OCM OBJECTIVE XII

1. Forms of Business Organizations

Q.1. A) Select the proper option from the options given below and rewrite the
completed sentences.
1. A sole proprietorship is the . Form of organization.
a] private sector b] public sector c] none of
2. A sole proprietorship has . owner/owners.
a] one b] two c] unlimited.
3. A proprietor has liability.
A] unlimited b] limited c] restricted.
4. A sole trading concern ensures . business secrecy.
a] minimum b] maximum c] limited.
5. Business organization which is controlled by Hindu succession Act is known as

a] Joint stock company b} partnership firm b] Joint Hindu family firm

6. The members of Hindu Undivided family business are called .
a] Karta b] partners c] co-parceners
7. Limited managerial skill is the . Of Joint Hindu family business.
a] feature b] limitation c] advantage
8. The Karta in Joint Hindu family Business has Liability.
a] Unlimited b] limited c] joint
9. The Head of Joint Hindu family Business is called as
a] Proprietor b] Karta c] Director
10.The maximum number of partners for a firm carrying on banking business is
..
a] Ten b] Twenty c] Seven
11.Indian partnership Act was passed in the year
a] 1932 b] 1923 c] 1942
12.Registration of partnership firm is . In Maharashtra.
a] Compulsory b] no compulsory c] optional.
13.In partnership firm the liability of partners is
a] limited b] unlimited c] non of above.
14.In a partnership firm every partner is the principal as well as the .
a] agent b] karta c] partner
15.At lease .. Persons are required to form a partnership firm.
a] two b] one c] 20
16.The maximum numbers of members of members in a private limited company are
.
a] 50 b] 40 c] 20
17.The liability of the shareholders in the public limited joint stock company is .
a] limited b] unlimited c] collectively
18.The elected representatives of shareholders are called ..
a] Directors b] Members c] Owners
19.A joint stock company is an Artificial person created by .
a] law b] public c] directors
20.Registration of a Joint stock company is
a] compulsory b] not necessary c] optional
21.The minimum numbers of persons required for the registration of a private company is
.
a] 5 b] 2 c] 7
22.The minimum numbers of Directors in a public company are
a] two b] three c] five.
23.The minimum amount of paid up capital for public company is .
a] Five lakhs b] one lakh c] ten lakhs
24.The minimum of members allowed in a co-operative society is ..
a] 20 b] 10 c] 7
25.In a co-operative society the principle followed is .
a] One share one vote b] one man one vote c] no vote.

26.The co-operative societies Act was came in force in .

a] 1956 b] 1960 c] 1932
27.The co-operative societies Act was passed in the year
a] 1956 b] 1960 c] 1932
28.While selecting the place of business . Is important.
a] locality b] region c] capital
29.From the point of continuity . Business organizations is the most suitable.
a] company b] partnership c] sole proprietorship
B) 1. Match the correct pairs.
Group A
Private company
Public company
Common seal
Registration of a
company
e. Government company
a.
b.
c.
d.

Group B
1. Compulsory
2. Minimum 7 members
3. Maximum 50 members
4. 61% share capital
5. 51% share capital
6. Symbol of a company
7. Optional
8. Simple formation
9. Easy dissolution
10.Hindu succession Act 1956.
2. Match the correct pairs.

a.
b.
c.
d.
e.

Group A
Sole proprietorship
Joint stock company
Partnership act
Co-operative society
Joint Hindu family firms

Group B
1. No legal status
2. Partner
3. 1956
4. 1960
5. One member one vote
6. Karta
7. Maximum business secrecy
8. Common seal
9. 1932
10.member

C] Write a word or a phrase or a term which can substitute each one of the
following.
1. The business organization which has minimum ten members.
2. The type of commercial organization established for providing services to its members.
3. An elected body of representatives of a co-operative organization for its day-to-day
administration.
4. The rules and regulations laid down by the managing committee of a co-operative
organization.
5. The owner is the sole manager and decision maker of his business.
6. The commercial organization which has maximum secrecy.
7. One men show type of business organization.
8. An artificial person created by law.
9. The senior most family member of joint Hindu family firm.
10.The members of the Joint Hindu family firm.
11.A partner who gave his name to partnership firm.
12.A partner in partnership firm who takes active participation in day to day work.

