By QB365 on 31 Dec, 2022
QB365 provides a detailed and simple solution for every Possible Questions in Class 12 Commerce Subject - Revision Model Question Paper, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
12th Standard
Commerce
PART - I
Note : i ) All Questions Are Compulsory.
ii) Choose The Most Suitable Answer From The Given Four Correct Alternatives
Management is what a _________ does?
Manager
Subordinate
Supervisor
Superior
Which of the following is not a main function of management?
Decision-making
Planning
Organising
Staffing
__________ System gives full Scope to the Individual Strength and Responsibility.
MBO
MBE
MBM
MBA
Financial market facilitates business firms________.
To rise funds
To recruit workers
To make more sales
To minimize fund requirement
When the NSEI was established ______.
1990
1992
1998
1997
A major player in the money market is the ______.
Commercial Bank
Reserve Bank of India
State Bank of India
Central Bank.
Jobbers transact in a stock exchange ____.
For their Clients
For their Own Transactions
For other Brokers
For other Members
Registering and controlling the functioning of collective investment schemes as _____
Mutual Funds
Listing
Rematerialisation
Dematerialization
Human Resource management is both _____ and ______.
Science and art
Theory and practice
History and Geography
None of the above
Recruitment bridges gap between ____ and ______
job seeker and job provider
job seeker and agent
job provider and owner
owner and servant
Which of the following test is used to measure the various characteristics of the candidate?
Physical Test
Psychological Test
Attitude Test
Proficiency tests
When trainees are trained by supervisor or by superior at the job is called_____.
Vestibule training
Refresher training
Role play
Apprenticeship training
The Spot market is classified on the basis of________.
Commodity
Transaction
Regulation
Time
Who is supreme in the Market?
Customer
Seller
Wholesaler
Retailer
Which is gateway to internet?
Portal
CPU
Modem
Webnaire
The term 'consumerism' came into existence in the year ________.
1960
1957
1954
1958
_________is the king of modern marketing.
Consumer
Wholesaler
Producer
Retailer
The Chairman of the District Forum is ________.
District Judge
High Court Judge
Supreme Court Judge
None of the above
GST stands for ________.
Goods and Social Tax
Goods and Service Tax
Goods and Sales Tax
Goods and Salary Tax
_________ ownership makes bold management decisions due to their strong foundation in the international level.
Private
Public
Corporate
MNC's
PART - II
Note : Answer Any Seven Questions and Questions.No.30 is Compulsory
What is Management?
Write a short note about Planning.
What are the objectives of MBO?
Write a note on OTCEI.
Who is called a Broker?
Mention two characteristics of Human Resource.
What is meant by training?
Define Marketing Mix.
What is Caveat Emptor?
What do you know about National Commission?
PART - III
Note : Answer Any Seven Questions and Question No.40 is Compulsory
Define the term management.
Write the features of MBO.
Give the meaning of Financial Market.
What are the types of Commercial Bill? (any 3)
Define the term Human Resource Management.
What is structured interview?
Explain the types of market on the basis of time.
Explain detail about Niche marketing.
What do you understand about "Right to protection of health and safety"?
What are the political environment factors?
PART - IV
Note : Answer all the Questions.
Explain the concept of management. (any 5)
Explain the various functions of management.(any 5)
Discuss the disadvantages of MBE.
Discuss the characters of a Capital Market.
What are the characteristics of Government Securities? (any 5)
Distinguish between Stock Exchange and Commodity Exchange.(any 5)
Explain the characteristics of Human Resource.(any 5)
Explain the Internal sources of Recruitment (any 5).
Differentiate Recruitment and Selection.(any 5)
Explain the benefits of training? (2 points from each headings)
Discuss about the Evolution of marketing.
Explain in detail how traditional marketing differ from E-marketing.
What are the rights of consumers?
Explain the overall performance of State Commission.
