Std 12 OCM Question bank Solution

You will find all the answers in the Std 12 OCM question bank Solution provided by Maharashtra State Board.

Q1. A) Select the appropriate option and rewrite the complete sentence.

1. ‘entreprendre’ means ………… a) to business b) to enterprise c) to undertake

2. ……….. is the function which supports to activate the plans with the help of employees.

a) directing b) staffing c) controlling

3. ………… was regarded as Father of Scientific Management.

a) Henry Fayol b) F W Taylor c) Philip Kotler

4. Start-Up India is an initiative of the ……… a) Government of India b) RBI c) World Bank

5. Scalar chain means the hierarchy of ………. from the top level to the lower level for the purpose of communication. a) authority b) unity c) discipline

6. In …….. policy subject matter is insured for specific voyage irrespective of time.

a) annuity b) voyage c) floating

7. The function of management starts with …………… function.

a) directing b) planning c) controlling

8. The term market is derived from the ………… word ‘mercatus’.

a) Latin b) French c) Italian

9. In modern competitive market, consumer is regarded as the …… a) king b) owner c) buyer

10. The government has established ……. to settle the consumer disputes by compromise.

a) consumer organisations b) lok adalat c) national commission

11. ………… are trustees of the society. a) businessmen b) employees c) investors

12. Warehouse creates ………….. utility. a) space b) time c) possession

13. Principle of ………… is not applicable to life insurance.

a) utmost good faith b)insurable interest c) indemnity

14. Business is a ………… activity. a) socio-economic b) non-profit c) charitable

15. In online shopping customers put the product in the …………

a) shopping cart b) account c) digital cart

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B) Match the correct pairs.

1.

Group AGroup B
A. Planning  (2)1. It is the process of instructing, guiding, communicating and motivating
B. Organising (9)2. Deciding in advance what to do, when to do, how to do, when to do and who is to do it.
C. Staffing (6)3. principle of management
D. Coordinating (5)4. It is a set of principles.
E. Directing (1)5. It is an integration and synchronization of the efforts of a group
 6. It is the process of recruiting, selecting, placing and remunerating
 7. To focus on the role of manager.
 8. general instructions from subordinate to superior
 9. Decides the ways and means to achieve what has been planned.
 10. To focus on the role of an employee.

2.

Group AGroup B
A. Gap filling function (7)1. self-motivated
B. Entrepreneur (1)2. latest knowledge
C. Agro tourism (6)3. an initiative by state government
D. Technology (2)4. 2019
E. Stand up India (9)5. old methods of production
 6. rural tourism
 7. entrepreneurship
 8. 2016
 9. For SC/ST and/or women entrepreneur
 10. Start Up India

3.

Group AGroup B
A. Henry Fayol (5)1. One Head One Plan
B. Principle of Unity of Direction (1)2. gangplank
C. Nature of principles of Management (6)3. to do work in an innovative way
D. Principles of Initiative (3)4. team spirit
E. Principle of Discipline (10)5. Father of Modern Management
 6. general guidelines
 7. right to take decisions
 8. F W Taylor
 9. remuneration
 10. obey and respect the rules

4.

Group AGroup B
A. Sprinkler policy (10)1. provides a regular percentage of the sum assured
B. Child insurance (9)2. marketing
C. Money back policy (1)3. demand made by insured to insurer for loss occurred due to mishap
D. Claim (3)4. profit
E. Insurance (6)5. proposal
 6. protection from financial loss
 7. for voyage
 8. ULIP
 9. suitable for children
 10. fire insurance

5.

Group AGroup B
A. District Commission (5)1. freedom to select an article as per his requirement
B. Consumer Welfare Fund (6)2. not less than four members
C. Right to Choose (1)3. An NGO
D. National Commission (2)4. seller’s organisation
E. Grahak Shakti  (3)5. not less than two members
 6. Department of Consumer Affairs
 7. an initiative by government
 8. Lok Adalat
 9. Department of Corporate Affairs
 10. only one member

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C) Give one word or phrase or a term which can substitute each of the following.

