Answer in One Sentence (Weightage 5 Marks)
1. Principles of Management
1) What is principle of unity of command?
Ans: Each member of organization should receive orders from only one superior. This principle helps in managing conflicts and solving disputes among people in organization.
2) What is standardization of tools and equipment’s?
Ans: Standardized working environment and methods of production help to reduce spoilage and wastage of material, cost of production, fatigue among the workers and it improves quality of work.
3) What is the differential wage rate?
Ans: Remuneration should be fixed in such a way that average worker is motivated to attain a standard output.
4) What is Subordination of individual interest into organizational interest?
Ans: According to this principle the interest of an individual must be given less importance than the interest of the organization.
5) What is the meaning of principle?
Ans: “Principle is defined as a fundamental truth or proposition that serves as the foundation for a system of belief or behaviour or for a chain of reasoning.” In simple words, techniques or systems which give one-directional result are called principles.
2. Functions of Management
1) What is management?
Ans: Management is a set of principles which relate to the various functions such as planning, organizing, staffing, directing, coordinating, controlling etc. which are helpful in achieving organizational goals.
2) What is planning?
Ans: Planning is an intellectual process of logical thinking and rational decision making. In short, planning is a detailed programme of future courses of action.
3) What is Staffing?
Ans: Staffing is the process of attracting, recruiting, selecting, placing, appraising, remunerating, developing, and retaining the best workforce.
4) What is directing?
Ans: Directing is the process of instructing, guiding, communicating, inspiring, motivating, and supervising the employees to achieve the predetermined goals of an organization.
5) What is controlling?
Ans: Controlling is a function of comparing the actual performance with the predetermined standard performance.
3. Entrepreneurship Development
1) What is Agro – tourism?
Ans: Agro – tourism offers tourists a chance to reconnect with the land and provides a “hands-on experience” with local foods.
2) Who is ‘Entrepreneur’?
Ans: An entrepreneur is “a person who starts a business and is willing to risk loss in order to make money”.
3) Who described ‘Entrepreneurship’ as the founding of a private enterprise?
Ans: In 1848, the famous economist John Sturt Mill described ‘Entrepreneurship’ as the founding of a Private enterprise.
4. Business Services
1) What is debit card?
Ans: Most of the banks nowadays offer debit cards as soon as the account is opened by the account holder. Through debit card payments, the amount gets deducted from the account holder’s account.
2) What is ‘subject matter’ in insurance?
Ans: Subject matter refers to the subject or entity i.e life, property, cargo or ship, etc. which is insured against which the policy is taken.
3) What is a government warehouse?
Ans: These warehouses are owned, managed, and controlled by central and state governments or public authorities. It is difficult for small farmers, businessmen, traders to own a warehouse, so these government warehouses assist them in storing their goods at a nominal charge.
4) What is air transport?
Ans: Air transport carries the goods and passengers through airways by using different aircrafts like passenger aircrafts, cargo aircraft, helicopters etc. This is the fastest mode of transport but it does not provide door to door service.
5) What is communication?
Ans: Communication is an art of exchanging ideas, facts, information, etc. from one person or entity to another. The process of passing any information from one person to another with the help of some medium is termed as communication.
5. Emerging Modes of Business
1) What is E-business?
Ans: E-business means using the internet to connect people and process. E-business establishes more closer and responsive relationship with partners, employees, and suppliers.
2) What is outsourcing?
Ans : Outsourcing is the process of contracting a business function or any specific business activity to specialized agencies mostly the non-core areas such as sanitation, security, household pantry, etc. are outsourced by the company. The company makes a formal agreement with the agency.
3) What is Online Transaction?
Ans: Online transaction is done with the help of the internet. It can’t take place without a proper internet connection. Online transactions occur when a process of buying and selling takes place through the internet.
4) What is a shopping cart?
Ans: The shopping cart gives a record of all the items selected by the buyer to be purchased, the number of units or quantity desired to be bought per item selected, and the price for each item.
5) What is digital cash?
Ans: Digital Cash is a form of electronic currency that exists only in cyberspace and has no real physical properties, but offers the ability to use real currency in an electronic format.
6) What is BPO?
Ans: Business process outsourcing or BPO is a business practice in which one organization hires another company to perform a task (process) that the hiring organization requires to operate its own business successfully.
6) What is KPO?
Ans: KPO is the sub-segment of BPO, in which the outsource service provider is hired not only for its capacity to perform a particular business process or function but also to provide expertise around it.
7) What is LPO?
Ans: LPO is a type of KPO that is specific to legal services, ranging from drafting legal documents, performing legal research to offering advice.
6. Social Responsibilities of Business
1) Who can raise voice against business malpractices?
Ans: Media can raise voice against business malpractices and exploitation of consumers.
2) What should be done by management to keep workers updated?
Ans: Management should make every possible attempt to educate and train employees to keep them updated.
3) What type of advertising should be avoided?
Ans: The false, misleading, and vulgar advertisement should be avoided.
4) What organization should do to improve the quality of goods and to reduce the cost of production?
Ans: The organization should conduct research and development to improve the quality of goods and to reduce the cost of production.
7. Consumer Protection
1) When do we observe a National Consumer’s Day?
Ans : 24th December is observed as ‘National Consumer Day
2) Who is the consumer?
Ans : A Consumer means any person who buys any goods, hires any service or services for a consideration which has been paid or promised or partly paid or partly promised or under any system of deferred payments.
3) What information one should check before buying a product?
Ans : Adequate information about all aspects of goods and services like price, name of the manufacturer, contents used, batch number if any, date of manufacture and expiry date, user manual and safety instruction, etc. Should be checked before buying a product.
4) Which forum is set up at the national level for redressal for consumer complaints?
Ans : National Consumer Disputes Redressal Commission is the forum set up at the national level for redressal of consumer complaints.
5) Who shall be appointed as president of National Commission?
Ans : A person, who is or has been a Judge of the Supreme Court, shall be appointed by the Central Government as the president of the National Commission in consultation with Chief Justice of India.
6) When do we observe World Consumer’s Rights Day?
Ans : 15th March 1962 is observed as World Consumer’s Right Day.
8. Marketing
1. What do you mean by ‘Local Market’?
Ans: The market for the commodities which are sold within local geographical limits of a region is known as a local market.
2. What do you mean by ‘Regulated Market’?
Ans: The regulated market refers to the markets regulated by statutory provisions of the country. For example, Commodity Exchanges, Stock Exchanges, Foreign Exchanges.
3. Define Market.
Ans: Market : In simple words market is the place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers.
4. What do you mean by standardization?
Ans: Standardization means to determine standards related to process, size, quality, design, weight, color, etc. of the product. It helps in ensuring uniformity in the quality of the product. It helps in achieving customers’ loyalty towards the product.
5. What do you mean by Branding?
Ans: Branding is a process of giving special identity to a product through a unique brand name to differentiate it from competitor’s products..