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What are the different forms of business organizations mentioned in the content?
What are the different forms of business organizations mentioned in the content?
Sole Proprietorship, Partnership, Hindu Undivided Family Business, Cooperative Societies, Company
Which of the following are considered sources of business finance? (Select all that apply)
Which of the following are considered sources of business finance? (Select all that apply)
E-Banking refers to traditional banking methods.
E-Banking refers to traditional banking methods.
False
Business Ethics includes the concept of ____ and _____.
Business Ethics includes the concept of ____ and _____.
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Define Entrepreneurship Development (ED)
Define Entrepreneurship Development (ED)
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What is the main purpose of the Start-up India Scheme?
What is the main purpose of the Start-up India Scheme?
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What is a Hundi?
What is a Hundi?
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Small scale enterprises are defined by the MSMED Act 2006.
Small scale enterprises are defined by the MSMED Act 2006.
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_______ is a key feature of departmental stores.
_______ is a key feature of departmental stores.
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What are the functions of a Dhani-jog Hundi?
What are the functions of a Dhani-jog Hundi?
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Pepper was known as 'Black Gold' in the Roman Empire.
Pepper was known as 'Black Gold' in the Roman Empire.
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Match the following types of trade with their descriptions:
Match the following types of trade with their descriptions:
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Non-economic activities are performed out of love, affection, sympathy, etc., without the aim of earning _____.
Non-economic activities are performed out of love, affection, sympathy, etc., without the aim of earning _____.
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Match the major trade centers in ancient times with their modern-day names:
Match the major trade centers in ancient times with their modern-day names:
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What are some important aspects to observe during a visit to a departmental store?
What are some important aspects to observe during a visit to a departmental store?
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List some observations to make during a visit to a mall.
List some observations to make during a visit to a mall.
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What can be included in a case study on a product with seasonal growth and regular demand?
What can be included in a case study on a product with seasonal growth and regular demand?
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What aspects can be explored in a project on aids to trade focusing on Insurance?
What aspects can be explored in a project on aids to trade focusing on Insurance?
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What observations can be made during a visit to a State Emporium?
What observations can be made during a visit to a State Emporium?
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What is the most important objective of every organization?
What is the most important objective of every organization?
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Which of the following is considered an unfair trade practice?
Which of the following is considered an unfair trade practice?
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Business profits are an indication of efficient management.
Business profits are an indication of efficient management.
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__________ is considered as a price or reward paid to a businessman for bearing the risk.
__________ is considered as a price or reward paid to a businessman for bearing the risk.
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Match the following industry categories with their descriptions:
Match the following industry categories with their descriptions:
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What are the activities involved in commerce that assist in removing hindrances during the exchange of goods and services?
What are the activities involved in commerce that assist in removing hindrances during the exchange of goods and services?
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Which of the following are considered auxiliaries to trade?
Which of the following are considered auxiliaries to trade?
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What factors influence the decision of whether to operate a business on a large or medium scale?
What factors influence the decision of whether to operate a business on a large or medium scale?
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Why is the location of a business enterprise crucial?
Why is the location of a business enterprise crucial?
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Which aspect is crucial for every business regarding its finances?
Which aspect is crucial for every business regarding its finances?
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Availability of ____, Equipment & Building is considered while starting a business.
Availability of ____, Equipment & Building is considered while starting a business.
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Proper planning and training are essential for hiring a competent and committed workforce.
Proper planning and training are essential for hiring a competent and committed workforce.
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Which type of partner has unlimited liability and contributes capital but does not participate in management?
Which type of partner has unlimited liability and contributes capital but does not participate in management?
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Partnership at will continues until the partners agree to end it.
Partnership at will continues until the partners agree to end it.
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What is the purpose of a partnership deed?
What is the purpose of a partnership deed?
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Members of a cooperative society have liability limited to their capital ___________.
Members of a cooperative society have liability limited to their capital ___________.
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Match the type of company with its feature:
Match the type of company with its feature:
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According to the Companies Act, 2013, what are the conditions for forming a One Person Company (OPC)?
According to the Companies Act, 2013, what are the conditions for forming a One Person Company (OPC)?
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What is the role of a Promoter in the formation of a company?
What is the role of a Promoter in the formation of a company?
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Name one document required for the registration of a company under the law: ______ of Association
Name one document required for the registration of a company under the law: ______ of Association
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Promoters of a company can claim expenses incurred during the company's promotion.
