1.

Principles of Management
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EXERCISE
Q.1.A) Select the correct option and rewrite the sentences.
1) ............. was regarded as Father of Scientific Management. feb'24,
a) Henry Fayol b) F W Taylor c) Philip Kotler
2) Principle of ............. is based on 'A place for everything and everything in its place'.
a) discipline b) order c) equity
3) Member of organization should receive orders from ............. .
a) many superior b) one superior c) all superiors
4) Scalar chain means the hierarchy of ............. from the top level to the lower level for the
purpose of communication.
a) discipline b) unity c) authority
5) Taylor recommended total ............. foremen to control the various aspects of production.
a) eight b) three c) two
B) Match the pairs.
Group A Group B
A) Henry Fayol 1) Eight Foremen
B) Principle of Unity of Direction feb'24 2) F.W. Taylor
C) Principles of Management 3) Proper division of all activities
D) Scientific Management Theory Jul'23 4) general guidelines
E) Functional Organization 5) A place for everything and everything
in its place
6) One head-one plan
7) Low wage rate
8) Harmony between the employees and
management
9) German engineer
10) Modern Management

C) Give one word/phrase/term for the following statements.

1) The study of movement of an employee as well as machine while completing particular task.
2) The technique of observing and recording the time required by an employee to complete a
given task.
3) Study consists of an organized, systematic and critical assessment of various activities.
4) The principle which deals with 'to do work with innovative way'.
5) The principle which is based on 'a place for everything and everything in its place'.
D) State whether following statements are true or false.
1) The principles of management are universal in nature. Jul'23
2) Management principles are applied differently under different situations.
3) Only some principles of management are important.

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4) Henry Fayol has given different techniques of management.

5) F W Taylor has proposed 14 principles of management.
6) Each member of organization should receive orders only from one superior.
E) Find the odd one.
1) Principle of Authority and Responsibility, Motion Study, Principle of Division of Work,
Principle of Discipline.
2) Fatigue Study, Principle of Unity of Command, Work Study, Motion Study.
F) Answer in one sentence.
1) What is principle of unity of command?
2) What is standardization of tools and equipments?
3) What is differential wage rate?
4) What is Subordination of individual interest into organizational interest?
5) What is the meaning of principle?
G) Correct the underlined word and rewrite the following sentences.
1) Security in job always affects adversely on the efficiency of employees. Jul'23
2) Esprit de corps means 'division is strength'.
3) Each member of organization should receive orders from only one subordinate.
4) Decentralization means concentration of powers and authorities at a specific position.
5) Management techniques are applied differently under different conditions.
Q.2. Explain the following terms/concepts.
1) Motion Study 2) Differential Piece Rate System 3) Fatigue Study 4) Time Study 5) Principle of discipline
Jul'23 (feb'24)
6) Esprit de corpse (Team
Q.3. Study the following case/situation and express your opinion. work) (Jul'22)

1) Mr. Harshad is an entrepreneur and engaged in production of eco-friendly utensils. Both male
and female workers are working in his factory. All male employees are directly working on
machines whereas female employees are working in Packaging Department. Mr. Sharath is
working as Finance Manager while Mrs. Naina is working as HR Manager who is responsible
for recruiting employees in the factory. On this basis:
i) Identify any one principle of management in above case.
ii) What is the designation of Mrs. Naina in this organization.
iii) Who is responsible for overall planning of the organisation? Jul'23
2) In 'Fine Diamonds Ltd.' 200 employees are working in three shifts. In first shift 60 employees,
in second shift 60 employees and in third shift 80 employees are working without sufficient
breaks except lunch break and shift change break. No employee is able to complete the work
in designated time due to inappropriate time management which results into delay for next
shift employees.
i) Identify which scientific principle needs to be followed by the company.
ii) Suggest two scientific techniques which can be used for smooth flow of work in 'Fine
Diamonds Ltd. '
iii) Why the work is not being completed in time?

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Q.4. Answer in brief.

1) Explain any five principles of management of Henry Fayol. Feb'24
2) Describe any four techniques of scientific management.
Q.5. Justify the following statements.
1) Principles of management are flexible in nature. Jul'22
2) Management principles are helpful in optimum utilization of resources. Feb'24

3) Principle of equity is important.

4) Taylor emphasized on standardization of tools and equipment. Jul'23
5) Differential piece wage rate plan is necessary.
Q.6. Attempt the following.
1) Explain in detail any five Henry Fayol's principles of management given by Henry Fayol. Jul'22

2) Describe different techniques of scientific management.

3) Elaborate principles of scientific management.
4) Explain nature of principles of management.
Q.7. Answer the following.
1) What are the techniques of scientific management? Explain in detail.
2) Explain 14 principles of Henry Fayol in detail.

Answer Key

Q.1. (A) 1. F W Taylor 2. order 3. one superior 4. authority 5. eight.

(B) A-lO , B-6 , C-4, D-2 , E-1.
(C) 1. Motion Study 2. Time Study 3. Work Study 4. Principle of Initiative
5. Principle of Order
(D) True-1,2,6 False-3,4,5
(E) 1. motion study 2. Principle of Unity of Command
(G) 1. Insecurity 2. Unity 3. Superior 4. Centralization 5. principles

REFERENCES:
1. Management Principles and Practices, N.K.Sharma, MANGAL DEEP PRAKASHANS,
JAIPUR
2. Management, James A. F. Stoner, R. Edward Freeman, Daniel R. Gilbert, JR, PEARSON
3. Principles and Practice of Management, T.N.Chhabra, S.CHAND & COMPANY LTD.,
NEW DELHI
4. Principles of Management, R.N. Gupta, S.Chand.
5. yourarticlelibrary.com

³³³³³

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 2.Functions of Management
https://www.ncertbooks.guru/

6. Controlling: It is a process of comparing the actual performance with the predetermined

standard performance. It measures deviation if any, identifies the cause of deviation and sug-
gests corrective measures.
Just to know

"Functions of Managers in a Modern Organization"

Critically asses and evaluate what functions managers perform in a Modem organization
and what skills they require? There are different views on what functions manager should perform
within a modern organization and which skills they require.
There is great competition for job in the modern world as new applicants from all over the
globe can offer new and exciting differences to a business. These individual and unique skills
are those which separate a good manager from the rest. Companies look for a mix of skills and
experience depending on the business itself, including personal qualities, habits and social grace.
These certain skills include personal qualities such as a positive attitude, which can be reflected
into other employees as a manager is usually seen as a role model. As well as they also require
good communication skills not only to talk to an individual but also to listen and become aware
of current issues. 'Active listening helps managers gather relevant information'. However, it must
be taken into account that due to the globalization, individuals come from different cultures and
backgrounds for taking management jobs. This may create problems. Different managers learn
different techniques and work within different conditions across the globe. This may be a problem
as management as a whole may be done differently.

EXERCISE
Q.l) (A) Select the correct option and rewrite the sentence.
1) The functions of management start with ............... function.
a) organising b) planning c) coordinating
2) The functions of management end with ............... Jul'23
a) directing b) staffing c) controlling
3) ............... sets out standards for controlling.
a) Staffing b) Planning c) Coordinating
4) Organization function is important for execution of the plans which have been prepared by
............... management.
a) top level b) middle level c) lower level
5) ............... is the function which supports to activate the plans with the help of employees.
a) Staffing b) Directing c) Co-ordinating
6) ............... is the function of execution according to the plan and the organizational structure.
a) Controlling b) Directing c) Staffing
7) ______ arranges the work in such a way that minimum conflicts are raised.
a) Co-ordinating b) Organizing c) Controlling

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(B) Match the pairs.

