OCM October 2014 paper with solution

OCM October 2014: Solved Question Paper

A complete solution for Class 12 students of Maharashtra, designed to help understand the question patterns and how to write effective answers.

Q1. A. Select the correct option and rewrite the complete sentences: (5 Marks)

1. The maximum number of members in a private company is __________.

   • 50
   • 40
   • 20

2. The principle of indemnity is not applicable to __________ insurance.

   • life
   • marine
   • fire

3. For online transactions, __________ is required.

   • trading
   • registration
   • business

4. Maintaining industrial peace is the responsibility of a business organization towards its __________.

   • customers
   • employees
   • society

5. F.W. Taylor is called the father of __________ management.

   • modern
   • scientific
   • technical

Q1. B. Match the correct pairs: (5 Marks)

Group 'A'

• a. Common seal
• b. Bonded Warehouses
• c. B2C
• d. Mumbai Grahak Panchayat
• e. Staffing

Group 'B'

• 1. Related to human factors
• 2. Located at railway station
• 3. Business to Business
• 4. Joint Stock Company
• 5. Political organisation
• 6. Business to Consumer
• 7. Located within the ports
• 8. Partnership firm
• 9. Related to financial factors
• 10. Non-Government Organisation working for consumers

Solution:

• a. Common seal — 4. Joint Stock Company
• b. Bonded Warehouses — 7. Located within the ports
• c. B2C — 6. Business to Consumer
• d. Mumbai Grahak Panchayat — 10. Non-Government Organisation working for consumers
• e. Staffing — 1. Related to human factors

Q1. C. Write a word, phrase, or term for the following statements: (5 Marks)

1. 'One-man show' type of business organization.

   Answer: Sole Trading Concern

2. A set of principles for right conduct.

   Answer: Business Ethics

3. A consumer dispute redressal agency that handles claims up to twenty lakh rupees (₹20,00,000).

   Answer: District Forum

4. The principle of management which says ‘unity is strength’.

   Answer: Principle of Esprit de corps

5. A process where managers instruct, guide, and communicate with employees.

   Answer: Directing function of Management

Q2. Distinguish between the following (Attempt any three): (15 Marks)

• Private Company and Public Company
• Water Transport and Air Transport
• District Forum and National Commission
• Organising and Staffing
• Joint Hindu Family Firm and Sole Trading Concern

Q3. Write short notes on the following (Attempt any three): (15 Marks)

• Disadvantages of E-business
• Social responsibility of business organisations towards consumers
• Techniques of Scientific Management
• Importance of Coordination
• Functions of an Entrepreneur

Q4. State with reasons whether the following statements are True or False (Attempt any three): (15 Marks)

• Planning has vital importance in the management process.
• Business ethics is not applicable to all business organisations.
• A Joint Stock Company can raise huge capital.
• The principle of indemnity is applicable to life insurance.
• Consumer Protection Act is a blessing for consumers.

Q5. Attempt the following (Attempt any two): (10 Marks)

• State the types of cooperative societies.
• State the steps involved in online transactions.
• State the ways and means of consumer protection.
• State the importance of principles of management.

Q6. Answer the following: (10 Marks)

• Define a Sole Trading Concern. Explain its merits and demerits.
• OR
• Define a Bank. Explain the different types of banks.

Further Study Resources

Explore these topics for comprehensive board exam preparation.

Important Topics for Detailed Study

• Define 'insurance' and explain its principles.
• Define 'joint stock company' and explain its merits and demerits.
• Define 'Bank' and explain different types of banks.
• Define 'Co-operative Society' and explain its merits and demerits.
• Define ‘Controlling’ and explain its importance.
• Define ‘Planning’ and explain its importance.
• Social responsibilities of a business towards consumers.

Glossary of Key Terms

B2C (Business to Consumer)

A business model where companies sell products or services directly to individual consumers.

Bonded Warehouse

A secure facility where imported goods can be stored, manipulated, or undergo manufacturing operations without payment of customs duty. The duty is paid when the goods are released for distribution.

Business Ethics

The moral principles and standards that guide the behavior and decision-making in the world of business.

Common Seal

The official signature of a Joint Stock Company. It is an embossed seal used on important documents to signify the company's approval.

District Forum

A consumer dispute redressal forum established under the Consumer Protection Act to handle consumer complaints where the value of goods or services and compensation claimed is up to ₹20 lakhs.

E-business

The use of electronic means, especially the internet, to conduct business. This includes online shopping, electronic payments, and online customer support.

Entrepreneur

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

Esprit de Corps

A principle of management that emphasizes building team spirit and unity among employees. It promotes the idea that "unity is strength."

Joint Stock Company

A form of business organization where ownership is represented by shares of stock. It is a legal entity separate from its owners (shareholders).

Principle of Indemnity

A principle of insurance stating that the insurer agrees to pay the insured for a financial loss, but the insured should not profit from the loss. This principle does not apply to life insurance, as the value of a human life cannot be measured in money.

Scientific Management

A management theory developed by F.W. Taylor that uses scientific methods to analyze and find the most efficient way to complete work tasks.

Sole Trading Concern (Sole Proprietorship)

A type of business owned and run by one person, where there is no legal distinction between the owner and the business entity. It's often called a 'one-man show'.

Staffing

A key function of management that involves recruiting, selecting, placing, training, and developing the right people for the right jobs in an organization.