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Business Services Test - 16

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Business Services Test - 16
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Weekly Quiz Competition
  • Question 1
    1 / -0
    International trade in goods & services is sometimes used as a substitute for all the following except ________________________________.
    Solution
    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.
  • Question 2
    1 / -0
    An agent, which sells the goods, which are in its possession for his principal, is ______________.
    Solution
    An agent, which sells the goods, which are in its possession for his principal, is broker. Broker is responsible for arranging transactions between the buyer and seller of any goods. A broker is entitled to a certain amount of commission when the deal is executed.
  • Question 3
    1 / -0
    Which one of the following is not a remedy available in case of default?
    Solution
    Repossess the goods after the buyer has resold them.is not a remedy available in case of default.  When the buyer defaults on payments, possessions on something cannont be retaken..
  • Question 4
    1 / -0
    An agent is_________between his principal and the third party.
    Solution
    An agent is not a connecting link, sub agent or partner between his principal and the third party. An agent can be referred as a person who acts on behalf of some other person. Agent always take an active role in order to create a specific effect on an activity.
  • Question 5
    1 / -0
    If the principal comes to know the agent has concealed from him any material fact, the principal  _____________.
    Solution
    D.
    The contract of agency states that the principal has the power to repudiate the acts of the agent in case the agent has concealed any material facts. He also has the power to affirm his acts and to claim the damages from him , if any. Insurance contract is no exception. 
    In this case also the principal may ratify the acts of the agent or repudiate them. It should be however noted that insurance is a contract of utmost good faith.
  • Question 6
    1 / -0
    In a normal agency relationship where the agent acts within his authority, a binding contract within his authority is usually created between ___________.
    Solution
    In a normal agency relationship the agent can contractually bind his principal to a third party, providing that the agent acts within his authority. Later if the agent drops out of the transaction, he/she leaves a binding contract between his/her principal and the third party.
  • Question 7
    1 / -0
    Goods displayed on a shop window with a price tag is an _______________.
    Solution

    Goods displayed of a shop window with a price label will amount invitation to offer since the shopkeeper making an invitation invites others to make an offer to him. It is prelude to an offer inviting negotiations or preliminary discussions.
  • Question 8
    1 / -0
    Bonded warehouses are located at __________.
    Solution
    C. Ports
    Bonded warehouse is a building or a secured area where dutiable goods are stored or undergo manufacturing operations without payment of duty. These can be managed by state or private enterprises. When the goods are in bonded warehouses  they can be manipulated by cleaning, sorting or repacking under the supervision of the custom authorities.
  • Question 9
    1 / -0
    What do we mean by ITES?
    Solution
    ITES Information Technology Enabled Services. It covers the entire gamut of operations which is related to Information Technology. It helps to improve the efficiency of an organization. It is also known as enabled services or remote services.
  • Question 10
    1 / -0
    _________ offers the opportunity to produce goods as per the requirements of a customer.
    Solution
    Job method offers the opportunity to produce goods as per the requirements of a customer. Customer is the king pin of the market. Thus, job methods help to know the requirements and interest of the customers and then production of the required goods and services are to be started accordingly.
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