Staffing — Business Studies STD 12 Commerce — Question

Explain the concept and the objective of Financial Management.

State any two advantages and two limitations of informal organisation.

Give the meaning of terms 'efficient utilisation of resources' and 'effectiveness' used in management.

Explain any four points of importance of principles of management.

Which principle of management suggests that employees should not leave the organisation frequently? Give two adverse effects if this principle is violated.

Factory system of production implies that managers serve as a link between the owners and the workers. Since as managers they had the mandate to get work done from the workers, there always exist the possibility of a kind of class conflict, the managers versus workers. Taylor recognised that this conflict helped none, the workers, the managers or the factory owners. Both should realise that each one is important. In such a situation even trade unions will not think of going on strike etc. According to Taylor, Scientific management has for its foundation the firm conviction that the true interests of the two are one and the same; that prosperity of the business cannot exist for a long time unless it is accompanied by prosperity/well-being of its workers. Japanese work culture is a classic example of such a situation. In Japanese companies, paternalistic style of management is in practice. There is complete openness between the management and workers. If at all workers go to strike they wear a black badge but work more than normal working hours to gain the sympathy of the management.
a. Identify and explain the principle of scientific management highlighted in the above paragraph.
b. To achieve a state like that of Japanese work culture, Taylor called for an important concept. Identify and explain that concept.

Enumerate the various Acts passed by the Government of India which help in protection of consumers’ interests.

Explain the following as factors affecting financing decision:

1. Cost.
2. Cash flow position of the business.
3. Level of fixed operating costs.
4. Control considerations.

Vinber Ltd. set up a manufacturing unit at Bhiwadi in Himachal Pradesh to manufacture electric geysers and supply them to dealers all over the country. Their production target was 500 geysers per week. It was decided by the management that variation in production upto 10 units would be acceptable.
At the end of the first week, the production was 450 geysers. The next week, production increased to 470 geysers. A week later, production was 460 geysers. On investigation, it was found that fluctuation in production was due to irregular supply of electricity.

1. The above para discusses some of the steps in the process of one of the functions of management. Explain these steps.
2. Also, state the step(s) that have not been discussed in the above para.

What is budget? Give an example of a sales budget.