Explore topic-wise InterviewSolutions in Current Affairs.

I do not speak Spanish.

1. (b) exist

2. (a) interesting

3. (c) puzzle

4. (a) amazing

5. (c) unintentionally

6. (b) creation

Correct option: True

Absolute phrases are the trickiest to identify. 

(a) Planning precedes other functions

They will come here next week.

i) Rights are not absolute 

ii) Moral rights

Look at this painting.

1. (c) partial

2. (b) smallest

3. (a) rarely

4. (c) before

5. (b) depth

Setting Objectives.

(a) Physical Distribution

Legal Environment.

1. Rebate 

2. Discount 

3. Refunds 

4. Product Combinations 

5. Quantity gift 

1. Rebate: Offering products at special prices 

2. Discount: Offering products at less than list price 

3. Refunds: Refunding a part of price paid by customer 

4. Product Combinations: Offering another product as a gift along with the purchase of a product. 

5. Quantity Gift: Offering an extra quantity of the product.

(c) Political Environment

(c) Marketing is merely a post production activity.

(d) Creativity and innovation

(b) Legal Environment

(c) Packaging

(c) Unity of Direction

SEBI was established by Government of India on 12 April 1988 as an interim administrative body to promote orderly and healthy growth of securities market and for investor protection. It was given a statutory status on 30 January 1992 through an ordinance which was later replaced by an Act of Parliament known as the SEBI Act, 1992. It seeks to protect the interest of investors in new and second hand securities.
Objectives of SEBI
1. To regulate stock exchange and the securities market to promote their orderly functioning.
2. To protect the rights and interests of investors and to guide & educate them.
3. To prevent trade mal practices such as internal trading.
4. To regulate and develop a code of conduct and fair practices by intermediaries like brokers, merchant bankers etc. Functions of SEBI The SEBI performs three important functions
1. Regulatory functions: These functions are performed by SEBI to regulate the business in stock Exchange.
2. Development functions: These functions are performed by SEBI to promote and develop activities in stock.

3. Protective functions: These functions are performed by SEBI to protect the interest of investors and provide safety on investments.

(c). Deferred Revenue Expenditure

Cooperating is not a function of management.

There are mainly five functions of management- planning, organising, staffing, directing and controlling. For the performance of these interrelated functions, the activities of the various departments, units and individuals must be synchronized. That is, the different departments must cooperate with each other and work in a coordinated manner. Thus, cooperating is the means through which the management is able to perform its functions.

A Graph is a pictorial presentation of data which has at least two dimensional relationships. 

Three advantages: 

1. Graphs help to explore 

2. Graphs help to present 

3. Graphs help to convince

The error is #NUM! Error. The steps to correct it are:

1. Optionally, click the cell that displays the error, click the button that appears and then click show calculation steps. 

2. Review the following causes and solutions:

• Using an unacceptable argument in the function that requires anumeric argument. 
• Make sure that the arguments used in the function are numbers. 
• Using a worksheet function that iterates, such as IRR or RATE, and the function cannot find the result. 
• Use a different starting value for the worksheet function.

3. Then click the Microsoft button > Excel option and then click the formulas category.

Management is both an art and a science.

Management is a science because it is based on various theories and principles which were developed over years with continuous experimentation and observations. It is also an art because a manager applies these theories and principles based on his own knowledge, creativity and skill.

Management has elements of both science and art.

• Management is a Science because it has systematised body of knowledge, which can be improved through constant prospective and present managers.
• Management is an art because it deals with application of personal skills, which can be improved through constant practice.

Science provides the knowledge and Art deals with application of knowledge. One cannot become an efficient manager simply with knowledge of principles. He must evolve creative results through practical knowledge and skills.

Thus, Management as an art and a science are not mutually exclusive, but are complementary. It means, both are not in contrast to each other and should exist together in every management function.

