The goal of the country may be to provide employment opportunity to its citizen, earn revenue for its exchequer, become selfsufficient in production of goods and services, promote social justice, etc.Business activities should be conducted keeping these goals of country in mind, is known as national objective of business.

Banking Ombudsman Scheme is a speedy and unexpensive forum for resolution of customer complaints relating to certain services rendered by banks in India.

Import trade means buying goods from a Foreign Country for domestic use. Example, India imports petroleum products from Gulf Countries.

International business denotes all those business activities which take place beyond the geographical limits of the country.

Balance of Trade denotes the difference between the value of Imports and the value of exports during the year.

1. Every businessman earns prosperity from business and should give back the benefit of this prosperity to society.
2. This is voluntary.
3. This benefit is the moral responsibility of business.
4. As this benefit is supposed to be passed on to society, it can be said to be Social responsibility of Business.

(i) The carrier, accepting goods for transport, issues way bills in the name of the consignors or consignees.
(ii) It is also an acknowledgment of receipt of goods for transport by the carrier.
(iii) It is an evidence of the contract of transport. It is also a document of title of goods.

"Multinational Company is defined to be an enterprise operating in several countries but managed from one country".

The non-corporate enterprises are sole trading concern, partnership firm and Joint hindu family business.

Intermediaries in import trade are:
(i) Indent houses/Import agent:
This intermediary is specialized in a particular trade. He charges fees for his service. Importer has to enter into contract with indent house to avail himself of his service. Services rendered by Indent houses/Import agent: The services rendered include the following. 
(a) Helping the importer get orders from foreign countries.
(b) Providing information about the availability of goods of various types and arranging credit facilities to importer.
(c) Maintaining regular contact with the exporter and obtaining sample and transmitting it to the importer.
(ii) Clearing agent:
Clearing Agent is specialised in clearing the goods from the port of discharge destination and transport it over to the importer. They fulfill the various custom formalities on behalf of the importer and get the goods cleared from the port. They charge commission for their service.

The life insurance policies can be divided on the basis of:
(i) Duration of Policy:
According to the duration the life policies may be Whole Life Policy and Term Insurance Policy.
(a) Whole Life Policy:
Under this policy the sum assured is payable to the legal heir only on the death of the assured. It is to protect and support the family of the assured after his death. The premium may be payable throughout the life of the assured or for a limited number of years.
(b) Term Insurance Policy:
This policy covers the risk only during a particular period. The sum assured is payable only if death happens during the term. Under this, policy, premium rate is lower than any other policy. Nowadays in order to attract more people, the premium paid are returnable afterthe term is over, if deathdoes not occur.
(ii) Policies According to payment of premium: It is single premium policy and limited payment whole life policy are undertaken.
(iii) Policies According to participation in profits: It may be 'without profit policies' and 'with profit policies'.
(iv) Policies According to the number of persons insured: The policy may be:
(a) Single life policy,
(b) Multiple life policy,
(c) Joint life policy,
(d) Last survivorship policy. 
(v) Policies According to the method of payment of claims:
The policy are:
(a) Lumpsum policies,
(b) Instalment or Annuity policies.

Differences between dissolution of partnership and dissolution of firm:
(i) In the case of dissolution of partnership, only one or more of the partners terminate. their connections with the firm whereas all the partners terminate their connections .with, the firm in the case of dissolution of firm.
(ii) Dissolution of partnership may or may not bring the business of the firm to an end, but dissolution of the firm brings the business of the firm to an end.
(iii) In dissolution of partnership, the business will continue even after dissolution. But business cannot be continued in the case of dissolution of firm.
(iv) Dissolution of partnership need not necessarily results in the dissolution of firm, whereas dissolution of firm necessarily results in dissolution of partnership.

Foreign direct investment (FDI) is an investment made by a company or an individual in one country with business interests in another country, in the form of either establishing business operations or acquiring business assets in the other country, such as ownership or controlling interest in a foreign company.

The court may order injunction in the following cases:
1. If the contract is voidable
2. If the contract becomes void or
3. On discovering the contract as void.

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.

In Tamil Nadu MSMEs sector produces a wide variety of products in almost all fields. The prominent among them are textiles, Electronic Products, Engineering products, Auto ancillaries, Leather products, Chemicals, Plastics, Garments, Jewellery, etc.

Diversified banking functions:
Competition in the banking industry has reduced their profits. Therefore the commercial banks started identifying and offering new and diversified financial services. They are purely other than banking services. Providing all such banking and other financial services is also called universal banking.

