Explore topic-wise InterviewSolutions in Current Affairs.

This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.

1.

How many types of function of management

Answer»

Hey mate here is your ANSWER -

there are four TYPES of FUNCTION of MANAGEMENT. they are-

01- Planning

02- Organizing

03- Leading

04- Controlling

hope this helps you

2.

Role of NGOs in consumer protection.

Answer»

 

ABSTRACT:

In the encroachment of life human RACE has emerged as the most dominating creature on this earth. Thestory starts with the apes turning into homosapians giving birth to human civilization . Any civilization requires asystem giving space and generating place for everything .With the passage of time human has been generatingcommodities providing comforts to his life .With the enormous development man has tried his hands in every sector .Inthe present time human has made his life more and more relaxed creating more pressure on the modes of production.Earlier it was nature based but now it is demand based. Population increase has created more pressure on the production .As a result the whole system has been affected with the overflow of money and consumerism .Whether it isa need or a greed these production scatter life are continuing the demands of the society .It has been become essential to put a check on the movement of all the commodities to check consumerism and make consumer protection laws. Therole of Government and Non Government organizations (NGO’s) to execute these laws is mandatory. Against this backdrop the present paper is an attempt to examine the role of NGO

‟s in protecting and executing consumer laws.

 

KEY WORDS:

Population explosion, Pressure on production modes, NGO’s

I.INTRODUCTION

In India, consumer protection is of supreme importance in view of the fact that there are an ever increasing people. Thisin turn increases the demand for large variety of goods and services. To assist the consumer in getting a fair deal for alltheir purchases, and in settling their grievances, if any, local agencies like a consumer alliance can play a crucial role.Their role is not only to educate and lead the consumers with respect to redressal of their complaints but also to makethe consumer movement a reality through coordinated efforts. There are more than 300 voluntary organizationsworking in the area of safety of the consumers all over the country.With the development of standardization of products and the consumer protection efforts initiated by the Government,the consumer organizations are in a better position to play an important role in protecting and educating the consumer.It can instill a feeling of poise in the minds of the consumers and make them FEEL that there is no substitute for theircombined efforts. The producers also lean to lend an EAR to the consumers’ complaint when voiced through theorganization of consumers. A consumer with a grievance on confronting a manufacturer will generally be able to gethis grievance redressed when the manufacturer gets the note that a consumers organisation is also behind him.Consumer’s organizations also play an important role as an arbitrator between the consumer and the manufacturer forresolving the grievances that are not settled for a long time.For many consumers, HANDLING a complaint would be a first experience; but for a consumers organization, it is differentas several such complaints are handled by them usually, and would be WELL acquainted with the procedure for asettlement. In fact, consumers organizations are always in touch with the manufacturers and their good will be of muchhelp in the agreement of the consumer’s complaints.

II. ACTIVITIES OF THE CONSUMER ORGANISATIONSEducation

Every one of us is a consumer and therefore, have the right to consumer education. But it is the right education thatwould facilitate us to act as an informed consumer, throughout one's life. One of the problems of the Indian consumers

3.

A consumer dispute redressal agency that handles claims up to rupees twenty lakhs.

Answer»

Answer:

Redressal Commission.

Explanation:

It is a commission that is ESTABLISHED by the STATE Government to resolve disputes between the parties. This commission handles the complaints from people whose value of GOODS and services or COMPENSATION exceeds 20 lac. This commission does not handle disputes of goods or service whose value exceeds one crore.

4.

Why is the enactment of Consumer Protection Act important for consumers?

Answer»

A person who buys a good or service for his own personal use and not for further manufacture is called a consumer. Consumers play an important role in the market. The market for a good or service constitutes all the consumers and producers of that good or service. If there is no consumer, producers will have no one to provide the good.

However, there are regularly reported cases of exploitation of the consumer. Often less than the actual weight of foodstuff is sold to consumers, or many retailers sell products that are not certified. Many cases happen where more than the market price is charged to the consumer. In the light of this, consumer protection holds an important role.

