1. Corporate governance specifies the rights and liabilities of different group of people like the chief executives, directors of the board, managers of different departments and other stakeholders.
2. This helps to provide the structure through which the objectives of the company is formulated and their performance is monitored.

(i) The motto of every group members should be "save first" - Credit Later"
(ii) Self help group is homogeneous in terms of Economic Status.
(iii) The ideal size of a self help group ranges between 10 to 20 members.

Sl.No	Basis	Direct Taxes	Indirect Taxes
1	Meaning	If a tax is levied on the income or wealth of a person is paid by that person (or his office) directly to the Government is called direct tax.	If tax is levied on the goods or services of a person is collected from the buyers by another person (seller) and paid by him to the government is called 'indirect tax.
2	Incidence and impact	Incidence and impact falls on the same person. Imposed on the income a person and paid by the same person.	Incidence and impact falls on different persons. Imposed on the sellers but collected from the consumers and paid by sellers.

i. Electronic Banking reduces cost and time and makes banking service convenient to the customers. It is operated through internet.
ii. This service is a substitute for drafts, cheques and other paper based transfer of funds.

(i) Economic activities:
Commerce deals with all economic activities undertaken for profit.
(ii) Exchange of goods and Services:
Commerce involves an exchange of goods and services for profit.
(iii) Earning Motive :
Profit is an incentive for undertaking all commercial activities.

1. GDRs are issued to investors across the country.
2. It is denominated in any acceptable freely convertible currency.
3. GDR is denominated in any Foreign Currency but the underlying shares would be denominated in local currency of the issuer.
4. The holder is entitled to dividend and bonus on the value of shares underlying the GDR.

The benefits derived by employees of a Socially Responsible business enterprise are:
1. Timely and regular payment of wages and salaries.
2. Proper working conditions and welfare amenities.
3. Opportunity for better career prospects.
4. Job security as well as social security like facilities of provident fund, group insurance, pension, retirement benefits, etc.
5. Better living conditions like housing, transport, canteen, creches, etc.
6. Timely training and development

Income aggregated after adjusting past and present losses and the total so arrived at is known as 'Gross Total Income'.

1. Departmental organisations - Indian Railways, Food and Public distribution.
2. Public organisations - Food Corporation of India FCI, ONGC, Oil and Natural Gas Corporation.
3. Government companies - Steel Authority of India Ltd, Tamilnadu Transport Corporation.
4. Board organisations - Tamil Nadu Electricity Board, Tamil Nadu Slum Clearance Board.

1. Free trade benefits developed countries more than developing countries.
2. Most favoured Nation principles.
3. Failure to Reduce Tariffs on Agriculture.
4. Neglect of Farmers Interest in Developing countries

(i) The mail-order houses are retail trading houses, which sell their merchandise through mail.
(ii) They receive orders from the public through post. They deliver the articles by post.
(iii) So, mail order business is selling and buying of goods through post.

The promisor himself or his legal representatives or by any other competent person employed by him performs the contract.

On the basis of size, business activities may be broadly grouped into two categories.
A. Small Scale:
Small scale units require less capital, employ small number of workers and produce the goods on small scale
B. Large Scale:
Large scale units require huge capital, employ large number of workers and produce the goods on large scale.

When goods are to be consigned in large quantity, it is advantageous to hire the whole or substantial part of the ship. The document through which this contract is made in known as 'Charter Party'. This may be known as 'Voyage Charter' or 'Time Charter',

Logistics is used for the following decisions:
Product design, Plant location, Choice of markets/sources, Production structure, Distribution/Dealer network design, Location of Warehouses, Plant Layout and Logistics, Allocation Design, Production Planning, Inventory Management-Stocking Levels, Transportation-mode Choice, Shipment Size and Routing Decisions, and Transport Contracting, Packaging, Materials Handling, Warehousing Operations.

Though a partnership agreement need not necessarily be in writing, it is important to have a written agreement in order to avoid misunderstandings; it is desirable to have a written agreement. A carefully drafted partnership deed helps in ironing out differences which may develop among partners and in ensuring smooth running of the partnership business. It should be properly stamped and registered.

(i) A voidable contract is one which is enforceable by law at the option of one or more of the parties thereto, but not, at the option of other or others [Section 2 (i)]. .
(ii) A contract is voidable when one of the parties to the contract has not exercised his free consent.
(iii) Examples of voidable contracts are those which are induced by coercion undue influence, fraud, or misrepresentation.
(iv) In all these cases the person whose consent was not freely given may avoid the contract.
(v) Thus, where 'A' threatens to kill 'B' if he does not transfer his house in 'A's favour for a very low price, the agreement is voidable for being the result of coercion.

Kinds of Mercantile Agents or Agent Middlemen:
1. Brokers
2. Factors
3. Commission Agents
4. Del-credere Agents
5. Auctioneers
6. Warehousekeepers.

Warehouse warrant	Warehouse receipt
1. It is a document of title of goods.	1. It is not a document of title of goods.
2. It is not only an acknowledgment for the receipt of goods but also gives an authority to get delivery of goods by the owner or by third party.	2. It is only an acknowledgment for the receipt of goods.
3. It can be negotiated or transferred to others.	3. It cannot be transferred to others.
4. It can be given a collateral security for getting financial assistance.	4. It cannot be given as collateral security.
5. Delivery of goods effected by surrendering this warrant with endorsement.	5. Delivery is effected by surrendering this receipt with letter  from depositor.

When various farmers in a village pool their land together and agree to treat the pooled piece of land as one big farm for the purpose of cultivation, purchase the necessary inputs for the cultivation, and market the crops jointly, they are assumed to have formed a cooperative farming society.

1. Banking Service is the nerve centre of industry and Commerce in a country.
2. It plays a vital role by providing the money required for their regular functioning and development.
3. The word Bank normally refers to Commercial Banks.
4. There are many types of banks rendering different types of services.
5. Central Bank is the most important one among them.

(i) Mate's receipt is the document issued by the captain of the ship acknowledging the receipt of goods on board by him to the port of specified destination.
(ii) This contains details like quantity of goods shipped, number of packages, conditions for packing, etc.

1. Trade in Sangam period was both internal and external but it was conducted by means of barter (pandamattru).
2. Trade was one of the major means of linking various regions in the medieval period.
3. Sangam work refers to great traders, their caravans, their security force, markets, marts and guilds of such great traders.

Ownership by one man:
The sole trader contributes the required capital. He is not only the owner of the business but also manages the entire affairs.
Freedom of work and Quick Decisions:
Since an individual is himself as a owner, he need not consult anybody else. Hence he can take quick decisions.
Maintenance of Secrecy:
In sole proprietorship as the sole owner manages all the affairs of the business, the secrecy can be maintained easily.

Danger for Domestic Industries:
MNCs, because of their vast economic power, pose a danger to domestic industries; which are still in the process of development.
Transfer of Outdated Technology :
Where MNCs transfer outdated technology to host nation, it serves no purpose.
No Benefit to Poor People:
MNCs produce only those things, which are used by the rich. Therefore, poor people of host countries do not get, generally, any benefit, out of MNCs.
Deprivation of Job Opportunity of Local People:
MNCs may not generate job opportunities to the people of home country.