(i) Any rent or revenue derived from land which is situated in India and is used for agricultural purpose.
(ii) Agricultural income is fully exempted from tax u/s 10(1) and as such does not form part of total income.

1. Revocation can also refer to the termination of an offer.
2. An offeror may revoke an offer before it has been accepted but the revocation must be communicated to the offeree, although not necessarily by the offeror.

The following are the characteristics of wholesalers :
1. The wholesaler buys goods directly from the producers or manufacturers.
2. Wholesalers buys goods in large quantities and sell in relatively smaller quantities.
3. Wholesaler sell different varieties of a particular variety of product
4. They employ a number of agents or workers for distribution of products.
5. They need large amount of Capital to be invested in his business
6. They generally provide credit facility to retailers.

(i) Convenience in buying:
The departmental stores provide great convenience to all the members in a family in buying almost all goods of their requirements at one place. A large variety of goods available in all the departments enable customers to save time and no need to run from one place to another to complete their shopping.
(ii) Attractive services:
It aims at providing maximum services and facilities to the customers such as home delivery of goods, execution of telephone orders, restrooms, restaurants, salons, children game centers, etc.
(iii) Central location:
These stores are usually located in central places so that more people can approach easily.
(iv) Elimination of middleman:
A departmental store combines both the functions of retailing as well as warehousing. They purchase directly from manufacturers and operate separate warehouses. It helps in eliminating undesirable middlemen between the producers and the consumers.
(v) Economies of large scale operations:
The Departmental stores are organised at a large scale i.e., buy goods in bulk, therefore they enjoy the benefit of special discount. In turn, the customers get their goods in quality and lower price.

The court does not grant specific performance in the following cases:
(i) Damages are an adequate remedy.
(ii) The contract is not certain.
(iii) The contract is inequitable to either party.
(iv) The contract is of revocable nature.
(v) The contract is made by the trustee in breach of trust.
(vi) The contract is of personal nature i.e., contract to marry.
(vii) The contract made by a company ultra-vires of its Memorandum of Association.
(viii) The court carmot supervise its carrying out.

The achievements of RBI are:
(i) RBI is one of the best central banks in the world. RBI took proactive measures during glabal economic slowdown in 2008-09 to save Indian economy,
(ii) National Bank far Agriculture and Rural Development (NABARD) was once a subsidiary of RBI. It is the first af its kind in the entire world.
(iii) The demonetisation in 2016-17 was a grand success because of the leadership role of the RBI.

Tata Group is the best example for the corporate social responsibility in India. The Tata Group conglomerate in India carries out various CSR projects, most of which are community improvement and poverty alleviation programs. Through self-help groups, it is engaged in women empowerment activities, income generation, rural community development, and other social welfare programs. In the field of education, the Tata Group provides scholarships and endowments for numerous institutions.

1. General cargo ship
2. Bulk carriers
3. Container ships
4. Auto carrier
5. Tankers
6. Fishing vessels
7. Oil vessels
8. Passengers ships 
9. Ferryboats
10. Tow and tugboats
11. Specialized ships

Internal Trade is the Buying and Selling of goods and Services within the boundaries of a nation. It is also known as Home trade / Inland trade / Domestic trade.
Types of Internal Trade:
The Internal trade may be, divided into Two types :
(i) Wholesale trade
(ii) Retail trade
(i) Wholesale trade :
(1) Wholesale trade refers to Buying and Selling of goods and services in large quantities for the purpose of resale. The trader who deals in wholesale trade is known as Wholesale traders.
(2) Wholesaler buy the goods directly from the manufacturers in bulk and sell them in relatively smaller quantities to the larger number of retailers.
(3) Therefore, they serve as an important link between manufacturers and retailers.
(ii) Retail Trade:
Retail trade refers to Buying of goods and services in relatively small quantities from the wholesaler and selling them to the ultimate consumers. The traders who deal in retail trade are known as retailers.

(a) Analytical Industry :
Analytical Industries analyses and separates different elements from the same materials, as in the case of oil refinery.
(b) Genetic Industry: 
(1) These Industries remain engaged in breeding plants and animals for their use in further production.
(2) The seeds nursery companies, poultry, dairy, piggery, hatcheries, nursery, fisheries, apiary, etc. are classic examples of genetic industries.
(c) Construction Industry:
These Industries are involved in the construction of Buildings, Dams, Bridges, Roads, as well as tunnels and Canals.
d) Extractive Industries:
These industries extract or draw out products from natural sources. Extractive industries supply some raw materials that are mostly products of geographical and natural environment.

