IC88 Mock Test Sample 5

1. A product is the outcome of a process. This is so in services also. The process is ___ and ____.

a) Interactive and functional
b) Operational and interactive
c) Interactive and involving
d) Interactive and attractive

2. The business of Life Insurance was nationalized in___.

a) 1956
b) 1973
c) 1972
d) 1957

3. Which of the following is not an element of service in context of insurance?

a) Tangibility
b) Reliability
c) Responsiveness
d) Assurance

4. In 1992 when Bombay suffered communal riots and serial explosions, companies funded a campaign called ________.

a) Help Bombay
b) Salam Bombay
c) Restore Bombay
d) Protect Bombay

5. Unlearning in a person’s behaviour is invariably necessary______.

a) For change in behaviour
b) Before change in behaviour can occur
c) After change in behaviour
d) If person is willing to change

6. Which statement is not true regarding PR promotion activity?

a) It is not merely advertisement and propaganda
b) It is easy to evaluate PR effectiveness
c) PR is normally organized under marketing
d) PR aims to establish better public relations

7. From where were the first Marine insurance risks underwritten?

a) Lloyds house in France
b) Bombay Mutual Assurance Society Ltd.
c) Lloyds Coffee House in London
d) British Insurance Company

8. What does “Cash Cow” symbolize in the BCG Matrix?

a) Invest
b) Liquidate
c) Stable
d) Remain diversified

9. Which statement is not true regarding micro insurance?

a) Micro insurance has a lock-in period of 5 years
b) Partial withdrawals are permitted
c) It can be surrendered during lock-in period
d) It can only be sold through specially licensed agents

10. In which year did private insurers enter the insurance market?

a) 1980
b) 1956
c) 1870
d) 2000

11. Which function includes design and administration of systems controlling material flow?

a) Material management
b) Marketing management
c) Selling concept
d) Logistics management

12. Which among the following statements is incorrect?

a) Strategic plans are drawn through SWOT analysis
b) Strategies in organizations are similar everywhere
c) Strategies can be managed in a preconceived way
d) Strategic plans provide direction to organizations

13. The future money is going to be _______.

a) Digital and virtual
b) Online and electronic
c) Electronic and digital
d) Virtual and online

14. Which statement is true regarding customer perception?

a) Perception is mind interpretation of reality
b) Perception is a cognitive phenomenon
c) Perception may accurately understand reality
d) All the above statements are true

15. ___ is the term used for robots with whom you can chat.

a) Alexa
b) Siri
c) Artificial intelligence
d) Chatbot

16. A standard of right and wrong in one’s life is called_____.

a) Values
b) Ethics
c) Spirituality
d) Religious beliefs

17. The desire to have a product or service is called_____.

a) Want
b) Need
c) Utility
d) Consumption

18. Which of the following is not referred to as a physical factor of marketing mix?

a) People
b) Product
c) Price
d) Place

19. In early days, which factor strongly affected buying behaviour of customers?

a) Comfort
b) Price
c) Availability
d) Pleasure

20. What can be the opposite of empowerment?

a) Motivation
b) Dependency
c) Accomplishment of goal
d) Delegation of authority