2. BUSINESS SERVICES
Q.1. A] Select the proper option from the option from the options given below and
rewrite the completed sentences:
1. Overdraft facility is given to .
a] Savings account b] Current account c] Fixed account
2. The account suitable for creating a saving habit is .
a] Current account b] Recurring deposit account c] Saving account
3. There is no limit on the frequency of withdrawals from a
a] Saving account b] Fixed account c] Current account
4. Principle of utmost good faith is applicable to ..
a] Life insurance b] Marine insurance c] All types of insurance
5. Principle of indemnity is not applicable to
a] Life insurance b] Fire insurance c] Marine insurance
6. Insurable interest must exist in .
a] Life insurance contract only b] Marine insurance contract only c] Every insurance
contract
7. Bonded warehouses are located at ..
a] Railway station b] villages c] Ports
8. Perishable goods are stored in .
a] Bonded warehouses b] Duty paid warehouses c] Cold storage warehouses
9. Postal services are administered by .
a] Private companies b] Government of India c] Panchayat
10.In case of urgency and to avoid delays .. is sent
a] Registered post b] Speed post c] Insured post
11.In India railways are owned and managed by
a] Private companies b] Government c] Individuals
12.Door to door service is offered by
a] Rail transport b] Road transport c] Air transport
13.The costliest means of transport is .
a] Rail transport b] water Transport c] Air transport
14.Road transport is suitable for .. distance
a] short b] Long c] Medium
B]
1] Match the correct pairs :
a.
b.
c.
d.
e.

Group A
RBI
Overdraft
Saving account
ATM
Fixed deposit account

Group B
1. Recurring deposit account
2. 12 hours service
3. Withdrawals after fixed period of
time
4. Central Bank
5. Current account
6. Salaried people
7. 24 hours service
8. Commercial bank
9. Cash credit
10.Withdrawal before fixed period
of time.

2] Match the correct pairs :

a.
b.
c.
d.
e.

Group A
Life Insurance
Mitigation of loss
Premium
Cold storage
Warehousing

Group B
1. Claim by insured
2. Perishable goods
3. Insurable interest
4. Maximum loss
5. Transfer of goods from one place
to other
6. To minimise the loss
7. Imported goods
8. Principle of indemnity
9. Storage of goods
10.Payment made by policy holder

3] Match the correct pairs :

a.
b.
c.
d.
e.

Group A
Road transport
Rail transport
Air transport
Postal department
Courier services

Group B
1. Government owned
2. Co-operative societies
3. Self employed
4. Owned by private companies
5. Door to door service
6. Owned by individuals
7. Costliest means of transport
8. Huge carrying capacity
9. Difficulty in transport
10.Difficulty in transport
11.Cheapest means of transport

C] Write a word or phrase or a term which can substitute each one of the following
:
1.
2.
3.
4.
5.
6.
7.
8.

The account suitable for salaried people

Overdraft facility is given to a certain definite account holder
An account holder enjoys the privileges of any number of withdrawals
An account where fixed amount is kept for a specific period.
A bank, which is known as bankers bank
The type of insurance where the principle of indemnity is not applicable.
The policy under which cargo is insured for a specific period & voyage
The principle of insurance under which the insurer and insured must show complete
faith towards each other.
9. A device through which calls and messages can be sent and received
10.An electronic letter through which the messages can be exchanged on the computer
11.A warehouse where the goods can be stored after the payment of import duty
12.The type of warehouse where perishable goods are stored
13.The costliest mode of transport
14.Means of transport carrying bulk and heavy goods for international trade
15.Mode of transport which helps to get goods and passengers at their door

3. EMERGING MODES OF BUSINESS

q.1 A] Select the proper option from the options given below and rewrite the
completed sentence :
1. In e-business payments have to be made .
a] in cash, b] on credit, c] online
2. The term e-business is derived from the terms .. and e-commerce.
a] e-mail, b] e-pay, c] cash
3. The transactions under . Are between business firms and consumers.
a] C to C, b] B to C, c] B to B
4. The process of contracting a business function to someone else is called as
a] e-business, b] outsourcing, c] trading
5. For online transaction is required.
a] trading, b] registration, c] business
6. The online shopper can pick and drop the things in the
a] shopping mall, b] shopping cart, c] shopping bag
7. An electronic facility of transferring funds through the internet is transfer.
a] cash, b] net banking, c] credit
8. Credit or Debit Cards are popularly known as . Money.
a] paper, b] plastic, c] polymer
9. In bigger shops situated in shopping malls or branded stores, there is a
terminal.
a] SSL, b] POS, c] HTTP
10.Wedding planning is an example of .
a] corporate organisation, b] outsourcing, c] buying and selling if goods
B) Match the pairs :
a.
b.
c.
d.
e.