Functions of IMF :
The functions of IMF are enumerated below:
(i) It acts as a short-term credit institution at the international level.
(ii) It provides machinery for ordinary adjustments of exchange rates.
(iii) It has a reservoir of currencies of the member countries from which a borrower can borrow currencies of other nations.
(iv) It promotes economic stability and global growth by encouraging countries adopt sound economic and financial policies.
(v) It offers technical assistance and training to help member countries strengthen and implement effective policies.
(vi) Technical assistance is offered in formulating banking, fiscal, monetary and exchange policies.
(vii) It helps member countries correct their imbalance in balance of payment.

(i) E-commerce creates great employment opportunities
(ii) E-commerce companies have invested heavily in supply chain area, warehousing, and delivery points, etc.
(iii) With a rise in e-commerce transactions sale of financial, physical and data security system related products has seen tremendous growth in India.
(iv) E-commerce promotes innovative practices of carrying on business.
(v) More contemporary customers are buying through Flipkart and Amazon.
(vi) Direct marketing companies are using internet to promote products and render efficient service to customers.

People invest the savings to gain financial security. They are investing their savings in a various investment avenues for various purposes. They may invest in various securities and wait for a stipulated period to get back their investments with higher value addition. Following are some of the personal investment avenues.
a) Public Provident Fund (PPF) :
(1) It is the safest long term investment option for the investors in India. It is totally tax-free.
(2) PPF Account can be opened in a bank or post office.
(3) The money deposited cannot be withdrawn before 15 years and an investor can earn compound interest from this Account.
(4) However, the investor can extend the time frame for the next five years if the investor does not opt to withdraw the amount matured for payment at maturity date. PPF investor can take loan against PPF Account when he/she experiences Financial difficulties.
b) Mutual Funds:
1. An individual investor who wants to invest in equities and bond with a balance of risk and return generally can invest in mutual funds
2. Nowadays people invest in stock markets through a mutual fund. Systematic investment plan is one of the best investment options in India.
c) Direct Equity or Share Purchase:
1. An individual can opt for investment in shares.
2. But he has to analyse the market price of various shares traded in stock exchange, reputation of the company, consistency in the payment of dividend, the nature of the project undertaken by the company, growth prospects of industry in which a company is operating, before investing in shares.
3. If the investment is made for a long time, it may yield good return.
4. However there is equally risky to invest in shares as there is no guaranteed return in their security.
d) Real Estate Investment:
(1) Real Estate is one of the Fastest growing sectors in India.
(2) Buying a flat or plot is the best decision amongst the investment options.
(3) The value of real asset may increase substantially depending upon the area of location and other support facilities available therein.
(4) However an investor in real estate has to be cautious and circumspect in verifying the genuineness of the title deeds before investing in real estate assets.
e) Unit Linked Insurance Plans (ULIP):
ULIP is a life insurance linked product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds.

Dissolution of a partnership firm is taken place in two ways.
(a) without the order of the court and
(b) By order of the court.
Without the order of the court
a) By agreement or mutual consent:
A firm may be dissolved when all the partners agree to close the affairs of the firm. Just as a partnership is created by contract, it can also be terminated by contract.
b) By insolvency of all the partners but one:
If any of the partners adjudged an insolvent (or if all the partners become insolvent) it is necessary to dissolve the firm.
c) When the objective becomes illegal:
When the business carried on by the partnership becomes illegal, the partnership firm is automatically dissolved.
d) By notice of dissolution :
In the case of partnership at will when any partner gives in writing to all the other partners indicating his intention to dissolve the firm, the firm will be dissolved.
e) On certain contingencies:
Dissolution of the partnership itself may involve the dissolution of the firm unless parties agree to continue it otherwise, it will take place.
i. On the expiry of a specified period in case of partnership for a fixed term.
ii. On the completion of a particular adventure for which it has been formed in case of particular partnership.
iii. On the death of a partner.
iv. On the retirement of a partner.
v. On the insolvency of a partner.
In all the above cases if the business is not continued by the remaining partners, dissolution of the firm takes place automatically.
Dissolution through court:
(a) When a partner becomes insane
(b) Permanent incapacity of any partner
(c) Misconduct of any partner
(d) Breach of the agreement which makes the business impracticable
(e) Transfer of interest to third person
(f) Continued loss
(g) When the court finds that it is just and equitable to dissolve the firm