Consumer Protection Act, 1986

Till the 1960s, India was plagued with cases of black marketeering, hoarding, inadequate weighing and food adulteration. These were problems that affected the well-being of the consumer and amount to consumer exploitation.

The consumer movement began in the 1960s and gained momentum in the 1970s. Consumer dissatisfaction started to be demonstrated through the written word and in articles and newspapers.
The level of dissatisfaction with sellers and manufacturers and their practices resulted in consumers raising their voice. Resultantly, the government decided to give RECOGNITION to consumer protection by enacting the Consumer Protection Act on 24th December 1986. The Act was aimed at protecting the rights of the consumers and ensuring free trade in the market, competition and accurate information to be available. This day is now observed as National Consumers’ Day.

Consumer Rights

There are six broad consumer rights defined as per the Consumer Protection Act, 1986. These are:

Right to Safety

The Consumer Protection Act defines this right as a protection against goods and services that are ‘hazardous to life and property’. This particularly APPLIES to medicines, pharmaceuticals, foodstuffs, and automobiles. The right requires all such products of critical nature to life and property to be carefully tested and validated before being marketed to the consumer.

Right to Information

This right mentions the need for consumers to be informed about the quality and quantity of goods being sold. They must be informed about the price of the product and have access to other information specific to the product that they wish to consume.

Right to Choose

The consumer must have the right to choose between different products at competitive prices. Thus, the concept of a competitive market where many sellers sell similar products must be established to ensure that the consumer can actually choose what to consume and in what quantity. This is to AVOID monopoly in the market.

Right to Seek Redressal

When a consumer feels exploited, he/she has the right to approach a consumer COURT to file a complaint. A consumer court is a forum that hears the complaint and provides justice to the party that has been hurt. Thus, if the consumer feels he/she has been exploited, they can approach the court using this right.

Right to be Heard

The purpose of this right is to ensure that the consumer gets due recognition in consumer courts or redressal forums. Basically, when a consumer feels exploited, he has the right to approach a consumer court to voice his complaint. This right gives him/her due respect that his/her complaint will be duly heard. The right empowers consumers to fearlessly voice their concerns and seek justice in case they are exploited.

Right to Consumer Education

Consumers must be aware of their rights and must have access to enough information while making consumption decisions. Such information can help them to choose what to purchase, how much to purchase and at what price. Many consumers in India are not even aware that they are protected by the Act. Unless they know, they cannot seek justice when they are actually hurt or exploited.

Consumer Forums

Consumer forums or consumer protection councils are organizations that help represent consumer interests. They guide consumers in the process of filing complaints in the court when they are exploited and ALSO help in spreading consumer protection awareness.

A consumer court is where the cases are actually presented and heard. It follows a three-tier quasi-judicial system. District courts deal with cases up to 20 lakhs. A state-level court deals with cases between 20 lakhs and 1 crore, while a national consumer court deals with claims that exceed the value of 1 crore.

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5.

Match the correct pairs:Group Aa. Right to Redressalb. District Judgec. Mumbai Grahak Panchayatd. Consumer Protection Acte. Creating consumer awarenessGroup B1. An NGO working for consumers2. 19863. Use of media4. seek legal remedy in the court5. 19856. Political organisation7. President of District Forum8. selecting best quality product9. Chairman of National Commission10. Duty of consumers

Answer»

I don't KNOW about BUSINESS STUDIES

6.

In the modern competitive market, consumer is regarded as the ________.(Fill in the blank by choosing correct option)a) King b) Agency c) Superintendent.

Answer» C)SUPERINTENDENT

THIS IS ANSWER

I HOPE IT WILL HELP YOU DEAR
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7.

State responsibilities of business organization towards owners.

Answer» BUSINESS is a social institution. It is operated within the society, for the people and by the people living in the society. It exists, survives, operates and grows. In the society. Therefore, it has CERTAIN obligations TOWARDS society, which are known as social responsibilities. A business must always recognize and understand the aspirations of the society and try to meet them.

According to Keith DAVIS andBlamestorm, “social responsibility refers to the obligation of decision makers of the business to take actions which PROTECT and improve the welfare of the society as a whole along with their own interests.”

