Social Responsibilities of Business and Business Ethics — Business Studies STD 11 Commerce — Question

Explain the history of banking in India.

The merchant community derived power and prestige from guilds. Even kings were supposed to accept and respect the rules of these guilds. The guild chief dealt directly with the king or tax collectors and settled the market toll on behalf of its fellow merchants at a fixed sum of money. The guild merchants also acted as custodians of religious interests. They undertook the task of building temples and made donations by levying a corporate tax on their members. The commercial activity enabled big merchants to gain power in the society.

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

(a) "Even kings were supposed to accept and respect the rules of these guilds". Identify the guild being specified in the case.

(b) Enlist the main functions of the guilds whose rules were accepted by even kings.

Deepak and Gaurav joined the prestigious law university in Ahmedabad in the year 2010. During the course of study they became good friends and they both realized that their common interest lies in the field of corporate law. After completion of their degree they decided to start a firm of their own, namely 'Corpo Law Firm' wherein both of thein will be co-owners dividing the profit and loss. After successfully running the firm for a year, they realized that there are certain rights which are denied to their firm as it is not registered.
Explain the consequences of non-registration of their firm.

Explain the measures taken to protect the security and safety of e-transactions.

Give the features of partnership at will and particular partnership.

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.

Mention and define the documents which are used in internal trade.

Explain the position of Indian Subcontinent in world economy since ancient times.

What are the various types of industries?

Sanjay Bhattacharya kept his goods valued at ₹80,000 in a warehouse and had taken a fire insurance policy for the same. On the 25th of Feb., 2017, his stock caught fire. He however was not worried about the same and as he had insured his goods against the risk of fire, he did not even call the fire department for a fire fighting machines. The actual losses amounted to ₹65,000.

How much money can he claim from the insurance company? State the relevant insurance principle in this regard.