Answers
Manager
Decision-making
MBO
To rise funds
1992
Commercial Bank
For their Own Transactions
Mutual Funds
Science and art
job seeker and job provider
Psychological Test
Apprenticeship training
Transaction
Customer
Modem
1960
Consumer
District Judge
Goods and Service Tax
Private
(i) Management is goal oriented and it is an art of getting things done with and through others.
(ii) The practice of management helps to achieve the organizational mission and determines the future of the business enterprises.
(i) Planning is the primary function of management. Nothing can be performed without planning
(ii) Planning refers to deciding in advance. Planning is a constructive reviewing of future needs so that present actions can be adjusted in view of the established goal.
(i) To relate individual performance to organisational goals
(ii) To enhance communications between superiors and subordinates.
(iii) To serve as a basis for judgement about salary and promotion.
(i) The OTCEI was set up by a premier financial institution to allow the trading of securities across the electronic counters throughout the country.
(ii) It addresses some specific problems of both investors and medium-size companies.
(iii) Some of the greatest strengths of OTCEI are transparency of transactions, quick deals, faster settlements and better liquidity.
(i) Brokers are commission agents, who act as intermediaries between buyers and sellers of securities.
(ii) They do not purchase or sell securities on their behalf.
(iii) They bring together the buyers and sellers and help them in making a deal.
(iv) Brokers charge a commission from both the parties for their service.
(i) Human resource is the only factor of production that lives.
(ii) Human resources alone can think, act, analyse and interpret.
(i) Training is the act of increasing/enhancing the new skill of problem solving activity and technical knowledge of an employee for doing the jobs them self.
(ii) Training enables the employees to guide their behaviour
''Marketing mix is a pack of four sets of variables namely product variable, price variable, promotion variable, and place variable".-Mr. Jerome McCarthy
a) 'Caveat emptor' is a Latin term which means "let the buyer beware."
b) Similar to the phrase "sold as is, this term means that the buyer assumes the risk that a product fails to meet expectations or have defects. (or)
In other words, the principle of caveat emptor serves as a warning to the buyers that they have no recourse with the seller if the product does not meet their expectations.
(i) The Commission is headed by a serving or retired judge of the Supreme Court of India
(ii) The National Consumer Disputes Redressal Commission (NCDRC) is also called as National Commission.
(iii) NCDRC was set up in 1988 under the Consumer Protection Act of 1986.
(i) "To manage is to forecast, to plan, to organise to command, to co-ordinate and to control". - Henry Fayol
(ii) "Management is a multipurpose organ that manages a business and manages manager and manages worker and work''. - Peter F. Drucker
(i) MBO tries to combine the long run goals of organisation with short run goals.
(ii) Management tries to relate the organisation goals with society goals.
(iii) MBO's emphasis is not only on goals but also on effective performance.
(iv) It increases the organisational capability of achieving goals at all levels.
(v) A high degree of motivation and satisfaction is available to employees through MBO.
(vi) Aims at replacing the exercise of authority with consultations.
1. A market where in financial instruments such as financial claims, assets and securities are traded is known as a "Financial Market".
2. According to Brigham, Eugene F "The place where people and organizations wanting to borrow money are brought together with those having surplus funds is called a Financial Market''.
Types of Commercial Bill:
(i) Demand and usance bills
(ii) Clean bill and documentary bills
(iii) Inland bills and foreign bills
(iv) Indigenous bills
(v) Accommodation and Supply bills.
In the words of E.F.L. Breach HRM as that part of management process which is primarily concerned with the human constituents of an organisation.
(i) Under this method, a series of question to be asked by the interviewer are prepared by the interviewer and only these questions are asked in the interview.
(ii) Ultimately interviewees are ranked on the basis of score earned by the candidate in the interview.
(iii) It is also known as Guided / Planned Interview.
