Explore topic-wise InterviewSolutions in Current Affairs.

Life span of rodents is 1-2 years.

Neoplectana pathogen belongs to the group Nematode.

b. Insect resistant plants expressing the Bacillus thuringiensis (Bt) endotoxin gene 

The highest, or most developed, form of sociality among insects is referred to as Eusocial.

Rodents damage to stored food is of Three fold.

Exposure of chemical refers to repeated exposure to chemical for 1 month or less is Sub acute.

Use of Bacillus thuringiensis endotoxin against Colorado Potato Beetle & Coat protein mediated cross protection

d. Tritocerebrum

The Univoltine -cycle refers to a single generation each year.

b. Silvanidae

b. Corpora allata

The act of the larvae leaving the egg is called Eclosion.

Correct option: (1) a – ii, b – iv, c – i, d – iii

In nymp/larvae maximum sclerotization is found in Mandible.

a. Mesonotum

c. Sitophilus oryzae

1. Buying: A retailer buys a wide variety of goods from different wholesalers after estimating customer’s demand. 

2. Storage: A retailer maintains a ready stock of goods and displays them in the shop.

3. Selling: The retailer sells the goods in small quantities according to the demand taste and preference of consumers. 

4. Grading and Packing: The retailer grades the goods which are not graded by manufacturers and wholesalers. 

5. Risk – bearing: A retailer always keeps stock of goods in anticipation of demand and bears the risk of loss due to fire, theft, spoilage, price fluctuations, etc

6. Transportation: Retailers often carry goods from manufacturers to their retail outlets. 

7. Financing: Some retailers grant credit facilities to his customers and provide the facility of return or exchange of goods.

1. Business to customers (B2C): This is fastest growing segment in e-commerce space. Under this model, business concern sells directly to consumers. 

2. Business to Business (B2B): Under the model, business concerns transact with one another through internet. For instance, Snapdeal, Flipkart, Alibaba, Indiamart, Trade India.com etc.

3. Consumer to consumer (C2C): Under this model, customers sell directly to other customers through online classified advertisement or through auction or through mobile or through market places. 

Example, Indian ventures in C2C are Kraftly App (buying and selling anythings) which deals in handmade products of a wide range. Onceagainstore. com is a website that buys preowned women’s fashion products. Other players are Quikr, OLX, ebay, etc.

4. Customer to Business (C2B): This model is reverse to auction model. Products like • automobile, electronic items, furniture and similar product are traded by customer through websites. Naukri.com and Monster.com are examples of Indian companies operating in this domain.

5. Business to Government (B2G): This model envisages selling products and services by business consumer to Government organization. For instance TCS operates the passport application process for the Government of India as part off-line process.

1. Public Provident Fund (PPF): It is the safest long – term investment option for the investors in India. It is totally tax- free. PPF account can be opened in bank or post office. The money deposited cannot be withdrawn before 15 years and an investor can earn compound interest from this account.

However the investor can extend the time frame for the next five years if the investor does not opt to withdraw the amount matured for payment at maturity date. PPF investor can take loan against PPF account when he/she experiences financial difficulties.

2. Mutual Funds: An individual investor who wants to invest in equities and bond With a balance of risk and return generally can invest in mutual funds. Nowadays people invest in stock markets through a mutual fund. Systematic investment plan is one of the best investment options in India. 

3. Direct Equity or Share Purchase: An individual can opt for investment in shares. But he has to analyse the market price of various shares traded in stock exchange, reputation of the company, consistency in the payment of dividend,the nature of the project undertaken by the company, growth prospects of industry in which a company is operating, before investing in shares. If the investment is made for a long time, it may yield good return.

4. Real Estate Investment: Real estate is one of the fastest growing sectors in India. Buying a flat or plot is supposed to be the best decision amongst the investment options. The value of the real asset may increase substantially depending upon the area of location and other support facilities available therein.

Following are the functions of wholesalers:

1. Collection of Goods: Wholesaler collects the goods from manufacturers or producers in bulk. 

2. Storage of Goods: Wholesaler collects and stores them safely in warehouses, till they are sold out. 

3. Distribution: Wholesaler sells goods to different retailers. Thus he performs the function of distribution. 

4. Financing: Wholesalers provide financial support to producers and manufacturers by providing money in advance to them. 

5. Risk Taking: Wholesaler buys finished goods from the producer and keeps them in the warehouses till the time they are sold and assumes the risk arising from price, spoilage of goods, and changes in demand. 

6. Grading, Packing and Packaging: Wholesaler classifies the goods into different categories.

7. Providing Information: Wholesalers provide valuable information to retailers and producers. 

8. Transportation: A wholesaler arranges for the transport of goods from producers to his warehouse and from the warehouse to retailer.

1. Supermarkets are generally situated at the main shopping centres. 

2. The goods kept on racks with clearly labelled price and quality tags in such stores. 

3. The customers move into the store to pickup goods of their requirements, bring them to the cash counter, make payment and take home delivery.

4. The goods are sold on cash basis only. No credit facilities are made available. 

5. Supermarkets are organized on departmerftal basis. 

6. It requires huge investment.

(a) General stores

Wholesalers buy in Large quantity of goods.

The term ‘factoring’ is derived from a Latin term ‘facere’ which means ‘to make or do’. Factoring is an arrangement wherein the trade debts of a company are sold to a financial institution at a discount.