According to J.L Paluszek, “Corporate social responsibility is seriously considering the impact of company's activities in society.”

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8.

How do business organizations create pollution?

Answer»

Preventing air pollution
Causes and effects of air pollution
There are two main types of air pollution:

fumes - which can include vapours, gases, SMOKE and odours
dust - dry particles
These can be produced in a number of different ways. Manufacturing processes, particularly those that use chemicals and machinery, can cause air pollution. Less obviously 'dirty' processes, such as cleaning and packaging goods, can also produce harmful emissions.

Businesses particularly at risk of causing air pollution
Most types of business can cause some form of air pollution if they are not run properly. Some businesses are particularly at risk of creating air pollution, INCLUDING:

manufacturers
farmers
construction, building and demolition trades
vehicle repairers
welders
mines and quarries
printers
hauliers and other transport businesses
waste management businesses
dry cleaners
laboratories
Sources of air pollution from business premises include:

emissions from burning fuels in furnaces and boilers
burning material in the open
dust and fumes from poor waste storage and ventilation systems
ozone (an air pollutant which can be harmful to human health) from office EQUIPMENT such as COPIERS and laser printers
exhaust fumes and dust from distribution and delivery vehicles
Effects of air pollution on the environment and human health
Air pollution impacts seriously on the environment in a number of ways. Emissions of greenhouse gases contribute to climate change and ozone-depleting substances cause damage to the ozone layer. This type of pollution also increases the acidity of rain, which causes damage to buildings, LAND, fresh water and sea water, wildlife and plants.

There are many associated risks to human health from air pollution. Those who are exposed to poor air quality can face an increased risk of developing or exacerbating a range of illnesses including lung and breathing problems, skin conditions, cancer and organ damage.

9.

Which responsibilities are expected to be fulfilled by business unit towards consumers?

Answer»

Hi mate..
here is ur answer..
The responsibilities which should be fulfilled by business unit TOWARDS consumers are:-
1) Do not PRACTICE underweight and adulteration.
2) change in TASTE and preference of consumer should be kept in mind.
3) should not sold cheap quality products.
4) Do not charge very high price otherwise u lost trust of customer forever.
5)offer credit FACILITY if possible.
Hope it will helps u..

10.

Explain the responsibilities of a business unit towards community, public at a large.

Answer»

The concept of SOCIAL RESPONSIBILITY as used in management science is that businesses should maximise their profits subject to their working in a socially responsible manner to PROMOTE the interests of the society. Their business activities should not harm other GROUPS such as CONSUMERS, workers, and public at large.

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11.

Providing career opportunities to employees is the responsibility of business. (State with reason whether the given statement is true or false)

Answer»

Ployee monitoring allows a business to track employee activities and monitor worker engagement with workplace related tasks. A business using employee monitoring on a computer can measure productivity, track attendance, ensure security and collect proof of hours worked.

Tools like modern employee monitoring software are a new implementation, but the PRACTICE itself has been around for a long time. In fact, the first timesheet was invented in 1888 (and would lead to the tech behemoth we know as IBM!). Now, we can track not just how much time people SPEND at work, but how productive they are, monitor internet usage, which applications they use most, what tasks they struggle with, when they work BEST, and more.

Thanks to modern technology, companies can monitor almost 100 percent of employee activity and communication, including:

Internet and app usage
Email
Computer screen recording
Phone use
Video/audio surveillance
GPS tracking by vehicle
Location tracking by access badge
This data transforms the decision-making process. You can determine everything from appropriate salary, rates, and product prices, to OPTIMAL team size, tool-kit, and work process. Not to mention, if there’s anything you should know about a specific employee (such as, Jane has gotten much less efficient in the past month, or Joe has really accelerated his work rate lately), you’ll know objectively—not intuitively.

Despite all these benefits, employee monitoring is a contentious topic. In this guide, we’ll share everything you need to know before IMPLEMENTING it.

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12.

Write short note on advantages of protecting business environment.

