1st PUC Business Studies Model Question Paper 4 with Answers

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Karnataka 1st PUC Business Studies Model Question Paper 4 with Answers

Time: 3.15 Hours
Max Marks: 100

Instructions to candidates:

1. Write the serial number of questions properly as given in the question paper while answering
2. Write the correct and complete answers.

Section – A

I. Answer any TEN of following questions in a w ord or a sentence each. While answering Multiple Choice Questions, write the serial number/alphabet of the correct choice and write the answer corresponding to it. Each question carries one mark. ( 10 × 1 = 10 )

Question 1.
Mention any one type of Economic Activity.
Answer:

1. Business
2. Profession
3. Employment

Question 2.
Who is “Karta”
Answer:
Karta is head of the Hindu Undivided Family Business.

Question 3.
Give any one example for joint venture.
Answer:
Example for joint venture is Hero Honda.

Question 4.
Which of the following is not a type of Bank?
(a) Commercial Bank
(b) Co-operative Bank
(c) Central Bank
(d) Saving Bank
Answer:
(d) Saving Bank

Question 5.
Expand ATM.
Answer:
Automated Teller Machine.

Question 6.
State any one need for pollution control.
Answer:
Improved public Image.

Question 7.
Which type of company issues prospectus?
Answer:
Public Company.

Question 8.
Equity share holders arc called.
(a) Owners of the company
(b) Partners of the company
(c) Executive of the company
(d) Guardian of the company
Answer:
(a) Owners of the company.

Question 9.
Expand DICs.
Answer:
District Industries Centers.

Question 10.
What is wholesale trade?
Answer:
Wholesale trade refers to buying and selling of goods and services in large quantities for the purpose of resale.

Question 11.
What is import trade?
Answer:
Import trade refers to the purchase of goods from other countries for domestic use.

Question 12.
Name any one document of import business.
Answer:
Proforma Invoice.

Section – B

II. Answer any ten of the following questions in two or three sentences each. Each question carries 2 marks. ( 10 × 2 = 20 )

Question 13.
What is commerce?
Answer:
Commerce is a branch of business concerned with distribution of goods and services.

Question 14.
State any two demerits of sole proprietary organisation.
Answer:
Two demerits of sole proprietary organisation are :

1. Limited resources.
2. Unlimited liability.

Question 15.
What do you mean by global enterprises?
Answer:
A global enterprises is one which incorporated in one country but where operations extend beyond the home country.

Question 16.
State any two types of warehouse.
Answer:
(a) Private warehouse.
(b) Public Warehouse.

Question 17.
State any two resources required for successful implementation of E-busincss.
Answer:

1. Internet connection.
2. Computer system.

Question 18.
State any two effects of pollution.
Answer:

1. Environmental degradation.
2. Ozone layer depletion.

Question 19.
Name any two clauses of memorandum of association.
Answer:

1. Name clause.
2. Object clause.

Question 20.
Give the meaning of shares.
Answer:
Share refers to divided capital into small units is called shares.

Question 21.
State any two features of cottage industries.
Answer:

1. There are organised by individuals.
2. Cottage industries using with private resources.

Question 22.
Give the meaning of consumer co-operative stores.
Answer:
A consumer co-operative stores is an organisation owned, managed and controlled by consumers. It offers goods at reasonable cost.

Question 23
Give any two reason for international business.
Answer:

1. To earn more profit.
2. Advanced technology.

Question 24.
State any two institution setup by government to promote export trade.
Answer:

1. Export Inspection Council.
2. Commodity Boards.

Section – C

III. Answer any seven of the following questions in 10-12 sentences. Each question carries 4 marks. ( 7 × 4 = 28 )

Question 25.
Explain briefly any four characterktics of business.
Answer:
Business is an economic activity so their primary objectives are economic.

1. Earning profits: One of the objectives of business is to earn profits on the capital employed. Profitability refers to profit in relation to capital investment. Every business must earn a reasonable profit which is so important for its survival and growth.

2. Market standing: Market standing refers to the position of an enterprise in relation to its competitors. A business enterprise must aim at standing on stronger footing in terms of offering competitive products to its customers and serving them to their satisfaction.

