Explore topic-wise InterviewSolutions in Current Affairs.

(i) (c) labour

(ii) (a) first

(iii) (a) 40%

Correct Answer is Business

Correct Answer is False

Correct Answer is True

The digital initiative steps of the SIDBI are as follows: 

SIDBI Startup Mitra and Udyami Mitra: 

(a) SIDBI Startup Mitra: It brings together all stakeholders, start-up entrepreneurs, incubators, investors, industry bodies, mentors and advisors and banks at one platform. It helps in financing and development of new entrepreneurs. It also works as knowledge partner for State and Central Government.

(b) Udyami Mitra: This is the portal launched by SIDBI to improve accessibility of credit and handholding services to MSME’s. Under this portal entrepreneurs can apply for loan without physically visiting any bank branches. The entrepreneurs can select and apply for preferred banks, they can select suitable branch, track their application status an avail multiple loan benefits.

Any person who is competent to contract can become a member after fulfilling certain requirements for the membership of the company.

Cessation of Membership of a company means the discontinuation of membership. The name of the old member is removed from the Register of the member.

(i) ……………… is the person who offers the work.

(ii) ………………. is considered as a reward for assuming several business risks.

(iii) Industry creates …………… utility.

(iv) In ……………. trade, goods, are purchased and sold in bulk.

(v) ……………….. is the link between wholesaler arid customer.

1. A partner who takes active participation in day-to-day working of the firm, is called as active partner.

2. He is also called as ordinary/general/ actual/ working partner.

3. He acts as a manager, organizer, advisor and controller of the firm.

KVIC promote non-conventional energy for sustainable development.

KVIC signed Memorandum of Understanding with National Institute of design.

Genetic industry means the industry engaged in reproduction and multiplication of plants.

Correct Answer is True

1. Human beings are engaged in various activities throughout the day. 

2. Some activities are done to earn money or livelihood. 

3. These activities are called economic activities. 

4. Economic activities are of three types; they are business, employment and profession. 

5. Because of the economic activities a person can earn for himself and his family. 

6. These activities are required for the survival of a human being.

Correct Answer is  False

(i) Human activities are divided into two types – economic and non-economic activities. 

(ii) Non-economic activities are those which are conducted by a person to satisfy his non monetary requirements. They include personal, social, cultural, religious activities, etc. E.g. singing, playing games, gardening etc.

(i) earn money

(ii) commerce

(iii) economic

(iv) business

(v) fees

Transmission of shares refers to the transfer or passing of property or titles in shares by the operation of law from a member to his legal representative. When transmission of shares takes place the membership of the original shareholder is terminated.

Correct option is (b) Start-up Mitra

(i) a commerce

(ii) Doctor

(iii) Singer

(iv) High level

Correct option is (b) NABARD

1. False

2. True

Sleeping/Dormant partner:

• A person who becomes the partner in the firm through partnership deed invests capital, bears loss of profit but does not play an active role in managing the business is called a sleeping or dormant partner. Just like the active partners, the liability of the sleeping partner is also unlimited.
• People who wish to have capital and cannot raise on their own often invites people to join the firm as sleeping partner.

1. A partner who does not take active participation in day-to-day working of the firm, is called as dormant partner or sleeping partner.

2. He contributes to the capital of the firm and also shares profit or loss of the business firm. 

3. He is liable for the debts of the firm. 

4. He cannot find the business firm or third party by his acts.

The partners who contribute capital but do not take active part in day to day transaction of the firm is called sleeping dormant partners.

Minor as a partner

Important features of KVIC are as follows: 

(i) Research and Development: To face the challenge of globalisation, KVIC has introduced a number of new products range like khadi denim jeans to cater the need of the market. The KVIC undertake trainings of sales staff for effective marketing of the products. KVIC is taking several steps to set standards of quality to ensure genuineness of the khadi products. KVIC signed Memorandum of Understanding with National Institute of Design to provide design support, services in packaging, marketing, communication, publicity, disseminating materials and other design-related activities.

(ii) Other Functions : The KVIC is charged with the planning, promotion, organization and implementation of programs for the development of Khadi and other village industries in the rural area. It organizes training programme for artisans engaged in Khadi and Village Industries.

(iii) Marketing Promotion : In order to attract younger generation, the KVIC is holding exhibitions, seminars, lectures in universities and colleges to disseminate knowledge of KVIC products. KVIC has also launched a massive marketing development plan to generate interest, awareness and attraction amongst masses.

(iv) Financial Assistance : It finances the projects for rural industrialization and also provides for margin money by way of subsidy. There are provisions for higher rate of subsidies in case of beneficiaries of the weaker section, tribal areas and backward regions. KVIC also provides financial assistance to institutions and individuals for development and operation of Khadi and Village industries.

(v) Rural Development : The Khadi and Village Industries plays an important role in the development of Indian economy, particularly in the development of the rural areas. KVIC facilitates proper utilization of natural resources in rural India for generating income for the rural masses.