Group A
e-business
B to C
ATM
Payment gateway
HTTP

Group B
1. Cost reduction
2. Hyper Transfer Text protocol
3. encryption
4. electronic business
5. point of sale
6. Business to Consumer
7. Business to Business
8. authorizes payments made online
9. outsourcing
10.Automatic Teller Machine

C) Write the word or phrase or term which can substitute each one of the following
:
1. The term derived from the terms email and e-commerce.
2. Name the term which is used by even common man effectively while collecting the
needed information quickly.
3. Name the electronic facility of transferring funds through the internet.
4. Name the form of electronic currency that exists only in cyberspace.
5. Name the service provider which is used for payment through web.
6. Name the modern process of controlling a business function to someone else.

4. SOCIAL RESPONSIBILITY OF BUSINESS

Q.1 A] Select the proper option from the options given below and rewrite the
completed sentences.
1. Businessmen are ......... of the society.
a] Representatives b] Members c] Trustees
2. In modern business environment, . Provides more opportunities and
challenges.
a] Privatization b] Globalization c] Specialization.
3. Business organization should try to make utilization of natural resources.
a] minimum b] maximum c] optimum
4. Business is a .. activity.
a] Socio-economic b] Service c] Profit making
5. Location of industries should be in zones.
a] Residential b] Industrial c] Commercial
6. For economic growth and national security, . Stability is required.
a] Political b] Social c] Natural
7. Business organization is a part of .
a] Industry b] Government c] Society
8. To make timely payment of proper taxes is the responsibility of organization
towards.
a] Shareholders b] Customers c] Government
9. Ultimate goal of business must be satisfaction of
a] Shareholders b] Consumers c] Owners
10.To maintain industrial peace is the responsibility of organization towards
a] Customers b] Employees c] Society
11.Business or organization should protect health and provide safety measures to
a] Employees b] Shareholder c] Customers
12.To maintain safety of investment is responsibility of business towards .
a] Community b] Investors c] Employees
13.Business organization can maximize profitability by . Wastage.
a] Ignoring b] Utilizing c] Minimizing
14.Business should provide periodic information to ..
a] Customers b] Owners c] Employees
15.Business ethic refers to the system of principles.
a] Economic b] Social c] Moral
16.Business ethics is a . Structured examination of behavior of people.
a] Moral b] Critical c] Economical
17.Business organization should not create . Profit.
a] Reasonable b] Secret c] Maximum
18.Business organization should avoid creation of
a] Trade Unions b] Consumers c] Monopoly
19.Environmental management System is mandatory in
a] India b] USA c] China
20.Environmental Management System which provides guidelines for incorporating ecodesign is
a] ISO 14001-2004 b] ISO 14005-2010 c] ISO 14006-2011
Q.1 B] Match the correct pairs.
Group A
Group B
a. Responsibility to owners
1. Good working condition
b. Consumers
2. Branch of philosophy
c. Responsibility to investors
3. To serve society
d. Economics objective
4. To help small scale industry
e. Business ethics
5. Earning foreign exchange
6. Creating goodwill
7. Branch o social science
8. To earn profit

Group A
a. Business ethics
b. Employees
c. Responsibility towards
community
d. Responsibility towards
government
e. Trade union

9. To maintain transparency
10.Good quality product
Group B
1. Respecting rules and
regulations
2. Proper conduct of meeting
3. Negotiations with
management
4. Pollution control
5. Good quality product
6. Help to weaker sections of
society
7. Provide after sales services
8. Confidentiality
9. Job security
10.To maintain solvency and
prestige

C) Write a word or phrase or a term which can substitute each one of the
following.
1. Duties, obligations of business directed towards welfare to society.
2. Indian philosopher who had promoted concept of social responsibility in ancient times.
3. The newest management strategy about social obligations of business.
4. Movement of the consumers against business malpractices.
5. An activity motivated by profit.
6. The name of employees organization protecting their rights.
7. Creditors who provide finance to business organization.
8. Getting good quality products is the basic right of this group of society.
9. A set of principles of right conduct.
10.Rules of standards dealing with morality in business environment.
11.Corporate ethics which is a form of applied ethics.
12.An element of business ethic in which opinions and feedbacks from clients are
considered.
13.Running efficient business is the responsibility of business towards this group.
14.Providing fair returns on investment is the responsibility of organization towards this
group.
15.The critical, structured examination of how people and institutions behave in the world
of commerce.

