AHSEC CLASS 12 Business Studies Solved Question Paper 2022
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AHSEC Class 12 Business Studies 2022 Question Paper Solution Overview:
Name of Board: AHSEC
Subject: Business Studies
Year: 2022
Class: HS 2nd Year
Type: Question Paper Solution
Official website: ahsec.assam.gov.in
Category: AHSEC CLASS 12 Business Studies,AHSEC Class 12 Business Studies Solved Papers
AHSEC Class 12 Business Studies Question Paper Solution 2022
2022
BUSINESS STUDIES
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate full marks for the questions.
1. (a) Who introduced the concept of ‘differential piece-rate-wage system’?1
Ans: F.W Taylor introduced the 'differential piece rate system'.
(b) Under which environmental factor does fiscal policy fall? 1
Ans: Economic environment.
(c) Write a difference between policy and procedure. 1
Ans: Policy is a set of guidelines or rules set by an organization to achieve specific goals or objectives While Procedure is a specific step-by-step method of implementing a policy.
(d) What is an informal organization? 1
Ans: Informal organization is a network of personal and social relationships, attitudes, and values existing within a formal organization that influences the behavior of its members.
(e) What is Orientation? 1
Ans: Orientation is the process of introducing new employees to an organization and its culture, policies, procedures, and people.
(f) Who proposed the “Need Theory” of motivation? 1
Ans: Abraham Maslow proposed the “Need Theory” of motivation.
(g) Can working capital become negative? 1
Ans: Yes, working capital can become negative when current liabilities exceed current assets.
(h) What is SEBI? 1
Ans: SEBI stands for the Securities and Exchange Board of India, it is a regulatory body responsible for overseeing the securities market in India.
2. What is a Trademark? 2
Ans: A trademark is a legally registered symbol, logo, name, or design that distinguishes a company's products or services from those of others.
3. Write the meaning of Management Audit. 2
Ans: Management Audit is a systematic evaluation of the effectiveness and efficiency of an organization's management practices and processes. It helps organization to identify areas of improvement and make recommendations for change.
4. Write two rights of a consumer. 2
Ans: The Two rights of a Consumer:
a). The right to be safe
b). The right to be informed
5. What are two important functions of top-level management? 2
Ans: The Two Functions of Top Level Management :
a). To do overall strategic work.
b). To determine and finalise aims/ goals.
6. What is meant by ‘Unity of Command’? 2
Ans: Unity of command is a principle of management that states that each employee should receive orders and instructions from only one superior. This means that each employee should have a clear chain of command and understand who they report to and who is responsible for their work.
The purpose of unity of command is to ensure clear communication and accountability within an organization. It helps to prevent confusion and conflicting instructions, and allows employees to understand their roles and responsibilities within the organization.
7. How does social environment influence the working of a business? 3
Ans: The social environment of a business can have a significant impact on its operations and success. The social environment includes the attitudes, beliefs, values, and norms of the society in which the business operates.
Here are a few ways in which the social environment can influence a business:
Consumer attitudes and behavior: The social environment can influence consumer attitudes and behavior, which can in turn impact the demand for a business's products or services. For example, if the social environment is more environmentally conscious, a business that produces eco-friendly products may see an increase in demand.
Legal and regulatory environment: The social environment can also shape the legal and regulatory environment in which a business operates. This can include laws and regulations related to labor, the environment, and other areas that can affect a business's operations.
Social media and public perception: In today's digital age, the social environment can also be influenced by social media and the way a business is perceived by the public. A business's reputation can be positively or negatively impacted by the way it is perceived on social media and in the broader society.
Employee attitudes and behavior: The social environment can also impact the attitudes and behavior of a business's employees. For example, if the social environment values diversity and inclusion, a business that actively promotes these values may be more attractive to potential employees.
AHSEC Class 12 Business Studies Solved Question Paper 2022 | HS 2nd Year Business Studies Question Paper Solution 2022
8. Write three limitations of planning. 3
Ans:
Planning is costly-On account of heavy costs involved in planning, small and medium concerns find it difficult to make comprehensive plans. Since, these con- cems are already sort of capital, it is difficult for them to spare money for collection of information, forecasting etc.
Planning is a time consuming process - Planning requires too much time and the decision making process may get delayed especially where immediate decisions areto be taken.
