FILL IN THE BLANKS WITH CORRECT ANSWERS.
1. A Sole trading concern is a Personal/ an Individual organisation
1. A Sole trading concern is a Personal/ an Individual organisation
2. A
Sole trading concern operates in a Local Market.
3. For
Self Employment Sole
Trader form
of organisation is best.
4. A
Sole Trading concern has no legal status.
5. The
Maximum number of co-parceners in a joint Hindu Family business is unlimited.
6. The
head or senior-most person in the joint Hindu Family is known as The
Karta.
7. In
a joint Hindu Family firm, the liability of the Karta is Unlimited.
8. Registration
of Partnership firm is Voluntary/Optional.
9. The
Maximum number of partners in a no-banking business is twenty
10. The
Maximum number of partners in a partnership firm running a banking business is ten.
11. At
least two persons
are required to form a partnership firm.
12. The
liability of a partner is unlimited.
13. A Minor can
be admitted to the benefits of partnership.
14. A Public
Company can start its business after receiving the
certificate to commence the business.
15. A Private Company
can start its business as soon as it obtains the Certificate of Incorporation
16. The
minimum number of members is required for the formation of a private company is two.
17. The
liability of the member in a public joint stock company is limited.
18. The
liability of the member in a Private limited Company is limited.
19. The
Persons who conceive the idea to promote company are Promoters.
20. A
Company raises its long-term capital by way of issue of Shares.
21. A
Private Company cannot issue Prospectus for
raising Capital.
22. The
elected Representatives of Shareholders are called Directors.
23. The Statutory meeting
is held once in the life time of a company.
24. A
person who controls the meeting is called the Chairman
or president.
25. The
Minimum number of member required for the registration of Co-operative Society
is ten.
26. ‘Each
for all and all for each’ is the principle of Co-operative
organisation.
27. Registration
of Co-operative Society is Compulsory.
28. ‘One
Member, one Vote’ is the principle of a Co-operative Organisation.
29. Grading
is the Physical process
of classifying the goods.
30. Branding means
giving identification mark to a product.
31. Standardisation
is a mental process.
32. Branding
is done only in case of manufactured goods.
33. Cold
Storage is necessary for Perishable goods.
34. Cold
Storage is
warehouse is essential for perishable goods.
35. Bonded
warehouses are located at Ports.
36. Salesmanship
is a Personal Communication.
37. Salesmanship aims
at providing service to the buyer.
38. The
Consumer who takes interest in arguments is called Argumentative Customer.
39. A Salesman
should try to match the buying motives with the Selling point.
40. Advertising
Expenditure is an investment.
41. The
Popular medium of advertisement for illiterate people is Radio/T.V
42. TV
advertising is a combination of audio and visual
or video.
43. A
poster should be displayed at a crowded
place.
44. Home
trade is divided into Wholesale and retail trade.
45. Import trade
refers to purchase of goods by one country from another country.
46. The Certificate
of origin gives
evidence that the goods are made in a particular country.
47. The Certificate
of origin is
a document issued as a proof of the fact that the good are produced in the PC.
48. A Letter
of Credit is
a guarantee by importer’s bank to the exporter’s bank that he will receive the
payment after the execution of order.
49. Quotation is
an offer by the exporter in reply to an enquiry.
50. When
the goods to be shipped are not well packed the ‘Mate’ gives a foul/dirty receipt.
51. The
Shipping advice notice is sent by the Exporter.
52. The
Persons who looks after customs and clearing formalities is known as Clearing
Agent.
53. The
bill of lading is a semi-negotiable Instrument.
54. Land
mortgage bank provide loan to farmers or the
agricultural Sector.
55. A Current Account
is suitable for the business purpose.
56. Over
Draft facility is given to Current account-holders.
57. A
Cheque remains valid for Six Months
from the date mentioned in it.
58. The
Cheque which bears the future date is called as Post-dated Cheque.
59. The
crossing of cheque can be cancelled by the Drawer.
60. The
payee gets cash on the bank’s counter against a bearer cheque.
