Tag: business organisation and correspondence

Questions Related to business organisation and correspondence

A bank draft can be dishonored.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: B
Explanation:

A bank draft can be dishonored- this is a false statement. Bank draft cannot be dishonored. As per the RBI guidelines, validity of a bank draft is 3 months. Bank draft guarantees the underlying funds. A bank draft is often defined as a cheque drawn by a bank on its own funds.

As per the RBI guidelines, validity of a bank draft is ___________.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. 3 months

  2. 4 months

  3. 5 months

  4. 6 months

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Correct Option: A

Electronic banking is a form of Virtual Banking ________.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: A
Explanation:

Electronic banking is a form of Virtual Banking- this is a true statement. Under e-banking, account holders get unlimited access to their account. Through e-banking customers can conduct transactions electronically. E-banking is a product designed for the purpose of online banking.

__________is the process of transfering funds through mobile phones.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. ECS

  2. IMPS

  3. CTS

  4. NEFT

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Correct Option: B
Explanation:

IMPS is the process of transferring funds through mobile phones. IMPS stands for Immediate Payment Service. The service of IMPS is available 24/7 throughout the year including bank holidays. It offers an inter bank electronic fund transfer service through the use of mobile phones.

The timing of RTGS services at banks varies depending on the customer timings of the branch/bank.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: A
Explanation:

The timing of RTGS services at banks varies depending on the customer timings of the branch/bank- this is a true statement. Minimum amount required to transfer funds through RTGS is Rs 2,00,000. RTGS stands for Real Time  Gross Settlement. It is an electronic form of funds transfer. The transmission takes place on a real time basis. The transfer of funds with RTGS is done for minimum of Rs. 2 lakh.

A fee is applicable for processing NEFT transaction.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: A
Explanation:

A fee is applicable for processing NEFT transaction- this is a true statement. When a transaction is made through NEFT, some service tax is charged with ranges from Rs. 2.5 to Rs 5. It is charged when funds are transferred from one bank account to another.

_______ is essential for satisfaction of human wants.

business organisation and correspondence classification of busniess activities business as an activity meaning and types of trade trade and aids to trade

  1. Shareholders

  2. Competition

  3. Trade

  4. All of the above

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Correct Option: C
Explanation:

Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money. A system or network that allows trade is called a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services.

An example of trade is the tea trade where tea is imported from China and purchased in the US. An example of trade is when you work in sales. An example of trade is the act of exchanging one item for another or one item for money.

_______ is required to undertake the business activities is provided by banking and financing institutions.

business organisation and correspondence classification of busniess activities business as an activity meaning and types of trade trade and aids to trade

  1. Capital

  2. Investment

  3. Liability

  4. Interest

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Correct Option: A
Explanation:

Wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment. 2. Accounting: Money invested in a business to generate income.

They are purchased and used to help your company produce consumer goods or provide services. They are reported as assets on a company's balance sheet and often can be depreciated over time. Examples of capital goods include buildings, machines, equipment, furniture and fixtures.

Among the aids to trade, ________ removes the hindrance of risk.

business organisation and correspondence classification of busniess activities business as an activity meaning and types of trade trade and aids to trade

  1. transport

  2. warehousing

  3. insurance

  4. banking and finance

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Correct Option: C
Explanation:

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. Insurance coverage is the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage, such as auto insurance, life insurance or more exotic forms, such as -one insurance is issued by an insurer in the event of unforeseen occurrences.

_______ helps to highlight the distinctive features and utility of different products.

business organisation and correspondence classification of busniess activities business as an activity meaning and types of trade trade and aids to trade

  1. Advertising

  2. Communication

  3. Warehousing

  4. Branding

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Correct Option: A
Explanation:
Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services Advertising is the business or act of making something known to the public, usually through some type of paid media. An example of advertising is a company specializing in designing and implementing newsprint ads for other company's products.