Inaccuracy in planning-Planning is based on forecasts which cannot be accurate. Forecasts relate to the future which is very difficult to predict. There can only be a Loss-work about what will happen in the future.
9. Outline three merits of divisional organizational structure. 3
Ans: A divisional organizational structure is a type of organizational structure in which a company is divided into smaller units or divisions, each of which is responsible for a specific product or service line. There are several advantages to using a divisional organizational structure, including:
Specialization: A divisional structure allows for specialization within each division, as employees can focus on a specific product or service line. This can lead to increased efficiency and expertise within each division.
Flexibility: A divisional structure allows for greater flexibility in terms of decision-making and resource allocation. Because each division operates independently, it can respond quickly to changes in the market or customer needs.
Improved communication: A divisional structure can improve communication within the organization, as employees within a particular division can work closely with one another and share information more easily. This can facilitate faster decision-making and problem-solving.
Or
Write three merits of internal recruitment. 3
10. Write three differences between directives and supervision. 3
Ans: Directives and supervision are two methods of management that are used to guide and oversee the work of employees. Here are three key differences between the two:
Purpose: The main purpose of directives is to provide clear guidance and instructions to employees on how to perform their work. Supervision, on the other hand, involves overseeing and monitoring the work of employees to ensure that it is being completed in accordance with the directives and expectations of the organization.
Level of involvement: Directives are typically provided by management and are meant to be followed by employees without the need for further input or guidance. Supervision involves a more hands-on approach, with the supervisor actively involved in the work process and providing guidance and feedback to employees as needed.
Frequency: Directives are typically provided at the beginning of a project or task and are meant to be followed throughout the duration of the work. Supervision, on the other hand, is an ongoing process that occurs throughout the work process. Supervisors may provide ongoing guidance and feedback to employees as they complete their work.
Or
Write a note on Budgetary control. 3
Ans: Budgetary control is a financial management tool that involves setting financial targets and comparing actual performance to those targets. It is a process of planning and controlling an organization's financial resources in order to achieve its goals and objectives.
Budgetary control involves the creation of a budget, which is a financial plan that outlines the expected expenses and revenues for a given period of time. The budget is used as a benchmark against which actual performance is compared. This allows management to identify any deviations between the budget and actual performance, and to take corrective action as needed.
Budgetary control can be applied to various levels of an organization, including the overall organization, individual departments, and specific projects. It is an ongoing process that involves regular review and analysis of the budget and actual performance, and the implementation of corrective actions as needed.
Budgetary control is an important tool for organizations as it helps to ensure that financial resources are used efficiently and effectively. It allows management to identify and address problems in a timely manner, and to make adjustments as needed to achieve the organization's financial goals.
11. Write any three factors affecting dividend decision. 3
Ans: Dividend decisions refer to the amount of profits that a company chooses to distribute to its shareholders in the form of dividends. There are several factors that can affect a company's dividend decision, including:
Earnings: A company's earnings are a key factor in determining its ability to pay dividends. If a company has strong earnings, it may be able to pay higher dividends to shareholders. Conversely, if a company has weak earnings, it may choose to reduce or eliminate dividends altogether.
Company growth: Companies that are experiencing rapid growth may choose to retain more of their profits in order to fund expansion and other investments. As a result, they may pay lower dividends or none at all.
Market conditions: Market conditions, such as interest rates and economic growth, can also impact a company's dividend decision. During times of economic uncertainty, for example, companies may choose to retain more of their profits in order to weather potential market downturns.
Or
Write three features of OTCEI. 3
Ans: OTCEI, or the Over-The-Counter Exchange of India, was a stock exchange in India that operated from 1992 to 2002. Some features of OTCEI are:
Electronic trading: OTCEI was one of the first stock exchanges in India to introduce electronic trading. This allowed investors to buy and sell shares through a computer-based trading system, rather than physically visiting a stock exchange.
Small and medium-sized companies: OTCEI provided a platform for small and medium-sized companies to list and trade their shares. This helped these companies to raise capital and attract investment.
Limited liability: OTCEI allowed investors to buy and sell shares in the form of limited liability depository receipts (LLDRs). LLDRs are a type of financial instrument that allows investors to hold shares in a company without being personally liable for the company's debts. This feature made OTCEI attractive to risk-averse investors.
