OCM OLD SYLLABUS

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Business Studies - ORGANISATION OF COMMERCE AND MANAGEMENT

Key Concepts & Features

Write the features of the following:

DISTINGUISH BETWEEN:

WHAT ARE THE TYPES OF:

WRITE SHORT NOTES ON:

ADVANTAGES AND DISADVANTAGES:

SOCIAL RESPONSIBILITY OF COMMERCIAL ORGANISATION TOWARDS:

MERITS AND DEMERITS OF:

ANSWER IN DETAIL

State Whether The Following Statement Are True Or False (Give Reason)

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Difficult Words & Meanings

  • Syllabus: A list of subjects or topics covered in a course of study.
  • Organisation of Commerce and Management (OCM): The study of how commercial activities are structured and managed.
  • Business Services: Services that support business activities but do not produce tangible goods (e.g., banking, insurance, transport).
  • Emerging Modes of Business: New ways of conducting business, often involving technology (e.g., e-commerce, outsourcing).
  • Social Responsibility: The obligation of a business to act in ways that benefit society and the environment.
  • Consumer Protection: Laws and measures designed to protect consumers from unfair business practices.
  • Principles of Management: Fundamental truths or guidelines for managing an organization effectively.
  • Functions of Management: The key activities managers perform (e.g., planning, organizing, staffing, directing, controlling).
  • Entrepreneurship Development: The process of enhancing skills and knowledge for starting and growing new businesses.
  • Sole Trading Concern (Proprietorship): A business owned and controlled by one person.
  • Joint Hindu Family Business: A form of business organization found only in India, governed by Hindu Law, where the business is owned and managed by members of an undivided Hindu family.
  • Partnership Firm: A business owned and managed by two or more individuals (partners) who share profits or losses.
  • Co-operative Society: A voluntary association of persons who join together for mutual benefit, often to provide services or goods to its members.
  • Joint Stock Company: A business entity that is legally separate from its owners (shareholders), who have limited liability.
  • Karta: The head of a Joint Hindu Family Business, typically the eldest male member, who manages the business.
  • Co-parceners: Members of a Joint Hindu Family who have a birthright in the ancestral property and business.
  • Indemnity: A principle of insurance where the insurer compensates the insured for actual losses, aiming to restore them to the financial position they were in before the loss. Not applicable to life insurance.
  • E-Banking: Conducting banking transactions electronically, usually via the internet.
  • Outsourcing: Contracting out certain business functions or processes to external providers.
  • Secure Sockets Layer (SSL): A standard security technology for establishing an encrypted link between a web server and a browser, ensuring data privacy.
  • Bonded Warehouse: A warehouse where imported goods can be stored without payment of customs duty until they are withdrawn.
  • Remittance: The act of sending money, often to another country or person.
  • Merits: Advantages or good points.
  • Demerits: Disadvantages or drawbacks.
  • Competencies: The skills, knowledge, and abilities needed to perform a task or job effectively.
  • HSC: Higher Secondary Certificate, an examination taken by students in India after completing senior secondary school.
  • NGO: Non-Governmental Organization, a non-profit, voluntary citizens' group organized on a local, national, or international level.