Social objectives:
Business is an economic activity which cannot be carried on in isolation; there arise the social objective of business. Important social objectives of modern businesses are:

1. Providing employment: One of the important social objectives of a business is to provide employment to the society. This can be achieved by establishing new business units, expanding market. etc.

2. Prevention of pollution: With the growth of industries, pollution has become a serious matter. Pollution affects the hygiene and the health of human beings and even animals. So, one of the social objectives and obligations of every business is to make efforts to prevent the pollution of air and water.

Question 26.
Explain briefly any four characterktics of business.
Answer:

• Formation: These companies are formed by the Indian Companies Act, 1956 or 2013.
• Ownership: The ownership of these companies is in the hands of the government. In total capital major portion of the capital not less than 51% is contributed by government.
• Separate entity: They have separate legal entity, apart from the government.
• Government audit: These companies are exempted from the accounting and audit rules and procedures. An auditor is appointed by the central government.
• Financial autonomy: The government company obtains its funds from government shareholdings and other private shareholders. It is also permitted to raise funds from the capital market.

Question 27.
State any four features of government companies.
Answer:
Insurance may be classified as follows:
1. Life Insurance: It may be defined as a contract in which the insurer in consideration of a certain premium, agrees to pay to the assured, or to the person for whose benefit the policy is taken, the assured sum of money, on the happening of a specified event contingent on the human life or at the expiry of certain period.
There are various types of life insurance policies like:

• Whole Life Policy
• Endowment Life Assurance Policy
• Joint Life Policy
• Annuity Policy
• Children’s Endowment Policy.

2. Fire Insurance: It is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by fire during a specified period up to the amount specified in the policy. The fire insurance policy is generally taken for a period of one year after which it is to be renewed from time to time. A claim for loss by fire is considered valid only if it satisfies the following two conditions:

• There must be actual loss. i
• Fire must be accidental and non-intentional.

3. Marine Insurance: A marine insurance contract is an agreement whereby the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses. Marine insurance provides protection against loss by marine perils or perils of the sea.

There are three things involved in marine insurance:

1. Ship or hull insurance: Since the ship is exposed to many dangers at sea, the insurance policy is for indemnifying the insured for losses caused by damage to the ship.
2. Cargo insurance: The cargo while being transported by ship is subject to many risks. These may be at port i.e., risk of theft, lost goods or on voyage etc. Thus, an insurance policy can be issued to cover against such risks to cargo.
3. Freight insurance: If the cargo does not reach the destination due to damage or loss in transit, the shipping company is not paid freight charges. Freight insurance is for reimbursing the loss of freight to the shipping company i.e., the insured.

Question 28.
Explain any four steps involved in online transaction.
Answer:
The following steps are involved in on-line trading:

1. Registration: Before online shopping, one has to register with the online vendor by filling-up a registration form. Registration means that you have an ‘account’ with the online vendor. Among various details that need to be filled in is a ‘password’ as the sections relating to your‘account’.

2. Selection of product: The buyer should select the product from the menu given on the website. For the purpose, the buyer might have visit the website of two or more vendors and compare price and quantity.

3. Placing order: While browsing the website, the buyer should drop the selected item in his shopping cart. Once the products are selected and the order is placed sales takes place.

4. Payment mechanism: When the sale takes place, the buyer should give his payment option. The payment can be made in any one of the following Ways:

• Cash-On Delivery (COD): As is clear from the name, payment for the goods ordered online may be made in cash at the time of physical delivery of goods.
• Cheque: The buyer may send a cheque to the online vendor. In this case, the goods are delivered upon realisation of the cheque.
• Net-banking transfer: The buyer may instruct his bank to electronically transfer the amount from his account to account of online vendor.
• Debit card or credit card: Popularly referred to as ‘plastic money,’ these cards are the most widely used medium for online transactions.
  • Credit card allows its holder to make purchase on credit. Later the issuing bank transfers the amount to the online vendors account and buyers account is debited.
  • Debit card allows its holder to make purchases up to specified amount. The amount is deducted electronically as and when the purchase is made.
• Digital cash: This is a form of electronic currency that exists only in cyberspace. This type of currency has no real physical properties, but offers the ability to use real currency in an electronic format.

Question 29.
Explain any four elements of business ethics.
Answer:
The various elements of business ethics are as under:

1. Top management’s commitment: Top management has a crucial role in guiding the entire organization towards ethically upright behaviour. To achieve results, the Chief Executive Officer and other higher level managers need to be openly and strongly committed to ethical conduct.