Answer»

Environmental protection is the practice of protecting the natural ENVIRONMENT by individuals, organizations and GOVERNMENTS. Its objectives are to CONSERVE natural resources and the existing natural environment and, where possible, to repair damage and reverse trends.

Due to the pressures of overconsumption, population growth and technology, the biophysical environment is being degraded, sometimes permanently. This has been recognized, and governments have begun placing restraints on activities that CAUSE environmental degradation. Since the 1960s, environmental movements have created more AWARENESS of the various environmental problems. There is no agreement on the extent of the environmental impact of human activity and even scientific dishonesty occurs, so protection measures are occasionally debated.

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13.

Write short note on social responsibility towards owners.

Answer»

Heya mate here is your answer ⬇️⬇️⬇️⬇️⬇️

Corporate social Responsibility towards different interest GROUPS. The BUSINESS organisations generally interact with various interest groups such as the OWNERS, investors, employees, suppliers, competitors, customers, government, and society.

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14.

An clement of business ethic in which opinions and feedbacks from clients are considered. Answer in a word / phrase / term.

Answer»

Answer:

Openness

Explanation:

This is that one WORD which DEPICTS the element of business ethic in which OPINIONS and feedback from clients are considered.

This element STATES that the feedback from employees is necessary. This is not only a way of giving them respect but also of understanding the NATURE of the client itself. Feedback tend to be very helpful, as they give the business another perspective of looking at things.

15.

Blockchain could soon replace central banks?

Answer»
i \:  dont \: known \: the \: <klux>ANSWER</klux> \: buddy \: sorry \: sorry \:

because

I
don't
KNOW
the
answer
16.

The newest management strategy about social obligations of business. Answer in a word / phrase / term.

Answer» HELLO MATE

here's your answer

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Corporate SOCIAL responsibility is the management STRATEGY about social obligations of business.

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Hope it HELPS you
17.

Match the correct pairs:Group Aa. Business ethicsb. Employeesc. Responsibility towards communityd. Responsibility towards governmente. Trade unionGroup B1. Respecting rules and regulations2. Proper conduct of meeting3. Negotiations with management4. Pollution control5. Good quality product6. Help to weaker sections of society7. Provide after sales services8. Confidentiality9. Job security10. To maintain solvency and prestige

Answer»

I don't KNOW about BUSINESS STUDIES

18.

Duties, obligations of business directed towards welfare to society. Answer in a word / phrase / term.

Answer» SOCIAL responsibility of business 

DUTIES, obligations of business directed TOWARDS welfare to society is KNOWN as Social responsibility of business .
19.

Environmental Management System which provides guidelines for incorporating eco-design is ________.(Fill in the blank by choosing correct option)a) ISO 14001-2004 b) ISO 14005-2010 c) ISO 14006-2011

Answer»

ĀNSWĒR ⏬⏬

\boxed{ \pink{ \bold{c) ISO 14006-2011}}}
THANKS ✌✌

\huge{navi}
❤✌

20.

Match the correct pairs:Group Aa. Responsibility to ownersb. Consumersc. Responsibility to investorsd. Economics objectivee. Business ethicsGroup B1. Good working condition2. Branch of philosophy3. To serve society4. To help small scale industry5. Earning foreign exchange6. Creating goodwill7. Branch of social science8. To earn profit9. To maintain transparency10. Good quality product

Answer»

I don't KNOW about BUSINESS STUDIES

21.

Business organization should avoid creation of ________.(Fill in the blank by choosing correct option)a) Trade Unions b) Consumer's cell c) Monopoly

Answer»

ANSWER:

Business organization should avoid creation of TRADE unions.

That means your correct answer is option A.

Explanation:

This is so because the rest of the two options share the common feature, that they are in benefit of the business organization. For instance,

a consumers cell benefits the business by understanding what the consumer likes and what complaints they have by looking closely at the consumer. This helps to UNDERSTAND the customer mindset and make the product or service better.

A monopoly benefits the business because they will have the power to set WHATEVER price they want.

But in a trade union, employees will ask for their rights and thus may interfere with the FUNCTIONS of the business organization. So trade union seems like the best fit here.

