Business Studies 3 Marks Question

Consumer protection has a wide scope.
• It not only includes educating consumers about their rights and responsibilities, but also helps in getting their grievances redressed.
• It not only requires a judicial machinery for protecting the interests of consumers but also requires the consumers to be united and form themselves into consumer associations for protection and promotion of their interests.
• Providing protection to consumers against unscrupulous, exploitative and unfair trade practices of traders, manufacturers and service providers.

Govind is a responsible consumer since he has got the Cash Memo for the book he purchased. Cash memo is the proof of purchase. If there is any defect in goods purchased or deficiency in services hired, consumer must have a cash memo to file the complaint in the appropriate consumer court. So, Govind can recover the extra money he paid (₹20) from the bookseller.
If the book-seller refused to give back ₹20, Govind can file a complaint against the bookseller in the District commission and get reliefs, such as
i. refund of the price paid for the book (₹400),
ii. payment of adequate costs incurred for filing the complaint.

Factors affecting the working capital requirement of the company:
i. Nature of Business: Influences working capital requirements in a trading organisation which usually needs a smaller amount of working capital compared to a manufacturing organisation, while service industries that generally do not have to maintain inventory require less working capital.
ii. Scale of operations: This influences working capital requirements in large organisations, which require a large amount of working capital compared to organisations that operate on a lower scale. scale of operation directly relates with the requirement of the working capital of the organisation.
iii. Business cycle: Affects the firm's working capital requirement, as in the case of a boom, a larger amount of working capital is required compared to the period of depression.

The three measures to overcome the barriers to improve communications effectiveness are:
1. Clarify the areas before communication: Before communicating to employees a manager should make an analysis of the subject matter.
2. Communicate according to the needs of receiver: The manager should make adjustments according to the needs of the receiver.
3. Consult others before communication: A manager should encourage participation of subordinates which will ensure their support and cooperation.

Supervision:
It means overseeing what is being done by subordinates and giving instructions to ensure optimum utilisation of resources and achievement of work targets. supervision is done by the experienced worker over unexperienced worker.
Communication:
Communication is defined as a process of exchange of information, ideas, views, facts, feelings, etc., between two or more persons to create common understanding.

i. Personal Objectives- Personal objectives of management are concerned with satisfying diverse needs of the employees such as-
• Financial needs by giving them competitive salary and perks.
• Social needs like peer recognition, and
• Higher level needs like personal growth and development.
ii. Social Objectives- Social objectives of management involves consistently creating benefits or economic value for various constituents of society.