12. Write five advantages of branding. 5
Ans: The Following are the 5 Advantage of Branding:
Branding helps to establish a strong and distinctive identity for a business, product, or service, which can make it more memorable and recognizable to consumers.
A well-established brand can create trust and credibility with customers, which can lead to increased loyalty and customer retention.
Branding can help to differentiate a business, product, or service from its competitors, which can make it more appealing to consumers and help to attract new customers.
A strong brand can increase the perceived value of a product or service, which can lead to higher prices and increased profitability.
A well-known brand can also provide a competitive advantage, as customers may be more likely to choose a familiar and trusted brand over a lesser-known competitor.
13. What are the fundamental features of management? 5
Ans: Management is the process of achieving organizational goals through the efficient use of resources, such as people, money, and technology. There are several fundamental features of management that are common to all organizations, regardless of size or industry. These features include:
Planning: Management involves setting goals and developing a plan to achieve them. This includes identifying the resources needed, setting timelines, and establishing a budget.
Organizing: Management involves organizing resources and people in order to achieve the goals set forth in the planning process. This includes creating departments, assigning roles and responsibilities, and allocating resources.
Leading: Management involves inspiring and guiding employees to work towards the goals of the organization. This includes communicating expectations, providing direction and feedback, and creating a positive work culture.
Controlling: Management involves monitoring progress towards the goals of the organization and taking corrective action when necessary. This includes setting performance standards, measuring progress, and making adjustments to the plan as needed.
Decision-making: Management involves making decisions about how to allocate resources and solve problems in order to achieve the goals of the organization. This requires the ability to analyze information, evaluate options, and make sound judgments.
14. Write the principles of scientific management. 5
Ans: The principles of scientific management, also known as Taylorism, were a set of principles for optimizing the efficiency of industrial workers. These principles were developed by Frederick Winslow Taylor in the late 19th and early 20th centuries. The main principles of scientific management are as follows:
Replace rule-of-thumb work methods with methods based on a scientific study of the tasks.
Scientifically select, train, and develop each worker rather than leaving them to train themselves.
Cooperate with workers to ensure that all work is done in accordance with the principles of scientific management.
Divide work between managers and workers, with managers taking responsibility for planning and workers taking responsibility for execution.
Use time and motion studies to determine the most efficient way to perform a task.
Use functional foremanship to coordinate the work of various specialists.
Use standardization and specialization to increase efficiency.
Use cost accounting to determine the true cost of each item produced and to track efficiency improvements.
Or
Explain the process of liberalization in India. 5
Ans: Liberalization refers to the process of reducing government control and intervention in the economy, and increasing the role of the private sector. In India, the process of liberalization began in the early 1990s and has continued to evolve over the past several decades.
Here is a brief overview of the process of liberalization in India:
Economic crisis: In the late 1980s, India faced an economic crisis due to a combination of high government debt, low growth, and a balance of payments deficit. This led the government to seek assistance from the International Monetary Fund (IMF) and World Bank.
Structural adjustment programs: As part of the assistance package, the IMF and World Bank required India to implement structural adjustment programs, which included liberalization measures such as reducing trade barriers, deregulating industries, and privatizing state-owned enterprises.
Reforms and deregulation: In response to these requirements, the Indian government implemented a series of economic reforms and deregulation measures. This included liberalizing foreign investment and trade, reducing tariffs, and allowing greater flexibility in pricing and production decisions for businesses.
Impact: The liberalization measures implemented in India have had a significant impact on the country's economy. They have contributed to increased economic growth, increased foreign investment, and increased competitiveness for Indian businesses. However, the process of liberalization has also been accompanied by some challenges and controversies, including concerns about job losses and inequality.
15. Explain the term ‘Authority’, ‘Responsibility’ and ‘Accountability’. 5
Ans: Authority refers to the power or right to make decisions, give orders, and control resources within an organization. It is typically granted to individuals or groups within an organization based on their position or role.
Responsibility refers to the obligations or duties that an individual or group has within an organization. This may include tasks, actions, or decisions that are required for the successful operation of the organization.
Accountability refers to the requirement to answer for the actions, decisions, or results of an individual or group within an organization. It involves being accountable to a higher authority or to stakeholders for the performance and outcomes of an individual or group.