22.

To make timely payment of proper taxes is the responsibility of organization towards ________.a) Shareholders b) Customers c) Government

Answer»

C) GOVERNMENT

To MAKE timely payment of PROPER taxes is the responsibility of organization towards government .

23.

Example in brief the steps involved in on-line transactions.

Answer» \textit{Here \: is \: your \: answer}
⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬⏬
The steps involved in online transaction are as follows:

1⃣Registration: 

Registration is required for making online transactions. A buyer who is trying to make an online purchase has to first register himself with the website or the online vendor by filling up a  registration form. The registration form has basic details like name, e‐mail ID, password, etc. For security reasons, the buyer’s ‘Account’ and his ‘Shopping Cart’ are password protected.

2⃣Placing an Order:

The online buyer browses through the online store and selects the goods displayed in the website. The buyer then puts the selected goods in his ‘shopping cart’. The shopping cart gives a record of all the items selected by the buyer to be PURCHASED, the number of UNITS or quantity desired to be bought per item selected and the price for each item. The buyer then proceeds to the payment option after selecting all the products.

3⃣ Payment:

The buyer is then required to make the payment to authenticate the purchase. He can do so with the help of various payment mechanisms viz. Cash on Delivery, Cheque, Net Banking Transfer, CREDIT or Debit cards, Digital Cash.

4⃣Cash on Delivery:

In this mode of payment, the buyer makes cash payment when the goods are physically delivered to him.

5⃣Cheque:

In this mode of payment, the buyer sends the cheque.

6⃣Net Banking Transfer: 

Here, the payment is transferred from the buyer’s account to the seller’s account electronically i.e. through the internet. After the payment is received by the seller, the seller dispatches the goods to the buyer.

7⃣Credit or Debit Cards:

Here the payment is made through the buyer’s credit/debit card. The buyer has to share the details of his credit / debit card on the payment gateway to make the payment, after the payment is received by the seller, the seller dispatches the goods to the buyer. Credit / Debit cards are also known as ‘plastic money’.

8⃣Digital Cash:

Digital Cash is a form of ELECTRONIC currency that exists only in cyberspace and has no real physical properties. Here the money in buyer’s bank account is converted into a code that is saved on a microchip, a SMART card or on the hard drive of his computer. When he makes a purchase, he needs to mention that particular code to the website and thereafter the transaction is duly processed. It is accepted by all leading e‐commerce websites. The digital cash numbers are unique and it is highly secure and anonymous.
⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️⏏️
Hope it helped you
24.

What is a payment gateway?

Answer»

Simply payment gateway is paytm.

in detail ----------

A payment gateway is a MERCHANT service provided by an e-commerce APPLICATION service PROVIDER that authorizes credit CARD or direct payments processing for e-businesses,

25.

Discuss in detail about the e-business? How did the concept originate?

Answer»

Heya mate here is your answer ⬇️⬇️⬇️⬇️
Electronic business (e-business) refers to the use of the Web, Internet, intranets, EXTRANETS or some combination thereof to conduct business. E-business is similar to e-commerce, but it goes beyond the simple buying and selling of products and services online. E-business includes a much wider range of businesses processes, such as supply chain management, electronic order processing and customer relationship management. E-business processes, therefore, can help companies to operate more effectively and efficiently.
In 1994, IBM, with its AGENCY Ogilvy & Mather , began to use its foundation in IT solutions and expertise to market itself as a leader of conducting business on the Internet through the term "e-business."
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26.

What is outsourcing? Illustrate with one example.

Answer»

Heya mate here is your answer ⬇️⬇️⬇️⬇️⬇️
Outsourcing is "an agreement in which one company hires another company to be responsible for an EXISTING internal activity." 
Reasons for outsourcing ⬇️⬇️⬇️⬇️⬇️
Reducing and controlling operating costs.

Improving company focus.

Gaining access to world-class capabilities.

Freeing internal resources for other purposes.

Streamlining or INCREASING efficiency for time-consuming functions.

Maximizing USE of external resources.

