AHSEC| CLASS 11| BUSINESS STUDIES| SOLVED PAPER - 2018| H.S. 1ST YEAR
2018
BUSINESS STUDIES
(Commerce)
(Theory)
Full Marks: 80
Pass Marks: 24
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. Answer as directed: 1×8=8
(a) Give an example of a statutory corporation.
Ans:- Life Insurance Corporation (LIC).
(b) State the level of flexibility of departmental undertakings.
Ans:- There is lack of flexibility in operations due to centralization of control.
(c) Name one specialised bank in India.
Ans:- EXIM Bank.
(d) Which banking can provide 365 days 24 hours service?
Ans:- Internet Banking.
(e) In which year SEBI came into existence?
Ans:- In 1992.
(f) Who is an Underwriter?
Ans:- An underwriter is any party that evaluates and assumes the risk of another party for a fee such as commission, premium, spread or interest.
(g) Name a very popular vending machine.
Ans:- Pharmashop 24 vending machine.
(h) What is a Speciality Shop?
Ans:- Speciality shops deal in products of special nature in a range of specialized products like Jewellers, Sweet Shop, Grocery, Bakery, Chemist, TVS, Cycle Motor Parts etc. They set up their shops in busy shopping complexes or busy markets on a permanent basis.
2. What do you mean by unlimited liability of a sole-trader? 2
Ans:- A sole trader has unlimited liability, which means they are personally responsible for the debts of their business. This is because their business is a sole trader, and the business has no legal identity of its own.
Sole traders have unlimited liability by default, unless they choose to incorporate. This means that the person who started the business is personally liable for any and all business debts.
3. Explain the legal status of a co-operative society. 2
Ans:- A co-operative society is a corporate body registered under the applicable State Act having a common seal with perpetual succession. It can acquire, hold and dispose of properties, make contracts and sue and can be used for.
4. What is retained-earnings? 2
Ans:- Retained earnings represent profits not distributed among shareholders. The practice of retained earnings as a method of 'self financing' or internal financing is commonly used by established companies. This is also known as "return of profits".
5. What is Global Depository Receipts? 2
Ans:- Global Depository Receipt (GDR), also known as International Depository Receipt (IDR), is a certificate issued by a depository bank, which purchases shares of foreign companies and deposits them into the account.
6. How are small-scale industries defined in India? 2
Ans:- Small scale industries are those industries in which the process of manufacturing, production and servicing is done on a small scale.
Investment on such industries is lump sum and this investment is mostly done on plant and machinery, the total investment on such industries does not exceed Rs 1 crore.
In small scale industries, manufacturing of goods and providing services is done with the help of small machines and very limited manpower.
Small scale industries or SSI are called the lifeline of the economy, which is very important for a country like India. Being a labor intensive industry, it is very helpful in creating employment opportunities for the country's population.
7. State three objectives of business. 3
Ans:- The objectives of business are as follows:-
(i) Making Profit: Business has to earn reasonable profit to maintain its growth and survive in the market.
(ii) Market position: The business should have a better position in the market than its competitors.
(iii) Innovation: Business must come up with new ideas, inventions and new methods for sustainable growth and survival.
8. Mention three distinctive features of Government Company. 3
Ans:- There are three distinctive features of a government company:-
(i) It is a separate legal entity.
(ii) It is incorporated under the Companies Act 1956 and 2013.
(iii) The management is governed and regulated by the provisions of the Companies Act.
9. Explain three modes of payment in case of online transaction. 3
Ans:- In case of online transactions there are three modes of payment:-
(i) Cash-on Delivery (COD): As the name suggests, goods ordered online can be paid for in cash at the time of physical delivery of the goods.
(ii) Cheque: As an alternative option, the online seller can arrange to collect the check from the customer. Goods can be delivered upon receipt of cheque.
(iii) Net-banking transfer: Customers are provided the facility of electronic transfer of funds over the internet. In this case, the buyer can transfer the goods transaction amount to the online seller's account which will enable him to proceed to arrange for the delivery of the goods.
10. State the relationship between social-interest and business interest. 3
Ans:- Social interests and business interests are not contradictory but complement each other. Business enterprises have realized that the long-term benefit of business lies in serving the society well. When a business serves the society well, it creates goodwill and a positive image for itself. This increases customer satisfaction and loyalty, resulting in increased sales and profits.
There are many ways in which businesses can serve society. They can provide employment opportunities, pay taxes, contribute to charity and engage in environmental protection. They can also develop products and services that are beneficial to society. For example, a company that develops a new drug that cures a disease is serving society by improving people's health.
11. What is Letter of Credit?
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