District forum are set up in each district by the state concerned. The important features are:
(a) It consists of a President and two members, one of whom should be a woman, duly appointed by State Govt.
(b) It can receive consumer complaints of not more than Rs. 20 lakhs value.
(c) On receiving the complaint, the district forum shall refer the complaint to the opposite party concerned and send the sample of goods for testing in a laboratory.
(d) The district forum after being satisfied that goods are defective or there is some unfair trade practice can issue an order to opposite party directing him to either replace or return the price or pay compensation. In case the aggrieved party is not satisfied with the order of district forum. He can appeal before state forum within 30 days of passing an order.

(a) Competing usages

No, fall in income does not have the same effect on demand for the given commodity. 

(i) If the given commodity is a normal good then fall in income will reduce the demand for the normal good. 

(ii) If the given commodity is an inferior good then fall in income will raise the demand for inferior good. 

(iii) If the given commodity is a necessity then fall in income will not change the demand of necessity good. 

Perfect competition is a market where there will be existence of large number of buyers and sellers dealing with homogenous products. It is a market with the highest level of competition.

1. Large number of sellers: The first condition which a perfectly competitive market must satisfy is concerned with the sellers’ side of the market. The market must have such a large number of sellers that no one seller is able to dominate the market. No single firm can influence the price of any commodity.

The sellers will be the firms producing the product for sale in the market. These firms must be all relatively small as compared to the market as a whole. Their individual outputs should be just a fraction of the total output in the market.

2. Large number of buyers: There must be such a large number of buyers that no one buyer is able to influence the market price in any way. Each buyer should purchase just a fraction of the market supplies. Further, the buyers should not have any kind of union or association so that they compete for the market demand on an individual basis.

3. Homogeneous products: Another prerequisite of perfect competition is that all the firms or sellers must sell completely identical or homogeneous goods. Their products must be considered to be identical by all the buyers in the market. There should not be any differentiation of products by sellers by way of quality, colour, design, packing or other selling conditions of the product.

4. Free entry and free exit for firms: Under perfect competition, there is absolutely no restriction on entry of new firms in the industry or the exit of the firms from the industry which want to leave. This condition must be satisfied especially for long period equilibrium of the industry. If these four conditions are satisfied, the market is said to be purely competitive. In other words, a market characterized by the presence of these four features is called purely competitive. For a market to be perfect, some conditions of perfection of the market must also be fulfilled. 

5. Perfect mobility: Another feature of perfect competition is that goods and services, as well as resources, are perfectly mobile between firms. Factors of production can freely move from one occupation to another and from one place to another. There is no barrier on their movement. No one has monopoly or control over the factors of production. Goods can be sold at a place where their prices are the highest. There should not be any kind of limitation on the mobility of resources. 

6. Absence of transport cost: For the existence of perfect competition, the transport costs should, not be considered. All the firms have equal access to the market. Price of the product is not affected by the cost of transportation of goods. 

7. Single price: The market price charged by different sellers does not differ due to location of different sellers in the market. No seller is near or distant to any group of buyers. 

8. Price taker: The firms in the perfect competitive market are price takers. That means the producers will continue to sell their goods and services in the price existing in the market. Firms have no control over the price of the product. 

9. Absence of selling cost: Under conditions of perfect competition, there is no need of selling costs. Selling costs are the expenditures done to stimulate the sale of product or to change the shape of the demand curve. We know that under perfect competition, goods are completely homogeneous. When they cannot change the price and when their goods are completely similar, firms need not make any expenditure on publicity and advertisement. 

10. Normal profit: The firms in perfect competition will be earning normal profit. The normal profit is that profit which is just sufficient to stay in the market.

The micro and macroeconomics are distinguished on the following grounds: 

1. Scope: 

• Microeconomics studies in individual units so its scope is narrow. 
• Macroeconomics studies in aggregates, so its scope is wider. 

2. Method of study: 

• The microeconomics follows slicing method as it studies individual unit. 
• The macroeconomics follows lumping method as it studies in aggregates. 

3. Economic agents: 

• In microeconomics, each individual economic agent thinks about its own interest and welfare. 
• In macroeconomics, economic agents are different among individual economic agents and their goal is to get maximum welfare of a country. 

4. Equilibrium: 

• Microeconomics studies the partial equilibrium in the country. 
• Macroeconomics studies the general equilibrium in the economy. 