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27.

The term e-business is derived from the terms e-mail and e-commerce. (State with reason whether the given statement is true or false)

Answer»

Hello MATE

here's your answer

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True, The term e-business is derived from the terms e-mail and e-commerce. As e-mail and e-commerce are RELATED to e-business.

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Hope it HELPS you

28.

Write short note on Business to Consumer (B to C).

Answer»

Business to consumer (B to C) refers to the transactions conducted directly between a company and consumers who are the end-users of its products or SERVICES. The business to consumer as a business model differs significantly from the business-to-business model, which refers to commerce between two or more businesses. While most companies that sell directly to consumers can be referred to as B to C companies, the term BECAME immensely popular during the dotcom boom of the late 1990s, when it was USED mainly to refer to online retailers, as well as other companies that sold products and services to consumers through the internet.

29.

Distinguish between Traditional Business and e-buslness.

Answer»

Heya mate here is your answer ⬇️⬇️⬇️⬇️⬇️
eBusiness or eCommerce based businesses are typically transacted over the Internet.
A traditional business is a broad way to describe a business — I would describe a non-eCommerce business as typically transacted in-person either in a storefront or service providers.
However, eBusiness/eCommerce has already CROSSED over the line into traditional businesses. For example, when you’re in a new CITY and want to EAT — what do you do to discover new places to eat? Yelp perhaps. If a traditional business/restaurant is smart — they’d be all over Yelp ensuring that reviews are posted and any negative RESPONSES are addressed.
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30.

Write short note on Secure Socket Layer (SSL).

Answer»

•Secure socket layer is the process where the transfer of the DOCUMENTS to the network occurs securely.

•It is a SECURITY protocol.

•It is developed by Netscape.

•It ensure secure link to the webserver and BROWSER to ensure private and integral data.

•It ensure TRANSPORT CONTROL protocol to the communication.

31.

Credit or Debit Cards are popularly known as '________ Money'. (Fill in the blank by choosing correct option)a) paper b) plastic c) polymer

Answer»

Answer:

The correct answer is option b, i.e PLASTIC.

EXPLANATION:

For years credit and debit cards have helped people by providing the following features to its customers,

1-Such plastic money has DURABILITY,

2-Its easy to use

3-Easy to carry around

4-It represents monetary which can be used anywhere at any TIME.

5-Most shops, organizations and places offer such a facility of taking debit and credit cards.

32.

Write short note on Payment Mechanism.

Answer»

Hello Mates...

Here is ur ANSWER..

The payment MECHANISM is the principal means for ALLOCATING risks and providing incentives in the PPP contract. A useful way to approach the DESIGN of the payment mechanism is to start with a basic/ideal STRUCTURE for the Authority.


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33.

Describe the role of transport in modern times.

Answer» TRANSPORT plays an important role in MODERN times because it connects a place to another place.it also HELP in business because if no transport FACILITIES PRESENT then the products will not supply from one place to another.
34.

What is commercial bank? Explain its primary functions.

Answer»

A commercial bank is an institution that provides services such as accepting deposits, PROVIDING business loans, and offering basic investment PRODUCTS. The main FUNCTION of a commercial bank is to accept deposit from the PUBLIC for the purpose of lending money to the BORROWERS.

35.

Define insurance. Explain the various principles of insurance.

Answer»

This may LEAD U to write ans
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36.

State the main services of the post offices.

Answer»

For national postal networks, sometimes called "the Post Office", see mail. For other uses, see Post Office (disambiguation).

"Posting house" redirects here. For other uses, see Post House.



The GENERAL Post Office BUILDING in Shanghai, China.

A post office is a customer service facility forming part of a national postal system.[1]Post offices offer mail-related services such as acceptance of letters and parcels; provision of post office BOXES; and sale of postage STAMPS, packaging, and stationery. In addition, many post offices offer additional services: providing and accepting government forms (such as passport applications), processing government services and fees (such as road tax), and banking services (such as savings accounts and money orders).[2] The chief administrator of a post office is called a postmaster.

