Business Studies (319)
Tutor Marked Assignment
Max.Marks: 20
1. Answer any one of the following questions in about 40-60 words:
(b) Ethics has become a buzzword in the business world. Explain briefly the elements of business ethics with examples.
Ans- Many buzzwords find their way into mainstream business from the technology sector. Some come from popular books or consultant reports. The term “war for talent” comes from a McKinsey document. In recent years some buzzwords have come from US politics, such as White House adviser Kellyanne Conway’s “alternative facts”, for example. Gabrielle Dolan.
Dolan has particular dislikes: saying “pivot” instead of change; and “optics”, as in “the optics are poor instead of “this won’t look good”.
Getting rid of jargon is by no means easy. It has to start at the top. Dolan cites Richard Branson as a leader who pushes his people to use plain language. A leader can require company reports to be written without jargon and acronyms, or might even establish jargon-free Fridays’ to highlight the issue.
“Companies, industries, and generations have their own jargon and buzzwords,” says Dolan. “But if someone stops us to ask what they mean, and we find that we are struggling to explain it, it’s a strong sign there is a problem.”
2. Answer any one of the following questions in about 40-60 words.
(b) You are a successful businessman dealing in goggles. You have heard a lot about e-Business from your friends. Now you want to expand your business through online Shopping. Find out the various resources available for the successful implementation of e-Business.
Ans- E-business (electronic business) is the conduct of business processes on the internet. These e-business processes include buying and selling goods and services, servicing customers, processing payments, managing production control. collaborating with business partners, sharing information, running automated employee services, recruiting, and more.
E-business can comprise a range of functions and services. They range from the development of intranets and extranets to the provision of e-services over the internet by application service providers
3. Answer any one of the following questions in about 40-60 words.
(a) Your father wants to start a business of his own. Which form of business organization would you suggest to him. Explain.
Ans- One of your first decisions as a business owner is what form of business you choose. This decision is very important because it can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you face, and your ability to borrow money. Business formation is controlled by the law of the state where your business is organized.
The most common forms of businesses are:
- Sole Proprietorships
- Partnerships
- Corporations
- Limited Liability Companies (LLC)
- Subchapter S Corporations (s Corporations)
4. Answer any one of the following questions in about 100 to 150 words.
(b) ‘Social responsibility of business means a social commitment of business towards different groups’.- Elaborate.
Ans-
Social Responsibility of Business and Social Contract:
It is evident from above, the social responsibility of business implies that a corporate enterprise has to serve interests other than that of common shareholders who, of course, expect that their rate of return, value, or wealth should be maximized.
But in today’s world the interest of other stakeholders, community and environment must be protected and promoted. The social responsibility of business enterprises to the various stakeholders and society, in general, is considered to be the result of a social Fig. 3.1. Responsibility of Business Enterprises towards Stakeholders and Society in General contract.
Fig. 3.1. Responsibility of Business Enterprises town Sheikkers and Society in General.
The social contract is a set of rules that defines the agreed interrelationship between various elements of society. The social contract often involves a quid pro quo (ie. Something given in exchange for another). In the social contract, one party to the contract gives something and expects a certain thing or behavior pattern from the other.
5. Answer any one of the following questions in about 100 to 150 words.
(b) There are numerous threats to the security of e-commerce from the customer’s side as well as the vendor’s side. Therefore, it is a must to ensure security in online transactions. Mention the steps undertaken to ensure this.
Ans- E-Commerce refers to the activity of buying and selling things over the internet. Simply, it refers to the commercial transactions which are conducted online. E-commerce can be drawn on many technologies such as mobile commerce. Internet marketing, online transaction processing, electronic funds transfer, supply chain management, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
E-commerce threat is occurring by using the internet for unfair means with the intention of stealing, fraud, and security breach. There are various types of e-commerce threats. Some are accidental, some are purposeful, and some of them are due to human error. The most common security threats are an electronic payments system, e-cash, data misuse, credit/debit card frauds, etc.
An electronic payment system has a huge risk of fraud. The computing devices use the identity of the person for authorizing a payment such as passwords and security questions. These authentications are not full proof in determining the identity of a person. If the password and the answers to the security questions are matched, the system doesn’t care who is on the other side. If someone has access to our password or the answers to our security question, he will gain access to our money and can steal it from us.
6. Prepare any one project of the following projects given below.
(a) Priyank wants to start a small business but he is unaware of the government support available. Help him to gather necessary information by explaining to him the characteristics of small businesses and the scope of small businesses. Also, mention the steps taken by the government for the development of small businesses in India.
Ans- There are thousands of government-run small business support programs in North America but figuring out how to take advantage of these programs can be overwhelming. Here are five ways the government can help your small business succeed:
1. Target services available for your small business
Every city, province, or state has a small business office or economic development department Staff there can refer you to local business incubators, networking events, and financing programs. Often, these offices offer free business consulting services; they will also help you to navigate complex government regulations
Are you investing in research and development or building a new facility? Do you want to participate in an international Trade Mission? Tell the small business office about your expansion plans and they will direct you to the appropriate assistance that you need. Find your local small business office in Canada or in the US.
2. Provide free advice
Intermediaries cost money. Government officials, on the other hand, are responsible for advising business owners on their programs and services. For example, the staff members of the Canadian Intellectual Property Office or the U.S. Patent and Trademark Office are experts in protecting intellectual property.
Whether you need advice on export regulations, tax incentive programs, or research and development grants, the administrators of these programs will be glad to help!
3. Facilitate customer and market research
Government agencies like Statistics Canada and the U.S. Census Bureau are invaluable resources for market researchers. If you’re looking for information about a new geographic market, household spending patterns, or a particular market segment, start with the free research available from these organizations.
One Canadian resource I use all the time is Industry Canada’s SME Benchmarking Tool which offers industry-specific income statement and balance sheet data for small and medium-sized businesses. This data is invaluable for anyone writing their first business plan or for seasoned business owners who want to know how their numbers compare
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4. Find a new market for your product or service
Governments purchase billions of dollars worth of goods and services every year: everything from construction materials to office supplies, food, and consulting services. Your small business may be exactly the new supplier your local government needs!
Before making a sales pitch, it’s a good idea to learn about government procurement practices – where upcoming tenders are posted, proposal requirements, and rules governing conflict of interest. The websites of your federal, provincial, state, or municipal governments will all have purchasing department links that provide this information for prospective vendors. For online listings of government, contracts try Merx in Canada or the U.S. Small Business Administration in the US. Tip: Take advantage of government programs that require purchasing from a database of registered small businesses.
5. Build your public profile
Get media attention when you invite a local politician to attend your store opening or business event. Alternatively, participate on a government advisory committee or contribute when asked for input on policy issues that will have an impact on your business. These are great ways to have input into government decisions: they can also lead to public recognition for you and your small business
Finally, when dealing with government officials be realistic. Governments will not endorse your business to the detriment of others, and governments do not give out grants to everyone with a business idea. We sincerely understand the enormous economic contributions made by small business owners every day and we love helping you to succeed!