5. CONSUMER PROTECTION
Q.1 A] Select the proper option from the option from the options given below and
rewrite the complete sentence :
1. Under the consumer Protection act, 1986, there is a . Quasi judicial consumer
dispute redressal machinery for solving the complaints of the consumers.
a] Two-tier b] Five-tier c] Three-tier
2. In the modern competitive market, consumer is regarded as the .
a] King b] Agency c] Superintendent
3. A District Forum can entertain the claims up to Rs.
a] 10 lakh b] 20 lakh c] 1 crore
4. State Consumer Dispute Redressal Commission is popularly known as
a] National Commission b] State Commission c] District Forum
5. The President of State Commission is
a] District Court Judge b] Supreme Court Judge c] High Court Judge

6. Amendments were introduced to Consumer Protection Act in the year 1993 and
..
a] 1998 b] 2000 c] 2002
7. Any person who does not agree with the decision of State Commission can appeal to
the .
a] Supreme Court b] High Court c] National Commission
8. Right to .. restricts monopolistic tendencies in the market.
a] information b] choose c] safety
9. The Government has established to settle the consumer disputes by
compromise.
a] Lok Adalat b] District Forum c] Supreme Court
10. National Commission has members in addition to the president
a] 2 b] 3 c]4
(B) Match the correct pairs
a.
b.
c.
d.
e.

Group A
Right to Redressal
District Judge
Mumbai Grahak Panchayat
Consumer Protection Act
Creating consumer awareness

Group B
1. An NGO working for consumers.
2. 1996
3. Use of media
4. Seek legal remedy in the court
5. 1985
6. Political organisation
7. President of District Forum
8. Selecting best quality product
9. Chairman of National Commission
10.Duty of consumers

(C) Write a word or a phrase or a term which can substitute each one of the
following.
1. The right of a consumer which allows him to express his views.
2. The right of a consumer which creates an awareness in him about his rights.
3. A consume dispute redressal agency that handles the claims above Rs. 20 lakhs up to
rupees one crore.
4. Non-profit and non-political independent groups working for a definite cause.
5. A consumer dispute redressal agency that handles claims up to rupees twenty lakhs.

6. PRINCIPLES OF MANAGEMENT
Q.1 A] Select the proper option from the options given below and rewrite
completed Sentences.
1. 14 principles of management are developed by ..
a] F.W. Taylor b] Henry Fayol c] Peter Drucker
2. Management principles influence ..
a] human behavior b] organization c] government
3. Concentration of power of authority is stated in the principles of
a] Centralisation b] Remuneration c] Equity
4. According to the principles of .. all employees should be given same
treatment
a] Authority b] Discipline c] Equity.
5. Technique of study of . Concentrates on the body movements of the worker.
a] Motion b] Time c] Organization

6. F.W. Taylor is called as the father of .. management.

a] Modern b] Scientific c] Technical
7. Principle that focuses on complete change in the attitude of the employees is known as
the principle of .
a] attitude change b] scientific management c] mental revolution.

(B) Match the correct pairs

a.
b.
c.
d.
e.

Group A
Henry Fayol
Principle of unity of command
Time study
F.W. Taylor
Management principles

Group B
Universal
Father of Scientific Management
Specific
French engineer
Study the time required to do a job
German engineer
One man one boss
Study the body movements of the
Worker
9. Father of nation
10.One man many bosses
1.
2.
3.
4.
5.
6.
7.
8.

(C) Write a word or phrase or a term which can substitute each one of the
following.
1.
2.
3.
4.
5.
6.

Father of modern management.

Father of scientific management.
The principle of management which says unity is strength.
The principle of management that says the work should be divided in to parts.
The principle of management explaining the importance of fair payment to workers.
The principle of scientific management which explains the use of scientific method to
determine the activity; performed by the employee.
7. The principles of scientific management which talks about the change in the attitude of
the employees.
8. The statements of fundamental truth of management.