1. A function of creating something new for an economy. Innovation

2. The principle which is based on ‘a place for everything and everything in its place’. Principle of Order

3. Last function of management. Controlling

4. The one who is known as father of modern management. Henry Fayol

5. Process of identifying and bringing the required resources together such as men, money, machine and method. Organisation

6. An employee who has an authority and support of the organisation to implement his creative ideas. Entrepreneur

7. Earning foreign exchange is the responsibility of the organisation towards this group. Government

8. The first step in online transaction. Registration

9. A Sub segment of BPO. KPO

10. This function is soul of all management functions. Directing

11. A process of giving special identity in the market for product. Branding

12. Contracting a business function to specialized agencies. Outsourcing

13. A purposeful activity of an individual or a group of associated individuals undertaken to initiate, maintain and aggrandize profit. Entrpreeurship

14. Detailed program of future course of action. Planning

15. An activity motivated by profit. Economic Activity

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D) State true or false.

1. Qualified, efficient and skilled workforce is always an asset of the organisation. True

2. Principles of management are universal in nature. True

3. An entrepreneur should not be ready to work hard. False

4. Each member of organisation should receive orders only from one superior. True

5. Agro-tourism can support agricultural economy. True

6. Standards are not set for every performance in controlling function. False

7. Business services are important for the growth of business. 8. NEFT stands for National Electronic Fund Transfer. True

9. C2B stands for transactions between consumer and business. True

10. The term e-business is derived from the terms e-mail and e-commerce. True

11. Under CSR, the company would spent not less than 4% of the average net profits. False

12. Media does not play important role in public life. False

13. With the help of outsourcing, company cannot focus on the core areas. False

14. Public Interest litigation means legal action initiated in a court of law regarding a matter of general public interest. True

15. CERC is an example of NGO working for consumer protection and education. True

16. Market may be defined as aggregate demand by potential buyers for a product or service. True

17. The area concept of market is related to exchange concept. True

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E) Find the odd one.

1. Principle of Authority and Responsibility, Principle of Division of Work, Principle of Discipline, Principle of Indemnity

2. NGO, District Commission, National Commission, State Commission

3. C2C, B2B ,A2B,C2B

4. Selecting, Training, Coordinating, Placing

5. Right of healthy environment. Right to education, Right to represent, Right to redress

6. Planning, Writing, Staffing, Directing

7. Product, People, Place, Promotion

8. Timely payment of taxes, earning foreign exchange, creating goodwill, political stability

http://www.jkacademypro.com/ Std 12 OCM Question Bank Solution

F) Complete the sentence.

1. An entrepreneur is a person who starts a Budiness/ enterprise

2. Recruitments are done under staffing function.

3. The word bank comes from French word Banco

4. mobile banking refers to the use of banking services with the help of mobile phones.

5. Startup India initiative was launched in the year 2016

6. E-business is an abbreviation for Electronic business

7. E-commerce is a branch of Electronic business

8. In modern competitive market, consumer is regarded as the king of market

9. Planning is the fundamental function of management.

10. In India, the consumer protection act was initiated in the year 1986

11. Lok Adalat is also referred as People’s Court

12. In National Commission, members should not be less than 35 years of age.

13. Non-government organisations are non-profit and non-political organisation.

14. The term market is derived from the Latin word ‘Mercatus’.

15. Distribution is set of activities which is concerned with efficient movement of finished goods from place of production to place of consumption.

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G) Select the correct option.

1.

(innovation, niche tourism , agro tourism , entrepreneurship , Startup India)

Group AGroup B
A. the idea of bringing urban residents to agricultural farmAgro Tourism
B. Agro tourism is form ofNiche Tourism
C. InnovationTo introduce new combination of products and features
D. A full time job which requires dedication and hard work.Entrepreneurship
E. Start-up IndiaEntity having headquarter in India

2. (place concept of market, E Jerome McCarthy, market research, label, 3P’s)

Group AGroup B
A. 4PsE Jerome McCarthy
B. market researchA function of marketing
C. Booms and Bitner3P’s
D. place concept of marketbuyers, sellers and intermediaries come together
E. labelslip is found on the product

