Free Business Services 02 Practice Test - 11th Grade - Commerce
Question 1
What kind of activity do airliners and home repairers fall under?
Goods
Service
Both A & B
None of the above
SOLUTION
Solution : B
Airliners and home repairers fall under service activity.
Question 2
State True or False. If the bearer cheque gets stolen, even an outsider can take advantage of the situation and steal the person's money.
False
True
SOLUTION
Solution : B
True. If the bearer cheque gets stolen, even an outsider can take advantage of the situation and steal the person's money.
Question 3
State True or False. A crossed cheque can be crossed over the entire cheque or on the top right corner of it.
True
False
SOLUTION
Solution : B
False. A crossed cheque can be crossed over the entire cheque or on the top left corner of it.
Question 4
________________________________ is a functional 24 * 7 facility, fund transfer at any time of the day.
national electronic fund transfer
real-time gross settlement
immediate payment service
none of the above
SOLUTION
Solution : C
Immediate payment service is a functional 24 * 7 facility, fund transfer at any time of the day.
Question 5
A ___________ is the most developed credit instrument of the bank, for the withdrawal of deposits.
demand draft
funds
cheque
none of the above
SOLUTION
Solution : C
A cheque is the most developed credit instrument of the bank, for the withdrawal of deposits. It is the most convenient and an inexpensive medium of exchange.
Question 6
State True or False. The life insurance premium is paid in one lump sum.
True
False
SOLUTION
Solution : B
False. The life insurance premium is paid in one lump sum, or periodically i.e, monthly, quarterly or half yearly or yearly.
Question 7
"Insured must disclose the relevant facts related to subject matter". Identify the principle highlighted?
Principles of indemnity.
Principle of utmost good faith.
Principle of contribution
Principle of subrogation.
SOLUTION
Solution : B
Principle of utmost good faith.The principlemeans that every person who enters into a contract of insurance has a legal obligation to act with utmost good faith towards the company offering the insurance.
Question 8
State True or False. Indian post and telegraph department provides various postal services across India.
True
False
SOLUTION
Solution : A
True. Indian post and telegraph department provides various postal services across India. For these services, the whole country has been divided into 22 postal circles.
Question 9
A warehouse that is used for storage of goods by traders, manufacturers or any member of the public after the payment of a storage fee or charges.
Private Warehouse
Government Warehouse
Cooperative Warehouse
Public Warehouse
SOLUTION
Solution : D
A warehouse that is used for storage of goods by traders, manufacturers or any member of the public after the payment of a storage fee or charges is known as the public warehouse. The government regulates the operation of these warehouses by issuing a license for them to private parties.
Question 10
Food Corporation of India, State Trading Corporation and Central Warehousing Corporation are examples of which warehousing.
Private Warehouses
Public Warehouses
Government Warehouses
Cooperative Warehouses
SOLUTION
Solution : C
Food Corporation of India, State Trading Corporation and Central Warehousing Corporation are examples of Government warehouses.