2. Publication of a code: Enterprises with effective ethics programs define the principles of conduct for the whole organization in the form of written documents which is referred to as the “code”. This involves areas such as fundamental honesty and adherence to laws; product safety and quality; health and safety in the workplace, etc.

3. Establishment of compliance mechanisms: Company must ensure that actual decisions and actions comply with the firm’s ethical standards by establishing suitable mechanisms.

4. Involving employees at all levels: Involvement of employees in ethics programs is a must as at different levels they are the ones who implement ethics policies to make ethical business a reality.

5. Measuring results: Although it is difficult to accurately measure the end results of ethics programs, the firms can certainly audit to monitor compliance with ethical standards. The top management team and other employees should then discuss the results for further course of action.

Question 30.
State any four differences between Memorandum of Association and Articles of Association.
Answer:

Question 31.
List out the sources of raising finance on the basis of ownership.
Answer:
On the basis of ownership, the sources can be classified into:

1. Owner’s funds: It means funds that are provided by the owners of an enterprise, which may be a sole trader or partners or shareholders of a company.
Issue of equity shares and retained earnings are the two important sources from where owner’s funds can be obtained.

2. Borrowed funds: It refer to the funds raised through loans or borrowings. The sources for raising borrowed funds include loans from commercial banks, loans from financial institutions, issue of debentures, public deposits and trade credit. Such sources provide funds for a specified period, on certain terms and conditions and have to be repaid after the expiry of that period. A fixed rate of interest is paid by the borrowers on such funds.

Question 32.
Explain the merits of preference shares.
Answer:
Merits:

• Preference shares provide reasonably steady income in the form of fixed rate of return and safety of investment.
• Preference shares are useful for those investors who want fixed rate of return with
• It does not affect the control of equity shareholders over the management as preference shareholders don’t have voting rights.
• Payment of fixed rate of dividend to preference shares may enable a company to declare higher rates of dividend for the equity shareholders in good times.
• Preference shareholders have a preferential right of repayment over equity shareholders in the event of liquidation of a company.

Question 33.
Explain any four marketing support activities provided by MS ME.
Answer:
The contribution of small scale industries is remarkable. Thus, government has provided the following institutional support to solve the problem of finance and marketing in the small scale sector:

1. National Bank for Agriculture and Rural Development (NABARD): NABARD was setup in 1982, to promote integrated rural development. Apart from agriculture, it supports small industries, cottage and village industries, and rural artisans. It provides credit and offers counselling and consultancy services and organizes training and development programmes for rural entrepreneurs.

2. The Rural Small Business Development Centre (RSBDC): It was set up by the world association for small and medium enterprises and sponsored by NABARD. It works for the benefit of socially and economically disadvantaged individuals and groups. It aims at providing management and technical support to current and prospective micro and small entrepreneurs in rural areas.

3. National Small Industries Corporation (NSIC): This was set up in 1955 with a view to promote aid and foster the growth of small business units in the country. Functions ofNSIC include:

• Supply of machines on easy hire-purchase terms.
• Procure, supply and distribute raw materials.
• Export the products of small business units and develop export-worthiness.
• Mentoring and advisory services.
• Serve as technology business incubators.
• Creating awareness on technological up gradation.
• Developing software technology parks and technology transfer centres.

4. Small Industries Development Bank of India (SIDBI): SIDBI was set up as an apex bank to provide direct/indirect financial assistance under different schemes, to meet credit needs of small business organizations and to coordinate the functions of other institutions in similar activities.

Question 34.
Explain merits of chain stores.
Answer:
Merits:

• Economies of scale: As there is central procurement/manufacturing, the multiple-shop organisation enjoys the economies of scale.
• Elimination of middlemen: By selling directly to the consumers, the multiple-shop organisation is able to eliminate unnecessary middlemen in the sale of goods and services.
• No bad debts: Since all the sales in these shops are made on cash basis, there are no losses on account of bad debts.
• Transfer of goods: The goods not in demand in a particular locality may be transferred to another locality where it is in demand. This reduces the chances of dead stock in these shops.
• Diffusion of risk: The losses incurred by one shop may be covered by profits in other shops, reducing the total risk of an organisation.
• Low cost: Because of centralised a purchasing, elimination of middlemen, centralised promotion of sales and increased sales, the multiple shops have lower cost of business.
• Flexibility: Under this system, if a shop is not operating at a profit, the management may decide to close it or shift it to some other place without really affecting the profitability of the organisation as a whole.