Group 'A' Group 'B'
A) Planning feb'24 1) It is the process of instructing, guiding, communicating
and motivating.
B) Organizing 2) It is an integration and synchronization of the efforts
of group.
C) Staffing 3) Deciding in advance what to do, how to do, when to do
and who is to do it.
D) Directing 4) Management is what manager does.
E) Coordinating Jul'23 5) To focus on the role of manager.
6) Decides the ways and means to achieve what has been
planned.
7) It is the process of comparing the actual performance
with the pre-deterined standard performance.
8) It is a set of principles.
9) It is the process of recruiting, selecting, placing and
remunerating.
10) To manage is to forecast and plan.
(C) Give one Word / Phrase / Term for the following statements.
1) The right person at the job with right pay.
2) A person who shows the correct path as well as guides employees in solving the problems.
3) First function of management.
4) Last function of management.
5) It is an intellectual process of logical thinking and rational decision making.
6) The term that is used to denote the structure.
7) It is the process of attracting, recruiting, selecting, placing, appraising and remunerating the
people.
8) The process that leads the employees towards the accomplishment of organizational goals.
9) It increases the team spirit of work place.
10) It is the process of comparing the actual performance with the predetermined standard
performance.
(D) State whether following statements are true or false.
1) Every function of management is not based on planning. Jul'23
2) Specialization in activities leads to increase in organizational efficiency.
3) Qualified, efficient and skilled work force is always an asset of the organization.
4) Cooperation is not necessary for smooth flow of organizational activities. feb'24

5) Coordination motivates the employees to take initiative while completing their assigned task.
6) Standards are not set for every performance in controlling function.

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(E) Find the odd one.

1) Planning, Organizing, Staffing, Writing.
2) Selecting, Training, Co-ordinating, Placing feb'24

(F) Complete the sentences.

1) The tasks of getting the things done by others is known as ............. .
2) The functions of manager start with ............. .
3) The ............. function of management initiates action
4) Recruitments are done under ............. function.
5) ............. is the fundamental function of management.
6) ............. integrates departmental activities for achieving common goal of the organization.
7) ............. is the last function of management.
(G) Select the correct option from the bracket.
1) Planning is a detailed programme of (present/future/past) course of action.
2) Directing is a responsibility of (manager/workers/people) at all levels.
3) Qualified, efficient and skilled workforce is always an (liabilities/assets/expenses) of the
organization.
(H) Answer in one sentence.
1) What is management?
2) What is planning?
3) What is staffing?
4) What is directing?
5) What is controlling?
(I) Correct the underlined word and rewrite the following sentences.
1) Factors of business environmert are always fixed.
2) Staffing is concerned with machines. Jul'23
3) Directing is a function of comparing the actual performance with the predetermined
performance.
4) Co-ordination helps to maximize the wastage of resources and controls the cost of work.
5) Controlling measures are rigid to some extent.
(J) Arrange in proper order.
1) Controlling, Organizing, Planning. 2. Directing, Co-ordinating, Staffing.
Q.2 Explain the following terms/concept.
1. Management 2. Planning Jul'23 3. 0rganizing 4. Staffing 5. Directing
Jul'22 Jul'22
Q.3 Study the following case/situation and express your opinion.
1) Mr. Ram, an emergining entrepreneur has designed a structure of his business organization by
taking into consideration the required resources such as land, money, machinery, workforce
etc, for his new business. He appointed Mr.Shyam as a manager. Mr.Ram has assigned the

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responsibilities such as recruitment, selection, training and development and to determine the
remuneration of the employees' to Mr.Shyam. Mr. Ram has also appointed Mr.Shubham to
supervise the work done by the employees according to the standards given to the employees.
Mr.Shubham has to also suggest the remedies to the employees wherever necessary.
On this context, find out the management functions performed by
i. Mr. Ram ii. Mr.Shyam iii. Mr.Shubham
2) In XYZ Company, Mr. Lele gives instructions to the employees working under him, provide
guidance and motivates them for their best performance. On the other hand Mr.Sayyad takes
effort to harmonize the work done by the employees of different departments while achieving
organizational goal. Mr.Desai is looking after the arrangement of required resources to the
business organization.
Mention the name of employee engaged in following functions:
i. Organization ii. Direction iii. Coordination Feb'24
Q.4 Distinguish between.
1) Planning and organizing 2. Organizing and staffing 3. Staffing and directing 4. Directing and
controlling 5. Co-ordinating and controlling 6. Planning and Controlling 7. 0rganising and
Directing 8. Organising and Co-ordinating Jul'23 9)Directing & Controlling (Feb'24)
10)Staffing & Controlling (Jul'22)
Q.5 Answer in brief.
1) Explain any five points of importance of planning. Feb'24
2) Explain any five points of importance of organizing.
3) Describe any five points of importance of staffing.
4) Explain any five points of importance of directing.
5) Describe any five points of importance of coordinating.
Q.6 Justify the following statements.
1) Planning is the first function of management.
2) Controlling is the last function of management.
3) Organizing facilitates administration as well as operation of the organization. Jul'22

4) Right person at right job with right pay is the basic principle of staffing.
5) Co-ordination between different functions and all levels of management is the essence of
organizational success.
Q.7 Attempt the following.
1) Explain the importance of planning. Feb'24
2) Describe the importance of organizing.
3) Explain the importance of staffing.
4) Explain the importance of directing.
5) Describe the importance of coordinating.
6) Explain the importance of controlling. Jul'23

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Q.8 Answer the following.

1) Define the term planning and explain the importance of planning.
2) What is organizing? Explain the importance of organizing.
3) What do you mean by staffing? Describe the importance of staffing.
4) Give the definition of directing and explain the importance of directing.
5) What is coordinating? Describe the importance of coordinating.
6) Define the term controlling and explain the importance of controlling.

Answer Key

A.1 (A) 1) Planning 2) controlling 3) Planning 4) top level 5) Directing

6) Directing 7) Coordination
(B) A-3, B-6, C-9, D-I,E-2
(C) I) Staffing 2) Director 3) Planning 4) Controlling 5) Planning 6) Organization
7) Staffing 8) Directing 9) Co-ordinating 10) Controlling
(D) True - 2, 3, 5 False - 1, 4, 6
(E) 1) Writing 2) Co-ordinating
(F) 1) Management 2) Planning 3) directing 4) staffing 5) Planning 6) o-ordinating
7) contrrolling
(G) 1) future 2) manager 3) asset
(I) 1) changing 2) humans 3) controlling 4) Minimizes 5) flexible
(J) 1) planning, organizing, controlling 2) Staffing, Directing, Co-ordinating

REFERENCES:
1. Management Principles and Practices, N.K.Sharma, MANGAL DEEP PRAKASHANS,
JAIPUR
2. Management, James A. F. Stoner, R.Edward Freeman, Daniel R.Gilbert,JR, PEARSON
3. Principles and Practice of Management, T.N.Chhabra, S.CHAND & COMPANY LTD., NEW
DELHI
4. Principles of Management, R.N. Gupta, S.Chand