On the Basis of the Formation:
1. Express Contract:
i) A contract made by word spoken or written.
ii) According to Section. 9, in so for as the proposal or acceptance of any promise is made in words, the promise is said to be express.
iii) For example P says to Q "will you buy my bicycle for Rs.1,000?" Q says to P "Yes".
2. Implied Contract:
i) The implied contract is one, which is not expressly written but understood by the conduct of parties.
ii) Where the proposal or acceptance of any promise is made otherwise than in words, the promise is said to be implied.
iii) For example A gets into a public bus. There is an implied contract that he will pay the bus fare.
3. Quasi Contract:
i) It is a contract created by law. Actually, there is no contract.
ii) It is based on the principle that "a person shall not be allowed to enrich himself unjustly at the expense of the other".
iii) In other words it is an obligation of one party to another imposed by law independent of an agreement between the parties
4. Tacit Contract:
i) A contract is said to be tacit when it has to be inferred from the conduct of the parties.
ii) For example obtaining cash through automatic teller machine, sale by fall of hammer of an auction sale.

Advantages :
The following are some of the important advantages of co-operative societies.
a) Voluntary organization :
1. The membership of a co-operative society is open to all. Any person With common interest can become a member.
2. The membership fee is kept low so that everyone would be able to join and benefit from cooperative societies.
3. At the same time, any member who wants to leave the society is free to do so. There are no entry or exit barriers.
b) Easy formation:
1. Cooperatives can be formed much easily when compared to a company.
2. Any 25 members who have attained majority can join together for forming a cooperative society by observing simple legal formalities.
c) Democracy:
1. A co-operative society is run on the principle of "one man one vote'.
2. It implies that all members have equal rights in managing the affairs of the enterprise.
3. Members with money power cannot dominate the management by buying majority shares.
d) Equal distribution of surplus:
1. The surplus generated by the cooperative societies is distributed in an equitable manner among members.
2. Therefore all the members of the cooperative society are benefited.
3. Further the society is also benefited because a sum not exceeding 10 per cent of the surplus can be utilized for promoting the welfare of the locality in which the cooperative is located.
e) Limited liability:
1. The liability of the members in a cooperative society is limited to the extent of their capital contribution.
2. They cannot be personally held liable for the debts of the society.
f) Separate Legal entity:
1. A cooperative society enjoys separate legal entity which is distinct from its members.
2. Therefore its continuance is in no way affected by the death, insanity or insolvency of its members. It enjoys perpetual existence.

The passage of goods and services between the producer and the consumer is best with many hindrances and some of them are as follows:
Hindrance of person:
1. Manufacturers do not know the place and face of the consumers.
2. It is the retailer who knows the taste, preference and location of the consumers.
3. The chain of middlemen consisting of wholesalers, agents and retailers establish the link between the producers and consumers.
Hindrance of place:
1. Production takes place in one centre and consumers are spread throughout the country and world.
2. Rail, air, sea and land transports bring the products to the place of consumer.
Hindrance of time:
1. Consumers want products whenever they have money, time and willingness to buy.
2. Goods are produced in anticipation of such demands.
3. They are stored in warehouses in different regional centres so that they can be distributed at the right time to the consumers.
Hindrance of risk of deterioration in quality:
1. Proper packaging and modern air conditioned storage houses ensure that there is no deterioration in quality of products.
2. Goods are protected against insects, rats, evaporation etc..
Hindrance of risk of loss:
1. Fire, theft, floods and accidents may bring huge loss to the business.
2. Insurance companies serve to cover the risk of such losses.
Hindrance of knowledge:
Advertising and communication help in announcing the arrival of new products and their uses to the people.
Hindrance of exchange:
Money functions as a medium of exchange and enable the buying and selling of any product or service by payment of the right price.
Hindrance of finance:
1. Producers and traders may not have the required funds at the time of their need.
2. Banks and other financial institutions provide funds and help in transfer of funds to enable the functioning of business smoothly.
Hindrance of developing the exact product:
Research and development helps in developing the exact product or service which can satisfy the specific wants of consumers and. thus improve the standard of living of the people.
Hindrance of both selection and delivery at doorsteps:
E-Commerce enables the consumer to select the product in the website, place online orders and make payment after receiving the product at the door step.