Very shot period market :
1. Markets which deal in perishable goods like fruits, milk, vegetables, etc. are called very short period market.
2. There is no change in the supply of goods.
3. Price is determined on the basis of demand
(ii) Short period market :
1. In certain goods, supply is adjusted to meet the demand.
2. The demand is greater then supply.
3. Such markets are known as short period market.
(iii) Long period market:
1. This type of market deals in durable goods
2. Where the goods and services are dealt for longer period usages.
(i) Niche marketing denotes a strategy of directing all marketing efforts towards one well defined segment of the population.
(ii) Actually there is no market niche market.
(iii) It is found by company, by identifying the need of customers which are not served or under served by the competitors.
(iv) The company which identified niche market develops solution to satisfy the needs of niche market.
(v) A niche market does not mean a small market, but it involves specific target audience with a specialized offering.
(vi) It aimed at being a big fish in a small pond instead of being a small fish in a big pond.
(vii) Example: Sports channels like STAR Sports, ESPN, Fox Sports target the niche market of sports enthusiasts.
1. There may be few products that are more likely to cause physical danger to consumers health lives and property.
2. They may contain potentially harmful substances which are dangerous from the consumer welfare point of view.
3. In case of food items and drugs both life saving and life sustaining safety is to be guaranteed.
4. Recent legislations shifted the responsibility for the production of such unsafe items onto the shoulders of sellers rather than on buyers.
(i) The framework for running a business is given by the political and legal environment.
(ii) The legislative, executive and judiciary are the three political institutions which direct and influence a business.
(iii) Political stability is reflected by the following parameters like the election system, the law and order situation, the role and structure of Military and Police force, the declaration of the President's rule, civil war etc.
The management concept can be understood from its profound characteristic features as follows:
1. Body Knowledge:
(i) Management has now developed a specialised body of management theory and philosophy.
(ii) In fact, management knowledge is the best passport to enter the world of employment either in business world or government or private.
2. Management Tools:
Topics of management have been developed such as, accounting, busines law, psychology, statistics, econometrics, data processing, etc.
3. Separate Discipline:
(i) Management studies in many Universities and Institutions of higher learning are recognised as a separate discipline.
(ii) Like seminars, special courses, training programmes are becoming fashionable and popular for orientation and retraining in Management areas. Example: Export Management, Production Management, etc.
4. Specialisation:
There is a growing tendency to select and appoint highly qualified, trained and experienced persons to manage the business in each functional area of management.
5. Code of Conduct:
(i) Consumer-oriented marketing concept is the reflection of a corporate code of conduct.
(ii) Pressure of consumerism, trade unionism, public opiníons, and legislation are definitely inducing the management to evolve a code of ethics.
6. Professional Association:
The Business Management Association in many countries to promote the spread of knowledge in all management areas and to build up the bright public image of managerial profession.
Functions can be classified into two categories
i) Main functions
ii) Subsidiary functions
Main Functions:
1. Planning:
(i) Planning is the primary function of management.
(ii) Planning is a constructive reviewing of future needs so that present actions can be adjusted in view of the established goal.
2. Organising:
Organising function work is assigned to employees who are given authority to carry out the work assigned and made accountable for it.
3. Staffing:
Staffing refers to placement of right persons in the right iobs. Staffing includes selection of right persons, training to those needy persons, promotion of best persons, retirement of old persons, performance appraisal of all the personnel, and adequate remuneration of personnel.
4. Directing:
Directing denotes motivating, leading, guiding and communicating with subordinates on an ongoing basis in order to accomplish pre-set goals.
5. Controlling:
Controlling is performance to evaluate the performance of employees and deciding increments and promote decisions.
6. Co-ordination:
All the activities are divided group wise or section wise under organising function. Now, such grouped activities are co-ordinated towards the accomplishment of objectives of an organisation.
7. Motivation:
(i) The goals are achieved with the help of motivation.
(ii) Motivation includes increasing the speed of performance of a work and developing a willingness on the part of workers.
ii) Subsidiary functions.
1. Innovation:
(i) Innovation refers to the preparation of personnel and organisation to face the changes made in the business world.