3. (District commission, 2019, not less than four members, compensation does not exceeds one crore, Janahit Yachika)

Group AGroup B
A. District JudgeDistrict commission
B. not less than four membersMembers in national commission
C. Consumer Protection Act2019
D. National Commissioncompensation exceeds ten crore
E. Janahit YachikaMatter of general public interest

4. (responsibilities towards shareholders, responsibilities towards consumers responsibilities towards government, responsibilities towards society, responsibilities towards owners)

Group AGroup B
A. After Sales ServiceResponsibility towards consumers
B. Responsibility towards governmenttimely payment of taxes
C. protest anti-social activitiesResponsibility towards society
D. fair practices on stock exchangeResponsibility towards shareholders
E. Responsibility towards ownersReasonable profit

5. (no need to carry cash , intangible, fund transfer system , accepting deposits, niche banks in India)

Group AGroup B
A. Intangibleservices
B. commercial bankAccepting deposits
C. Niche banks in IndiaSmall finance bank
D. credit cardsNo need to carry cash
E. Fund transfer systemRTGS

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H) Answer in one sentence.

1. What is principle of unity of command?

Ans. Principle of Unity of command is a principle of management which states that each employees in the organization should receive orders only from one superior.

2. What is outsourcing?

Ans. Outsourcing is the process of contracting a business function or any specific business activity to specialized agencies.

3. What is controlling?

Ans. It is a process of comparing the actual performance with the predetermined standard performance. It measures deviation, if any, identifies the cause of deviation and suggests corrective measures.

4. What are business services?

Ans. Business services are those services which help in successful running of business. They are intangible in nature, heterogeneous, inseparable inconsistent, perishable in nature and require consumer participation.

5. What is a principle management?

Ans. Principle management are the set of general rules that guide and influence the behavior of employees and help the manager in tackling the organizational activities.

6. What is national commission?

Ans. A consumer dispute redressal forum at the national level established by the central government by notification is known as national commission.

7. What is Right to Represent?

Ans. The act which provides an opportunity to individuals and consumer groups to represent consumer’s interest before consumer forum is said to be the Right to Represent.

8. What is staffing?

Ans. Staffing is the process of attracting, recruiting, selecting, placing, appraising, remunerating, developing and retaining the best workforce.

9. What do you mean by branding?

Ans. Branding is the process of giving special identity to a product with the help of a unique brand name in order to differentiate it from the competitor’s product.

10. What is KPO?

Ans. KPO is the function related to outsourcing knowledge and information to third party service providers.

11. What is agro tourism?

Ans. An agro tourism is the idea of bringing urban residents to rural areas for leisure travel and spending.

12. What is demand deposit?

Ans. Demand deposits are those which are repaid to customers whenever they demand. That means, money can be withdrawn as per the wish of the customer through withdrawal slips, Cheques, ATM cards, online transfer etc.

13. What do you mean by grading?

Ans. Grading is the process of classification of products according to similar characteristics and/or quality.

14. What is exchange bank?

Ans. Banks that facilitate foreign exchange transactions are called Exchange Banks. Examples of exchange banks are Barclays Bank, Bank of Tokyo etc.

15. Who is entrepreneur?

Ans. An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.

16. Who is consumer?

Ans. A consumer is a person who purchases a product or service for their own use or to earn a living.

www.jkacademypro.com Std 12 OCM Question Bank Solution

I) Correct the underlined word and rewrite the sentence.

1. The word entrepreneur comes from the German verb entreprendre, it means to undertake.

Ans. The word entrepreneur comes from the French verb entreprendre, it means to undertake.

2. The commercial bank is the apex financial institution in banking industry in the country.

Ans. The Central bank is the apex financial institution in banking industry in the country.

3. Plastic currency is a form of electronic currency that exists only in cyberspace.

Ans. Digital Cash is a form of electronic currency that exists only in cyberspace.

4. The person who is protected against certain losses is known as insurer.

Ans. The person who is protected against certain losses is known as insured.

5. The loan taken under stand-up India scheme is repayable in ten years.

Ans. The loan taken under stand-up India scheme is repayable in seven years.