Section- D

IV. Answer any four of the following questions in 20-25 sentences each. Each question carries 8 marks: ( 4 × 8 = 32 )

Question 35.
Explain the features of partnership.
Answer:
Advantages of Sole Proprietorship:

1. Quick decision making: A sole proprietor enjoys considerable degree of freedom in making business decisions. Further, the decision making is prompt because there is no need to consult others.

2. Confidentiality of information: Sole decision making authority enables the proprietor to keep all the information related to business operation confidential and maintain secrecy.

3. Direct incentive: The need to share profits does not arise as he/she is the single owner. This provides maximum incentive to the sole trader to work hard.

4. Sense of accomplishment: There is a personal satisfaction involved in working for oneself. The knowledge that one is responsible for the success of the business not only contributes to self-satisfaction but also instills in the individual a sense of accomplishment and confidence in ones abilities.

Question 36.
Explain the merits and demerits of Joint Stock Company.
Answer:
Merits of Joint Stock Company are:

1. Public confidence: A Joint Stock Company has greater scope of public confidence because it is compulsory for every Joint Stock Company to publish its annual accounts for the information of its members and others. This creates sense of confidence.

2. Scope for expansion: A company can generate huge financial resources by issuing shares and debentures to finance new projects. Companies also transfer a portion of their profit to reserve which can be utilised for future expansion. This helps in planning the future expansion and growth.

3. Huge resources: A company can raise large amount of resources from the general public by issuing shares as the number of members is not restricted, except in case of private companies.

4. Limited liability: The liability of the shareholders is limited to the extent of the face value of the shares held by them. The shareholders are not liable personally for the payment of debt of the company. Thus, limited liability encourages the investors to put their money in the shares of the company.

Demerits of Joint Stock Company are:

1. Difficulty in formation: Preparation of the basic documents like memorandum of Asso¬ciation and Articles of Association, fulfilling legal formalities as per the Act and getting the business registered needs lot of time, money and expertise. Therefore the formation of a joint stock company is very difficult as compared to any other form of organisation.

2. Delay in decision making: A company has to fulfil certain procedural formalities before making certain decisions, as they require the approval of the Board of Directors and /or the General Body of shareholders. Such formalities are time consuming and therefore, some important decisions may be delayed.

3. Lack of secrecy: Each and every7 business strategy is discussed in the meeting of the Board of Directors. The annual accounts are published and compliance to government, Tax authorities, etc. are made at regular intervals. Therefore, it is very difficult to maintain business secrecy in a company form of organisation in comparison to sole proprietorship and partnership.

4. Lack of flexibility: A Joint Stock Company lacks flexibility because of large scale operation. It cannot change its business like sole trading concern, partnership firm, etc. For any change, necessary permission is to be taken from the concerned authorities and necessary resolutions are required to be passed for the same.

Question 37.
Explain the functions of commercial banks.
Answer:
The main functions of commercial banks are accepting deposits from the public and advancing them loans. However, besides these functions there are many other functions which these banks perform. All these functions can be divided under the following heads:

(a) Accepting Deposits: The most important function of commercial banks is to accept deposits from the public. Various sections of society, according to their needs and economic condition, deposit their savings with the banks. Generally, there are three types of deposits which are as follows:

• Saving Bank Account: These account are introduced by the bank to mobilise small saving of low and middle income group of people. The ‘saving account’ is generally opened in bank by salaried persons or by the persons who have a fixed regular income.
• Current account: This account is opened by businessmen who have a higher number of regular transactions with the bank.
• Recurring Deposit Account: In recurring deposit account, certain fixed amount is invested every month for a specified period and the total amount is repaid with interest at the end of the particular fixed period.
• Fixed Deposit Account: If the money deposited by customer with a bank for a fixed period of time for a fixed rate of interest. It is repayable on expiry of specified period of time.