³³³³³

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 3.Entrepreneurship Development
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Functions of an Entrepreneur
Innovation: Determination of Objectives
Development of Market New Technology
Good relations Organising funds
Taking decisions

Entrepreneurship Development
Characteristics of Entrepreneurship
1) Innovation 2) Economic activity
3) Organisation building 4) Creative activity
5) Managerial skill and leadership 6) Skillful management
7) Risk bearing 8) Gap filling function
Process of Entrepreneurship Development
Training
EDP
Recent initiativies in Entrepreneurship Development
Start Up India
Stand Up India
Agro Tourism
Intrapreneurs

EXERCISE

Q.l A) Select the correct option and rewrite the completed sentences:
1) The word 'entrepreneur' is derived from the ................ word 'entreprendre'.
a) Japanese b) English c) French
2) 'Entreprendre' means to ................
a) Undertake b) Enterprise c) Businessman
3) Start Up India is an initiative of the ------------------ feb'24,
a) RBI b) Government of India c) World Bank
4) ................ is the idea of bringing urban residents to rural areas, by empowering to local
communities, both socially and economically.
a) Agro tourism b) Medical tourism c) Entertainment Jul'23

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B) Match the correct pairs:

Group 'A' Group 'B'
A) Gap filling function 1) 2016
B) Enterpreneur 2) Employmenmt
C) Agro tourism 3) Old methods of production
D) Technology 4) 2019
E) Start up India 5) Self motivated
6) Rural tourism
7) Entrepreneurship
8) Latest knowledge
9) Necessity Based
10) Medical tourism

C) Write a word or phrase or a term which can substitute each one of the following:
1) An undertaking or adventure involving uncertainty and risk and requiring innovation.
2) A function of creating something new for an economic activity.
3) A person who is an innovator who introduces new combinations of means of production.
4) The process of enhancing entrepreneurial skills and knowledge through structured training and
institution building programmes.
5) The process that motivates a person into action and induces him to continue the course of
action for the achievement of goals.
6) An employee who has an authority and support of the organisation to implement his creative
ideas.
D) State whether the following statements are True or False.
1) An entrepreneur should not be ready to work hard.
2) Agritourism can support agricultural economy.
3) Successful businessman takes calculated risk.
4) Entrepreneurship is a full time job which requires dedication and hard work.
5) Startup India is an initiative of the Government of France.
E) Find the Odd one out:
1) Communicator, Innovator, Self-starter, Inactive.
2) Trekking, Wildlife study, Horseback riding, Indoor games.
3) Innovation, Lack of communication, Development of market, Determining the objectives.
F) Complete the sentences:
1) An entrepreneur is a person who starts a ........................ .
2) 'Start- up' India initiative was launched in ........................ .

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G) Select the correct option.

(Innovation, Niche tourism, Agro tourism, Enterpreneurship)
Group A Group B
l) The idea of bringing Urban resident .........................
to agricultural farm
2) Agro- tourism is a form of .........................
3) ......................... To introduce new combination
of products & features
4) ......................... A full time job which requires,
dedication & Hard-work.
H) Answer in one sentence.
1) What is Agro tourism?
2) Who is 'Entrepreneur'?
3) Who described 'Entrepreneurship' as the founding of a private enterprise?
I) Correct the underlined word & rewrite the sentence.
1. The word 'Entrepreneur' comes from the German verb entreprendre, it means' to undertake' .
2. Entrepreneurs try to make home a better place where the needs of consumers can be satisfied.
3. The loan taken under stand-up India scheme is repayable in ten years.
Q.2. Explain the following terms/concepts;-
1) Entrepreneur 2. Agro- tourism
3) Start-ups 4. Stand-ups 5) Intrapreneur
Q.3 Study the following case/ situation and express your opinion.
Mr. Soham is young MBA degree holder, Mr. Navin is B.Com graduate. Mr. Soham is willing
to start dairy farm at his village. Mr. Navin is willing to work as cashier in Private Company.
i) Find out dream of Soham and Navin.
ii) State anyone feature of Entrepreneur.
iii) To become successful entrepreneur, which qualities Mr. Soham should have?
Q.4 Answer in brief.
1) Define entrepreneur. Explain functions of entrepreneur. 3) Explain characteristics of entrepreneur, (Feb'24)
2) Define entrepreneur. Explain qualities of successful entrepreneur.
Q.5 Justify the following statements.
1) Entrepreneurship is the best source for self- employment.
2) Successful businessman takes calculated risk.
3) Entrepreneur must be a good communicator.
4) An entrepreneur must be an innovator. Jul'23
5) With creativity, farmers can expand their Agro-tourism Business.

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Q.6 Attempt the following

1) Explain the characteristics of Enterpreneurship Development. Jul'22
2) What is Enterpreneurship Development Program ?
Q.7 Answer the following
1) Define entrepreneur. Explain characteristics of entrepreneur,
2) Define entrepreneur. Explain its functions.

Answer Key

Q.l A) 1) French 2) Undertake 3) Government of India 4) Agro tourism

B) A) - 7, B)- 5, C) - 6, D) - 8, E) - 1

C) 1) Entrepreneurship
2) Innovation
3) Entrepreneur
4) Entrepreneurship Development programme.
5) Entreprenurship
6) Intrapreneur

D) True - 2,3,4
False - 1, 5.

E) 1) Inactive. 2) Indoor games. 3) Lack of communication

F) 1) Business/ Enterprise 2) 2016

G) Agro tourism, Niche tourism, Innovation, Entrepreneurship

I) 1) French.
2) Market
3) Seven

Career Opportunities
• Start technology based venture. Technologies considered here, are -- Artificia1 intelligence,
ERP, Machine learning, Analytics, Big data and Robotics.
• Start financial consulting firm.
• Going for a Partnership with new small businesses.
• Service oriented start-ups: service oriented startups, such as Swiggy, Zomato, housejoy etc.
are getting a strong hold and recognition in market, so thinking of starting a business that
caters to service industry is a very brilliant idea.

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 4.Business Services
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3. Principle of Indemnity
4. Principle of Subrogation
5. Principle of Contribution
6. Principle of Mitigation of loss
7. Principle of Causa-Proxima
Types of Insurance:
1. Life Insurance 2. Marine Insurance 3. Fire Insurance
3. Transport:
Modes of Transport:
1. Road Transport 2. Rail Transport 3. Water Transport 4.Air Transport
5. Monorail and Metro 6. Ropeways 7. Pipeline
4. Warehousing:
Functions:
1. Storage 2. Price Stabilization 3. Risk bearing 4. Financing
5. Grading and Packing 6. Transportation 7. Time and Place Utility 8. Processing
Types:
1. Private Warehouses 2. Public Warehouses 3. Bonded Warehouses4. Duty paid Warehouses
5. Government Warehouses 6. Co-operative Warehouses 7. Cold storage Warehouses

5. Communication:
Types of communication:
I) Postal Services
1. Mail Services 2. Specialised Mail Services
3. Money Remittance Services 4. Retail Services
II) Modern means of communication
a. Courier Service b. Internet c. Email

EXERCISE
Q.l.(A) Select the correct option and rewrite the sentence.
1) Door to door service is provided by ................. transport. feb'24

a) railway b) road c) air

2) ................. creates time utility.
a) Warehouse b) Transport c) Communication
3) ................. warehouses provide facilities for perishable commodities.
a) Bonded b) Cold storage c) Government

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4) ................. policy covers all types of risks of a vessel while it is anchored at the port for a
particular period oftime.
a) Port risk b) Voyage c) Floating
5) Principle of ................. is not applicable to life insurance.
a) insurable interest b) utmost good faith c) indemnity
(B) Match the pairs.