6. Controlling measures are rigid to some extent.

Ans. Controlling measures are flexible to some extent.

7. LPO is sub segment of BPO.

Ans. KPO is sub segment of BPO.

8. Social responsibility is narrower term than legal responsibility of business.

Ans. Social responsibility is broader term than legal responsibility of business.

9. All sorts of fair practices related to stock exchange should be avoided.

Ans. All sorts of unfair practices related to stock exchange should be avoided.

10. Espirit de corps means ‘division is strength’.

Ans. Espirit de corps means ‘Union is strength’.

11. Every year15th March is observed as ‘National Consumer Rights Day’.

Ans. Every year15th March is observed as ‘World Consumer Rights Day’

12. The President of District Commission is sitting or retired High Court judge.

Ans. The President of District Commission is sitting or retired District Court judge.

13. Factors of business environment are always fixed.

Ans. Factors of business environment are always changing.

14. Territorial jurisdiction of State Commission is geographical limits of the nation.

Ans. Territorial jurisdiction of State Commission is geographical limits of the state.

15. In exchange concept of market emphasis is given on ‘buying and selling of goods or services’.

Ans. In commodity concept of market emphasis is given on ‘buying and selling of goods or services’.

16. Security in job always affects adversely on the efficiency of employees.

Ans. Insecurity in job always affects adversely on the efficiency of employees.

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J) Arrange in proper order.

1. Controlling, Planning, Organising

Ans. Planning, Organising, Controlling

2. Claim, Accident, Taking the policy, Compensation

Ans. Taking the policy, Accident claim, Compensation

3. Supreme Court Judge, High Court Judge, District Judge

Ans. District Judge, High Court Judge, Supreme Court Judge

4. Registration, Cash on Delivery, Placing an order

An. Registration, Placing the order, Cash on delivery

5. Coordinating, Staffing, Directing.

Ans. Staffing, Directing, Coordinating

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Q2. Explain the following terms / concepts.

1. Principle of Unity of Command

2. Organising

3. Controlling

4. KPO

5. Entrepreneurship Development Programme

6. Insurance

7. Outsourcing

8. Social responsibility

9. Corporate Social Responsibility

10. National Commission

11. Promotion of the product

12. Product

13. Labelling

22. Marine Insurance

23. Life Insurance

24. Fire Insurance

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Q3. Study the following case/situation and express your opinion.

1. Navnath and Jagannath are partners of a firm dealing with civil construction activity. They have set objective of completing 3 projects within next four years. Navnath is responsible for arranging funds, construction machinery and required raw material while Jagannath hired architects, draftsman, surveyors, contractors and labors.

i. Name the management function Navnath was involved in.

ii. Who did staffing for the firm?

iii. Which management function Navnath and Jagannath did jointly?

2. Ms. Harshali started new business few years ago. Her customers are located in different parts of the country and hence they are directly depositing bill amount in her business account. She used to pay various payments from this account only.

i. Identify type of account maintained by Ms. Harshali.

ii. Suggest any one modern way of money transfer to Ms. Harshali

iii. What kind of facility does she get on her bank account?

3. Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.

i. Can Mr. Sadagopan take life insurance policy for two children?

ii. Is child insurance is suitable for a wife of Mr. Sadagopan?

iii. Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?

4. Shirish shifted some furniture to his office and issues a cheque of Rs. 20000/- to MV Movers Limited. Balance in his account is Rs. 15000 still bank clears the cheque. Shirish also wants to renovate his office so he applies for a loan of Rs.25 lacs which bank sanctions and transfer the amount to loan account. But Shirish withdrew only Rs. 15 lacs. Shirish accepted a bills of exchange for Rs. 5 lacs drawn upon him by M/s. Creative Furnitures for supplying new furniture for his office it is due on 31st May, 2021 but M/s. Creative Furnitures needed money on 1st April, 2021. They got Rs. 4.75 lacs from the bank on the basis of the same bills of exchange.

i. Name the type of account Shirish must be operating

ii. On which amount Shirish will have to pay interest on loan?

iii. Which service did the bank make available to easy M/s. Creative Furnitures while paying rupees 4.75 lacs?