FUNCTIONS OF MANAGEMENT

Q.1 A) Select the proper option from the options given below and rewrite the
complete sentences :
1. Planning is .
a] Advanced Function b] Basic Function c] End Function
2. Division of work is involved in at function.
a] Planning b] Organizing c] Directing
3. Directing is initiated .. level.
a] Top b] Middle c] Lower
4. Staffing function is a . Activity.

a] Basic b] Continuous c] Neutral

5. A process to establish harmony among different activities to achieve desired results is
..
a] Controlling b] Co-ordinating c] Co-operation
6. The last function in managerial process is ..
a] Co-ordinating b] Controlling c] Motivating
7. Unification, integration and synchronization of the efforts of group members so as to
achieve common goals is a . Function.
a] Planning b] Organizing c] Co-ordinating
8. Staffing is concerned with
a] Physical factor b] Financial factor c] Human factor
9. Controlling measures the of actual performance from the standard
performance and helps in correction action.
a] Action b] Deviation c] Objective
10.Directing is a responsibility of at all levels.
a] Manager b] Worker c] People
11.Physical, financial and human resources to develop productive relationship is a
. Function.
a] Organizing b] Directing c] Staffing
12.Deciding in advance as what is to be done, when it is to be done and who is to do it is
. Function of management
a] Planning b] Organizing c] Controlling
(B) Match the correct pairs :
Group A
a.
b.
c.
d.
e.

Planning
Organizing
Staffing
Directing
Controlling

Group B
1. individual Taste.
2. Directly related to Human Beings.
3. Bridges the gap between where we are
now and where we want to go.
4. All the people are employed.
5. Not directly related to Human Beings.
6. Identify and Grouping the work to be
performed.
7. Corrective Action taking.
8. Right People at Right Jobs.
9. Taking action against employees.
10.Aims only at Organizational Goals.

(C) write a word or a phrase or a term which can substitute each one of the
following :
1. One of the functions of management is considered as a base for all functions.
2. The function of management, which identifies and divides the work of the
organization.
3. A function of management that ensures that actual activities match up to the planned
activities.
4. A function where right people are given right jobs.
5. A function where recruitment, selection, training, development, etc. is done for the
people.
6. A process where managers instruct, guide and communicate with employees.
7. A function rightly treated as the essence of management.
8. A process where standards are set, actual performance is measured and corrective
action is taken.
9. An end function where the performance is evaluated in accordance with plan.
10. A function of management that brings physical, financial and human resources
together for better

Productivity.
11. A function without which planning is meaningless.
12. A management function which is decided in advance as to what to do, how to do it,
when to do it and who is
To do it.
13. A function directly related to human beings.
14. A management function concerned with ascertaining whether the activities are carried
out as per plan and
take corrective action.
15. An orderly arrangement of group efforts to provide unity of action to achieve common
goals.
16. A process of taking steps to bringing actual results and desired results closer together.
17. A function which provides instructions from top level management to the lower level.

8. ENTREPRENEURSHIP DEVELOPMENT
Q.1.(A) Select the proper options given from the options given below and rewrite
the completed sentences :
1. The word entrepreneur is derived from the .. word entreprende'
a] Japanese b] English c] French
2. entreprende means to
a] undertake b] enterprise c] businessman
3. The oxford English dictionary defines an entrepreneur as the . Of a
business.
a] secretary b] employee c] director
4. The term entrepreneur was first used by
a] J. Schumpeter b] R. Cantilon c] A.H. Cole
5. 13 functions of an entrepreneur were enumerated by
a] J. Scumpeter b] R. Cantilon c] Kilby Peter
6. The inner urge of a person to do something is
a] initiative b] hard work c] creativity
7. Entrepreneurial .. is measured in terms of the individuals attitude toward
opportunity recognition.
a] value b] attitude c] motivation
8. The basic element of the process of is motive, behavior and goal.
a] value b] motivation c] attitude
(B)
a.
b.
c.
d.
e.

Match the correct pairs :

Group A
Economic activity
Highly optimistic
External values
Internal values
motivation

1.
2.
3.
4.
5.
6.
7.
8.
9.

Group B
Self fulfillment
Entrepreneurship
Passion
A sense of belonging
Entrepreneur
Positive or negative
Benefit
Dimension
Necessity Based

10.Market opportunity
(C) Write a word or phrase or a term which can substitute each one of the
following :
1.
2.
3.
4.

An undertaking or adventure involving uncertainty and risk and requiring innovation.

A function of creating something new for an economic activity.
A person who is an innovator who introduces new combinations of means of production.
The process of enhancing entrepreneurial skills and knowledge through structured
training and institution-building programmes.
5. The process that motivates a person into action and induces him to continue the course
of action for the achievement of goals.