61. When
two parallel lines are drawn on the face of a cheque, it is called general crossing.
62. Crossed Cheque
is not payable at the counter of the bank.
63. Transport
assists in widening of markets.
64. Railway
transport can carry large quantity
of goods.
65. Sea
transport is the cheapest mode
of transport.
66. The
cheapest mode of transport is water.
67. A
Proposal is
an application for the issue of an insurance policy.
68. Life
insurance is a contract of indemnity.
69. Floating policy
covering different goods which are spread over.
70. Reinsurance is
a contract between two insurance companies.
71. The
principle under which the rights of the insured pass over to the insurer is
called the Principle of Subrogation.
72. Obligations
are nothing but social responsibilities of Commercial organisation.
73. To
maintain industrial peace is the responsibilities of Commercial organisation.
74. To
prevent environmental pollution is the Social
Responsibility of
business organisation.
75. The
business organisation should supply goods of Good Quality.
76. To
provide quality goods is the responsibility of Commercial organisation towards Consumers.
77. A
Code of Conduct for business is called Business
Ethics.
78. Consumer
Movement was started in India in 1920.
79. The Consumer
Movement creates
a general awareness among the consumers.
80. The
Primary Object of the Consumer Movement is to protect the interest of consumer.
81. The
Consumer Protection Act was passed in the year 1986.
82. The
Consumer protection Act, 1986 was introduced in India by
the Central Government.
83. Business
man always respects Consumers
(Customers).
84. The
Consumer Education Research Centre was established in 1976.
85. The
Essential Commodities Act came into force in 1954.
86. On 24th December Consumer
Day is observed in India.
87. The
Consume protection Act
can help the public to fight against various business malpractices.
88. The
maximum period of membership of the District Forum is five years.
89. National
Commission is
the highest authority to settle the consumer disputes under the consumer
protection Act.
90. ‘State
Commission’ entertains the consumers’ complaints of compensation up to a
maximum amount of Rs 20lakh
91. A
Sole trading concern has maximum one
owner.
92. The
Liability of a Sole trader is unlimited.
93. A
Sole trading concern usually operates in a local market.
94. A
Sole trading organisation suffers from lack of Continuity.
95. A
Sole trading firm has a high degree of flexibility.
96. A
Joint Hindu family firm comes into existence by the operation of Hindu
laws.
97. The
Maximum number of coparceners in a joint Hindu Family firm is unlimited.
98. The
Profit making ratios of coparceners are fluctuating.
99. A
Partner is regarded to be the
owner of
a firm.
100. The
Persons who only lends his name to the partnership firm is called Nominal
Partner.
101. A
Partnership for which the duration is not fixed is called Partnership-at-will.
102. The
registration of partnership firm is Voluntary/Optional.
103. The
minimum number of members required for the registration of a private limited
company is
fifty.
104. A
Government company is one in which the share capital contributed by the
government is not less than
51%
105. The
Minimum number of Directors in a public limited company is three.
106. A
Private company must have at least two Directors
107. A
Public company can start its business on getting Trading Certificate.
108. A
Public company may adopt ‘Table A’ in place of the Articles of Association.
109. Equity
Shares Provide Long
Term Capital.
110. The
appointment of managing Director shall have no effect unless it is approved by
the Central
Gover’t.
111. The
maximum term of a Managing Director is five years.
112. An
auditor is appointed for a period of One
Year.
113. No
Single Director can receive remuneration exceeding 5% of
the net profits of the company for a year.
114. A
Proxy can vote only in the case of Voting by poll.
115. The
first Annual General Meeting of a company must be held within 18 months
of its incorporation.
116. The
Co-operative Societies Act was passed in India in 1912.
117. The
nature of Co-operative
Society organisation
is service-oriented.
118. Every
member has one
vote in
a co-operative society.
119. Assembling means
collecting Agricultural goods at a central place for their distribution.
120. Assembling
is essential in the marketing of agricultural
goods.
121. A
good package attracts the attention of the Consumer.
122. Assembling balances demand
for and supply of goods.