In summary, authority refers to the power to make decisions and control resources, responsibility refers to the duties and tasks that an individual or group has, and accountability refers to the requirement to answer for the actions, decisions, or results of an individual or group.
Or
Write any five functions of consumer organization. 5
Ans: Advocacy: Consumer organizations often work to advocate for the rights and interests of consumers, such as by lobbying for legislation or regulations that protect consumers or by representing consumers in legal disputes.
Education: Consumer organizations may provide information and resources to educate consumers about their rights and how to make informed purchasing decisions.
Testing and quality assurance: Some consumer organizations may conduct tests or evaluations of products or services to assess their quality and safety.
Complaint resolution: Consumer organizations may offer assistance to consumers who have experienced problems or disputes with businesses or products, including by mediating disputes or helping consumers to file complaints.
Research: Consumer organizations may conduct research on issues related to consumer protection or consumer behavior, which can help to inform advocacy efforts and provide valuable insights to consumers and policymakers.
16. Write five objectives of entrepreneurship development programme. 5
Ans: Five objectives of entrepreneurship development programme :
To encourage and support the development of new and innovative businesses, particularly those that have the potential to create jobs and contribute to economic growth.
To provide aspiring entrepreneurs with the knowledge, skills, and resources they need to successfully start and grow their own businesses.
To increase the number of successful businesses in a particular region or industry, which can help to stimulate economic development and increase competitiveness.
To foster a culture of entrepreneurship within a community or region, which can help to create a supportive environment for new businesses to thrive.
To promote the development of new technologies, products, or services, which can lead to economic growth and innovation.
Or
Write five external sources of recruitment. 5
Ans: The Following are the External sources of recruitment :-
Job fairs and career events: These events provide an opportunity for job seekers to meet with potential employers and learn more about job openings and opportunities.
Professional associations and networking groups: Joining a professional association or networking group can provide access to job openings and career development resources.
Online job boards and career websites: Many employers post job openings on online job boards and career websites, making it easy for job seekers to find and apply for positions.
Recruitment agencies: Recruitment agencies specialize in helping employers find and hire qualified candidates for open positions.
Social media: Many employers use social media platforms such as LinkedIn to advertise job openings and recruit candidates. Job seekers can also use social media to connect with potential employers and learn about job opportunities.
17. Write five importance of communication. 5
Ans: Effective communication is critical for the success of any organization. Here are five importance of communication:
Clarifies goals and objectives: Communication helps clarify the goals and objectives of an organization, ensuring that everyone is working towards the same objectives.
Builds relationships: Communication helps build and strengthen relationships within an organization, fostering a sense of community and collaboration.
Enhances productivity: Effective communication can improve productivity by reducing misunderstandings and confusion, and by enabling team members to work together more efficiently.
Improves decision making: Communication helps ensure that all relevant information is considered when making decisions, leading to better-informed and more effective decision making.
Facilitates problem solving: Communication helps identify and address problems, facilitating the development of solutions and contributing to the overall success of the organization.
Or
Write features of the New Issue market. 5
Ans: The new issue market, also known as the primary market, is a financial market where securities are issued and sold for the first time. Here are five features of the new issue market:
Securities are issued and sold directly by the issuer: In the new issue market, securities are issued and sold directly by the issuer, rather than being traded on a secondary market. This allows the issuer to raise capital by selling ownership stakes in the form of equity or debt securities.
Securities are usually sold to institutions or high net worth individuals: In the new issue market, securities are usually sold to institutions such as investment banks, mutual funds, and pension funds, or to high net worth individuals. This is because the minimum investment required to participate in a new issue is often higher than what is available to retail investors.
Securities are priced based on demand: The price at which securities are sold in the new issue market is determined based on the demand for the securities. This is typically done through a process called underwriting, in which investment banks assess the demand for the securities and set a price that reflects this demand.
Securities are typically sold through a public offering: In a public offering, securities are sold to the general public through an investment bank or other financial institution. This allows the issuer to raise a large amount of capital from a broad group of investors.
Securities are subject to regulatory oversight: In most countries, the new issue market is subject to regulatory oversight by government agencies such as the Securities and Exchange Commission (SEC) in the United States or the Financial Conduct Authority (FCA) in the United Kingdom. This helps ensure that investors are protected and that issuers are held accountable for their financial reporting and disclosure obligations.
