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Director is a person appointed to manage, direct and supervise the company. According to Sec-2(34) of the act, “Director means a director appointed to the Board of the company”.

The tenure of the Managing director is Five Years.

i. A public company must have a minimum of 03 directors.

ii. First Directors are appointed by Promoters.

iii. Secretarial Standards are given by the Institute of Company Secretaries of India.

(i) Pro-tem Secretary

(ii) Minutes

(iii) Small shareholders

(iv) Qualification shares

(v) Nominee Director

i. Promoter

ii. DIN

i. Company

ii. Two

iii. Three

iv. One

v. Promoter

(i) Executive Director or Whole Time Director

(ii) Nonexecutive Director

(iii) Sitting fees

Purpose of partnership firm:

• The main objective of a partnership firm is to earn profit by doing activities that are legally permitted.
• Activities such as social service managing religious programmes or tasks though done together cannot be called partnership because the objective of profit does not exist in such cases.

Correct option is (c) democratic

(a) Name clause 

(b) Object clause 

(c) Subscription clause

Correct Answer is  Khadi

Correct option is (a) Bye-laws

Following are the features of management: 

(i) Management is Goal Oriented : Management activity is done to achieve pre-decided goals. The success of organization is calculated on the basis of achievement of desired goals. The success depends on proper management of all available resources. Management decides the goals before conducting the activity. The manager takes efforts to achieve these goals. So management is goal oriented.

(ii) Management is a Group Activity : Management is an art of getting things done through others.” The above definition explains that management is done through / with the people. It is done by co-ordinating all resources effectively and efficiently. The activities are done under the guidance of manager by its team members. Also in organisation decisions are taken by the group of people such as Board of Directors, Shareholders, etc

(iii) Management is Intangible : Management is the collective efforts of manager. It is a process of planning, organizing, decision making, directing and controlling. These cannot be seen physically. However, the results of best management can be experienced in the form of increased profits, attainments of pre-decided so management is tangible in nature.

(iv) Management is a Continuous Process : Management is essential throughout the life of organisation. It is necessary to start the activity, to run the activity in smooth manner and also to control the activity. It is endless process. It is required for survival of the organization continuously.

• It is a secondary document.
• A Memorandum of Association is a primary document of a company. 
• It states the objects for which the company is formed. 
• A Memorandum of Association of a company is a charter or constitution of a company.
• It describes the range of activities a company can undertake. 
• No company can be registered without a Memorandum of Association. 
• Memorandum establishes a relationship between the company and an outsider.

Correct option is  (c) Co-operative Society

(i) Managements is Dynamic : Management is dynamic and not static in character. It deals with human efforts, different situations and different activities. It adopts changes in the form of technological, socio economical, political, environmental, etc.

(ii) Management is Intangible : Management is intangible in nature. It can’t be seen and touched. It is abstract. The principles, theories, techniques, concept are practically invisible. The result of best management can be experienced in the form of increased profit, smooth functioning of the organization and achievement.

(iii) Management is a Social Process : Management is a process because it sets objectives and takes steps to achieve them. It is said to be a social process because management is concerned with people. For example employees, shareholders, investors, customers, community, etc.

(iv) Management is a Continuous Process : Management is essential through the life of an organization. It is necessary to begin the activity, to run the activity smoothly and to control the activity. This is never ending process.

(v) Management is Different from Ownership : In an organization, management is different from ownership. Owners contribute capital which is taken care of by efficient and paid managers. 

(vi) Management is an Inborn Quality : Management in the older days, was considered to be an inborn quality. But with the inception of various business schools, management is a quality which can be developed if a person has the interest and perseverance.

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.

4. Universal Applicability of Principles : The management principles are universally accepted just like scientific principles are accepted all over the world. For e.g. Newton’s law, Archimedes principle, etc. are all accepted principles, similarly in management also the principle of authority and responsibility, unity of command, direction, etc. are all universally accepted and are used in all organization whether big or small. Management follows these principles in all kind of organizations, at all levels in the same organization. State the relationship between the management and art.

• A company holds more than half of the share capital of another company.
• Such a company may have the power to appoint a director of another company.
• It has the power to remove directors of another company.

• A company that is incorporated/registered outside India.
• It may conduct business in India.
• Bata India Limited, Nestle India Limited, Whirlpool Corporation, etc. are examples of foreign companies.

• Articles of Association is a secondary document. 
• It contains rules and regulations that govern the internal management of the company. 
• Articles of Association is also known as Bye-laws of a company. 
• It defines the powers, duties, and rights of managers officers, and board of directors. 
• It establishes a relationship between the company and its members.
• This document is subordinate to Memorandum.

Articles of Association contain rules and regulations regarding the management of the company’s internal affairs.

• It defines the powers, duties, and rights of managers, officers, and the board of directors.
• It establishes a relationship between the company and its members.

