weaker sections of society, to provide educational services to their children, or to provide health care and hygienic conditions in slum areas.
Personal services are those services which are experienced differently by different customers.

Services are ___________ in nature.

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

  1. Intangible

  2. Inconsistent

  3. Inseparable

  4. All of the above

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Correct Option: D
Explanation:

Services are intangible. They cannot be touched and felt. They are inconsistent as it they are unique and heterogeneous. They are inseparable as well which means that the production and consumption of service cannot be separated unlike a tangible product.

A joint HUF business ceases to exist on the death of the KARTA.

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

  3. Partly true

  4. None of above

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Correct Option: B
Explanation:

On the death of the Karta, the Joint Hindu Family business continues to exist as the next senior-most family member becomes the Karta. However, a Joint Hindu Family business can be dissolved any time either through mutual agreement between members or by partition.

___________ services are experienced differently by different customers according to their preferences and demands.

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

Show answer
Correct Option: C
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. They will also depend upon customer’s preferences and demands. For example, tourism, recreational services, restaurants.

The simultaneous activity of production and consumption of services is called _____________.

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

  1. Inventory

  2. Inconsistency

  3. Inseparability

  4. Intangibility

Show answer
Correct Option: C
Explanation:

They are inseparable as well which means that the production and consumption of service cannot be separated unlike a tangible product.

Which of these statement(s) is/are true about a good objective?

  1. A good objective should clarify the desired result.
  2. Enable achievement to be measured.
  3. Need not specify a time scale.

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

  1. 1 & 2

  2. 2

  3. 1

  4. 3

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Correct Option: A
Explanation:

Objectives are laid down so as to achieve the desired results. A good objective formed should be clear which is meaningful and understandable. While setting objective, it should be ensured that the performance can be measured in monetary terms.

What does the postal rule state?

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

  1. That acceptance occurs as soon as the letter is posted.

  2. The acceptance occurs when the letter is received by the offeror.

  3. That acceptance occurs when the letter is read by the offeror.

  4. That acceptance does not occur if the letter lost in the post.

Show answer
Correct Option: A
Explanation:

Postal rule states that acceptance occurs as soon as the letter is posted.. According to the postal rule, there is a contract which makes the acceptance  possible when the letter gets posted. Postal rule is often referred as a rule of contract law.

International trade in goods & services is sometimes used as a substitute for all of the following except ________________________________.

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

  1. international movement of capital

  2. domestic production of different goods and services

  3. international movement of labor

  4. international movement of technology

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Correct Option: B
Explanation:

International trade in goods & services is sometimes used as a substitute for international movement of capital, international movement of labour and international movement of technology except domestic production of different goods and services. Goods and services which are produced and consumed within the given territory are not included in the domain of international trade in goods and services.

International trade is based on the idea that ______________.

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

  1. exports should exceed imports

  2. resources are less mobile internationally are goods

  3. resources are more mobile internally than are goods.

  4. imports should not be there

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Correct Option: B
Explanation:

International trade is based on the idea that resources are less mobile internationally are goods. International trade can be defined as a process by which exhange of capital goods and services are done across border of different territories. It forms a crucial share in an economy's GDP.

Standing offer means purchasing of goods on _____________.

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

  1. as and when basis

  2. as and where basis

  3. as and how basis

  4. none of the above

Show answer
Correct Option: B
Explanation:

Standing offer means purchasing of goods on as and where basis. Standing offer is not to be referred as any contract. Standing offer can be described as an offer from a potential supplier in order to provide goods and services. The prices and terms and conditions should get fixed at a before hand in case of standing offer.