Group A Group B
A) Air Transport 1) Time utility
B) Warehousing feb'24 2) Intangible in nature
C) Money remittance 3) Fastest mode of transport
D) Pipeline Transport 4) April,2019
E) Business Service 5) Western Union Money Transfer
6) Fixed deposit account
7) Petroleum and gas
8) Tangible
9) Place utility
10) Savings account

(C) Give one word/phrase/term for the following sentence.

1) These warehouses are owned, managed and controlled by central and state governments or
public authorities.
2) An art of exchanging ideas, facts, information etc. from one person or entity to another.
3) A rail system in which the track consists of a single rail or a beam.
4) A transport system used to carry petroleum and gases.
5) A ministry who looks after development of surface transport throughout country.
(D) State whether following statements are true or false.
1) Business services are important for the growth of business .
2) Current Account is opened by salaried persons. feb'24
3) NEFT stands for National Electric Fund Transfer.
4) Air transport is cheapest mode of transport.
5) The Internet is the global system of interconnected computer networks that use the internet
protocol suite to link devices worldwide.
(E) Find the odd one.
1) Primary credit co-operative society, state co-operative bank, district co-operative bank, ex-
change bank .
2) NABARD, RBI, SIDBI, EXIM. feb'24
3) Direct mail, Logistics post, Business post, Parcel

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4) Endowment policy, Whole life policy, Money back policy, Blanket policy.
(F) Complete the sentence.
1) The term bank comes from the French word ................. .
2) ................. warehouses provide facilities for perishable commodities
3) In .................. policy, several ships belonging to one owner are insured under the same policy.
4) ................. banking refers to the use of banking services with the help of mobile phones.
(G) Select the correct option and complete the following table.
(RTGS, SIDBI, apex financial institution in banking industry of country, recurring deposit,
long term loans)

Group A Group B
1 ............... fund transfer on real time and gross basis
2. loans to meet long term capital ...............
requirements
3 ............... Account operated by salaried and
businessmen both.
4. Central bank ...............
5 ............... Principal financial institution for MSMEs

(H) Answer in one sentence.

1) What is debit card?
2) What is 'subject matter' in insurance?
3) What is government warehouse?
4) What is air transport?
5) What is communication?
(I) Correct the underlined word and rewrite the following sentences.
1) Overdraft facility is available for savings bank account holder.
2) Services are tangible in nature.
3) Insurance helps to maximize the risks in the business.
4) The foreign bank is the apex financial institution in banking industry in the country
5) RTGS stands for Reasonable Time Gross Settlement.
(J) Arrange in proper order.
1) Claim, Accident, Taking the policy, Compensation 2) Email, Inland letter, Courier
Q.2. Explain the following terms/concepts.
1) Transport 2) Communication 3) Banking 4) Insurance 5) Warehousing
Jul'23 Jul'22

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Q.3. Study the following case/situation and express your opinion.

1) Ms.Harshali has started new business two years ago. Her customers are located in different
parts of the country and hence they are directly depositing bill amount in her business account.
At the same time she used to pay various payments from this account only.
i) Identify Type of account maintained by Ms. Harshali.
ii) Suggest any one modern way of money transfer to Ms.Harshali.
iii) What kind of facility does she get on her bank account? Jul'22
2) Mr. Jagan is a salaried person. He wants to take policy for his two children which assures them
protection as well as completes their financial needs once they become major by age.
i) Suggest him a policy which can satisfy requirements of his children.
ii) Who are beneficiaries of policy?
iii) In above case which principle is involved? Jul'23
3) Mr. Sharan is successful manufacturer. He is having production units at various locations.
He is having multiple production units, he has large stock of raw material and finished goods. He is
worried about safeguarding goods from any unwanted financial loss. He also requires to transfer raw
material and finished goods from one unit to other but does not have any facility for that. He also
requires funds for expansion.
i) Name the service which will help him to safeguard goods from any damage?.
ii) Which service will help him to remove difficulty of place?
iii) From which service sector will he get financial support?
4) Mr. Amit is a businessman. He has his own factories in Pune and Nashik. He lives in Pune with
his wife and 2 daughters aged 5 and 8 years.
i) Can Mr. Amit take a life insurance policy for his wife and 2 children?
ii) Can Mr. Amit take a marine insurance policy for his factories?
iii) Which type of insurance should Mr. Amit take for protecting his factories from loss due to fire?
Q.4. Distinguish between.
1) Duty Paid Warehouse and Bonded Warehouse Feb'24
2) Central Bank and Commercial Bank
3) Road Transport and Air Transport
4) Life Insurance and Marine Insurance
5) Savings Account and Current Account Jul'22
6) Life Insurance and Fire Insurance
7) Road Transport and Rail Transport Feb'24
8) Rail Transport and Air Transport Jul'23
9) Current Account and Fixed Deposit Account 10) Fire insurance and Marine insurance. (Jul'23)
Q.5. Answer in brief.
1) State four types of deposits. 6) 4 types of Warehouses (Jul'22)

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2) State four modes of transport.

3) State four life insurance policies.
4) State any four features of business services.
5) State money remittance services of postal department.
Q.6. Justify the following statements.
1) Air transport is fastest mode of transport.
2) Communication is essential for growth of business.
3) Principle of subrogation is applicable to all contracts of indemnity.
4) Warehousing is important.
5) Cash can be withdrawn from ATM at any time.
Q.7. Attempt the following.
1) Explain money remittance services of post department. Explain E-Banking Services (Feb'24)

2) Explain marine insurance policies.

3) Explain types of warehouses.
4) Explain utility function of banks.
5) Explain modes of traditional communication.
6) Explain disadvantages of air transport.
7) Describe the role of transport.
8) What are the functions of warehouses? Jul'23
Q.8. Answer the following.
1) What is insurance ? Explain principles of insurance. Jul'22

2) Define bank. Explain. Different types of banks.

3) What is warehouse? Explain its different functions.
4) What is Services? Explain in detail different business services.
5) What is communication?Explain in detail various types of communication.
6) What is road transport. Explain its advantages and disadvantages.
7) What is insurance? Explains types of life insurance policies (Feb'24)
8) Define bank. Explain Secondary functions of Bank (Jul'23)

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Outsourcing
outsourcing is the process of contracting a business function to specialised agencies.

Advantages Disadvantages

1) Overall cost advantage. 1) Lack of customer focus

2) Stimulates 2) A thereat to security
Entrepreneurship, and confidentiality
Employment and exports. 3) Dissatisfactory services
3) Low manpower cost. 4) Ethical issues.
4) Access to 5) Other disadvantages.
professionals, Exports i) Misunderstanding of
and high quality the contracts
services. ii) Lack of communication
5) Emphasis on core iii) Poor quality and
process rather than the develop services.
supporting ones.

Forms of outsourcing :
1. B.P.O. 2) K.P.O. 3. L.P.O.

