Ram bought a shoe from the mall for his birthday. He bought a "good"  that is a physical product that is capable of being delivered to a purchaser and involves the transfer of ownership from a seller to a customer. 

True. Service is the simultaneous activity of production and consumption of being performed.  This shows that production and consumption of services to be inseparable. 

The two type of cheques are: 1. Bearer cheque 2. Crossed cheque 

Bearer cheque is a cheque which is payable to any person who presents it for payment at the bank counter. 

In this policy, the amount payable to the insured will not be paid before the death of the assured. The sum will become payable only to the beneficiaries or heir of the deceased is known as whole life policy. 

True. Public sector banks are those where the government has a major stake.

The contract of fire insurance is a contract of strict indemnity. 

After the insured is compensated for the loss or damage to the property insured by him or her then the right of ownership of such property is passed on to the insurer. This is because the insured should not be allowed to make any profits by selling the damaged property or in the case of lost property being recovered. 

Funds that are moved from one to another account in 'real-time', this is known as real-time gross settlement. 

Transportation comprises freight services together with supporting and auxiliary services by all modes of transportation.