Business And Commerce - Study Mode

[#171] Economic activities are related to ___________.
Correct Answer

(A) Production of wealth

Explanation

Solution: Economic activities are related to Production of wealth. The primary aim of the economic activity is the production of goods and services with a view to make them available to consumer.

[#172] Profession involves _________.
Correct Answer

(A) Rendering of personal service

Explanation

Solution: Profession involves rendering of personal service. The service is based on professional education, knowledge, training etc. This service is provided for a professional fees charged from the clients.

[#173] Which of the following is an economic activity?
Correct Answer

(A) A farmer in the field

Explanation

Solution: A farmer in the field is an economic activity. Any action that involves producing, distributing, or consuming products or services is an economic activity.

[#174] The Insurer who grants a guarantee from the direct insurer is called as _________.
Correct Answer

(C) Re-Insurer

Explanation

Solution: The Insurer who grants a guarantee from the direct insurer is called as Re-Insurer. A reinsurer is an insurance company that insures the risks of other insurance companies. A cedant is an insurer who transfers all or part of a risk to a reinsurer.

[#175] IRDA refers to_________.
Correct Answer

(A) Insurance Regulatory Development Authority

Explanation

Solution: IRDA refers to Insurance Regulatory Development Authority. The Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April 2000.