18. Write five factors affecting requirements of working capital. 5
Ans: There are several factors that can affect the requirements of working capital for an organization. These include:
Sales volume: The level of sales an organization achieves can impact its working capital needs. For example, if sales are high, the organization may need to invest in inventory and other resources to meet customer demand, which can increase its working capital requirements. On the other hand, if sales are low, the organization may have excess inventory and other resources, which can reduce its working capital needs.
Payment terms: The terms under which an organization receives payment from customers can also affect its working capital requirements. For example, if an organization offers long payment terms, it may need to invest in additional working capital to cover the cost of goods or services provided before payment is received.
Production cycle: The time it takes to produce goods or services can also impact working capital requirements. For example, if the production cycle is long, the organization may need to invest in additional working capital to cover the cost of raw materials and labor until the finished product is sold.
Seasonal fluctuations: The demand for an organization's products or services may vary seasonally, which can impact its working capital requirements. For example, if demand is higher during certain seasons, the organization may need to invest in additional inventory and other resources to meet this demand, which can increase its working capital needs.
Credit policies: An organization's credit policies, including the terms under which it extends credit to customers and the level of credit it is willing to offer, can also impact its working capital requirements. For example, if the organization extends credit to customers, it may need to invest in additional working capital to cover the cost of goods or services provided before payment is received.
Or
What is meant by a Good Control System? Write its four requirements. 5
Ans: A good control system is a framework that helps an organization achieve its goals and objectives by monitoring and adjusting its activities and processes. A good control system has the following four requirements:
Clear goals and objectives: A good control system is based on clear and measurable goals and objectives that have been established in advance. This helps ensure that the control system is focused on the right things and that progress can be measured and evaluated.
Accurate and relevant information: A good control system relies on accurate and relevant information to monitor and adjust the organization's activities. This may include data on financial performance, customer satisfaction, and operational efficiency.
Effective feedback and communication: A good control system includes effective feedback and communication mechanisms to ensure that relevant information is disseminated throughout the organization and that decisions are based on accurate and up-to-date data.
Appropriate corrective actions: A good control system includes mechanisms for taking appropriate corrective actions in response to deviations from the desired state. This may involve adjusting processes, resources, or strategies to get the organization back on track.
19. Write notes on the following:
(a) Wealth maximisation is the objective of financial management. 4
Ans: Wealth maximization is the objective of financial management, which refers to the process of managing a company's financial resources in order to achieve the highest possible return on investment (ROI) for the company's shareholders. This means that the goal of financial management is to generate the greatest possible amount of wealth or value for the company's shareholders. To achieve this goal, financial managers must make decisions about how to allocate the company's financial resources in the most effective and efficient way, taking into account various factors such as risk, return, and the company's financial goals and objectives. Ultimately, the goal of wealth maximization is to increase the value of the company's stock and provide a strong return for shareholders.
There are several key considerations in the pursuit of wealth maximization as the objective of financial management. One important consideration is the trade-off between risk and return. Financial managers must carefully balance the need to maximize returns with the need to minimize risk in order to achieve the optimal outcome for shareholders. This may involve making strategic decisions about how to allocate the company's financial resources, such as through investments in different types of assets or through the use of financial instruments like debt or equity.
Another key consideration in wealth maximization is the time horizon of the investments being made. Financial managers must consider not only the short-term effects of their decisions, but also the long-term implications for the company's financial health and stability. This may involve making choices that may not provide immediate returns, but that are expected to pay off over the long term.
Overall, the goal of wealth maximization is to create value for shareholders and maximize the company's financial performance. This requires careful planning, strategic decision-making, and a focus on both short-term and long-term goals.
(b) “Money market and its instruments”. 4
Ans: The money market is a financial market where short-term debt securities, such as commercial paper, certificates of deposit, and treasury bills, are bought and sold. These securities have maturities of one year or less and are used by governments, businesses, and other organizations to raise capital or to manage their short-term financial needs.
There are several types of instruments that are commonly traded in the money market, including:
Commercial paper: This is a short-term, unsecured promissory note issued by a corporation or other large organization to raise capital.
