Important Questions of OCM: HSC Board Exam 2022

Important Questions of OCM

This is mostly like questions for the Organisation of Commerce and Management(OCM). Study these questions first given below after that watch the video for detailed information on Important Questions of OCM for the HSC Board Exam 2021.

Q.2. Explain the following terms/concepts. (Any 4) 8 marks

1. Management
2. Entrepreneur
3. Agrotourism
4. Start-ups
5. Intrapreneur
6. Communication
7. Insurance
8. Warehouse
9. E-business
10. Social Responsibility
11. Concept of Trusteeship
12. Moral Values
13. Social Values

Q.3. Study the following CASE/SITUATION and express your opinion. (Any 2 ) 6 Marks

Q.4. Distinguish Between (Any 3) 12 Marks

1. Life Insurance and Fire Insurance
2. Savings Account and Current Account
3. Current Account and Fixed Deposit Account
4. District Commission and State Commission.
5. State Commission and National Commission.
6. District Commission and National Commission
7. Planning and Organizing
8. Organizing and Staffing
9. Staffin and Directing
10. Directing and Controlling
11. CO-ordinating and Controlling
12. Traditional business and E-business.
13. BPO and KPO

Q.5. Answer in brief. (Any 2) 8 Marks

1. Explain any five principles of Management of Henry Fayol.
2. State social responsibilities towards consumers.
3. State responsibilities of business towards the government.
4. What is outsourcing? explain the Advantages and Disadvantages of outsourcing?
5. Define entrepreneur. Explain the functions of an entrepreneur.
6. State any four rights of the consumer.
7. State four types of deposits.
8. Explain the importance of planning.
9. Explain the importance of ORGANIZING.
10. Explain the importance of STAFFING.
11. Explain any five points of the Importance of directing.
12. Explain the importance of COORDINATING.
13. What is BPO? Explain in detail.
14. What is KPO? Explain in detail.
15. State any four CSR Activities.

Answers:

Outsourcing is the process of contracting a business function to specialized agencies. In doing so, the company benefits in two ways:

• It reduces its own cost.
• It uses the expertise of the firm which specializes in a particular kind of service.

Many organizations outsource their requirements to a third party. Outsourcing is a contract between an organization and a specialized agency to perform some tasks on behalf of the organization. The examples are:

• Outsourcing of canteen facilities in hospitals, industrial canteen, etc.
• Outsourcing of after-sale services in case of consumer durables, office equipment, etc.
• Outsourcing of business processes.

Advantages of Outsourcing

1. It leads to better efficiency and effectiveness.
2. The companies are able to focus their attention on improving the quality of their product.
3. Outsourcing leads to cost reduction for the company. The cost of outsourcing services is much less than keeping such a large workforce on the rolls of the company.
4. Manpower through outsourcing is available at a lower cost.
5. Investment requirements of the company are reduced.
6. Outsourcing helps in knowledge sharing between organizations.
7. It stimulates entrepreneurship, employment, and exports in the country from where outsourcing is done.

Disadvantages of Outsourcing

1. There is always a danger of the misuse of company information by the contractor or by a third party.
2. Many companies compromise on the quality of outsourcing in order to cut costs. This is especially seen in the IT sector where companies try to get cheap manpower from other countries.
3. In some cases, companies ignore ethical issues related to outsourcing.
4. The quality of the outsourced service is sometimes not up to the mark / not good.

Q.6. Justify the following STATEMENTS.

1. Principles of management are flexible in nature.
2. Management principles are helpful in optimum utilization of resources.
3. Taylor emphasized on standardization of tools and equipment.
4. The right person at the right job with the right pay is the basic principle of staffing.
5. An entrepreneur must be an innovator.
6. The principle of subrogation is applicable to all contracts of indemnity.
7. It is easy to set up an e-business as compared to traditional business.
8. E-business allows users to work across the globe in any field.
9. Online transaction is done with the help of the internet.
10. Businesses should allow workers participation in management.
11. Marketing helps in increasing consumer awareness.

