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Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

The growth in warehousing in India is primarily being driven by the factors viz __________.

  1. Growing manufacturing activity

  2. Rising domestic consumption

  3. Increasing international trade

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Warehousing can be defined as the process of storing physical goods before the distribution of goods for sale. The growth in warehousing in India is primarily being driven by the factors viz:a) Growing manufacturing activity
b) Rising domestic consumption
c) Increasing international trade.
Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

__________ warehouse divides the the commodities stored into smaller quantities. 

  1. Consolidation

  2. Break the bulk

  3. Stock piling

  4. Price stabilsation
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Consolidation: In this function the warehouse receives and consolidates, materials/goods from different production plants and dispatches the same to a particular customer on a single transportation shipment.

Break the bulk: The warehouse performs the function of dividing the bulk quantity of goods received from the production plants into smaller quantities.

Stock piling: Warehousing is used for the seasonal storage of goods to select businesses. Goods or raw materials which are not required immediately for sale or manufacturing are stored in warehouses.

Price stabilization: By adjusting the supply of goods with the demand situation, warehousing performs the function of stabilizing prices.

Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

Which of the following are a type of warehouse?

  1. Private 

  2. Public 

  3. Bonded 

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Private warehouses are operated, owned or leased by a company handling their own goods, such as retail chain stores or multi-brand multi-product companies.

Public warehouses can be used for storage of goods by traders, manufacturers or any member of the public after the payment of a storage fee or charges.
Bonded warehouses are licensed by the government to accept imported goods prior to payment of tax and customs duty.
Thus, all the three are types of warehouses.

Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

The place where goods are preserved on a large scale in a systematic and orderly manner is commonly called as _____________.

  1. Retail outlet

  2. Factory

  3. Open ground

  4. Warehouse
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The place where goods are preserved on a large scale in a systematic and orderly manner is commonly called as warehouse. Goods are stored in warehouse generally before th delivery or sale of the goods. Warehouse helps to protect the perishable goods.

Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

Which among the following gives an idea that the goods preserved are perishable?

  1. Cold storage helps to maintain the quality of goods.

  2. It helps to widen the market.

  3. It saves time by providing the goods as and when required.

  4. Processed goods can be graded, packed, and labeled.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Cold storage helps to maintain the quality of goods gives an idea that the goods preserved are perishable. Cold storage is useful as it helps to store perishable goods for a period of time. Cold storage is crucial as it helps to prolong thhe shelf life of fresh goods.

Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

Goods once cleared from Bonded warehouse can be shifted to Duty-paid warehouse.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Bonded warehouses are licensed by the government to accept imported goods prior to payment of tax and customs duty. 

The goods are kept in bonded warehouses by the customs authorities till the customs duty is paid. 
Goods can be removed in part as and when required by the importers and buyers, and import duty can be paid in installments.

Multiple choice organization of commerce and management warehousing importance, types and documentation in warehousing meaning of warehousing and warehousing introduction to services

'Goods in bond' is related to which of the following warehouses?

  1. Public warehouses

  2. Bonded warehouses

  3. Co-operative warehouses

  4. Cold-storage warehouse
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
  • Public warehouses can be used for storage of goods by traders, manufacturers or any member of the public after the payment of a storage fee or charges. The government regulates the operation of these warehouses by issuing licences for them to private parties.
  • Bonded warehouses are licensed by the government to accept imported goods prior to payment of tax and customs duty. These are goods which are imported from other countries. Importers are not permitted to remove goods from the docks or the airport till customs duty is paid.
  • At times, importers are not in a position to pay the duty in full or does not require all the goods immediately. The goods are kept in bonded warehouses by the customs authorities till the customs duty is paid. These goods are said to be in bond.
  • Some marketing cooperative societies or agricultural cooperative societies have set up their own warehouses for members of their cooperative society.
  • Cold-storage warehouse are suitable for storing goods that are highly perishable.