OCM OLD SYLLABUS

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Business Studies - ORGANISATION OF COMMERCE AND MANAGEMENT

Chapters (New Syllabus Based on Link Content)

Exam Resources

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)

  1. A partnership agreement can be verbal or written.
  2. A sole trader can take prompt decisions and quick actions.
  3. A sole trader has a weak bargaining power.
  4. Business secrecy cannot be maintained in a Sole Trading Concern.
  5. Liability of a sole trader is unlimited.
  6. Sole Trading Concern is convenient and suitable when the market of goods is local.
  7. The liability of partners is limited.
  8. The liability of the Karta is limited and that of co – parceners is unlimited.This statement is false.
  9. The maximum number of members in a Joint Hindu Family firm is 20.
  10. There is no limit for membership in Joint Hindu Family Business.
  11. The main purpose of a cooperative organization is to earn profit.[False]
  12. Transport is useful in raising standard of living.[True]
  13. It is easy to set up e – business as compared to traditional business.[True]
  14. Management should avoid workers' participation while making decisions.[False]
  15. Coordination is needed at all the levels of management.[True]
  16. A joint stock company can raise huge capital.
  17. Company form of organizations has developed before industrial revolution.
  18. Co – operative Society differs from other forms of commercial organizations.
  19. The membership of a Co – operative society is voluntary.
  20. Profit maximization is the motto or object of a Co – operative Organisations.
  21. Planning has vital importance in the management process.
  22. Business ethics is not applicable to all business organisations.
  23. A Joint Stock Company can raise huge capital.
  24. The principle of indemnity is applicable to life insurance.
  25. Consumer Protection Act is a blessing for the consumers.
  26. Entrepreneur has role to play in the development of an economy.
  27. Motivation is an important factor in the development of an entrepreneur.
  28. Altitudes build an entrepreneur.
  29. Training broadens the vision of entrepreneurs.
  30. Direction is always performance oriented.
  31. Direction is connecting and activating link between various functions of management.
  32. Staffing is not a managerial function.
  33. Staffing is a continuous process.
  34. Staffing is the responsibility of managers at all levels of management.
  35. Planning is an intellectual process.
  36. Adopting corrective measures is the last step of controlling.
  37. Planning and controlling are mutually inter - dependent.
  38. Coordination is the essence of management
  39. Coordination is the essence of management (Duplicate entry from original, kept as is)
  40. Staffing is just to determine the number of people required in the organization.
  41. Every action in the organization is initiated through directing.

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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.
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