123. Grading
as a marketing function has a special importance in the case of manufactured goods.
124. Advertising
is mass Communication.
125. Salesmanship
aims at providing service to the buyer.
126. Bonded
warehouses are located near ports.
127. ‘AGMARK’
is a Standard.
128. Goods
on which import duty is not paid are stored in Bonded warehouse.
129. Bonded
warehouse encourages entrepot.
130. Foreign
trade is also called international
trade.
131. The
warehouse for storing the goods on which import duty is paid is called Duty
paid warehouse.
132. Warehousing regulates the
supply of goods in the market.
133. Certificate
of Origin is issued by the Exporting
Country.
134. Railways
were started in India in 1853.
135. In
the case of export trade,
goods from one country to another.
136. Insurance
contracts begin as soon as premium
is paid.
137. Life
insurance is taken for Human
Life.
138. Business
man is the trustee of
the society.
139. Commercial
organisations adopt the responsibilities to pay fair wages to
their employees.
140. The
District forum shall be established by the State Government.
141. The
Claims upto Rs 5
lakh can
be entertained by District Forum.
142. A
Place where
business is conducted is known as Market.
143. Consumer
Movement is Social in
nature
State
with what organisation/function/item are the following items/documents
primarily related.
5 marks one mark each
- Deed of Partnership – Partnership Firm
- profit sharing ratio - Partnership
- Unlimited Liability – Sole Trader/ Partners/ Karta of JHF
- Fourteen days’ Notice for dissolution – Partnership- at-will
- Statutory company – Special act of parliament.
- Table A – Public Company
- Prospectus – Joint Stock Company/ Public Company
- Statement in lieu of prospectus – Joint Stock Company
- Certificate of commencement of Business – Public Company
- Debentures – Joint Stock Company
- Promoter – Formation of a Company
- Articles of Association – Joint stock Company/ Private Company
- Fixed Rate of Dividend – Preference Shares.
- Qualification of Shares – Director of a Public Company
- Casting Vote – Chairman’s Power/ Chairman’s of a meeting.
- Service Motive – Co-operative Organisation
- ‘One Man, One Vote’ – Co-operative Society
- Bye-Laws - Co-operative Society
- Regulated Market – Government/ Local Body
- Cold Storage – Perishable Goods/ Ware housing
- Buying Motive – Customer
- Window Display – Audio Advertising
- Clearing Agent – Import Trade/
Importer
- Bill of Entry – Customs office/ Foreign Trade
- Bill of Sight - Import Trade/ Importer
- Export Licence – Export Trade/ Government in the exporting Country
- Consular invoice – Trade consulate of the importing country in the Exporter’s country/ Foreign Trade
- Letter of Credit – Importer’s Bank/ Credit worthiness of the Importer.
- Bank pas Book – Bank Account
- Crossing – Cheque/ Drawer
- Over Draft – Bank/ Current Account- Holder
- Pay in Slip- Bank Account
- Mail Transfer – Bank/ Quick Transfer of Money
- Place Utility – Transport
- Flexibility in Transport – Road Transport/ Motor Transport
- Utmost Good Faith – Principles of Insurance
- Surrender Value – Insurance/ Life Insurance
- Express Warranties – Marine Insurance
- To pay fair Wages – Social
Responsibility of Commercial Organisation toward Employees.
- Security of Investment - Social
Responsibility of Commercial Organisation toward Investors
- After
- Pollution Control - Social Responsibility of Commercial Organisation toward Society
- State Commission - State Government/ consumer redressal at State Level
- Commission for protection of Consumers at State Level – State Commission
- Grahak Panchayat – Consumer Movement
- Consumer Protection Act 1986 – Consumer Rights.
- Memorandum of Association – Joint Stock Company
- Reserve Capital – Winding-up of a Company
- Limited Liability – Joint Stock Company/ Public Company/ Minor Partner/ Co-parcener of JHF
- Fluctuating rate of Dividend – Equity Shares.
- The act of promoting sports, games, arts crafts, etc. – Cultural promotion.
NOTEJHF- JOINT HINDU FAMILY