3 Marks Question

Question 13 Marks

State any three directions which can be issued by the consumer court to the opposite party if it is satisfied about the genuineness of the complaint.

Answer

The reliefs available to a consumer under the Consumer protection act, 1986 are:
i. To refund the price paid for the product.
ii. To remove the defects in goods or deficiency in services.
iii. To replace the defective product with a new one, free from any defect.

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Question 23 Marks

State how Government and Consumer Awareness Act could help in achieving the objectives of consumer protection.

Answer

i. Government The government can protect the interests of the consumers by enacting various legislations. The legal framework in India encompasses various legislations, which could provide protection to consumers. The most important of these regulations is the Consumer Protection Act, 1986, which provides three-tier machinery for redressal of consumer grievances. The Government has the responsibility of safety and security of its people and therefore it must frame such laws which could make the sellers refrain from various malpractices.
ii. Consumer Awareness Act: A consumer, who is well-informed about his rights and his reliefs available to him, would be in a position to raise his voice against unfair trade practices or unscrupulous exploitation. This would enable him to safeguard his interests. Consumer Awareness Act, provides the consumer a platform to raise his voice against any form of malpractice.

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Question 33 Marks

After completing a diploma course in Wedding Planning Sunidhi plans to start her own business under the name 'Heart Beat.' She plans to hire a team of experts to give her clients a unique and unforgettable wedding experience keeping in mind their preferences and budget. Since childhood she has been admiring her grand father's financial skills, so she decides to visit him in Mewar to seek his guidance and blessings. Her grandfather tells her that the success of business depends on how well finance is invested in assets and operations and how timely and cheaply the finances are arranged, from outside or from within the business. He warns her that she should always invest time in identifying different available sources of finance and comparing them in terms of their costs and associated risks. Similarly, the finance needs to be invested in a manner that the returns from the investment exceed the cost at which procurement has taken place.
In the context of the above case:
a. Identify and explain the financial concept being discussed above which has a direct bearing on the financial health of a business.
b. Name any two financial statements which reflect the financial health of a business.
c. Briefly outline the key objective of the concept as identified in part (a) of the question.

Answer

a. Financial management the financial concept being discussed above which has a direct bearing on the financial health of a business. Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. Financial Management is concerned with optimal procurement as well as usage of finance.
b. Balance Sheet and Profit and Loss Account are the two financial statements which reflect the financial health of a business.
c. The key objective of financial management is to maximise shareholder's wealth by maximising the market price of a company's shares.

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Question 43 Marks

Explain briefly any three semantic barriers to communication.

Answer

Semantic barriers of communication refer to barriers where there is a problem in decoding the message because of factors such as difficulty in interpretation, wrong translations or wrong use of words. Some semantic barriers are:
i. Badly expressed message: There may be difficulty in expressing the information because of poor vocabulary or wrong use of words.
ii. Symbols with different meanings: Sometimes, a single word may have many different meanings. In such cases, it may be difficult for the receiver to interpret the intended meaning of the word.
iii. Faulty translations: Sometimes, it may happen that there is a language barrier between workers such that the level of proficiency of a language may be different for the two.

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Question 53 Marks

The barriers to effective communication exist in all organisations. Explain any three measures to overcome these barriers.

Answer

Following are the measures which may overcome barriers to effective communication to improve the usefulness of communication:
i. Clarity of ideas- Message to be communicated to subordinates should be clear in all its perspective to the executive himself.
ii. Direct and simple message- The language used should be understandable to the receiver and should not offend the sentiments of listeners. The message should be stimulating to evoke a response from the listeners.
iii. Proper feedback- The communicator should ask questions regarding the message conveyed to the receiver. The receiver of the message should be encouraged to convey their response and reaction to the communicator. There should be a regular follow-up of the communication.

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Question 63 Marks

A company wants to modify its existing product in the market due to decreasing sales. You can imagine any product about which you are familiar. What decisions/steps should each level of management take to give effect to this decision?

Answer

Company wants to modify its existing product Audio/Video players to CD/DVD players. For this purpose management should take the following steps at each level:
i. At Top Level:
• Formulation of plans and policies of every departments for smooth working.
• Coordination between various departments for the accomplishment of pre-determined goals successfully and on desirable time.
• Unity of action I.e change I in We.
• Methods, techniques and Scope of modification if required at any place.
• Analysis of business environment to change its policies time to time.
ii. At Middle Level:
• Proper implementation of plans and policies formulated by top management to lower level management.
• Coordination among the various activities of different departments to achieve the desirable goal.
• Link chain between top and middle level management.
iii. At Lower Level:
• Putting right man on the right job.
• Effective communication with workers.
• Supervision and control.
• Day to day meet with workers.

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Business Studies 3 Marks Question

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