Busines Studies (216)
Tutor Marked Assignment (2020-21)
1. Answer any one of the following question in about 40-60 words.
(b) As a businessman, state the different types of activities you would undertake in your day to day running of your business.
Ans- Business activities include any activity a business engages in for the primary purpose of making a profit. This is a general term that encompasses all the economic activities carried out by a company during the course of business Business activities, including operating, investing and financing activities, are ongoing and focused on creating value for shareholders
- Business activities are any events that are undertaken by a corporation for the purpose of earning a profit
- Operating activities relate directly to the business providing its goods to the market, including manufacturing, distributing, marketing, and selling. they provide most of the company’s cash flow and hugely influence its profitability
- Investing activities relate to the long-term use of cash, such as buying or selling a property or piece of equipment, or gains and losses from. Investments in financial markets and operating subsidiaries.
- Financing activities include sources of cash from investors or banks, and the uses of cash paid to shareholders, such as payment of dividends or stock repurchases, and the repayment of loans.
2. Answer any one of the following question in about 40-60 words.
(b) The movement of goods and persons is very important in business. In light of the statement discuss the importance of transport in business.
Ans- Transportation is a major contributor to the economy and a competitive force in business It is the activity that physically connects the business to its supply chain partners, such as suppliers and customers, and is a major influence on the customer’s satisfaction with the company. This chapter illustrates the role of transportation in the logistics function, the supply chain, and the larger economy.
3. Answer any one of the following question in about 40-60 words.
(a) “E-mail is the fastest method of transmitting written messages”. Explain.
Ans: E-Mail or Electronic mail is by far the fastest method of transmitting written messages through an electronic medium of computer, by using the internet service, at any point of time.
People do not post letters nowadays and this form of Mailing system is mandatory for every workplace nowadays. One can check whether a mail has reached or has gone undelivered. One can even send mail to various persons at the same time by putting several contacts in C.C. or B.C.C.
Requirements are minimal just a social security number and the Necessary permits and licenses
2. Partnership
This formation type takes place when two or more individuals form a written agreement to operate a business together. Partnerships can also be established between other businesses and among one or more businesses and one or more individuals. This choice is also fairly simple and inexpensive to establish However, partnerships have their own unique set of tax and liability issues.
3. Corporation
Going through the process known as “incorporation” sets up the most Flexible type of company Corporations are state-chartered and have a number of legal rights. Its owners have limited liability because the corporation has separate legal standing. The owners are thereby protected from personal legal action, should the business be sued. However, corporations undergo a great deal of scrutiny and are held accountable for their actions at a higher level.
4. Limited Liabilities Company
These types of businesses have many of the same built-in advantages as corporations Along with their limited liability. LLCs can be owned by a variety of entities, including individuals, trusts, other LLCS, and corporations. When it is set up under the proper guidelines, an LLC can be taxed like a partnership, which is an advantage. However, there is quite a bit of paperwork required to form and operate an LLC to ensure that it will not be taxed as a corporation.
4. Answer any one of the following questions in about 100 to 150 words.
(a) On the basis of ownership companies can be of four types Discuss the characteristics of these different types of companies.
Ans-
On the basis of ownership companies can be of four types
1. Sole Proprietorship
2. Partnership
3. Corporation
4. Limited Liabilities Company
1.Sole Proprietorship
This is the most simple business entity there is. As the name implies, the establishment has just one owner. That owner may choose to use his or her own name or “d/b/a”, which means, “doing business as”. The Public Provident Fund (PPF) scheme is a popular long term investment by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax.
Characteristics:
1. It is one of best government tax-saving scheme
2. Interest rate -8.1
3. A PPF account has a lock-in period of 15 years on investment, before which funds cannot be withdrawn completely.
4. A minimum of Rs 500 and a maximum of Rs 15 Lakh Invested in a provident fund scheme annually.
5. It aims to provide higher interest than regular accounts maintained by various commercial banks in the country.
5. Answer any one of the following questions in about 100 to 150 words.
(a) Explain the recent developments in the field of banking and the latest facilities offered to its customers.
Ans-
Explanation:
Now, almost every commercial bank gives ATM facilities to its customers SBI is following the concept of ‘ATMs in Quantity Corporation Bank has the second largest network of ATMs amongst the public sector banks in India. ATM is designed to perform the most important function of bank
Latest facilities offered to its customer banking services are:
1. Advancing of Loans
2. Overdraft
3. Discounting of Bills of Exchange.
4. Check/Cheque Payment
5. Collection and Payment Of Credit Instruments
6. Foreign Currency Exchange
7. Consultancy.
8. Bank Guarantee.
9. Remittance of Funds.
10. Credit cards
11. ATMs Services.
12. Debit cards
13. Home banking
14. Online banking
15. Mobile Banking.
16. Accepting Deposit.
17. Priority banking.
18. Private banking
6. Prepare any one project out of the given below:
(a) Visit a nearby bank, else call on toll free number and enquire the procedure to open a savings bank account. Make a report.
Ans-
Explanation:
Savings accounts are one of the simplest and the most widely availed services offered by banks. The government of India made it simpler for people to open savings accounts through the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme which is the biggest financial inclusion scheme of the world till date. But savings accounts opened through it had certain limitations regarding the facilities provided and features of the bank account. However, when you want to open a bank account on your own, you need to ask a few questions before you choose a bank and a savings product in order to avail maximum facilities and features.
Account opening procedure
Fill the account opening form. The vital points are name, address, occupation and the amount to be deposited.
Provide declaration of accepting the rules and regulations of bank.
An existing customer of the bank should introduce you to the bank or from a respectable citizen known to the bank.
The following are the documents to be submitted for accounting opening procedure:
Photocopy of Voter ID or Passport.
Address Proof
Passport size photographs – 2
After submission, the bank takes a couple of weeks to complete the paper work and process your account opening form. On its completion the bank will send cheque book and debit card via post.