Certificates of deposit (CDs): These are time deposits offered by banks and other financial institutions that pay a fixed rate of interest over a specific period of time.
Treasury bills: These are short-term debt securities issued by the government to finance its operations. They typically have maturities of less than one year and are considered to be a low-risk investment.
Repurchase agreements (repos): These are short-term loans secured by collateral, such as government securities, in which the borrower agrees to sell the collateral back to the lender at a later date.
Federal funds: These are short-term loans made between banks to help manage their reserve requirements.
Overall, the money market is an important source of short-term funding for governments, businesses, and other organizations and plays a crucial role in the global financial system.
Or
Discuss eight leading functional areas of marketing. 8
Ans: There are several functional areas of marketing that are critical to the success of an organization. These include:
Product development: This involves researching and developing new products or product lines to meet the needs and wants of target customers.
Price: This involves determining the price at which a product or service will be sold, taking into account factors such as production costs, competition, and the value the product offers to customers.
Promotion: This involves creating and implementing marketing campaigns to communicate the value of a product or service to potential customers.
Distribution: This involves developing a plan for getting products or services to customers, including decisions about how and where the product will be sold.
Market research: This involves gathering and analyzing data about target markets, including customer needs and preferences, to inform marketing decisions.
Customer relationship management: This involves managing interactions with current and potential customers to build and maintain long-term relationships.
Public relations: This involves managing the organization's reputation and relationships with stakeholders, including media, customers, and the general public.
Sales: This involves managing the process of selling products or services to customers, including generating leads, making sales presentations, and closing deals.
20. Discuss eight leading functional areas of marketing. 8
Ans: The Eight leading Functional Areas of Marketing: -
Product development: This involves designing, creating, and testing new products or product enhancements to meet the needs and wants of target markets.
Pricing: This involves determining the optimal price for a product or service based on factors such as the target market, competition, and the overall value proposition of the product or service.
Distribution: This involves deciding how and through which channels to make a product or service available to customers, including through brick-and-mortar stores, online platforms, or distributors.
Advertising: This involves creating and disseminating marketing messages through various media channels, such as television, radio, print, and online, to promote a product or service to target audiences.
Sales: This involves developing and implementing strategies to generate sales and revenue for a company, including through direct selling efforts and customer relationship management.
Customer service: This involves providing assistance and support to customers before, during, and after a purchase, with the goal of creating a positive customer experience and building customer loyalty.
Market research: This involves collecting and analyzing data about target markets, customers, and competitors to inform marketing strategies and decision-making.
Public relations: This involves managing the reputation and image of a company or brand through various tactics, such as media relations, events, and sponsorships.
Or
Discuss the relationship between Planning and Control. 8
Ans: Planning and control are two important management functions that are closely related and often used in conjunction with one another. Planning involves setting goals and objectives, and determining the steps and resources needed to achieve them. Control involves monitoring and adjusting the implementation of plans to ensure that they are being carried out effectively and efficiently.
Here are a few key ways in which planning and control are related:
Planning sets the direction: Planning helps to set the direction for an organization by establishing clear goals and objectives. This provides a roadmap for decision-making and helps to ensure that resources are being used effectively to achieve desired outcomes.
Control ensures alignment: Control helps to ensure that the actions of an organization are aligned with its plans and goals. By regularly monitoring progress and adjusting course as needed, control helps to ensure that the organization is on track to achieve its objectives.
Planning and control are iterative: Planning and control are often iterative processes, meaning that they involve ongoing adjustments and refinements. As new information becomes available or circumstances change, plans may need to be revised and updated. Control helps to ensure that these updates are implemented effectively.
Overall, the relationship between planning and control is one of mutual support and alignment. Planning helps to establish clear goals and direction, while control helps to ensure that the organization stays on track and makes progress towards these goals.
21. Write notes on the following:
(a) Management is the art of getting things done. 4
Ans: Management is often described as the art of getting things done, as it involves the planning, organizing, and directing of resources to achieve specific goals and objectives. Effective management involves the ability to set clear goals and objectives, develop strategies and plans to achieve them, and coordinate and motivate individuals and teams to work towards these goals.
Here are a few key ways in which management is the art of getting things done:
Setting clear goals and objectives: Management involves setting clear goals and objectives that align with the overall mission and vision of an organization. These goals provide a roadmap for decision-making and help to ensure that resources are being used effectively to achieve desired outcomes.
