Class 12th studies in business (319) Solved Free Assignment 2024-25 (NIOS)

1. Answer any one of the following questions in about 40-60 words:

a)  "Profit plays the same role in business as blood plays in human beings." Give your comments in the light of this statement. (See Lesson 1)

Ans:- Profit is essential for the survival and growth of a business, much like blood is crucial for the functioning of the human body. Just as blood nourishes and sustains organs, profit fuels business operations, enables reinvestment, and attracts investors. Without profit, a business cannot thrive, expand, or withstand challenges, just as the absence of blood leads to the collapse of bodily functions.

b)  Describe any two principles of a valid insurance contract. (See Lesson 2)

Ans:- Two important principles of a valid insurance contract are:

1. **Insurable Interest**: The policyholder must have a financial interest in the subject matter of the insurance, meaning they would suffer a financial loss if the insured event occurs. This ensures that the contract is not a mere gamble.

2. **Utmost Good Faith (Uberrimae Fidei)**: Both the insurer and the insured must disclose all relevant facts honestly. The insured must provide accurate information about the risk being insured, and the insurer must clearly explain the terms of the policy. Failure to do so can void the contract.

2.  Answer any one of the following questions in about 40-60 words:-

a) Management helps in efficient and effective use of available resources of an organisation. State any two Objective of management. (See Lesson 6)

Ans:- Two key objectives of management are:

1. **Achieving Organizational Goals**: Management ensures that the organization's goals are achieved efficiently and effectively by planning, coordinating, and controlling resources and activities.

2. **Optimum Utilization of Resources**: Management strives to use resources—human, financial, and physical—optimally to minimize waste and maximize productivity, ensuring the organization's growth and sustainability.

b) Taylor is best known for the techniques of scientific management, particularly in the production department and that too at the shop level? Give reasons in support of your answer. (See Lesson 6)

Ans:- Taylor is best known for the techniques of scientific management, particularly in the production department and at the shop level, because of his focus on improving efficiency through systematic observation and measurement. He introduced methods like **time and motion studies** to identify the most efficient ways of performing tasks, **standardizing work procedures**, and **specialization of labor**. These techniques were applied directly at the shop level to increase worker productivity, reduce waste, and enhance the overall efficiency of production processes. Taylor's approach revolutionized the way work was organized, aiming to maximize output with minimal effort and cost.

3.  Answer any one of the following questions in about 40-60 words:-

a) Mr X is your friend and wants to do marketing. Mention any two ways in which Marketing helps in making products available irrespective of time and place. (See Lesson 14)

Ans:-  Marketing helps in making products available irrespective of time and place in the following ways:

1. **Distribution Channels**: Marketing establishes efficient distribution networks that ensure products reach customers at different locations, whether local, national, or international, and at convenient times.

2. **E-commerce and Online Marketing**: Through digital platforms, marketing enables businesses to sell products 24/7, making them accessible to customers worldwide without time or geographical constraints.

b) According to the traditional concept, marketing consists of those activities which are concerned with the transfer of ownership of goods from producers to consumers. Explain any two concepts of these implications. (See Lesson 14)

Ans:- According to the traditional concept of marketing, it primarily focuses on activities related to the transfer of ownership of goods from producers to consumers. Two key implications of this concept are:

1. **Exchange Process**: Marketing is seen as an exchange where the producer sells goods to the consumer, transferring ownership in return for money. This emphasizes the transaction aspect of marketing, focusing on selling goods to final customers.

2. **Physical Distribution**: This concept highlights the importance of moving goods from producers to consumers through effective distribution channels. It involves activities like transportation, warehousing, and logistics to ensure that products reach consumers at the right place and time.

4. Answer any one of the following questions in about 100-150 words:-

a) “Consumer protection has a vast agenda. Mention the importance of consumer protection from the consumers' point of view. (See Lesson 17)

Ans:- Consumer protection is crucial for ensuring that consumers are treated fairly and have access to safe, high-quality products and services. From the consumer's point of view, its importance lies in several key areas:

1. **Safety and Health**: Consumer protection ensures that products and services meet safety standards, reducing the risk of harm or injury. This is especially important in sectors like food, pharmaceuticals, and electronics.

