OCM OBJECTIVE QUESTIONS

FILL IN THE BLANKS WITH CORRECT ANSWERS.

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
  1. Deed of Partnership – Partnership Firm
  2. profit sharing ratio - Partnership
  3. Unlimited Liability – Sole Trader/ Partners/ Karta of JHF
  4. Fourteen days’ Notice for dissolution – Partnership- at-will
  5. Statutory company – Special act of parliament.
  6. Table A – Public Company
  7. Prospectus – Joint Stock Company/ Public Company
  8. Statement in lieu of prospectus – Joint Stock Company
  9. Certificate of commencement of Business – Public Company
  10. Debentures – Joint Stock Company
  11. Promoter – Formation of a Company
  12. Articles of Association – Joint stock Company/ Private Company
  13. Fixed Rate of Dividend – Preference Shares.
  14. Qualification  of Shares – Director of a Public Company
  15. Casting Vote – Chairman’s Power/ Chairman’s of a meeting.
  16. Service Motive – Co-operative Organisation
  17. ‘One Man, One Vote’ – Co-operative Society
  18. Bye-Laws - Co-operative Society
  19. Regulated Market – Government/ Local Body
  20. Cold Storage – Perishable Goods/ Ware housing
  21. Buying Motive – Customer
  22. Window Display – Audio Advertising
  23. Clearing Agent – Import Trade/ Importer
  24. Bill of Entry – Customs office/ Foreign Trade
  25. Bill of Sight - Import Trade/ Importer
  26. Export Licence – Export Trade/ Government in the exporting Country
  27. Consular invoice – Trade consulate of the importing country in the Exporter’s country/ Foreign Trade
  28. Letter of Credit – Importer’s Bank/ Credit worthiness of the Importer.
  29. Bank pas Book – Bank Account
  30. Crossing – Cheque/ Drawer
  31. Over Draft – Bank/ Current Account- Holder
  32. Pay in Slip- Bank Account
  33. Mail Transfer – Bank/ Quick Transfer of Money
  34. Place Utility – Transport
  35. Flexibility in Transport – Road Transport/ Motor Transport
  36. Utmost Good Faith – Principles of Insurance
  37. Surrender Value – Insurance/ Life Insurance
  38. Express Warranties – Marine Insurance
  39. To pay fair Wages – Social Responsibility of Commercial Organisation toward Employees.
  40. Security of Investment - Social Responsibility of Commercial Organisation toward Investors
  41. After Sale Service - Social Responsibility of Commercial Organisation toward Customer
  42. Pollution Control - Social Responsibility of Commercial Organisation toward Society
  43. State Commission  - State Government/ consumer redressal at State Level
  44. Commission for protection of Consumers at State Level – State Commission
  45. Grahak Panchayat – Consumer Movement
  46. Consumer Protection Act 1986 – Consumer Rights.
  47. Memorandum of Association – Joint Stock Company
  48. Reserve Capital – Winding-up of a Company
  49. Limited Liability – Joint Stock Company/ Public Company/ Minor Partner/ Co-parcener of JHF
  50. Fluctuating rate of Dividend – Equity Shares.
  51. The act of promoting sports, games, arts crafts, etc. – Cultural promotion.


NOTEJHF- JOINT HINDU FAMILY

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

SUBJECTS

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION
SSC MATHS I PAPER SOLUTION
SSC MATHS II PAPER SOLUTION
SSC SCIENCE I PAPER SOLUTION
SSC SCIENCE II PAPER SOLUTION
SSC ENGLISH PAPER SOLUTION
SSC & HSC ENGLISH WRITING SKILL
HSC ACCOUNTS NOTES
HSC OCM NOTES
HSC ECONOMICS NOTES
HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020


SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021


MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2022

O.C.M. Important Questions for Board Exam. 2022

Economics Important Questions for Board Exam 2022

Chemistry Important Question Bank for board exam 2022

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2022 Examination

Important-formula


THANKS