(vi) Employment Generation: Due to increasing workforce, it is necessary to create employment opportunities. KVIC are labour intensive in nature. The broader objective of KVIC is to promote non-farm employment opportunities in rural areas. 

(vii) Entrepreneurship Development : KVIC helps to provide additional livelihood avenues to the village communities. KVIC generate self-employment opportunities through establishment of micro enterprises by organizing traditional artisans and unemployed youth.

Correct Answer is  Professional services

Correct Answer is  True

Correct option is  (a) Home Trade

(i) True

(ii) True

(iii) True

(iv) False

(v) True

(i) Manufacturing industry

(ii) Wholesale trade

(iii) Manufacturing

(iv) Machinery

Art: 

1. Creativity: Managers must posses the quality of being creative. Every manager should be able to bring innovations in the business. This quality is developed with experience. The more experienced manager can bring about changes according to the situation.

2. Regular Practice: Practice makes a man perfect. This is the rule applied by a manager. The more the experience, the manager will be able to meet any challenge or difficult situation with ease. He is in a position to make the required changes according to the circumstances.

3. Personal Skill: Every manager being an individual is different. A good manager must posses good skills in dealing with human beings. He should use his skill in knowing the problem, allotment of work to employees, give judgment and understanding to deal with various situations in business.

4. Personal Abilities : Every person has different abilities and skills. Manager uses his own abilities to co-ordinate the activities, to guide the people and to achieve their goals.

Science: 

1. Systematic Body of Knowledge : Management is not a science like physics, chemistry or biology. It is a science which deals with human beings. Management has a theories and concepts. Various principle of management like unity of command, division of labour, unity of direction are all universally accepted principle. Management follows procedures like collecting data, analyzing and drawing inferences from it. This makes management a science.

2. Use of Scientific Methods of Observation : In science the conclusions are drawn only on the basis of scientific methods of observation. Management also uses systematic methods of data collection, verification and analysis of that collected data and interpretation of data, then a manager takes decisions in the organisation.

3. Cause and Effect Relationship : Science is based on cause and effect relationship. After using specific formulae or their combination, we get particular result in science. Management theories are also based on relationships. Fair and regular salary along with good working conditions motivates people to work hard and to give best results. Whereas, old machineries, techniques, untrained employees may not give good / excepted output to the organization.

Profession: 

1. Formal Education : Professionals need formal education. Today’s managers are qualified with management diploma or degrees from various institutes like IIMS, PUMBA etc. They also take formal training from management schools which helps them to work professionally. 

2. Code of Conduct : Code of conduct means set of rules and regulations to be followed by practicing in their field. Every profession has their own code of conduct to control the activities. It emphasis on ethical practice in that profession. E.g. Chartered Accountants have to work according to ICAI, Lawyers have to follow the code of conduct framed by Bar Council of India, etc. However for managers there is no such association of managers. Generally managers follow the code of conduct based on customs and traditions.

3. Expertise : A professional is an expert in his field. He has acquired specific knowledge through formal education. He has particular skill of practicing as professional. He becomes an expert due to regular practice in specific field. 

4. Registration : Professionals need to register themselves with their associations. For example, Lawyers must get registered themselves with India Bar Council, Chartered Accountants with Institute of Chartered Accountant of India, where as for managers there is no need of such registration with any body. They can take membership of ‘Chambers of Commerce’ which give them membership benefits.

The relationship between profession and management can be seen with the help of following points:

(i) Expertise : A professional is an expert in his field. He has acquired specific knowledge through formal education. Also he has particular skill in practicing as a professional. Manager also becomes an expert by practicing regularly in the specific field and can acquire certain knowledge and skill.

(ii) Registration : Professionals need to register themselves with their associations. For example, a Chartered Accountant should register himself with Institute of Chartered Accountant of India i.e. ICAI. Without registration certificate he cannot practice. In case of managers, there is no such body to register themselves. However, managers can take the membership of ‘Chambers of Commerce’ which gives them benefits.

i. A Guardian/Mai or person can be a member of a company.

ii. The Partnership firm cannot be a member of a company.

(i) A guardian

(ii) Partnership firm

(iii) Hindu Undivided Family

(iv) Co-operative society

(v) Foreigner

A dormant partner is a partner in a partnership firm who contribute capital, shares profit and contributes to the losses of the firm, but does not take active participation in the working of the firm.

1. Housing Co-operatives are owned by the residents. 

2. Such societies purchases the land, develops it, constructs houses, etc. and allot them to members. 

3. They arrange loans from Government and Non-Government sources.

(i) Industry

(ii) Commerce

(iii) Transport

(iv) Warehousing

(v) Profession

(i) True

(ii) True

(iii) False

(iv) True

(v) False

Joint Hindu Family business is governed by Hindu Succession Act, 1956.

‘Karta’ the head of the family controls the business of the Joint Hindu Family.