2. **Prevention of Exploitation**: It guards against unfair practices such as false advertising, price gouging, and deceptive marketing. Consumers are protected from being misled into purchasing inferior or substandard goods.

3. **Redressal Mechanisms**: Consumer protection provides avenues for consumers to file complaints and seek compensation or refunds in case of defective products or services, ensuring that their rights are upheld.

4. **Empowerment and Awareness**: It fosters consumer awareness about their rights and responsibilities, empowering them to make informed choices in the marketplace.

Ultimately, consumer protection contributes to a fairer, safer, and more transparent market environment, benefiting both individual consumers and society at large.

b) ABC shopkeeper sold you some grains claiming that it was pure. Later a laboratory test showed that these were adulterated. As a consumer what action would you take against this wrongful act of the shopkeeper? (See Lesson 17)

Ans:- As a consumer, I would take the following actions against the shopkeeper for selling adulterated grains:

1. **File a Complaint**: I would lodge a formal complaint with the local consumer protection forum or the relevant consumer grievance redressal agency. This is to seek compensation and ensure the shopkeeper is held accountable for the adulteration.

2. **Report to Authorities**: I would inform regulatory bodies such as the Food Safety and Standards Authority of India (FSSAI) or the local health department, as adulteration is a violation of food safety laws.

3. **Seek Compensation**: I may demand a refund for the purchase or seek compensation for the harm caused by the adulterated grains, which can include the health risks involved.

4. **Legal Action**: If necessary, I could take legal action against the shopkeeper under the Consumer Protection Act for selling adulterated products, which would allow for a penalty or punishment for the wrongdoer.

These actions would help protect my rights and promote fair business practices.

5. Answer any one of the following questions in about 100-150 words.

a) You want to apply in XYZ Company and you need to provide Bio Data to the company. Mention any four points mandatory in your bio-data to apply for job. (See Lesson 21)

Ans:- When applying for a job at XYZ Company, the bio-data should include the following four mandatory points:

1. **Personal Information**: This includes your full name, contact details (phone number, email address), date of birth, and residential address. This allows the employer to identify and reach you easily.

2. **Educational Qualifications**: Provide details of your academic background, including the name of the institutions, degrees obtained, and dates of completion. This helps the employer assess your educational qualifications relevant to the job position.

3. **Work Experience**: List any previous work experience, including the names of companies, job titles, duration of employment, and key responsibilities. This demonstrates your practical experience and suitability for the role.

4. **Skills and Achievements**: Mention any relevant skills (technical, communication, or leadership) and notable achievements that can set you apart from other candidates. This helps the employer understand your capabilities and potential contributions to the company.

These points ensure that the bio-data provides a clear, concise overview of your qualifications and suitability for the position.

b)  Employment Exchanges are not playing a significant role in the process of recruitment. Do you agree with this statement? Give reasons. (See Lesson 21)

Ans:- I partially agree with the statement that **Employment Exchanges are not playing a significant role in the process of recruitment**. While it's true that their role has diminished in some ways, there are still valid reasons why they are important in certain contexts.

**Reasons supporting the statement**:

1. **Limited Scope and Outreach**: Employment exchanges often have a limited database and may not be able to connect job seekers with as many opportunities as modern online platforms like job portals or recruitment agencies.

  

2. **Slow and Bureaucratic Process**: The process at employment exchanges can be slow, with long waiting times for job placements, leading to frustration for both employers and job seekers.

**Reasons against the statement**:

1. **Government Support**: Employment exchanges still play a key role in assisting disadvantaged or rural populations who may lack access to online platforms or professional networks.

  

2. **Regulated Employment**: They provide a platform for public sector job opportunities and ensure fair recruitment, especially for government-related positions, adhering to legal and regulatory standards.

In conclusion, while their role is less pronounced compared to modern recruitment methods, employment exchanges still serve an important function in certain areas, especially for public sector jobs and marginalized communities.