Contents of Articles of Association:

• The amount of share capital and different classes of shares
• Rights of each type of shareholders
• Procedure for making allotment of shares
• Procedure for issuing share certificates
• Procedure for transfer of shares
• Procedure for forfeiture of shares
• Procedure for reissue of forfeited shares
• Procedure for conducting meetings
• Procedure for appointment and removal of directors
• Duties powers and remuneration of directors
• Procedure for declaration and payment of dividend 
• Procedure regarding the keeping of books of accounts and their audit 
• Procedure regarding winding up of the company 
• Seal of the company

Alteration of Articles of Association:

• A company may change its Article of Association by passing a special resolution.
• A company can alter its Articles of Association in the following ways:
• by the adoption of a new set of an Articles
• by deletion of an article
• by addition or insertion of a new article
• by substitution of an article
• by amendment of an article

(a) Come up with the business idea 

(b) Appoint first Directors 

(c) Prepare draft Memorandum of Association and Article of Association.

Correct Answer is: c. partnership.

Correct option is (c) 50

Correct Answer is: a. limited liability of shareholders.

The following are some of the privileges of a private limited company as compared to a public limited company

1. The minimum number of members required to form a private company is only two while at least seven people are needed to form a public company. 

2. A private company does not need to issue a prospectus as public is not invited to subscribe to its shares. 

3. Allotment of shares can be done without receiving the minimum subscription. 

4. A private company can start business as soon as it receives the certificate of incorporation and does not have to wait for the receipt of certificate of commencement as in case of a public company.

5. A private company needs to have only two directors as against the minimum of three directors in the case of a public company. 

6. A private company is not required to keep an index of members unlike a public 

7. There is no restriction on the amount of loans to directors in a private company while in case of a public company permission from the government is required.

After studying various forms of business organizations, it is evident that each form has certain advantages as well as disadvantages.

The important factors determining the choice of organization are discussed below:

(i) Cost and Ease of Starting Business Sole proprietorship is started easily as far as initial business setting-up costs and legal requirements are concerned, in case of partnership also, the advantage of less legal formalities and lower cost is there because of limited scale of operations. Registration is compulsory in case of co-operative societies and companies. Formation of a company involves a lengthy and expensive legal procedure.

(ii) Liability In case of sole proprietorship and partnership firms, the liability of the owners/partners is unlimited. This may result in payment of debt from personal assets of the owners. In Joint Hindu family business, only the karta has unlimited liability. In co-operative societies and companies, however, liability is limited and creditors can force payment of their claims only to the extent of the company’s assets.

(iii) Continuity The continuity of sole proprietorship and partnership firms is affected by events such as death, insolvency or insanity of the owners. However, such factors do not affect the continuity of business in the case of organizations like Joint Hindu family business, co-operative societies and companies.

(iv) Managerial Ability It is difficult for a sole proprietor to have expertise in all functional areas of business. In other forms of organizations like partnership and company, there is division of work among the members which allows the managers to specialize in specific areas, leading to better decision making. But this may sometimes lead to conflicts due to differences of opinion. Company form of organization is a better alternative if the operations are complex in nature and require professional management.

(v) Capital Requirements For large scale operations, company form are the most suitable as large amount of funds can be arranged by issuing shares in this form. For medium and small sized business, one can opt for partnership or sole proprietorship. Capital requirements for expansion can also be met more easily in company form.

(vi) Degree of Control Sole proprietorship provides direct control over operations and absolute decision making power. But if the owners want to share control for more effective decision making, partnership or company form of organization can be adopted. In company form of organization, professionals are appointed to manage the affairs of a company as there is complete separation of ownership and management.

(vii) Nature of Business Sole proprietorship is more suitable for businesses in which direct personal contact is needed with the customers such as in the case of a beauty parlor or grocery store. The company form of organization is suited for large manufacturing units. Partnership form is much more suitable in case of professional services. The factors stated above are inter-related and therefore, all the relevant factors must be taken into consideration while making a decision with respect to the form of organization.

Fractions with the same denominator are called Like fractions.

Fraction which is reciprocal of 2/3 is 3/2

The correct answer is Mixed

There are five marketing philosophy or concepts. A company should choose the right one according to their and their customers needs.  

(i) Production Concept 

(ii) Product Concept 

(iii) Selling Concept 

(iv) Marketing Concept 

(v) Social Marketing Concept

Production Concept 

This concept works on an assumption that consumers prefer a product which is inexpensive and widely available. This view point was encapsulated in Says Law which states ‘Supply creates its own demand’. Hence companies focus on producing more of the product and making sure that it is available to the customer everywhere easily.  

Increase in the production of the product makes the companies get the advantage of economies of scale. This decreased production cost makes the product inexpensive and more attractive to the customer.

Low price may attract new customers, but the focus is just on production and not on the product quality. This may result in a decrease in sales if the product is not up to the standards.  