EXERCISE
Ql. (A) Select the correct option and rewrite the sentence.
1. For online transactions ......... is required.
a. registration b. trading c. business
2. The term 'e-business' is derived from the term ..... and e-commerce.
a. Cash b. e-pay c. e-mail
3. The transactions under ....... are between consumers and consumers.
a. B2B b. C2C c. B2C
4. The process of contracting a business function to someone else is called as ....... .
a. outsourcing b. trading c. e-business
5. In online shopping customers put the product in the ....... . Jul'23

a. shopping mall b. shopping cart c. shopping bag

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(B) Match the pairs.

Group 'A' Group 'B'
A) E-business 1) Consumer to consumer
B) B2C 2) Exist everywhere
C) Outsourcing Jul'23 3) First step
D) Digital cash 4) Business to consumer
E) Registration 5) Electronic business
6) BPO
7) RTO
8) Efficient business
9) exist only in cyberspace
10) Last step
(C) Give one word / term / phrase for the following sentence.
1) The stage where the goods bought are delivered to the customer.
2) The term derived from the terms e-mail and e-commerce.
3) The transaction which is done with the help of the internet.
4) The first step in online transaction.
5) The process of contracting a business function to specialized agencies.
6) Subset of outsourcing.
7) Sub segment of BPO
8) One of the value added BPO service which involves legal work.
(D) State whether following statements are true or false.
1) It is easy to set up e-business as compared to traditional business. Feb'24

2) The term e-business is derived from the term e-mail and e-commerce.
3) e-business allows you to work across the globe in any field.
4) LPO stands for legal product outsourcing.
5) KPO requires advanced analytical and technical skills.
6) With the help of outsourcing, company cannot focus on the core areas. feb'24

(E) Find the odd one.

l) BPO,RTO,LPO,KPO 2)B2B,B2C,A2Z,C2C
3) Debit card, Credit card, Aadhar card, ATM card.
(F) Complete the sentences.
1) E-business is an abbreviation for .............. .
2) The term e-business came into existence in the year .............. .
3) E-business means using the .............. to connect people and process.
4) E-business is .............. of e-commerce.

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5) E-commerce is .............. of e-business.

6) The process of contracting a business function to specialized agencies is known as .............. .
(G) Select the correct option and complete the table.
(Business to Business, First step, e-commerce, payment mechanism, e-business)
Group A GroupB
A) Registration ..............
B) Superset of e-commerce ..............
C) ........... Last step
D) Subset of E-business ..............
E) .............. B2B
(H) Answer in one sentence.
1) What is E-business?
2) What is outsourcing ?
3) What is Online Transaction?
4) What is shopping cart ?
5) What is digital cash ?
6) What is BPO ?
7) What is KPO ?
8) What is LPO ?
(I) Correct the underlined word and rewrite the following sentence.
1) E-business is hard to start.
2) There are five stages of online transactions.
3) Registration is the Last step in online transaction.
4) Digital cash is form of plastic currency.
5) KPO includes less knowledge based and specialized work.
(J) Arrange in proper order.
1) Purchase or sale / Delivery stage / Pre purchase or sale.
2) Placing an orders, Cash on delivery, Registration
Q.2. Explain the following terms / concepts.
1) E-business 2) B2B 3) B2C 4) C2C 5) Outsourcing 6) BPO 7) LPO 8) KPO
Q.3. Study the following case / situation and express your opinion.
1. Abhay purchases some gift articles online from www.flipkart.com. At the same time Sheetal
purchased gift from e-bay.com.
i. Which website is related to C2C?
ii. Which website is related to B2C?
iii. What first step does Abhay need to follow?

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2. Satvik purchases watch from Titan shop and his friend Shambhavi purchases watch from
online shopping site.
i. Which shopping is from traditional business?
ii. Which shopping is from e-business?
iii. Which business involved high risk ? Jul'22
3. Mr. Ved made his payment by cheque at the same time Mr. Shlok made his payment by fund
transfer.
i. Whose payment is faster ?
ii. Whose payment is related to traditional business ?
iii. Whose payment is related to e-business ?

Q.4. Distinguish between.

1) Traditional business and E-business. Jul'22
2) E-business and E-commerce
3) BPO and KPO

Q.5. Answer in brief.

1) What is outsourcing ? Illustrate with suitable example.
2) What is BPO? Explain in detail. 5) Explain advantages of Business Process Outsourcing (BPO). {Feb'24}
3) What is KPO ? Explain in detail. 6) What are the advantages of outsourcing? (Jul'23)

4) What is LPO ? Explain in detail.

Q.6. Justify the following statements

1) It is easy to set up e-business as compared to traditional business.
2) E-business allows user to work across the globe in any field.
3) Online transaction is done with the help of the internet. Jul'23

Q.7. Attempt the following.

1) What are the advantages and disadvantages of e-business ?
2) What are the types of e-business? Explain.
3) What are the advantages of outsourcing?
4) What are the disadvantages of outsorcing?

Q.8. Answer the following.

1) Explain the steps involved in online transaction.
2) What is outsourcing? Explain advantages and disadvantages of outsourcing.

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EXERCISE

Q1. (A) Select the correct option and rewrite the sentence.
1. Business is a ..................... activity
a) Socio-economic b) Service c) Charitable
2. Business organisation should try to make ..................... utilisation of natural resources.
a) Minimum b) Maximum c) Optimum
3. For economic growth and national security ..................... stability is required. feb'24

a) Political b) Social c) Economic

4. Making timely paymenet of proper taxes is the responsibility of organisation towards
.....................
a) Shareholders b) Customers c) Government
5. Businessmen are ..................... of the society.
a) Representatives b) leaders c) Trustees
6. Business should provide periodic information to ........... .
a) Customers b) Owners c) Employees
7. Business should offer adequate opportunities of promotion to their .........
a) Employees b) Customers c) Investors
8. The term 'Ethics' is derived from the ............. word 'Ethos' which means character.
a) Latin b) French c) Greek
9. Business ethics refers to the ..................... system of principles.
a) Economic b) Social c) Moral
10. Business organisation should protect health and provide safety measures to ........... .
a) employees b) owners c) investers
11. At least ..................... % of the average net profit should be spent on C.S.R.
a) 5% b) 2% c) 3%.
(B) Match the pairs.
Group 'A' Group 'B'
A) Employees 1) Good quality product
B) Responsibility to investors 2) To maintain solvency and prestige
C) Responsibility towadrs government 3) To serve society
D) Economic objective 4) Voluntary
E) Business ethics Jul'23 5) Job security
6) Compulsory
7) Respecting rules and regulations

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8) To earn profit
9) Branch of social Science
10) Protection and environment
(C) Give one word / phrase/ term for the following sentence.
1) Name the philosophy related to social responsibility propounded by Mahatma Gandhi.
2) Duties, obligations of business directed towards welfare of society.
3) Getting good quality products is the basic right of this group of society.
4) Providing fair returns on investment is the responsibility of organisation towards this group.
5) Rules of standard dealing with morality in business environment.
6) An activity motivated by profit.
7) Earning foreign exchange is the responsibility of the organisation towards this group.
8) Employment generation is the responsibility of the organisation towards this group.
(D) State whether following statements are true or false.
1) Businessmen are trustees of the society.
2) Business ethics is a code of conduct.
3) The commercial organisation are expected to uplift the weaker section of the society.
4) It is the responsibility of commercial organisation to maintain industrial peace. Jul'23
5) Owners should not get complete and accurate information about the financial position.
6) Media does not play important role in public life.
7) Social responsibility is broader than legal responsibility of business.
(E) Find the odd one.
1) Job security, health and safety measures, good working condition, reasonable profit. feb'24
2) Good quality products, fair prices, honest advertising, prevent congestion in cities.
3) Timely payment of taxes, earning foreign exchange, creating goodwill, political stability.
4) Protection of environment, maintain transparency, employment generation, development of
backward region.
5) Proper conduct of meeting, careful use of capital, fair prices of products. maintain solvency
and prestige.
F) Complete the sentences.
1) Business organisation can maximise profitability by ............. wastage.
2) Social responsibility is broader than ............. responsibility.
3) The concept of trusteeship was propounded by ............. .
4) Business should earn ............. profit.
5) ........... should be fixed according to the nature and importance of work.
6) The word 'Ethics' is derived from the Greek word ' ............. .