(ii) Consumers are satisfied through innovation like through new innovation,new package, new design, etc.
2. Representation:
A manager has to act as representative of a company. Manager has dealings with customers, suppliers, government officials, banks, financial institutions, trade unions.
3. Decision-making:
(i) Every employee of an organisation has to take a number of decisions every day.
(ii) Decision-making helps in the smooth functioning of an organisation.
4. Communication:
(i) Communication is the transmission of human thoughts, views or opinions from one person to another person.
(ii) Communication helps the regulation of job and co-ordinate the activities.
(i) The main disadvantage of MBE is, only managers have the power over really important decisions, which can be demotivating for employees at a lower level
(ii) Furthermore, it takes time to pass the issues to managers. Managing employees who deviate from the normal procedures.
(iii) Because of compliance failures are considered difficult to manage and typically find themselves with limited job duties and ultimately dismissed / terminated.
Following are the nature/characteristic of a capital market.
1. Securities Market
(i) The dealings in a capital market are done through the securities like shares, debentures, etc.
(ii) The capital market is thus called securities market.
2. Price
The price of the securities is determined based on the demand and supply prevailing in the capital market for securities.
3. Participants
(i) There are many players in the capital market.
(ii) The participants of the capital market include individuals, corporate sectors, Govt., banks and other financial institutions.
4. Location
(i) Capital market is not confined to certain specific locations, although it is true that parts of the market are concentrated in certain well-known centers known as Stock Exchanges.
(ii) It has its impact in the overall economy, wherever suppliers and users of capital get together and do business.
5. Market for Financial Assets
Capital market provides a transaction platform for long term financial assets.
The characteristics of government securities are discussed below:
1. Agencies :
(i) Government securities are issued by agencies such as Central Government.
(ii) State Governments, semi-government authorities like local Government authorities.
2. RBI Special Role:
RBI takes a special and an active role in the purchase and sale of these securities as part of its monetary management exercise.
3. Nature of Securities
Securities offer a safe avenue of investment through guaranteed payment of interest and repayment of principal by the Government.
4. Liquidity Profile
(i) The liquidity profile of gilt-edged securities varies.
(ii) Accordingly liquidity piofite of securities issued by Central Government is high.
5. Tax Rebate
(i) A striking feature of these securities is that they offer wide-range of tax incentives to investors.
(ii) This has made these securities very popular for this benefit.
6. Market
As each sale and purchase has to be negotiated separately, the Gilt-Edged Market is an Over-the-Counter Market.
7. Forms
The securities of Central and State Government take such forms as inscribed stock or stock certificate, promissory note and bearer bond.
8. Participants
The participants in Government securities market include the Government sector comprising Central and State Government whose holdings represent governmental transfer of resources.
9. Trading
Although the secondary market for Government securities in narrow, small and less active banks and corporate holders who purchase and sell Government securities on the stock exchanges participate in trading.
10. Issue Mechanism
The Public Debit Office (PDO) of the RBI undertakes to issue government securities.
11. Issue opening
A notification for the issue of the securities is made a few days before the public subscription is open.
12. Grooming Gradual
Acquisition of securities nearing maturity through the stock exchanges by the RBI in order to facilitate redemption is described as grooming.
13. Switching
The purchase of one security against the sale of another security carried out by the RBI in the secondary market as part of its open market operations is described as 'switching'.
14. Auctioning
A method of trading whereby merchants bid against one another and where the securities are sold to the highest bidder is known as 'Auctioning'.
S.No. | Feature | Stock Exchange | Commodity Exchange |
1. | Meaning | Stock exchange is an organised market for the purchase and sale of industrial and financial security. |
A commodity exchange is an exchange where commodity are traded |
2. | Function | Providing easy marketability | Offering hedging or price insurance services and liquidity to securities |
3. | Participants | Investors and speculators | Producers, dealers, traders and a body of speculators |
4. | Period of dealings |
Cash, ready delivery and dealings for account for a fortnight |
Instant cash dealings and a settlement period of 2 or 3 months for Future Market dealings. |
5. | Forward Contract |
Forward dealings are simplified as securities are fully standardized. |
Standards are to be fixed for deliverable grades to facilitate futures contract. |
6. | Price Quotation | As regards forward dealings, only one quotation is possible. |
For future dealings, multiple quotations are possible. |
The characteristics of Human Resource :
(i) Human resource is the only factor of production that lives.
