Business, Trade and Commmerce — Business Studies STD 11 Commerce — Question

Vijay Plastic Pvt. Ltd. are makers of plastic toys for children; earning a huge profit. A research conducted by The Indian Council of Child Welfare on the toys shows that colours used in manufacturing toys are harmful for the children. The test was conducted on toys manufactured by the company and case was filed against Vijay Plastic Pvt. Ltd. for using sub-standard colours. However, managing director assured that the company will use standard colours only after certification from the research laboratory. The company will expand its production capacity by employing labour from unprivileged sections of the society.

On the basis of the given information about Vijay Plastic Pvt. Ltd., answer the following questions:

(a) Specify the type of business activity performed by Vijay Plastic Pvt. Ltd.

(b) Specify the category of type of business activity identified in part (a).

(c) Specify the social value ignored by the company and social value taken into account by the company.

From the view point of liability and duration, how can you classify partnership?

Your friend is often confused about the meaning of commercial and central bank. He thought that the two are similar. How will 107 you make him understand?

JawaharLal prepares ‘Ghujiya’ for customers during Holi season every year. He prepared more ‘Ghujiya’ than he could sell this year. He employed women and children also and paid them less salary manufacturing on the packages. This way he generated profit for himself.
(a) Do you think he is fulfilling all the objectives of business ?
(b) If not which aspects of this objective are not being fulfilled ?
(c) Write any two values lacking in JawaharLal.

Identify the type of partner highlighted in the following situations:
(a) Partners who take actual part in carrying out business of the firm on behalf of other partners.
(b) Partners whose association is not known to the general public.
(c) The partner liable to outsiders for the debts given to the firm if it is given because of the belief that the he is a partner in the firm.
(d) The partner who accepts by his words or conduct that he is a partner in the firm.

Two years ago Gopal started manufacturing low fat, sugar free icecream on a
small scale basis in his home town, Vishakhapatnam. After some time his icecream became popular among health conscious young customers and old persons specially those having diabetes or some heart ailment. Because of the popularity of the icecream the demand has increased manifold. Gopal is unable to meet the same, because of his limited managerial ability and limited capital. Gopal also felt that whenever he fell sick his business was temporarily closed. To overcome this problem he decided to admit in the business his friend Mohan who has recently completed his MBA and is ready to invest money for the expansion of the business. Mohan advised Gopal to get their firm registered.
On the basis of the given information about Gopal, answer the following questions:
(a) Enlist three limitations indicated in the above case from which Gopal's business suffered.
(b) Why did Mohan advise Gopal to get the firm registered?

Identify the principle of insurance highlighted in each of the following statements:
(a) The insured is expected to disclose all the important facts related to the property insured.
(b) Insured must have some economic interest in the subject matter of Insurance contract.
(c) To claim for insurance the insured must take reasonable steps to minimize the loss.
(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount.

Dinesh is a needy boy. His mother works as a house help in some houses nearby her cottage. Dinesh doesn't go to school and wanted to help her mother by making some money. Dinesh borrowed ₹ 500 from his friend and bought some cheap plastic toys to sell it near the parks in evening.
On the basis of the given information about Dinesh, answer the following questions:
(a) Identify the type of itinerant retail work Dinesh is doing.
(b) State the various types of itinerant retailers not identified in part (a).

Cochin Shipyard Ltd. (CSL) is one of the leading shipbuilding and repair yard in India, which has an infrastructure that combines economy, scale, and flexibility, and has ISO 9001 accreditation. The government owns 75% stake in Cochin Shipyard. CSL also has an exclusive area set for offshore construction and future expansion. CSL has been rated excellent by the Government of India, four times in a row for achieving the targets set for the yard under the MOU system With specialised industry knowledge and superior resources, CSL has constantly unfolded new levels of excellence in shipbuilding and ship repair. As a technology leader in India, CSL has adopted the Japanese Integrated Hull Outfitting and Painting System (IHOP) for its new construction, which gives a clear edge to CSL in the field of fabrication of commissioning of accommodation modules and topside modification.

On the basis of the given information about CSL, answer the following questions:

(a) How will you classify Cochin Shipyard Ltd. (CSL) as a form of public sector enterprise?

(b) State any three advantages of the type of public sector enterprise identified in part (a).

Established in 1963, MMTC is a leading international trading company of India with a turnover of around 12,500 crore. MMTC is the first Public Sector Enterprise to be accorded the status of "five star export house" by Government of India for long standing contribution to exports. The government owns 89.93 % stake in MMTC. MMTC continues as the canalized agency for export of Iron ore, Manganese ore and Chrome ore. MMTC is also one of the three canalizing agencies for import of urea. Presently, MMTC is one of the nominated agencies for import of gold and silver. Its vast international trade network, which includes a wholly owned subsidiary in Singapore covers almost all countries in Asia, Europe, Africa, America etc. giving MMTC global market coverage.

On the basis of the given information about MMTC, answer the following questions:

(a) How will you classify MMTC as a form of public sector enterprise?

(b) State any three advantages of form of public sector enterprise identified in part (a).