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(G) Select the correct option.

(Responsibilities towards shareholders, responsibilities towards consumers,
Responsibilites towards government, Responsibilities towards society)

Group A Group B
1) After sales service ...................
2) Timely payment of proper taxes ...................
3) ................... Protest Anti Social activities
4). ................... Fair practices on stock Exchange
(H) Answer in one sentence.
1) Who can raise voice against business malpratices ?
2) What should be done by management to keep workers updated?
3) What type of advertising should be avoided?
4) What organisation should do to improve quality of goods and to reduce cost of production ?
(I) Correct the underlined word and rewrite the sentence.
1) Social responsibility is narrower term than legal responsibility of business.
2) All sorts of fair practices related to stock exchange should be avoided.
3) Management and union should agree strikes and lockouts to protect the interest of both the
parties.
4) MRP (Maximum Retail Price) should not be printed on every packet.
5) Dishonest advertising can be appreciated by customers in the longrun. Jul'23
6) Financial help should be provided by business organisation for anti social activities.
7) Business ethics is a compulsary term.
8) Business ethics is not a relative term.
9) Social values are based on perceptions of right or wrong.
10) Moral values provide general guidelines for social conduct.
Q.2 Explain the following terms/ concepts.
1) Social responsibility 2) Concept of Trusteeship 3) Business ethics feb'24
Jul'23
4) Moral Values 5) Social values 6) Corporate Social Responsibility (feb'24)
Jul'23
Q.3 Study the following case / situation and express your opinion.
1) Yashwant Co. Ltd. is providing facilities for their female staff like day care centre for kids
and work from home facility. Even management takes their suggestions while taking the decisions
though they are members of trade union
i) By doing this they are following social responsibilities towards which interest groups?
ii) What values are they presenting?
iii) What kind of responsibilities employer follows in above case?

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2) An organisation manufaturing paints has been enjoying a prominent market position since
many years. It has been dumping its untreated poisonous waste on the river bank: which has
created many health problems for the nearby villages.
i) Which responsibility is neglected by manufacturing organisation?
ii) What kind of pollution they are doing?
iii) What precautionary measures they need to take? Jul'22
3) A vehicle manufacturing company has adopted the following practices.
A) Only those components will be used by the company which are environment friendly.
B) There will be discharge of harmful wastes only after their proper treatment.
C) Pollution level of every vehicle will be maintained as per international standards.
i) by doing this,business organisation follows social responsibility towards which interest
group?
ii) What kind of pollution do they want to avoid?
iii) What kind of message do they want to convey? Jul'23

Q.4. Answer in brief.

1) Give any four types of social responsibilities towards consumers.
2) What is business ethics? What are elements of business ethics?
3) State responsibilities of business towards government.
4) State any four CSR activities.
Q.5. Justify the following statements.
1) Role of media has major influence on business organisation.
2) Business should allow workers participation in management. Feb'24
3) Expectations of society towards business are changing.
4) Business organisaitions should avoid environmental pollution and ecological imbalance.
5) All sorts of unfair practices related to stock exchange should be avoided.
6) Business ethics contains moral and social values for doing business.
7) Business ethics can be considered as a tool for social development.
Q.6. Attempt the following. 8)Consumers have many responsibilities. (Jul'23)
9) Business organization have many social responsibilities (Jul'22)
1) What is social responsiblity of commercial organisation. towards consumers?
2) State different types of responsibilities towards society.
3) Describe the responsibilities of commercial organisation towards investors.
4) Describe the features of business ethics.
5) What is corporate social responsibility ?

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Q.7. Answer the following.

1) Explain the responsibilities of business towards employees.
2) Define concept of social responsibility and what is the need for social responsibility.
3) Explain the responsibilities of a business unit towards society at a large.
4) What are the responsibilities of business towards investors and government.?

Answer Key

Q.1.(A) 1) Socio-economic 2) Optimum 3) Political 4) Government 5) Trustees 6) Owners

7) employees 8) Greek 9) Moral 10) Employees 11) 2%
(B) A-5, B-2, C-7, D-8 , E-9
(C) 1. Trusteeship 2. Social responsibility 3. Consumers 4. Investors 5. Business ethics
6. Business 7. Government 8. Society
(D) True-l,2,3,4,7 False- 5,6
(E) 1. Reasonable profit 2. Prevent congection in cities 3. Creating goodwill 4. Maintain
transparency 5. Fair prices of products
(F) l.Minimising 2. Legal 3. Mahatma Gandhi 4. Reasonable 5. Remuneration 6. Ethos
(G) l. consumers 2. Government 3. Society 4. shareholders
(I) 1. Broader 2. Unfair 3. Ban 4. Should 5. Honest 6. Should not be 7. Voluntary
8. Relative 9. Moral values 10. Social values

REFERENCE :
1) Soure http://finance.bih.nic.in!Documents!CSR-Policy.pdf
2) www.yourarticleliabrary.com
3) https/www.businessmanagementidea.com
4) https://www.quora.com
5) https://www.investopedia.com
6) https://www.businessjargons.com
7) Textbook of Organisation of Commerce and Management of MSBSHSC, Pune, Standard XII,
Edition; 2013.

³³³³³

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7.Consumer Protection

Consumer Responsibilities :
Responsibilities of consumer are as follows:
1) Consumer should use his right
2) Cautious consumer
3) Filing complaint for the redressal of actual grievances
4) Consumer must be quality conscious
5) Beware from exaggerate advertisement
6) Demand of Receipt and Guarantee/ warrantee card
7) Pre-Plan for buying
8) Organised efforts
Ways and Means of Consumer Protection
Following are the various ways and means of consumer protection in India.
1) Lok Adalat
2) Public Interest Litigation (Janahit Yachika)
3) Redressal Forums
4) Awareness Programme
5) Consumer Organizations
6) Consumer Welfare Fund
7) Legislative Measures
Consumer Protection Act,2019:
1) District Commission 2. State Commission 3. National Commission
Career
Opportunities
Consumer court Lawyer.
Consumer Counsellor.
Analyst in Food testing laboratories

EXERCISE
Ql A) Select the correct answer and rewrite the sentence.
1. In India, the consumer protection act was initiaed in the year ........ . feb'24

a) 1947 b) 1989 c) 1986

2. The President of District Commission is a .............. .
a) District Judge b) High Court Judge c) Supreme Court Judge
3. The main objective of the consumer organization is to protect the interest of the ....... .
a) Consumer b) trader c) producer
4. ....... is the highest authority to settle the consumer dispute under Act.
a) State Commission b) National Commission c) District Commission
5. The Government has established ....... to settle the consumer disputes by compromise.