(ii) Human resource created all other resources.
(iii) It is only the labour of employees that is hired and not the employee himself.
(iv) Human resource exhibits innovation and creativity.
(v) Human resource alone can think, act analyse and interpret.
(vi) Human resources are emotional beings.
(vii) Human resources can be motivated either financially or non-financially.
(viii) The behaviour of human resources are un predictable.
(ix) Over years human resources gains value and appreciates.
(x) Human resources are movable.
(xi) Human resource can work as a team.
The following are the internal sources of Recruitment. They are
(i) Transfer : The simplest way by which an employee requirement can be filled is through transfer of employee from one department with surplus staff to that of another with deficit staff.
(ii) Upgrading : Performance appraisal helps in the process of moving employees from a lower position to a higher position
(iii) Promotion : Based on seniority and merits of the employees they are given opportunity to move up in the organisational hierarchy
(iv) Demotion : Movement of employee from a higher position to a lower position because of poor performance continuously to make him realise the significance of performance
(v) Recommendation by existing Employees : A family member, relative or friend of an existing employee can be recruited and placed
(vi) Job rotation : One single employee managing to learn how to perform in more than one job on rotation. This familiarises the employees with all kind of jobs performed and becomes a source
(vii) Retention : The retiring employees can be used to meet the requirement after superannuation as per management discretion
(vii) Retired employees : The employees who have already retired can be called to fill the vacancy as they have the required qualification and experience
(ix) Dependants: The legal heir or the dependent employee may begiven a chance to replace the deceased
S.No | Basis of comparison | Recruitment | Selection |
---|---|---|---|
1. | Meaning | Recruitment is an activity of searching candidates and encouraging them to apply for it. | Selection refers to the process of selecting the suitable candidates and offering them job. |
2 | Approach | Approach under recruitment is positive one | Approach under selection is negative one |
3 | Objective | Inviting large number of candidates to apply for the vacant post | Picking up the most suitablecandidates and eliminating the rest |
4. | Sequence | First | Second |
5 | Method | It is an economical method | It is an expensive method |
6 | Contractual relation | It involves the communication of vacancies. No contractual relation is established | It creates contractual relation between employer and employee |
7 | Process | Recruitment process is very simple | Selection process is very complex and complicated |
8 | Time | Requires less time since it merely involves just identifying vacancies and advertising them Hence less time is required | It is more consuming as each and every candidate has to be testedon various aspects before selecting the candidates. Hence more time is required. |
(1) Benefits to the organisation:
(i) It improves the skill of employees and enhances productivity and profitability of the entity.
(ii) It reduces wastages of materials and idle time.
(iii) It exposes employees to latest trends
(iv) It minimises the time for supervision.
(v) It reduces the frequency of accidents at workplace and consequent compensation payment
(vi) It reduces labour turnover of employee.
(vii) It improves union and management relation.
(2) Benefits to the employees:
(i) It adds to the knowledge, skill and competency of employee
(ii) It enables him to gain promotion or achieve career advancement in quick time
(iii) It improves the employees productivity
(iv) It enhances the morale of the employee.
(v) Employees get higher earning, through, incentives and rewards.
(vi) It builds up the confidence of employee by changing his attitude positively towards to work.
(vii) It enables him to observe safety practices voluntarily during his engagement in dangerous operation
(3) Benefits to the customer:
(i) Customers get better quality of product service.
(ii) Customers get innovative products or value added or feature rich products
(i) Barter System :
The goods are exchanged against goods, without any other medium of exchange, like money.