2. Giving Loans: The second important function of commercial banks is to advance loans to its customers. Banks charge interest from the borrowers and this is the main source of their income.
Banks advance loans not only on the basis of the deposits of the public rather they also advance loans on the basis of depositing the money in the accounts of borrowers. In other words, they create loans out of deposits and deposits out of loans. This is called as credit creation by commercial banks.
Banks generally give following types of loans and advances:

• Bank Overdraft: An overdraft is an advance given by the bank allowing a customer to overdraw his current account up to an agreed amount. Interest is charged at an agreed rate only on the amount overdrawn.
• Cash Credits: Cash credit is a short term cash loan to a company. It is a financial accommodation under which an advance is granted on a separate account called cash credit account up to a specified limit.
• Demand Loans: These are such loans that can be recalled on demand by the banks. The entire loan amount is paid in lump sum by crediting it to the loan account of the borrower, and thus entire loan becomes chargeable to interest with immediate effect.
• Short-term Loans: These loans may be given as personal loans, loans to finance working capital or as priority sector advances. These are made against some security and entire loan amount is transferred to the loan account of the borrower.

Discounting of Bills of Exchange: It is a short term finance assistance extended by the bank usually to the businesses that they have current account with bank. When a bill of exchange is presented before the bank for encashment, bank credits the amount to customer’s account after deducting some discount. On maturity of the bill, the payment is received by the bank from the drawee.

3. Investment of Funds: The banks invest their surplus funds in three types of securities such as Government securities, other approved securities and other securities.

• Government securities include both, central and state governments, such as treasury bills, national savings certificate, etc.
• Other securities include securities of state associated bodies like electricity boards, housing boards, debentures of land development banks units of UTI, shares of regional rural banks, etc.

4. Agency Functions: Banks function in the form of agents and representatives of their customers. Customers give their consent for performing such functions. The important functions of these types are as follows:

• Banks collect cheques, drafts, bills of exchange and dividends of the shares for their customers.
• Banks make payment for their clients and at times accept the bills of exchange: of their customers for which payment is made at the fixed time.
• Banks pay insurance premium of their customers. Besides this, they also deposit loan instalments, income-tax, interest, etc. as per directions.
• Banks purchase and sell securities, shares and debentures on behalf of their customers.
• Banks arrange to send money from one place to another for the convenience of their customers.

(e) Miscellaneous Functions: Besides the functions mentioned above, banks perform many
other functions of general utility which are as follows:

• Banks make arrangement of lockers for the safe custody of valuable assets of their customers such as gold, silver, legal documents, etc.
• Banks give reference for their customers.
• Banks collect necessary and useful statistics relating to trade and industry.
• For facilitating foreign trade, banks undertake to sell and purchase foreign exchange.
• Banks advise their clients relating to investment decisions as specialist.
• Bank does the under-writing of shares and debentures also.
• Banks issue letters of credit.
• During natural calamities, banks are highly useful in mobilizing funds and donations.

Question 38.
Explain any eight sources from which a company can meet its financial requirements.
Answer:
Merits:

• It is preferred by investors who want fixed income at lesser risk.
• Debentures are fixed charge funds and do not participate in profits of the company.
• The issue of debentures is suitable in the situation when the sales and earnings are relatively stable.
• As debentures do not carry voting rights, financing through debentures does not dilute control of equity shareholders on management.
• Financing through debentures is less costly as compared to cost of preference or equity capital as the interest payment on debentures is tax deductible.

Demerits:

• As fixed charge instruments, debentures put a permanent burden on the earnings of a company. There is a greater risk when earnings of the company fluctuate.
• In case of redeemable debentures, the company has to make provisions for repayment on the specified date, even during periods of financial difficulty.
• Each company has certain borrowing capacity. With the issue of debentures, the capacity of a company to further borrow funds reduces.

Question 39.
Explain merits and limitations of departmental stores
Answer:
Merits:

1. Attract large number of customers: As these stores are usually located at central places they attract a large number of customers during the best part of the day.

2. Convenience in buying: By offering large variety of goods under one roof the departmental stores provide great convenience to customers in buying almost all goods of their requirements at one place. As a result, they do not have to run from one place to the another to complete their shopping.

3. Attractive services: A departmental store aims at providing maximum services to the customers. Some of the services offered by it include home delivery of goods, execution of telephone orders, grant of credit facilities and provision for restrooms, telephone booths, restaurants, saloons, etc.