6.  Prepare any one project out of the following projects given below

a) Short-term loans help business concerns to meet their temporary requirements of money. We need short-term financing, for raising short-term financing for a business. Explain number of methods for raising short-term finance. (See Lesson 11)

Ans:-  **Project on Short-Term Financing for Business**

**Title: Methods of Raising Short-Term Finance for a Business**

**Introduction:**

Short-term finance is crucial for businesses to meet their temporary financial needs. These needs may arise for reasons such as purchasing raw materials, paying wages, or managing day-to-day expenses. Short-term loans typically have a repayment period of up to one year. In this project, we will explore various methods businesses can use to raise short-term finance.

**Methods of Raising Short-Term Finance:**

1. **Trade Credit:**

   Trade credit is a popular method where businesses buy goods and services on credit, meaning they can delay payment for a specified period, typically 30 to 90 days. This allows companies to manage cash flow without immediate out-of-pocket expenses.

2. **Bank Overdraft:**

   A bank overdraft allows businesses to withdraw more money than they have in their current account, up to an agreed limit. Interest is charged only on the amount overdrawn. It provides flexibility in managing short-term cash shortages.

3. **Cash Credit:**

   Cash credit is a short-term loan provided by banks to businesses based on their inventory or receivables. It is a revolving credit facility, where the business can borrow and repay multiple times within a specified limit.

4. **Bills of Exchange:**

   A bill of exchange is a written agreement where one party promises to pay a specified amount to another party at a future date. It can be discounted with a bank for immediate cash, making it a useful short-term financing option.

5. **Factoring:**

   Factoring involves selling accounts receivable (invoices) to a third party (called a factor) at a discount in exchange for immediate cash. This method helps businesses improve their cash flow without waiting for customers to pay their bills.

6. **Commercial Paper:**

   Commercial paper is a short-term, unsecured promissory note issued by businesses to raise funds. It typically has a maturity period of 30 to 270 days and is sold at a discount to face value. Large, creditworthy companies usually use this method.

7. **Short-Term Loans:**

   Businesses can obtain short-term loans from banks or financial institutions for a specific period, typically up to one year. These loans are often used for working capital requirements and are repaid in installments or as a lump sum at the end of the loan term.

8. **Leasing:**

   Leasing allows businesses to acquire assets (like machinery or equipment) without a large upfront investment. Instead, they pay rent for the use of the asset for a specified period. Leasing provides businesses with the flexibility to manage cash flow while using the required equipment.

9. **Promissory Notes:**

   A promissory note is a written promise to pay a certain amount of money at a future date. It is a simple and quick method for raising short-term funds, often used by small businesses or startups.

**References:**

- Financial Management Textbook, Lesson 11

- "Short-Term Financing" by Financial Times

- "Business Financing Methods" by Investopedia

b) Rajesh runs a tailor shop successfully. With time his clients are increasing. Now he wants to expand his business and open a retail shop for readymade garments. He wants to offer his friend, Kamal a partnership in his business. Name the form of Business Organisation and express your views with main points. (See Lesson 4)

Ans:- The form of business organization that Rajesh is considering by offering a partnership to his friend Kamal is called a **Partnership**.

 **Key Points about Partnership:**

1. **Definition**: A partnership is a business structure where two or more individuals agree to share the responsibilities, profits, and risks of a business. In this case, Rajesh and Kamal will jointly own and manage the retail shop for ready-made garments.

2. **Sharing of Profits and Losses**: In a partnership, the profits and losses of the business are shared among partners according to the terms laid out in the partnership agreement. Rajesh and Kamal would agree on how much each will contribute and how the profits will be divided.

3. **Joint Management**: Both Rajesh and Kamal will share the management responsibilities. Each partner will have a say in the decision-making process, depending on their role and investment in the business.

4. **Liability**: In a partnership, the liability of partners is typically **joint and unlimited**, meaning both Rajesh and Kamal would be personally responsible for the debts of the business if it fails.

5. **Flexibility**: A partnership offers flexibility in terms of business operations, decision-making, and profit-sharing. This is ideal for Rajesh and Kamal as they can align their roles and responsibilities based on their strengths and expertise.

6. **Legal Formalities**: A partnership does not require complex formalities for formation, but it is advisable for Rajesh and Kamal to have a **partnership agreement** in writing. This will help in resolving any disputes and clarifying the terms of the partnership, such as capital contribution, profit-sharing ratio, and the division of