J. K. SHAH CLASSES. Solutions. 2. The activity that removes difficulty of risk is called. 3. Building a dam is an activity done under industry.

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1 J. K. SHAH CLASSES BRANCH : BORIVALI, ANDHERI & VASAI FYJC CHAPTER : ORGANISATION OF COMMERCE MARKS : 25 TIME : 45 mins Solutions Q.1. (A) Fill in the blanks using appropriate answer (05) 1. A courier agent is a/an. (a) professional (b) businessman (c) employee 2. The activity that removes difficulty of risk is called. (a) transportation (b) insurance (c) warehousing 3. Building a dam is an activity done under industry. (a) manufacturing (b) construction (c) tertiary 4. Small businesses are intensive. (a) capital (b) labour (c) profit 5. For industries (manufacturing sector), the investment is upto Rs. 25 lakhs. (a) micro (b) small (c) medium Q1. (B) Match the pairs (05) 1. Warehousing (f) Time utility 2. Transportation (c) Place utility 3. Cottage Industry (b) Home based 4. Medium scale industry (e) Above ` 25 lakhs upto ` 5 Cr 5. Small businesses (h) Problem of credit and finance

2 Q.2. Distinguish between (Any One) (05) 1. Industry and Commerce SN BASIS INDUSTRY COMMERCE 1 Meaning It is that aspect of business which is engaged in production of goods and services. It is that aspect of business which is engaged in distribution of goods and services. 2 Capital It requires huge capital investment. It requires comparatively less capital investment. 3 Location It takes place in factories and workshops. It is conducted in markets and offices. 4 Resources It requires manpower and It requires more of machines. 5 Interdependence Without commerce, industrial activities are senseless. manpower. Without industry, commercial activities cannot be started. 6 Utility It creates form utility. It creates place, time and possession utility. 7 Status It has primary importance. It has secondary importance. 8 Market forces It represents the supply side of the market. 9 Conducted by It is conducted by producers and manufacturers. 10 Classification Primary industry, Secondary industry and Tertiary industry. It represents the demand side of the market. It is conducted by traders, mercantile agents, etc. Trade and Auxiliaries-totrade. 2. Business and Profession SN BASIS BUSINESS PROFESSION 1 Meaning It is an economic activity where goods and services are produced It is an economic activity where expert services are rendered. and distributed. 2 Qualification Definite qualifications are not necessary. Prescribed qualifications must be possessed. 3 Monetary Profit is received as A professional receives returns monetary returns. 4 Capital Capital has to be invested. 5 Decision making The business is free to take his/her (owner) decision. fee as monetary returns. Only self-employed professionals require capital investment. A professional has decision making power as far as his/her possession is concerned.

3 Q.3. Write short note on (Any One) (05) 1. Role of small industries in India Ans:Real India resides in the rural India. About 75% of the population is into agriculture and allied activities. The role of small industry in India can be described as below: a) Employment generation: Small scale industries create the largest employment opportunities for rural India next to agriculture. Being labour intensive, it has immense employment generating potential. It absorbs surplus amount of labour in the rural economy. The prominent occupation in rural areas is agriculture where seasonal unemployment is quite common. It is reduced remarkably by small businesses in interior areas. b) Utilisation of skills of the rural population: Small industries in rural areas are skill based wherein the skill for manufacturing is passed on from generation to generation. Traditional skills can be utilised for wood carving, stone carving, metal carving, textile, handicrafts, etc. c) Support to agricultural sector: Agriculture is the heart of rural areas. Small business industry provides input to agricultural sector in the form of processing facilities and consumer goods for consumption. Rural based cottage industry and agro based industry utilises raw material from agricultural sector and accelerates growth. d) Optimum utilization of local raw material: Raw material which is available locally in rural areas is utilised optimally by small scale businesses. It reduces cost of transportation, saves time and results in overall reduction in cost of production which ultimately gives affordable price of finished product to consumer. e) Reducing gap between rural and urban area: Indian rural sector is no longer primitive and isolated. It is growing towards development. It is providing answer to many problems such as poverty, unemployment and backwardness. Thus, it leads to rural development. f) Mobilisation of capital: Unlike large businesses, small scale industries are more decentralised and scattered so as to easily mobilise capital. They are ideally suitable for a capital-scarce, labour abundant rural India. g) Rural entrepreneurship: Increase in the number of entrepreneurs in rural areas has encouraged competitiveness. This has promoted a spirit of enterprising, risk-taking and innovation. h) Self-sufficiency at local level: Small businesses lead to self-sufficiency of rural areas. It has created confidence and feeling of self-esteem in rural areas.