Developing strategies and plans: Management involves developing strategies and plans to achieve the organization's goals and objectives. This may involve identifying and evaluating potential options, selecting the most appropriate course of action, and developing a plan to implement and monitor progress.
Coordinating and motivating: Management also involves coordinating and motivating individuals and teams to work towards the organization's goals. This may involve setting performance expectations, providing feedback and support, and recognizing and rewarding good performance.
Overall, effective management is the art of getting things done by setting clear goals and objectives, developing strategies and plans, and coordinating and motivating individuals and teams to achieve them.
Or
Fayol’s principles of management. 4
Ans:Henri Fayol was a French management theorist who developed a set of principles of management that have had a significant impact on the field of management. Fayol's principles of management include the following:
Division of work: Fayol believed that work should be divided and specialized in order to increase efficiency and productivity. This means breaking down tasks into smaller, specialized roles and delegating them to individuals or teams with the necessary skills and expertise.
Authority and responsibility: Fayol argued that authority and responsibility should be clearly defined and delegated to the appropriate individuals or teams. This helps to ensure clear lines of communication and accountability within an organization.
Unity of direction: Fayol believed that all activities within an organization should be coordinated towards a common goal. This requires establishing a clear direction and vision, and ensuring that all activities are aligned towards this goal.
Unity of command: Fayol argued that each employee should receive orders and instructions from only one superior, to ensure clear communication and accountability within an organization.
Subordination of individual interests to the general interest: Fayol believed that the interests of the organization should take priority over the interests of individual employees or departments.
Remuneration: Fayol argued that employees should be fairly compensated for their work, in order to motivate and retain them.
Centralization: Fayol believed that decision-making should be centralized in the hands of management, to ensure that decisions are made in the best interests of the organization.
Scalar chain: Fayol believed that there should be a clear hierarchy of authority within an organization, with a clear chain of command from top to bottom.
Order: Fayol believed that there should be order and structure within an organization, with everything in its proper place and all resources used efficiently.
Equity: Fayol argued that management should be fair and just, treating all employees with respect and fairness.
Stability of tenure: Fayol believed that there should be stability in the workforce, with employees given the opportunity to develop and grow within an organization.
Initiative: Fayol argued that employees should be encouraged to take initiative and be creative in their work, in order to improve efficiency and productivity.
Overall, Fayol's principles of management provide a framework for effective management, focusing on issues such as division of work, authority and responsibility, coordination, and motivation.
(b) Planning is an intellectual process. 4
Ans:
Or
Steps are an intellectual process.
Ans: There are several steps involved in the intellectual process, which can be described as a systematic and logical approach to problem-solving and decision-making. These steps can vary depending on the specific problem or situation, but generally include the following:
Define the problem: The first step in the intellectual process is to clearly define the problem or challenge at hand. This involves identifying the key issues and identifying the goals or objectives that need to be achieved.
Gather information: Once the problem is defined, the next step is to gather as much information as possible about the problem. This may involve researching relevant literature, conducting experiments or surveys, or consulting with experts or stakeholders.
Analyze the information: Once the necessary information has been gathered, the next step is to analyze and evaluate the data. This may involve synthesizing the information, identifying patterns or trends, and identifying any gaps or limitations in the data.
Generate potential solutions: Based on the analysis of the information, the next step is to generate potential solutions or alternatives to the problem. This may involve brainstorming, creative thinking, or using decision-making tools such as a decision matrix.
Evaluate potential solutions: Once potential solutions have been identified, the next step is to evaluate and compare them to determine the best course of action. This may involve considering factors such as feasibility, cost, benefits, and potential risks.
Implement and monitor: Once a decision has been made, the final step is to implement the chosen solution and monitor its progress to ensure that it is effective and achieving the desired outcomes.
Overall, the intellectual process involves a systematic and logical approach to problem-solving and decision-making that involves gathering and analyzing information, generating and evaluating potential solutions, and implementing and monitoring the chosen course of action.
22. Write notes on the following:
(a) Significance of Fiscal Policy. 4
Ans:Fiscal policy refers to the use of government spending and taxation to influence the level of economic activity in an economy. It is an important tool for governments to manage economic conditions and achieve economic objectives, such as full employment, price stability, and economic growth.
