Business Services — Business Studies STD 11 Commerce — Question

What do you understand by statement in lieu of prospectus?

Give the features of business ethics.

Distinguish between Memorandum of Association and Articles of Association.

What is the reason behind the existence of business?

You are quite aware of Amul. It is one of the most prominent examples of cooperative society. Conduct a study on Amul and prove that it is an amazing cooperative venture.

Explain procedure of registering a partnership firm.

Manas lived in a small village of Sikkim, where there were no formal education facilities. Therefore he came to Kolkata at his uncle's house, to complete his senior secondary school. After getting senior secondary school certificate, he decided to set up a small retail shop in the city. His uncle was very supportive and allowed Manas to use his vacant shop in a commercial area.
State any three types of shops that he can set up.

ITC Ltd. is a Fast Moving Consumer Goods Company (FMCG) the company was founded in year 1790 by Henry Overton Wills. It's current headquarter is in Kolkata. Its currently headed by Y.C. Deveshwar (Chairman) and three executive directors viz., Nakul Anand Dhobale and K. Grant. It is the largest producer of Cigarettes in India with maximum brands of all range. It provides employment to near about 27,000 people. Apart from cigarettes the company is diversified into many other businesses also like hotels, papers, packaged foods, apparels, etc. In the list of world's most reputable companies, ITC positions at number 95. It is the only Indian FMCG company on Forbes Global 2000 ranking. The company is fulfilling its social responsibility by contributing to various programmes like ITC e-Choupal ecosystem, skill camp, vocational training, health camp and sanitation. The group has an account in State Bank of India for its business dealings.

On the basis of the given information about ITC Ltd., answer the following questions:

(a) The working of a successful private sector enterprise is highlighted above. Name and explain the other sector which co-exists with it in the mixed economy.

(b) Identify any two values which according to you can be associated with ITC Ltd.

Raman started a gym named as 'Stay Healthy Gym'. He installed large number of machines and equipments of different types and appointed trained trainers to help the customers in the use of machines. Initially he kept a low fee per hour so that the boys and girls belonging to poor families may also avail the facilities of the gym. Very soon his gym became popular and he started operating in three shifts. For this, he pointed additional trainers. He also installed extra machines so that more customers could be enrolled. In two years, he started earning good profits. He took a nearby building on rent and started a 'Recreation and Health Club' for the senior citizens of the locality on very nominal charges. He also encouraged trainers working under him to participate in the cleanliness drive started by the Prime Minister. They agreed and started giving one hour daily for the cleanliness of the nearby areas.

(a) Identify the types of economic activity done by Raman and Trainers.

(b) Also, identify any two values that Raman tried to propagate.

How does commerce remove the obstacles in exchange of goods and services?