Class 12th Maharashtra Board: OCM Solved Paper
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Q1. Objective Questions (15 Marks)
A. Select the correct option and rewrite the complete sentence. (5 Marks)
1. The Indian Partnership Act was passed in the year ___________ .
2. In India, railways are owned and managed by ____________.
3. Staffing is concerned with the ____________.
4. Businessmen are ___________ of the society.
5. The National Commission has ___________ members in addition to the Chairman.
B. Match the Pairs (5 Marks)
Question:
Group 'A'
- a. Sole trader
- b. Life Insurance
- c. Business ethics
- d. Henry Fayol
- e. Planning
Group 'B'
- 1. Insurable interest
- 2. Branch of Social Science
- 3. Local Market
- 4. Father of scientific management
- 5. Principle of indemnity
- 6. Father of Modern management
- 7. Primary function of Management
- 8. To earn profit
- 9. Last function of Management
- 10. National Market
Solution:
- a. Sole trader → 3. Local Market
- b. Life Insurance → 1. Insurable interest
- c. Business ethics → 5. Principle of indemnity
- d. Henry Fayol → 6. Father of Modern Management
- e. Planning → 7. Primary function of Management
C. Provide a word, phrase, or term for each statement. (5 Marks)
1. A partner who only lends their name to the partnership firm.
Nominal Partner
2. A term derived from 'e-mail' and 'e-commerce'.
e-Business
3. The consumer's right that allows them to express their views.
Right to be Heard
4. The principle of management that pertains to the fair payment of workers.
Principle of Remuneration
5. The form of electronic currency that exists only in cyberspace.
Virtual Currency
Further Reading: Important Questions & Answers
The following questions link to detailed answers. Explore them to prepare thoroughly.
Q2. Distinguish between the following (Any Three) [15]
- Joint Hindu Family Firm & Joint Stock Company
- Bonded Warehouse & Duty Paid Warehouse
- District Forum & State Commission
- Organising & Coordinating
- Cooperative Society & Partnership Firm
Q3. Write short notes on the following (Any Three) [15]
- Features of a Sole Trading Concern
- Five Types of Banks
- Advantages of e-Business
- Five Needs for Social Responsibility
- Nature of Principles of Management
Q4. State with reasons whether True or False (Any Three) [15]
- In a partnership, the liability of partners is unlimited.
- Cash can be withdrawn from an ATM at any time.
- A business is not responsible for controlling pollution.
- The Consumer Protection Act is not required in India.
- Training broadens the vision of entrepreneurs.
Q5. Attempt the following (Any two) [10]
- Advantages of Road Transport
- Working of a Payment Gateway
- Responsibilities of Consumers
- Principles of Scientific Management
Q6. Answer in detail (Any One) [10]
OCM Important Questions for Board Exam
[ALMOST 99.99% SURE QUESTIONS]
Curated lists of high-priority questions:
Glossary of Important Terms
- Business Ethics
- The moral principles and standards that guide the behavior and decision-making of a business and its employees.
- Cyberspace
- The non-physical, virtual environment created by computer networks where online communication and transactions occur.
- e-Business
- Short for electronic business, it refers to conducting business activities, such as buying, selling, and customer service, over the internet.
- Insurable Interest
- A fundamental principle of insurance stating that the person buying the policy must have a direct financial stake in the subject being insured. One cannot insure something if they would not suffer a financial loss from its damage or destruction.
- Nominal Partner
- A person who lends their name and reputation to a partnership firm but does not contribute capital or take an active part in management. They are, however, liable to third parties for the firm's debts.
- Partnership Firm
- A business structure where two or more individuals (partners) agree to co-own a business and share its profits and losses according to a legal agreement.
- Payment Gateway
- A technology service used by merchants to securely accept debit or credit card payments from customers for online purchases. It acts as a bridge between the customer, the merchant, and the bank.
- Principle of Indemnity
- An insurance principle (not applicable to life insurance) stating that the insurer will only compensate the insured for the actual financial loss suffered, aiming to restore them to their original financial position, not to allow them to profit from the loss.
- Principle of Remuneration
- A management principle asserting that employees should receive fair and satisfactory payment for their services, which should be equitable for both the employee and the organization.
- Staffing
- A key management function that involves recruiting, selecting, placing, training, and developing the right people for the right jobs within an organization.
- Trustees (in a business context)
- The concept that business leaders are responsible for managing societal resources (like capital, labor, and nature) in a way that benefits not only shareholders but also the broader community. They are 'trustees' of society's wealth.
- Virtual Currency
- A digital representation of value, not issued by a central bank, that can be traded and used as a medium of exchange online (e.g., Bitcoin).