4 2. Types of Industries Ans: The types of industries can be described as below: 1. Primary Industry: These industries are concerned with nature. Generally, their products cannot be used as it is. They require further processing. The output of the primary industry is the input of secondary industry. a) Agriculture Industry: It refers to farming, cultivation of land. Majority of agricultural products are further processed before consumption. b) Extractive Industry: This industry extracts (takes out) the substance concerned from natural sources, i.e., land, air, water, etc. Example Extraction of minerals from beneath the earth, fishing, etc. c) Genetic Industry: These are engaged in the reproduction and multiplication of plants and animals. Example Animal husbandry, plant nursery, etc. 2. Secondary Industry: These industries depend on primary industry for raw material. They convert the raw material provided by primary industry into usable finished products. a) Manufacturing Industry: It includes all those industries which convert raw materials into finished products with the help of manpower and machines. The output can be consumed directly. It manufactures consumer goods as well as capital goods. b) Construction Industry: It refers to those activities which are engaged in constructing buildings, dams, bridges, etc. This is the only industry which creates immovable wealth. Its output is sold at the same place where it is made. 3. Tertiary Industry: These industries provide services like transport, banking, insurance, etc. Tertiary sector can flourish only if primary and secondary industries are doing well in the economy. Q.4. State with reasons whether the following statements are true of false (Any One) (05) 1. There are no problems in conducting small businesses in India - FALSE Ans: The problems in conducting small businesses in India are as follows: a) Finance and credit: This is a serious problem faced by small businesses, even worse in case of rural and cottage industries. Their capital base is weak. Institutional sources are not very prevalent and there is immense exploitation caused by non-institutional sources (private moneylenders). They charge high rate of interest.

5 b) Non-availability of raw materials: Small scale industries that depend on local raw materials are often exploited by the suppliers by charging higher prices. Shortage of raw materials may also take place due to natural calamities, transport problems and industrial strikes. Those small businesses using imported raw materials may be affected by import restrictions, foreign exchange crisis, rise in international prices, etc. c) Infrastructure: Many businesses are forced to shut down due to lack of electricity, power cuts, voltage fluctuations, transportation problems like inadequate space, unsuitable location, etc. d) Outdated technology and methods of production: Only a small segment of small businesses use latest and advanced technology. The other units do not usually have access to such technology due to the lack of know-how and investment to be made in technology. This increases cost of production and reduces productivity. e) Marketing problems: Marketing includes activities like market research, warehousing, transportation, branding, advertising, proper pricing, ready availability of goods, and such others. These activities ensure that the product reaches the end user properly. Small businesses lack this to a great extent, thus reducing the reach of their products. f) Sickness: Small businesses may become sick (incur losses) due to several reasons. Internal reasons lack of skilled labour, faulty planning, outdated technology, etc. External reasons delayed payments, capital deficit, shortage of raw materials, competition, etc. g) Under utilisation of capacity: Lack of optimum utilisation of resources or capacity may be due to inefficient marketing skills or lack of demand. Many small businesses are forced to operate below capacity thus increasing overall costs and may even result in sickness or worst of all, closure. h) Quality: Small units many times focus on cutting costs and keeping prices low. They may not adhere to the quality standards. Lack of expertise to upgrade technology may deteriorate the quality further.

6 2. Risk is inevitable in business - TRUE Ans: Risk exists in all businesses irrespective of size, type and nature of business. It can never be made zero. Risk can be minimised or transferred. The causes of business risks are: a) Change in fashions: Fashions keep changing due to changing preferences of the people, changing purchasing power, impact of TV and films, etc. Demand for the goods may fall drastically due to the changing market trends. Large stock of finished goods may remain unsold. b) Change in government policies: Every business unit has to operate within the legal framework provided by the government. They have to consider government rules while planning for the business. But, if government policies / rule change, then businesses need to reframe their own policies. It may result into wastage / loss. c) Office personnel: If there is some unrest among the employees of a business unit, it may result into strikes or lock-out or non-cooperation. It puts the business in a great loss and efficient staff may leave the business. d) Change in technology: Due to the developments in science, new technology keeps entering the market. Type of raw materials, production processes, equipment, etc. keep changing. It makes the existing machinery obsolete. A business will have to adapt itself to the changing conditions for its survival and growth in the market. This process of change may make the existing goods useless. e) Natural calamities: The business does not have any control over natural calamities. Mishaps such as earthquakes, floods, famines, etc may cripple the business very badly. Along with financial loss, it may cause loss of life and property. f) Manmade disasters: Every business is exposed to manmade disasters such as bomb blasts, riots, stone pelting, etc. Such situations are completely beyond the control of businesses. It may cause serious loss to the business. g) Dependence on others: Any business unit cannot be self sufficient in everything. It depends on many factors on which it does not have any direct control. Example supply of raw materials, transport agencies, employees, etc. A business unit may suffer loss even if any of the factors fails to comply its duties. h) Competition level: Today s businesses are operating in competitive markets. Particularly, after globalisation, competition is increasing at local as well as international level. Any small mistake in deciding policies, advertising goods, etc may lead to heavy losses. There is a constant danger of competitors capturing your market share.

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