This philosophy only works when the demand is more than the supply. Moreover, a customer not always prefers an inexpensive product over others. There are many other factors which influence his purchase decision.

A number representing a part of a Whole is called a fraction.

The desirable traits are as follows: 

1. Dwarf broiler parent, for commercial chick production. 

2. Number and quality of chicks. 

3. Improvement in the hen, housed for egg production and reduction in the size of the layer, with the ability to utilise a more fibrous diet, formulated using agricultural by-products. 

4. Low maintenance requirements. 

5. Summer adaptation tolerance to, high temperature. 

Advantages of exotic breeds: 

1. They mature easily. 

2. They yield more eggs and meat. 

3. They are small in size and eat less, as compared to indigenous variety

i. (b) business

ii. (a) permanent

iii. (a) fastest

iv. (b) Uniform Resource Locater

v. (a) Report

vi. (c) spacing

vii. (b) Conciseness

viii. (b) signature

Following elements are included in business ethics:

• Commitment of higher management
• Publishing directional rules
• Establishing structure to follow business ethics
• Employees participations in decision making
• Evaluation of results

Municipal Corporation consists of elected members known as “Corporators” and nominated members. The area of Municipal Corporation is divided into wards and divisions. The Ward Corporators are elected directly every five years. These Corporators and the other nominated members of the corporation together choose the Mayor of the Municipal Corporation indirectly.

The demerits of Joint Stock Company are as follows:

1. Rigid Formation : The formation of a joint stock company is lengthy, difficult and time consuming. There are many legal formalities for starting business. Promoters have to prepare documents like Articles of Association, Memorandum of Association, etc. A private company has to go through two stages in formation. A public company has to go through four stages in formation.

2. Delay in Decision Making Process : In company form of organization no single individual can make a policy decision. All important decisions are taken by Board of Directors. Decision taking process is time consuming. Business may lose opportunities because of delay in decision making.

3. Lack of Secrecy : The management of companies remain in the hands of many persons. Everything is discussed in the meetings of Board of Directors. All important documents are available at registered office for inspection. Thus, there is no secrecy in business matters.

4. Excessive Government Control: A large number of rules are framed for the working of companies. The companies will have to follow rules for internal working. The government tries to regulate the working of the companies because large public money is involved. In case regulations are not complied with, large penalties are involved.

5. High Cost of Management : The management of joint stock company form of organization is costly. Services of experts like share brokers, underwriters, solicitors, bankers is needed which is costly. Highly qualified staff is needed. They are paid good salaries. Dissolution of the firm is also costly.

6. Reckless Speculation: Directors look after management of the company. They have full information about the progress of the company. They use these details for speculation in shares. This results in fluctuations in share prices. This affects public confidence.

7. No Personal Contact : There are large number of employees in the organization. There is no personal contact of owners and managers with employees. Lack of appreciation demotivates employees. Similarly, managers and directors are not able to maintain personal contacts with their customers. Thus, customers likes and dislikes are ignored.

8. No Direct Effort Reward Relationship : Joint Stock Company is owned by shareholders and managed – by Board of Directors. Board of Directors are paid for managing and profit is shared by shareholders. There is no direct relation between efforts and rewards. Directors may not take a lot of interest in the working of the company.

The principles of management are not definite like the principles of physics and chemistry. The principles of physics and chemistry are very clear and definite, and their outcomes can be predicted. The principles of management, on the other hand, are of the nature of general guidelines, and they cannot be applied strictly.

According to Taylor, personality is scientific. According to Fayol, personality is professional.

According to Taylor, unity of command is violated.

According to Fayol, the principle is applied strictly.

Correct option is (c) Planning, Organising, Staffing, Directing, Controlling

because all the functions must be performed in proper sequence ( in chronological order)

Correct option is (d) No compulsion of degree.

as there is no restricted entry in the field of management like other profession.

1. Honey and Bee wax.

2. a beekeeper keep beehives in crop fields during flowering period: 

• To increase the chances of pollination 
• To increase the yield of honey.

Correct option is (a) Manager

as there is no restricted entry in the field of management (manager) like other profession.

Correct option is (a) 5 yrs

Correct option is (a) Top-level

Two Nation Theory was propounded by Muhammad Ali Jinnah to create separate state for Muslims.

(a) Commonalities between India and Soviet Union: 

(i) Both the nations shaped the nation on linguistic basis. 

(ii) To promote welfare motives, the economic and technological developments took place in India also. 

(iii) States were divided on the grounds of geographical boundary and strength of populations also in both the nations. 

(b) Dissimilarities: 

(i) Soviet Union was divided into 15 independent republics/countries to be disintegrated. 

(ii) India maintained its unity and integrity even among diversified nature of states and peoples without any more division.

(c) The Indian experiment worked better to promote linguistic and cultural plurality without affecting unity and integrity of the nation though India adopted some diplomatic measures to make country united.