5. Domain: 

• Microeconomics consists of theories like consumer’s behaviour, production and cost rent, wages, interest, etc.
• Macroeconomics comprises of theory of income, output, and employment, consumption function, investment function, inflation, etc.

Product differentiation means that the buyer of a product differentiate between the same product produced by different firms. Therefore, they are also willing to pay different prices for the same product produced by different firms. This gives an individual firm some monopoly power to influence market price of its product.

(c) Globalisation

• Core banking is a banking facility under which the branches of all the banks are brought under a central server so that banking services from one bank to another is made possible. It operates with the help of internet. 
• Facilities like ATM, debit card, credit card, net banking, telebanking, mobile banking, etc. are brought together through core banking.Naturally transactions have become simple. 
• Making use of this facility, an individual can send money from his account to his friend’s account else where. 

• Overdraft is a type of loan given by commercial banks to customers. This facility enables a customer to withdraw money over and above the balance in his account. 
• Banks give this facility to individuals who have frequent transactions with the bank. 
• Generally this facility is provided to those who maintain current deposits. Bank charges interest for the additional amount. 

• The second phase of the growth of banks from 1969 to 1990, witnessed a speedy development of banks. 
• The view that banks should operate with the aim of social progress led to bank nationalization in 1969. 
• 14 banks with assets worth more than ₹ 50 crores were nationalized in 1969 and 6 more banks were nationalized in 1980. 

Deposits are of mainly four types savings deposits. Ant one can open on account any amount can be deposited and withdraw comparatively low interest.

Current deposit: This deposits facility depositing and withdrawing many times in a day. Used mainly by traders and industrialists. No interest.

Fixed deposit: Ideal for depositing money for a fixed period. Comparatively high interest.

Recurring deposit: A specific amount is deposited every month for a fixed period of time. Receives high rate of interest.

"Overdrafts" covered under  Advancing of Loans of  function.

The Ministry of Finance

Provide loans to the public, protect the villages from private money lenders, provide loans at low-interest rates, encourage saving habits amoung people. Cooperative banks have strengthened banking activities in remote areas.

1. Electronic banking 

2. Core banking

It is an economy in which there are economic activities between the domestic community & outside people and Business can trade in goods & services with other people & businesses in the international community & funds can flow as investments across the border.

(i) It is very important for evaluating the over all performance of the economy in the terms of national income. 

(ii) It helps to bring a check on various national problems like inflation, unemployment, balance of payment etc.

The reasons responsible for this are as follows : 

(i) Giffen goods : There is a positive relationship between price of commodity and demand of Giffen goods (such as Maize, barley, etc.), which means that there is a fall in demand of giffen goods with the fall in its price and vice-versa. As the price of Giffen goods decreases consumer shift the resourses from Giffen goods to normal or superior goods and as a result demand for Giffen goods decreases even with the decrease in their prices. 

(ii) Prestegious goods (Goods of distinction) : There are many consumers which purchases certain goods only for their prestige or to use those goods as to show their status (as a status symbol).For eg. Jwellery, precious stones, old paintings, etc. As the price of these goods increases they become more prestigious and that's why these type of consumers increase their demand and as the price of these goods decreases they become less prestegious or becomes a normal goods and that's why they will decrease their demand. 

(iii) Necessay Goods : The demand of necessary goods is less affected by the change in price, such as demand of food grains, salts, demand of medicine for patient, etc. The demand of these goods does not decrease with the rise of price and demand of these goods does not increase even with the fall in their price. 

(iv) Addiction : When the consumer becomes an addict of using a particular commodity or particular trademark or particular brand then his demand remains unaffected even with the change in its price because he require a definite amount at definite time. 

(v) Expectation of further change in price in near future : As price of the commodity rises and there is expectation of further rise in price in near future then consumer will demand more units of the commodity presently even with the increase in its prices (because the consumer prefers to purchase the commodity when the commodity is cheaper). But if the price of the commodity falls and there is expectation of further fall in price in near future, then the consumer will decrease the demand presently even with the decrease in prices.  

(i) Acceptable to all 

(ii) Durability

Gross National Product at market price is the sum of market value of all final Goods and Services produced by the normal residents of a country during an accounting year.