4. Economy of large-scale operations: As these stores are organised at a very large-scale, the benefits of large-scale operations, particularly, in respect of purchase of goods are available to them.

5. Promotion of sales: The departmental stores are in a position to spend considerable amount of money on advertising and other promotional activities, which help in boosting their sales.

Limitations:

• Lack of personal attention: Because of the large-scale operations, it is very difficult to provide adequate personal attention to the customers in these stores.
• High operating cost: As these stores give more emphasis on providing services, their operating costs tend to be on the higher side. These costs, in turn, make the prices of the goods high. They are, therefore, not attractive to the lower income group of people.
• High possibility of loss: As a result of high operating costs and large scale operations, the chances of incurring losses in a departmental store are high.
• Inconvenient location: As a departmental store is generally situated at a central location, it is not convenient for the purchase of goods that are needed at short notice.

Question 40.
Explain the various steps involved in import procedure.
Answer:
1. Trade enquiry: The importing firm approaches the export firms with the help of trade enquiry they collecting information about their export prices and terms of exports. After receiving a trade enquiry, the exporter will prepare a quotation called proforma invoice.

2. Procurement of import licence: There are certain goods that can be imported freely, while others need licensing. The importer needs to consult the Export Import (EXIM) policy in force to know whether the goods that he or she wants to import are subject to import licensing.

3. Obtaining foreign exchange: Since the supplier in the context of an import transaction resides in a foreign country, he/she demands payment in a foreign currency. Payment in foreign currency involves exchange of Indian currency into foreign currency.

4. Placing order or indent: After obtaining the import licence, the importer places an import order or indent with the exporter for supply of the specified products. The import order contains information about the price, quantity size, grade and quality of goods ordered and the instructions relating to packing, shipping, ports of shipment and destination etc.

5. Arranging for finance: The importer should make arrangements in advance to pay to the exporter on arrival of goods at the port. Advanced planning for financing imports is necessary so as to avoid huge demur rages (i.e., penalties) on the imported goods lying uncleared at the port for want of payments.

6. Obtaining letter of credit: If the payment terms agreed between the importer and the overseas supplier is a letter of credit, then the importer should obtain the letter of credit from its bank and forward it to the overseas supplier.

7. Receipt of shipment advice: After loading the goods on the vessel, the overseas supplier despatches the shipment advice to the importer. A shipment advice contains information about the shipment of goods.

8. Retirement of import documents: Having shipped the goods, the overseas supplier prepares a set of necessary documents as per the terms of contract and letter of credit and hands it over to his or her banker for their onward transmission and negotiation to the importer in the manner as specified in the letter of credit.

9. Arrival of goods: Goods are shipped by the overseas supplier as per the contract. The person in charge of the carrier (ship or airway) informs the officer in charge at the dock or the airport about the arrival of goods in the importing country. He provides the document called import general manifest. Import general manifest is a document that contains the details of the imported goods.

10 Customs clearance and release of goods: All the goods imported into India have to pass through customs clearance after they cross the Indian borders. Customs clearance is a somewhat tedious process and calls for completing a number of formalities. It is, therefore, advised that importers appoint C&F agents who are well versed with such formalities and play an important role in getting the goods customs cleared.

Section – E
(Practical Oriented Questions)

V. Answer any TWO of the following questions: ( 2 × 5 = 10 )

Question 41.
As a customer of a Bank, list out any five e-banking’ services enjoyed by you.
Answer:
The five e-banking services are:

1. Electronic fund transfer.
2. Automated teller machines.
3. Electronic data Interchange.
4. Credit cards electronic or digital cash.
5. Telebanking / Mobile banking.
6. Any where banking (or) core banking.

Question 42.
As an online buyer, mention any five information-intensive products that can be delivered electronically into your computer.
Answer:
The five information-intensive product that can be delivered electronically are:

1. Tally ERP9
2. e-joumals
3. e-Books
4. e-musics
5. e-games

Question 43.
Being a consumer, name the types of large fixed retail shops which you would like to do your shopping.
Answer:
The types of large fixed retail shops:

1. Departmental stores
2. Chain stores
3. Consumer co-operative stores
4. Supermarket
5. Mail order houses.