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a) District Commission b) Lok Adalat c) Consumer organisation

6. National Commission has ........ members.
a) 2 b)3 c) 4
7. District Commission entertains complaints of consumer for compensation which is less than
........ .
a) one crore b) ten lacs c) ten crore
8 ....... is celebrated as World Consumer Day. Jul'23

a) 24th December b)26th January c) 15th March

9. In modern competitive market, consumer is regarded as the ........... .
a) king, b) Agency c) Owner
B) Match the pairs.
Group A Group B
A) King of the market 1) 1930
B) National Commission 2) Socialist
C) Mumbai Grahak Panchayat 3) Exceeds Rs. ten crore
D) Sale of Goods Act 4) Non Government Organisation
E) Consumer Right feb'24 5) Consumer
6) Legislative Measures
7) Exceeds Rs. one crore but does not exceeds Rs. ten crore.
8) 1956
9) Consumer Protection Act
10. Right to information

C) Give one word / phrase / term for the following sentence.

1. The commission which entertains case where the value of the goods or services paid as consid-
eration does not exceed Rs. one crore.
2. A legal action initiated in a court of law regarding a matter of general public interest.
3. Organizations which aim at promoting the welfare of the people.
4. The right of consumer which is about safety and protection to his life and health.
5. One who consumes or uses any commodity or service.
D) State whether following statements are true or false.
1. The seller has to recognize the rights of Consumer. feb'24
2. Consumer Protection Act provides protection to the producer.
3. Consumer Protection Act is not required in India. Jul'23
4. Lok Adalat can rightly be described as "People's Court".
5. Consumer, being the king of market, does not have any responsibility.

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E) Find the odd one.

1. District Commission, State Commission, NGO, National Commission
2. District Judge, High Court Judge, Commissioner, Supreme Court Judge
F) Complete the sentences.
1. National Commission is tobe established by ............ Government.
2. Any person who does not agree with the decision of District Commission can appeal to the
............ .
3. State commission has ............ members.
4. The President of National Commission is ............ judge.
5. National Commission entertains complaints of consumer for compensation that exceeds
Rs ............ .
6. The consumer protection Act established ............ Tier quasi judicial system for consumer
protection exist.
G) Select the correct option and complete the following table.
(High court Judge, Four, Consumer Organisations, does not exceeds Rs. one crore, 2019)
Group A Group B
l) Amount of compensation in A. ............................
District Commission
2) ............................ B. State Commission
3) Consumer Protection Act C. ............................
4) ............................ D. non-profit and non Political organisation
5) Members of National Commission E. ............................
H) Answer in one sentence.
1) When do we observe a National Consumer's Day?
2) Who is consumer?
3) What information one should check before buying a product?
4) Which forum is set up at the national level for redressal for consumer complaints?
5) Who shall be appointed as president of National Commission?
6) When do we observe World Consumer's Rights Day?
I) Arrange in proper order.
1) National Commission, District Commission, State Commission.
2) District Judge, Supreme Court Judge, High Court Judge.
J) Correct the underlined word and rewrite the following sentence
1) An appeal can be filed against the order of the National Commission to the State forum.
2) National Commission is established by the State Government.
3) District Commission is also referred as People's Court. Jul'23
4) In India, sellers are widely dispersed and are not united.
5) National Commission entertains complaints where the value of the goods or services_
paid as consideration does not exceed Rs. one crore .

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Q.2. Explain the following terms/ concepts.

1) District Commission. 6) Right to choose (feb'24)
2) National Commission. 7)Right to Consumer Education (Jul'23)
3) State Commission.
4) Lok Adalat. Jul'22
5) Janhit Yachika
Q.3. Study the following case/situation and express your opinion.
1) Mr. Ashok visited a shop to buy a pair of shoes of RS. 700. The salesman forced him to buy a
pair of bigger size shoes of ordinary company by claiming this size would be suitable to him. After
reaching home, he discovered that shoes are still too big for him. He complained about the shoes to
the shopkeeper. It was denied by the shopkeeper to replace the shoes despite of availability of stock.
In above case
i) Which right has been violated?
ii) Comment on the right which has been violated.
iii) Where can Mr. Ashok file his complaint? Feb'24

2) Mrs. Meera a resident of Nagpur District bought a washing machine worth Rs. 50,000 without
cash memo with a warrantee period of 2 years. After 1.5 years she noticed some defect and
asked the company to repair or replace it. The company did not accept her complaint despite
of the defective product.
In the above case,
i) Suggest suitable redressal machinery to protect her right.
ii) If she is not satisfied with the decision given by redressal machinery, where should she
appeal?
iii) What was the negligence of Mrs. Meera while buying the washing machine?
Q.4. Distinguish between.
1) District Commission and State Commission. Feb'24
2) State Commission and National Commission.
3) District Commission and National Commission Jul'23
Q.5. Answer in brief.
1) Explain any four needs of consumer protection. Jul'23
2) State any four rights of the consumer. Jul'22
3) Explain any four responsibilities of the consumer .
4) State the role of NGO in consumer protection.
Q.6. Justify the following statements.
1) The Consumer Protection Act was passed in the interest of consumers. Jul'22

2) Consumers have many responsibilities.

3) Aim of consumer organization is to protect the rights of the consumer.

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Q.7. Attempt the following.

1) State rights of the consumer. Feb'24
2) State responsibilities of the consumer.
3) State the need of consumer protection.
4) State the role of NGOs and consumer protection.
5) State the composition and monetary jurisdiction of district Forum.
6) State the composition and monetary jurisdiction of state commission.
7) State the composition and monetary jurisdiction of national commission.
Q.8. Answer the following.
1) Who is consumer? Explain the rights of the consumers.
2) Explain the ways and means of Consumer Protection.
3) Explain the three tier quasi judicial machinery under the Act.
Answer Key

Q.l (A) 1- 1986,2 - District Judge, 3 - Consumer, 4- National Commission, 5 - Lok

Adalat, 6 - 4, 7- one crore, 8 - 15th March, 9 - King
(B) A-5, B-3, C-4, D-l, E-10
(C) 1 - District Commission 2 - Public Interest Litigation, 3.Non Government
Organizations,4 Right to safety, 5. Consumer
(D) True-1,4, False-2,3,5
(E) 1. NGO, 2.Commissioner
(F) 1. Central, 2. State Commission, 3. four, 4. Supreme Court, 5 Rs ten
crore 6.three
(G) 1. Does not exceed Rs. one crore 2. High court Judge, 3.2019 4.Consumer
Organisations, 5.4
(I) 1. District Commission, State Commission, National Commission.
2. District Judge, High Court Judge, Supreme Court Judge.
(J) 1. Supreme Court, 2. Central Government, 3. Lok Adalat, 4. Consumer, 5. District
Comission

REFERENCES :
• The text book 'Organisation of commerce and management' XII Maharashtra State
Board of Secondary and Higher Secondary Education Pune.
• Consumer Protection Law, Provision and Procedure, R. N. P.Chaudhary
• www. Wikipedia.org! Lok Adalat
• www.Wikipedia.org/ Public Interest Litigation
• www.conusmeraffairs.nic.in
• Consumer Protection Act, 2019 Gazatte of India dtd.9 August,2019.