Q.7. Attempt the following.

1. Elaborate principles of scientific management.
2. Explain the characteristics of Entrepreneurship Development.
3. What is Entrepreneurship Development Program?
4. Explain types of Warehouse.
5. What are the functions of Warehouse?
6. Explain marine insurance policies
7. What are the Advantages and Disadvantages of e-business?
8. State rights of the consumer.
9. Explain the importance of Marketing to the firm.

Answers:

 Introduction: –

• A warehouse is a storage structure constructed for the protection of the quality and quantity of the stored goods.
• A businessman has to keep different kinds of goods, so there is always a need for different types of warehouses, which are as follows.

1. Private warehousing: -Private warehousing is owned and managed by the manufacturers or traders to store their own goods. They are found mostly in industrial and commercial centers. In this warehouse, the goods can be stored and removed without formalities, and personal care of the goods is taken.
2. Public/commercial warehouses: –They are also known as licensed warehouses. This type of warehouse requires a license from the government. They are owned and managed by individuals, firms, companies, and others. They are generally located near railway stations, highways, airports, seaports, etc.
3. Government warehouses: -These warehouses are owned, managed, and controlled by Central and State government or public corporations, or local authorities. It is difficult for the small traders, farmers, businessmen, etc. to own a warehouse, so these government warehouses assist them in storing their goods at a nominal charge.
4. Bonded Warehouses: -Bonded warehouses are licensed by the government for storing imported goods till the custom duty is not paid. They are located near the ports. They are either operated by the government or custom authorities. The goods are held in bond and cannot be withdrawn without paying the customs duty. Such warehouses are very useful to importer and exporters
5. Duty paid warehouses: -If an importer faces any problem in the transportation of goods, after making payment of duty, then goods can be stored at Duty Paid Warehouses. All duty paid warehouses are public warehouses that are available to all the importers whether big or small. These warehouses are more helpful for some businessman, who re-exports the goods.
6. Co-operative warehouses: -These warehouses are owned, managed, and controlled by the co-operative societies. They provide warehousing facilities in rural areas. These types of warehouses are very useful for farmers and traders. They provide warehousing facilities at the most economical rates to the members of the society and also to the public.
7. Cold storage warehouse:- They are suitable for perishable goods. In cold storage goods like fish, meat and fruit can be preserved. They make available seasonal goods throughout the year. The maintenance cost of cold storage is high. In India, cold storages are popular in cities and towns.

Advantages of E-Business:

1. Easy formation: It is easy to set up an e-business as compared to traditional businesses.
2. Global Platform: we can run a business at the global level due internet (World Wide Web).
3. Ease to Access: It is very easy to shopping online from anywhere as per our time schedule and choices.
4. Government support: Government Support: Government provides support to E-business by providing subsidies and concessions to promote digitalization.
5. No Physical Space: E-business does not require Physical space you can run the business from home or anywhere.
6. Easy Communication: There is a direct relationship between Suppliers and Consumers so strong relation is built-in E-business.

Disadvantages of E-Business:

1. No Face to Face Interaction: In E-business, there is any face to face interaction between buyer and seller so buyers may not buy the product online.
2. No Personal Touch: E-business has no personal touch and we cannot touch or feel the product as the human touch is missing (No salesperson). That makes buyers insecure.
3. No Touch and feel: In India, most of the buyers wants to teach and feel the product before buying but in online business consumer unable to touch and feel.
4. Government Interference: Sometimes government monitoring may lead to interference in e-business.
5. Security Issues: In e-business, there is transnational risk involved because financial details can be used by a third party.

Q.8. Answer the following.

1. What is insurance? Explain the principles of insurance.
2. What is life insurance? Explain the types of life insurance policy
3. What is fire insurance? Explain the types of fire insurance policy
4. Define Bank, Explain different types of Banks.
5. Explain in detail the 7Ps of Marketing.

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Reference: MHSB Books

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