Prior to the advent of postal and ZIP codes, postal systems would route items to a specific post office for receipt or delivery. During the nineteenth-century, in the United States, this often led to smaller communities being renamed after their post offices; particularly after the Post Office Departmentceased to permit duplicate station NAMES within a state.[3]


37.

Explain the function of warehousing.

Answer»

HELLO !! here is your ANSWER...

The major functions are as FOLLOWS.:

✨.Receiving the Shipments

✨Storage the products as FIFO method

✨Inventory Management

✨Processing Orders and Distributions to the customers

✨Fleet Management

✨Space Management

✨stores SAFETY and Security

hope it helped :)

38.

State the telecom services as a means of communication.

Answer»

TELECOM service is a service PROVIDED by a telecommunications provider, or a specified set of user-information transfer CAPABILITIES provided to a GROUP of USERS by a telecommunications system.

Hope it will help you.

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39.

State the primary functions of banks.

Answer» ACCEPTING deposits and Advancing loans can be termed as PRIMARY functions of bank, while the secondary functions of the bank include (1) Agency Services and (2) General Utility Services. As we MENTIONED, one of the most important function of the Commercial Banks is to accept deposits.
40.

Write short note on retail services of post offices.

Answer»

A post office is a customer service facility forming part of a national postal SYSTEM. Post offices offer mail-related SERVICES such as acceptance of letters and parcels; provision of post office BOXES; and SALE of postage STAMPS, packaging, and stationery.

41.

Write short note on types of business services.

Answer»

Business entity is an organization that uses economic resources or inputs to provide goods or services to customers in exchange for money or other goods and services.

Business organizations come in different types and different FORMS of ownership.



3 Types of Business
There are three major types of businesses:

1. SERVICE Business
A service type of business provides intangible products (products with no physical form). Service type firms offer PROFESSIONAL skills, expertise, advice, and other similar products.

Examples of service businesses are: salons, repair shops, SCHOOLS, banks, accounting firms, and law firms.

2. Merchandising Business
This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make profit by selling the products at prices higher than their purchase costs.

A merchandising business sells a product without changing its form. Examples are: grocery stores, convenience stores, distributors, and other resellers.

3. Manufacturing Business
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a TRANSFORMATION of the products purchased.

A manufacturing business combines raw materials, labor, and factory overhead in its production process. The manufactured goods will then be sold to customers.

Hybrid Business
Hybrid businesses are companies that may be classified in more than one type of business. A restaurant, for example, combines ingredients in making a fine meal (manufacturing), sells a cold bottle of wine (merchandising), and fills customer orders (service).

Nonetheless, these companies may be classified according to their major business interest. In that case, restaurants are more of the service type – they provide dining services.

Forms of Business Organization
These are the basic forms of business ownership:

1. Sole Proprietorship
A sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership.

The owner faces unlimited liability; meaning, the creditors of the business may go after the personal assets of the owner if the business cannot pay them.

The sole proprietorship form is usually adopted by small business entities.

2. Partnership
A partnership is a business owned by two or more persons who contribute resources into the entity. The partners divide the profits of the business among themselves.

In general partnerships, all partners have unlimited liability. In limited partnerships, creditors cannot go after the personal assets of the limited partners.

3. Corporation
A corporation is a business organization that has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock.

The owners (stockholders) enjoy limited liability but have limited involvement in the company's operations. The board of directors, an elected group from the stockholders, controls the activities of the corporation.

In addition to those basic forms of business ownership, these are some other types of organizations that are common today:

42.

What is E-banking? (Topic:Business Services)

Answer»

A method of banking in which the CUSTOMER CONDUCTS transactions ELECTRONICALLY via the Internet.

43.

Write short note on nature of business services.

Answer»

Nature of business services:-

-lntangibility: A service is not a PHYSICAL product that you can touch or see. A service can be experienced by the buyer or the receiver. Also, you can not judge the quality of the service before consumption.

-Inconsistency: There can be no PERFECT standardization of services. EVEN if the service provider remains the same, the quality of the service may differ from time to time.