5. Following are details of Tined Food. 1

. Mix Cheesy Masala

2. Batch No.3180/BTU98D dtd.17.03.2021 00:46

3. Manufactured by: M/s. Great Tastes Food Ltd.

4. Manufacturing Date: 17.03.2021 (Best before 8 months)

5. Rs.130/- (200 gms.)

i. Which right is represented in above example?

ii. If product has some deficiency and producer refuses to accept it and ignores the complaint where can aggrieved consumer seek redressal?

iii. State the name of the act?

6. Auto Parts Ltd. is renowned company situated in Chakradharpur, Jharkhand. This company is leading manufacturer of auto parts and also exports to some countries around the world. This company has net worth of Rs.600 Cr. and earned average net profit of Rs.1.20 Cr in last 3 financial years. The company has formed committee of directors to look after the CSR activities of the company.

i. Provision of which section is applicable in case company follows CSR activities?

ii. How much amount company needs to spend on CSR activities?

iii. How many directors are required to constitute CSR committee?

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Q4. Distinguish Between.

1. Planning and Directing

2. Controlling and Coordinating

3. Organising and Staffing

4. National Commission and District Commission

5. Central Bank and commercial bank

6. Fire insurance and Life insurance

7. e-business and traditional business

8. BPO and KPO

9. Fixed deposit account and Savings account

10. State Commission and National Commission

11. Marine Insurance and Life Insurance

12. Fire Insurance and Marine Insurance

13. KPO and LPO

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Q5. Answer in brief.

1. Explain 4ps of marketing mix.

2. Explain any four principles scientific of management.

3. Describe any four characteristics of an entrepreneur.

4. Explain responsibilities of business towards owners.

5. Explain any four e- banking services.

6. Explain importance of staffing with any Four Points.

7. Explain importance of coordinating with any Four Points

8. Explain scope of e-business.

9. State importance of staffing with any four points.

10. Describe importance of coordinating with any four Points. 11. State social responsibilities of business towards society.

12. Explain any five function of entrepreneur.

13. Describe any five characteristics of entrepreneurship development.

14. State features of services.

15. Describe importance of controlling with any Four Points. 16. Explain any four functions of marketing.

17. Explain any five right of consumers.

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Q6. Justify the following statements.

1. Planning is the first function of management.

2. Organising facilitates administration as well as operation of the organisation.

3. Entrepreneur must be a good communicator.

4. Entrepreneur must be an innovator

5. Coordination between different functions of management is the essence of organisational success.

6. Principle of equity is important.

7. Principles of management are flexible in nature.

8. Warehousing is important.

9. Business services are necessary.

10. Outsourcing is important

11. Expectations of society towards business organisations are changing.

12. Business organisations have responsibilities towards different interest groups

13. Consumers are protected with various rights.

14. CPA has set up various consumer dispute redressal forums at various levels

15. Role of NGOs is important in consumer protection

16. Marketing is significant to consumers.

17. Promotion plays an important role in marketing.

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Q7. Attempt the following.

1. Explain the nature of principles of management

2. Explain importance of planning.

3. Explain types of warehouses

4. Explain means of consumer protection.

5. Explain various ‘Concepts of Market’.

6. Explain process of online transactions.

7. Explain corporate social responsibility.

8. Explain rights of consumer.

9. Explain entrepreneurship development programme.

10. Explain importance of staffing.

12. Explain significance of principles of management.

13. Explain importance of controlling.

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Q8. Answer the following.

1. Explain importance of marketing to society and firm.

2. Define Bank. Explain different types of banks.

3 .Explain agency functions and utility functions of banks.

4. What is insurance? Explain its principles.

5. Explain importance of marketing to firm and consumers.

6. Explain types of marine insurance policies.

7. Explain types of fire insurance policies.

8. What is planning? Explain its importance.

9. What is directing? Explain its importance.

10. Explain importance of coordinating.

11. Explain any eight principles of management given by Henry Fayol in detail.

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