Here are a few key ways in which fiscal policy is significant:
Economic stabilization: Fiscal policy can be used to stabilize the economy during times of recession or inflation. For example, during a recession, the government can increase spending or decrease taxes to stimulate demand and increase economic activity. During times of high inflation, the government can reduce spending or increase taxes to decrease demand and cool down the economy.
Income redistribution: Fiscal policy can also be used to redistribute income and wealth in a society. For example, progressive taxation and transfer payments (such as welfare or unemployment benefits) can help to reduce income inequality.
Public goods and services: Fiscal policy is also used to finance public goods and services, such as infrastructure, education, and healthcare. This helps to provide access to these important resources to all members of society.
Economic development: Fiscal policy can also be used to promote economic development and growth. This can be done through investments in research and development, education, and infrastructure, which can help to increase productivity and competitiveness.
Overall, fiscal policy plays a significant role in shaping economic conditions and outcomes, and is an important tool for governments to manage and influence the economy.
Or
Non-Financial incentives.
Ans: Non-financial incentives are rewards or recognition that are not related to money, such as praise, recognition, or additional responsibilities. Non-financial incentives can be effective in motivating and engaging employees, as they can address intangible needs and desires that may be more important to some individuals than financial rewards.
Here are a few examples of non-financial incentives:
Praise and recognition: Recognizing and praising an employee's hard work or contributions can be a powerful non-financial incentive. This can be done through verbal recognition, written feedback, or through public recognition, such as an award or plaque.
Career advancement: Providing opportunities for career advancement or additional responsibilities can be a powerful non-financial incentive for employees. This could include promotions, additional training or development opportunities, or the chance to work on high-profile projects.
Work-life balance: Offering flexibility or support for work-life balance can be a non-financial incentive for employees. This could include options for flexible scheduling, telecommuting, or additional paid time off.
Employee engagement: Creating a positive and engaging work environment can be a non-financial incentive for employees. This could include things like a supportive culture, opportunities for collaboration and teamwork, and access to resources and support.
Overall, non-financial incentives can be an effective way to motivate and engage employees, as they can address a wide range of needs and desires that are important to individuals.
(b) Rights of a consumer under Consumer Protection Act. 4
Ans: The Consumer Protection Act is a law that aims to protect the rights of consumers and provide them with legal recourse if their rights are violated. Here are some of the key rights of consumers under the Consumer Protection Act:
Right to safety: Consumers have the right to be protected against goods and services that are hazardous to their health and safety.
Right to be informed: Consumers have the right to be fully informed about the quality, quantity, potency, purity, and standard of goods or services they are purchasing.
Right to choose: Consumers have the right to choose from a variety of goods and services at competitive prices.
Right to be heard: Consumers have the right to have their grievances addressed and to be heard by the appropriate authorities.
Right to seek redressal: Consumers have the right to seek legal redressal if their rights are violated. This can include filing a complaint with a consumer protection forum or seeking compensation through the courts.
Right to consumer education: Consumers have the right to be educated about their rights and responsibilities as consumers, as well as about the various options available for seeking redressal if their rights are violated.
Or
Functions of entrepreneurs in relation to economic development. 4
Ans:The following are the functions of entrepreneurs in relation to economic development:-
(i) Promotion of capital formation - Capital formation is an important element in the economic development of a country. An entrepreneur uses the saving of the public for productive purposes. Entrepreneurs become a channel for mobilising savings of the people.
(i)Providing employment - With the setting up of new units specially in small scale
(sector, the employment opportunities are created. The entrepreneur are not only gets self employment but he creates job opportunities for others also.
(iii) Reducing concentration of economic power- When more and more entrepreneurs set up their units then economic power is distributed in more hands. The pace of economic development will be accelerated with the entry of more and more entrepreneurs in the economic field.
(iv) Equitable distribution of wealth- Economic development can be accelerated when
wealth is equitably distributed among people. When more and more units are set up
by new entrepreneurs then more persons get direct and indirect employment.
(v) Resource mobilisation - When new entrepreneurs enter industrial activity, the mobilize resources such as capital, labour etc. The mobilisation of skill and resources will add to the process of economic development.
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