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 8.Marketing
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Marketing Mix
1) Product, 2) Price
3) Place 4) Promotion
5) People, 6) Process
7) Physical Environment

EXERCISE
Q.1. (A) Select the correct option and rewrite the statements
1. The term market is derived from the ............. word 'mercatus'
a) French b) Latin c) Italian
2. In the .................. concept of market, emphasis is given on 'buying and selling of goods or ser-
vices' .
a) Place b) Exchange c) Customer
3. Perishable goods such as vegetables, fruits, milk products etc. are sold in Market
a) Very Short Period b) Short Period c) Long Period
4. Retail market is the market where retailer sells goods directly to the .......... in small quantities.
a) Producer b) Wholesaler c) Consumer
B) Match the pairs
Group A Group B
A) Market 1) Single Seller
B) Registered brands (feb'24) (Jul'23) 2) Stock Market
C) Monopoly 3) Distinct Name
D) Branding 4) Mercatus
E) Digital Marketing 5) Single Buyer
6) lSI
7) Trademark
8) Use of traditional media
9) Multiple seller
10) Use of digital media

C) Write a word/term /phrase for the following sentence.

1) The market for the commodities which are produced in one country and sold in another
countries.
2) Type of market where durable commodities which are generally non-perishable in nature are
sold.
3) The market where goods are sold to the ultimate consumers or the users of the product.

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4) Two sellers, selling either a homogeneous product or a differentiated product.

5) Giving of distinct name to one's product.

D) State whether the following statements are true or false.

1) The term market is derived from the Latin word 'mercatus'. feb'24

2) Market may be defined as aggregate demand by potential buyers for a product or service.
3) The market for the commodities which are produced in one country and sold in another
countries is known as national market.
4) In wholesale market sellers are known as retailers and buyers are known as wholesaler.
5) Regulated Market operates according to forces of demand and supply. Jul'23

E) Find the odd one.

1) Primary Market, Secondary Market, Retail Market, Terminal Market
2) Stock Exchange, Foreign Exchange, Bullion Market, Manufactured Goods Market
3) Price, People, Promotion, Product feb'24

4) People, Promotion, Physical Evidence, Process

F) Complete the sentence.

1) ............. is the place where transaction of buying and selling of goods and services take place
in exchange of money or money's worth.
2) ............. refers to a market situation when there is a single buyer of a commodity or service.
3) ............. is a slip which is found on the product and provides all the information regarding the
product and its producer.
G) Select the correct option and complete the table.
(Mercatus, Industrial goods, Oligopoly, E. Jerome McCarthy, Booms & Bitner)
Group A Group B
A) Commodity Market 1) .....................
B) ..................... 2) A few sellers
C) ..................... 3) To trade merchandise
D) 4 Ps 4) .....................
E) ..................... 5) 3 Ps

(H) Answer in one sentence.

1) What do you mean by 'Local Market'?
2) What do you mean by 'Regulated Market'?
3) Define Market.
4) What do you mean by standardization?
5) What do you mean by Branding?

I) Correct the underlined word and rewrite the following sentence

1) Commodity Market refers to the market for borrowing and lending long term capital required
by business.
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2) In duopoly there is a single seller.

3) Pricing bridges the time gap between production and sale of goods.
4) Branding is the process of classification of products according to similar characteristics and/
or quality.
5) Grading helps in avoiding breakage, damage and destruction of the product. Jul'23

J) Arrange in proper order

1) Local market, international market, national market.
2) Grading, Market Planning, Distribution.

Q.2. Explain the following terms/concepts

1) Market
feb'24
2) Place Concept of Market 3) Commodity Concept of Market 4) Digital Concept
of Market ·5) Product 6) Price 7) Promotion 8) Marketing Mix 9) Packaging 10) Labeling

Q.3. Study the following case/situation and express your opinion

1) Mr X purchases goods from nearest shop. Mr Y purchases mobiles from Tokyo. Mr Z of
Nandurbar purchases electronic goods from Delhi.
i) From which type of market does Mr.X purchase?
ii) Name the type of market from where Mr.Y deals?
iii) State the type of market from where Mr.Z purchases goods?
2) Mr. X deals in import and export business so he needs different foreign currencies. For the
expansion of his business, he borrows money from bank. He invests his funds in the equity
shares.
i) Name the market from where does Mr.X borrow money?
ii) Name the market where does Mr. X invest his funds?
iii) Which type of currency is required for international market? Feb'24

Q.4. Answer in Brief

1) Explain in detail the significance of marketing to the society
2) Explain 4Ps of product marketing mix. Jul'22
3) Explain 3Ps in marketing of services
4) Explain types of market on the basis of area covered
5) Explain types of market on the basis of time
6) Explain any four functions of marketing. (Jul'23)
Q.5. Justify the following statements.
1) Marketing is significant to the consumers.
2) Promotion plays an important role in marketing.
3) Market can be classified on the basis of competition.
4) Marketing helps in increasing consumer awareness.
5) There is a need of branding to get recognition among the consumers. Feb'24

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Q.6. Attempt the following.

1) Give classification of market in detail on the basis of 'Volume of Transaction'
2) Give classification of market on the basis of 'Time'
3) Explain packaging and labelling 6) Explain the classification of market on the basis of area covered and volume
of transaction. (Jul'23)
4) Explain standardisation and grading 7) Explain various concepts of market (Jul'22)
5) Explain importance of marketing to the firm.

Q.7. Answer the following.

1) Define Marketing and explain in detail the concepts of marketing.
2) Explain different types of market in detail. 6) What is Marketing Mix? Explain 7Ps of Marketing. (Feb'24)
7)Explain importance of marketing to the society and firm. (Jul'23)
3) Explain in detail 7Ps of Marketing. 8) Define Marketing. Explain the functions for marketing in detail. (Jul'23)
4) Explain the functions of marketing in detail.
5) Explain importance of marketing to the society and consumers.

Answer Key

A) 1. Latin 2. Exchange 3.Very Short Period 4.consumer

B) A-4 , B-7 ,C -l ,D -3 ,E -10
C) 1. International market 2. Long period market 3. Retail market 4. Duopoly 5.branding
D) True- 1,2 False-3,4,5
E) 1. Retail Market 2. Manufacture goods market 3. People 4. Promotion,
F) 1. Market 2. Monopsony 3. Label
G) a. Industrial goods b. Oligopoly c. Mercatus d. E Jerome McCarthy e. Booms &
Bitner
I) 1. Capital market 2. Monopoly 3. Warehousing 4. Grading 5. Packaging
J) 1. Local market, national market, international market / international market,
national market, local market
2) Market Planning, grading, distribution

Career oppotunities :
Marketing manager, Warehouse keeper, Market Analyst, Asvertising Agency
REFERENCES :
• Principles of marketing (2018), Pearson Education, Philip Kotler, Gary Armstrong and Praful-
la Agnihotri.
• Marketing ; Principles and Managements (2014), Himalaya Publishing House, Sherlekar and
Pant.
• Marketing Management, McGraw Hill Publication, Dhrur Grewal and Michael Levy.
• Marketing Management, McGraw Hill Publication, Rajan Saxena.
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