-Inseparability: One unique characteristic of services is that the service and the service provider cannot be separated. UNLIKE with goods/products the manufacturing and the consumption of services cannot be separated by storage.

-Storage: The production and consumption of services are not inseparable because storage of services is not possible. Being an intangible transaction there can never be an inventory of services.

44.

Write short note on telecom services.

Answer»

TELECOM service is a service provided by a telecommunications provider, or a specified set of user-information transfer CAPABILITIES provided to a GROUP of users by a telecommunications system.

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45.

Distinguish between the Commercial bank & Central bank.

Answer»

Central bank is a statuary body which issues the CURRENCY (except COINS and 1 rupee note). and WORK as a adviser/banker of government and ALSI banker of commercial bank .
commercial bank are the bank's which provides SERVICE to general public
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46.

Distinguish between the Cheque & Bank Overdraft.

Answer»

A cheque, or check, is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account where their money is held.

Overdrafts
There are several different types of overdrafts but the two most common are standard overdrafts on checking accounts and SECURED overdraft accounts that loan CASH against various financial instruments.

A standard overdraft is the act of withdrawing more funds from an account than the balance would normally permit. If you have $30 in a checking account and withdraw $35 to pay for an item, a bank that permits overdrafts covers the $5 and typically charges you a fee for the service. You are generally charged a separate fee for each PURCHASE in excess of your account balance.

Secured overdrafts act more like a traditional loan. As with a cash credit account, money is lent by a financial institution but a wider range of collateral can be used to secure the credit. For example, you might be allowed to use mutual fund shares, LIC policies or even debentures. There are also clean overdraft accounts, in which no specific collateral is offered but overdrafts are permitted due to the net worth of the individual. Generally speaking, this is only possible when the borrower has a large account at the financial institution and ENJOYS a long-standing RELATIONSHIP.

47.

Distinguish between the Bonded warehouse & Duty paid warehouses.

Answer»

Sr.No Difference Duty Paid Warehouse Bonded Warehouses
1. MEANING Duty paid warehouse is the warehouse where imported goods on which duty is already paid are STORED. Bonded warehouse is the warehouse where imported goods on which duty is not paid are stored.
2. Purpose Main purpose would be that the importer does not have suitable warehousing facility. Also, he may not require immediate delivery of goods. Main purpose would be either the importer needs to re-export the goods or the importer may not be in a position to pay import duty.
3. LOCATION They are located in a port-town outside the dock area. They are located within the dock area.
4. Markets The imported goods stored here are mostly for the domestic markets. The imported goods stored here are mostly re-exported.
5. supervision These warehouses are not supervised by the customs authority. They are supervised by port authority. The customs authority closely SUPERVISES the working of these warehouses.
6. Delivery Delivery of goods can be obtained after payment of the rent charges of the warehouse. Delivery of goods is done after payment of import duty. In case of re-export, the import duty need not be paid, only rent and service charges need to be paid.
7. OWNERSHIP Such warehouses are owned by public authorities. Such warehouses may be owned by private or dock authorities.


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48.

The type of insurance where the principle of indemnity is not applicable. Answer in a word / phrase / term.

Answer»

1⃣Replacement COST COVERAGE 

2⃣Personal ACCIDENT INSURANCE

3⃣Life insurance

49.

Means of transport carrying bulk and heavy goods for international trade. Answer in a word / phrase / term.

Answer» HELLO mate

here's your answer

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Ocean TRANSPORT is the MEANS of transport for CARRYING heavy goods and bulk for international trade.

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50.

The principle of insurance under which the insurer and insured must show complete faith towards each other. Answer in a word / phrase / term.

Answer»

Answer:

The Principle of Utmost Good Faith

Explanation:

This is a term of may EVEN be considered a phrase.

ACCORDING to this principle of utmost good faith is such that it defines the nature of insurer and insurance receiver. They must act in good faith towards ONE ANOTHER. There shouldn't be any hidden agenda behind the deal itself.

Both parties involved in the contract must PROVIDE each other with correct, accurate, relevant information and explanation regarding the terms and conditions of the contract.