Promoters of a company can claim expenses incurred during the company's promotion.
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Study Notes
Kendriya Vidyalaya Sangathan (KVS)
- KVS is a central government school system
- Zonal Institute of Education and Training, Chandigarh is one of the institutes under KVS
Study Material for Class XI Business Studies (2023-24)
- Subject Code: 054
- Total Marks: 80 (Theory: 80, Project: 20)
- Duration: 3 hours
Part A: Foundations of Business
- Unit 1: Evolution and Fundamentals of Business
- History of Trade and Commerce in India
- Meaning and characteristics of business
- Objectives of business
- Classification of business activities (industry and commerce)
- Types of industries (primary, secondary, tertiary)
- Commerce-trade (types: internal, external; wholesale and retail) and auxiliaries to trade
- Business risk concept
- Unit 2: Forms of Business Organizations
- Sole Proprietorship: concept, merits, and limitations
- Partnership: concept, types, merits, and limitations
- Hindu Undivided Family Business: concept
- Cooperative Societies: concept, merits, and limitations
- Company: concept, merits, and limitations (private, public, and one person company)
- Unit 3: Public, Private, and Global Enterprises
- Public sector and private sector enterprises: concept
- Forms of public sector enterprises
- Global Enterprises: feature, joint venture, and public-private partnership
- Unit 4: Business Services
- Business services: meaning and types
- Banking: types of bank accounts and services
- Insurance: principles (utmost good faith, insurable interest, indemnity, contribution, and doctrine of subrogation)
- Postal Service: mail, registered post, parcel, speed post, and courier
- Unit 5: Emerging Modes of Business
- E-business: concept, scope, and benefits
- Unit 6: Social Responsibility of Business and Business Ethics
- Social responsibility of business: concept and case
- Responsibility towards owners, investors, consumers, employees, government, and community
- Business Ethics: concept and elements
Part B: Finance and Trade
- Unit 7: Sources of Business Finance
- Business finance: concept, nature, and importance
- Owners' funds (equity shares, preference shares, retained earnings)
- Borrowed funds (debentures, bonds, loans from financial institutions and commercial banks, trade credit, and inter-corporate deposits)
- Unit 8: Small Business and Enterprises
- Entrepreneurship Development: concept, characteristics, and need
- Small scale enterprise: concept and role in India
- Government schemes and agencies for small scale industries
- Unit 9: Internal Trade
- Internal trade: meaning and types
- Wholesaling and retailing: types and functions
- GST (Goods and Services Tax): concept and key features
- Unit 10: International Business
- International trade: concept and benefits
- Export trade: meaning, procedure, and documents
- Import trade: meaning, procedure, and documents
- World Trade Organization (WTO): meaning and objectives
Project Work
- Guidelines for teachers to launch projects in Business Studies
- Objectives of Project Work:
- Develop a practical approach using modern technologies
- Get exposure to the operational environment in business management and related services
- Inculcate important skills of teamwork, problem-solving, time management, information collection, and analysis
- Get involved in research work and demonstrate capabilities while working independently
- Make studies an enjoyable experience### Evolution of Business
- History of trade and commerce in India:
- Indigenous Banking System: Hundi, an instrument of exchange used in old times
- Rise of Intermediaries: Commission agent, broker, distributor, and banks (commercial, industrial, and agricultural)
- Maritime Trade: Malabar Coast, Muziris, and Calicut were major ports
- Trade Centres: Pataliputra, Peshawar, Taxila, Indraprastha, and Mathura
- Meaning of business:
- Economic and non-economic activities
- Features and objectives of business
- Concept and difference between Business, Profession, and Employment
- Role of profit in business
- Classification of business activities:
- Industry: Types of industry (e.g., manufacturing, construction, and service)
- Commerce: Trade and auxiliaries to trade (e.g., transportation, warehousing, and advertising)
- Business risk:
- Concept, nature, and causes of business risk
- Factors that affect business risk
Trade and Commerce in Ancient India
- Indian Sub-Continent in the World Economy:
- Connected to adjoining foreign countries through the Silk Route and Spice Route
- Major trade centers and ports (e.g., Malabar Coast, Muziris, and Calicut)
- Features of Indian Trade:
- Import and export of goods (e.g., spices, textiles, diamonds, and pearls)
- Use of Hundi as an instrument of exchange
- Rise of merchant corporations and their role in promoting trade
Major Trade Centres in Ancient Times
- Pataliputra (Patna):
- Known for exporting stones
- Commercial town and center for export of goods
- Peshawar:
- Important exporting center for wool and importing horses
- Major share in commercial transactions between India, China, and Rome
- Taxila:
- Major center on the land route between India and Central Asia
- Financial and commercial banks, and a center of learning
- Indraprastha:
- Commercial junction on the royal road
- Routes from South India converged here
- Mathura:
- Emporium of trade
- People subsisted on commerce
- Many routes from South India touched Mathura and Broach### Ancient Indian Cities and Trade
- Varanasi was a major textile industry centre, famous for gold silk cloth and sandalwood workmanship, and had links with Taxila and Bharuch.
