Tag: meaning of warehousing and warehousing

Questions Related to meaning of warehousing and warehousing

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.

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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.

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:

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.

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:

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

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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.

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.