(ii) Production Orientation:
(i) This was a stage where producers, instead of being concerned with the consumer preferences, concentrated on the mass production of goods for the purpose of profit.
(ii) They cared very little about the customers.
(iii) Sales Orientation:
a) The stage witnessed major changes in all the spheres of economic life.
b) The selling became the dominant factor, without any efforts for the satisfaction of the consumer needs.
(iv) Marketing Orientation:
a) Customer's importance was realised but only as a means of disposing of goods produced.
b) Competition became more stiff. Aggressive advertising, personal selling , large scale sales promotion etc. are used as tools to boost sales
(v) Consumer Orientation :
Under this stage only such products are brought forward to the markets which are capable of satisfying the tastes, preferences and expectations of the consumers-consumer satisfaction.
(vi) Management Orientation:
The marketing function assumes a managerial role to co-ordinate all interactions of business activities with the objective of planning, promoting and distributing want-satisfying products and services to the present and potential customers.
S. No. |
E-Marketing | Traditional Marketing |
---|---|---|
1. | It is very economical and faster way to promote the products | It is very expensive and takes more time to promote product |
2. | It is quite easier for promoting product globally in the short time | It is very expensive and time consuming to promote product/ service under traditional marketing |
3. | E-Business enterprises can expand their operation with minimum man power | It needs more man power |
4. | In this marketing product can be sold or bought 24 x 7,round the year with minimum manpower | That is not possible in traditional marketing |
(i) Right to Protection of Health and Right of Safety:
1. There may be few products that are more likely to cause physical danger to consumers health, lives and property.
2. They may contain potentially harmful substances which are dangerous from the consumer welfare point of view
(ii) Right to be Informed:
1. Consumers should be given all the relevant facts about the product so that they can take intelligent decisions on purchasing the product.
2. The package should contain the full details about the name of the product, composition, dosage, date of manufacturing, date of expiry, batch number, warnings, antidose etc.
(iii) Right to choose:
1. Consumer satisfaction is the ultimate aim of modern marketing and is the philosophy of marketing concept.
2. Consumer satisfaction can be increased by giving the consumer the widest choice.
3. The term 'Choice' means offering the widest range of products in quality and brand varieties.
(iv) Right to be heard :
1. Consumers have every right to ventilate and register his or her dissatisfaction.
2. Business enterprises should lend a compassionate ear to complaints or grievances of consumers.
(v) Right to seek Redressal :
1. The complaints and protests are not just to be heard but the aggrieved party is to be granted compensation within a reasonable time period .
2. This will boost consumer confidence and help render justice to buyers.
(vi) Right to consumer education :
1. The consumer has a right to acquire knowledge and stay well-informed all through his life.
2. Many consumer organisations and some enlightened businesses are taking a pro active part in educating consumers in this respect.
(vii) Right to Quality of Life
1. Quality of life refers to the preceived well-being of people, in groups and individually and well-being of the environment in which these people live.
2. Consumerism has been defined as 'an improved quality of life'.
(viii) Right to Consumer Protection
The consumer has a right to be aware of his rights and remedies available to him, redress his grievances through publicity in the mass media.
(ix) Right to Basic Needs
1. Every consumer has a right to get basic necessities of life such as food, clothing and water, and right to pure and healthy environment.
2. Community life should be free from various modes of pollution.
(i) The State Commission is to be appointed by the State Government in consultation with the Centre.
(ii) A consumer has to be protected against defects, deficiencies and unfair and restrictive trade practices.
Powers
The following are the powers of the State Commission.
(i) The State Commission also has the power to call for the records and pass appropriate orders in any consumer dispute which is pending before or has been decided by any District Forum within the State.
(ii) To produce before and allow to be examined by an officer of any of these agencies, such books of accounts, documents or commodities as may be required and to keep such books, documents, etc.under his custoday for the purposes of the act.
(iii) To furnish such information that may be required for the purposes of the Act to any officer so specified.