- Mithila was a trading hub, with traders crossing the seas to trade at ports in Java, Sumatra, and Borneo, and establishing colonies in South China, particularly in Yunnan.
- Ujjain was a centre of trade, exporting agate, carnelian, muslin, and mallow cloth to different centres, and had trade relations with Taxila and Peshawar.
- Surat was a major emporium of western trade during the Mughal period, famous for its gold-bordered textiles, and its hundis (bills of exchange) were honoured in markets as far as Egypt and Iran.
- Kanchi (modern-day Kanchipuram) was a hub for foreign trade, where Chinese merchants came to purchase pearls, glass, and rare stones, and sold gold and silk.
- Madura was a capital city that controlled the pearl fisheries of the Gulf of Mannar and attracted foreign merchants, including Romans, for overseas trade.
- Broach was a major commercial centre in Western India, situated on the banks of the Narmada River and linked to all important marts by roadways.
- Kaveripatta (modern-day Kaveripatnam) was a scientifically constructed city, providing facilities for loading, unloading, and storing merchandise, and was a hub for foreign traders, particularly from Malaysia, Indonesia, China, and the Far East.
- Tamralipti was a major port connected by sea and land to the West and the Far East, and was linked to Banaras and Taxila by road.
Human Activities
- Human activities are classified into economic activities and non-economic activities.
- Economic activities are performed to earn a living, and are of three types: business, profession, and employment.
- Non-economic activities are performed out of love, affection, or sympathy, and are not motivated by profit.
Characteristics of Business Activities
- Business activities are economic activities that involve the sale or exchange of goods and services to satisfy societal needs and earn a profit.
- Characteristics of business activities include:
- An economic activity that earns a profit.
- Sale or exchange of goods and services for creating value.
- Dealings in goods and services on a regular basis.
- Production or procurement of goods and services.
- Profit earning.
- Uncertainty of return.
- Element of risk.
Comparison of Business, Profession, and Employment
- Business: Entrepreneur's decision, provision of goods and services, profit earned, capital investment required, risk present, transfer of ownership possible.
- Profession: Membership of a professional body, rendering of personalized services, professional fee earned, limited capital required, some risk.
- Employment: Appointment letter, performing work for someone else, salary or wages earned, no capital required, fixed and regular income.
Multiple Objectives of Business
- Economic objectives:
- Survival.
- Profit.
- Growth.
- Social objectives:
- Supply of desired quality of products.
- Avoidance of unfair trade practices.
- Employment generation.
- Social service or community service.
- Avoidance of pollution.
- Human or personal objectives:
- Providing good working conditions.
- Payment of competitive and satisfactory wages and salaries.
- Personal growth and development of employees.
- Peer recognition and respect.
Role of Profit in Business
- Survival.
- Expansion and growth.
- Symbol of efficiency or an index of performance.
- Reward for bearing the risk.
- Helps to gain reputation of goodwill.
Classification of Business Activities
- Industry:
- Primary industry (extractive and genetic industries).
- Secondary industry (manufacturing, analytical, synthetic, processing, and assembly industries).
- Tertiary industry (support services to primary and secondary industries).
- Commerce:
- Trade (internal and external trade, wholesale and retail trade, imports, exports, and entreport).
- Auxiliaries to trade (transportation, communication, banking and finance, insurance, warehousing, advertising, and middlemen).
Business Risk
- Nature of business risks:
- Risk is an essential part of every business.
- Business risks arise due to uncertainties.
- Degree of risk depends on the nature and size of business.
- Profit is the reward for risk-taking.
- Causes of business risks:
- Natural causes.
- Human causes.
- Economic causes.
- Other causes.
Factors for Starting a Business
- Selection of type of business.
- ...
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