Correct Answer is: (d) Liner

1. It safeguards the stock for the merchants who do not have storage place. 

2. Warehouses reduce the distribution cost of the traders by storing the goods in bulk and allow the trader to take the goods in small lots to his shop. 

3. It helps in selection of channel of distribution. The producer will prefer whether to appoint a wholesaler or retailer. 

4. It assists in maintaining the continuous sale and avoid the possibilities of “Out of Stock”. 

5. It creates employment opportunities for both skilled and unskilled workers to improve their standard of living.

Mail order business means that the buying and selling is through mail. There is no personal contact between the buyers and sellers in this type of trading.

The persons who enter into partnership are collectively called as Firm.

(a) Central bank

The features of a government company are: 

1. Registration Under the Companies Act: A Government company is formed through registration under the Companies Act, 1956; and is subject to the provisions of this Act, like any other company.

However, the Central Government may direct that any of the provisions of the Companies Act shall not apply to a Government company or shall apply with certain modifications.

2. Executive Decision of Government: A Government, company is created by an executive decision of the Government, without seeking the approval of the Parliament or the State Legislature.

3. Separate Legal Entity: A Government company is a legal entity separate from the Government. It can acquire property; can make contracts and can file suits, in its own name.

4. Whole or Majority Capital Provided by Government: The whole or majority (at least 51%) of the capital of a Government company is provided by the Government; but the revenues of the company are not deposited into the treasury.

5. Majority of Government Directors: Being in possession of a majority of share capital, the Government has authority to appoint majority of directors, on the Board of Directors of a government company.

Banks issue credit cards to customers and other eligible persons. With this card, the holder can purchase goods and services on credit at any shop in India.

An individual investor who wants to invest in equities and bond with a balance of risk and return generally can invest in mutual funds. Nowadays people invest in stock markets through a mutual fund.

Advantages of co – operatives:

1. Voluntary organisation: The membership of a cooperative society is open to all. Any person with common interest can become a member. The membership fee is kept low so that everyone would be able to join and benefit from cooperative societies. 

2. Easy formation: Cooperatives can be formed much easily when compared to a company. Any 10 members who have attained majority can join together for forming a cooperative society by observing simple legal formalities.

3. Democracy: A co – operative society is run on the principle of ‘one man one vote’. It implies that all members have equal rights in managing the affairs of the enterprises. 

4. Equal distribution of surplus: The surplus generated by the cooperative societies is distributed in an equitable manner among members. Therefore all the members of the cooperative society are benefited. 

5. Limited liability: The liability of the members in a cooperative society is limited to the extent of their capital contribution. They cannot be personally held liable for the debts of the society.

Advantages of co – operatives: 

1. Voluntary organisation: The membership of a co – operative society is open to all. Any person with common interest can become a member. The membership fee is kept low so that everyone would be able to join and benefit from co – operative societies.

2. Easy formation: Co – operatives can be formed much easily when compared to a company. Any 10 members who have attained majority can join together for forming a co – operative spciety by observing simple legal formalities.

3. Democracy: A co – operative society is run on the principle of ‘one man one vote’. It implies that all members have equal rights in managing the affairs of the enterprises.

4. Equal distribution of surplus: The surplus generated by the co – operative societies is distributed in an equitable manner among members. Therefore all the members of the co – operative society are benefitted.

5. Limited liability: The liability of the members in a co – operative spciety is limited to the extent of their capital contribution. They cannot be personally held liable for the debts of the society.

Consumer co – operatives are organised by consumers. The aim of the consumers co-operative is to supply the quality goods at fair prices. They also supply essential commodities through Public Distribution System (PDS).

Producers co – operatives are established and operated by Producers.

Features of Joint Hindu Family Business are: 

1. Governed by Hindu Law 

2. Management 

3. Membership by birth 

4. Liability 

5. Permanent existence 

6. Implied authority of Karta 

7. Minor as a co – parcener 

8. Dissolution

Explanation: 

1. Governed by Hindu law: The business of the Joint Hindu Family is controlled and managed by the hindu law. 

2. Membership by birth: The membership of the family can be acquired only by birth. As soon as a male child is bom in the family, the child becomes a member.

3. Liability: Except the Kartha, the liability of all other members is limited to their shares in the business. 

4. Minor also as a co-parcener: In a Joint Hindu Family firm even a new bom baby can be a co-parcener.

5. Dissolution: It can be dissolved only at the will of the members of the family.

1. Name of the firm. 

2. The principal place of business. 

3. Name of other places where the firm carried on business. 

4. Names and addresses of all the partners. 

5. The date on which each partner joined the firm. 

6. The duration of the firm.

This statement signed by all the partners should be produced to the Registrar of Firms along with the necessary registration fee of Rs.3. Any change in the above particulars must be communicated to the Registrar within 14 days of such alteration.

1. Voluntary and Open Membership: Co – operatives are voluntary organisations, open to all people able to use its services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.

2. Democratic Member Control: Co – operatives are democratic organisations controlled by their members those who buy the goods or use the services of the co – operative who actively participate in setting policies and making decisions.

3. Member’s Economic Participation: Members contribute equally to, and democratically control, the capital of the co – operative. This benefits members in proportion to the business they conduct with the co-operative rather than on the capital invested.

4. Autonomy and Independence: Co – operatives are autonomous, self – help organisations controlled by their members. If the co – operative enters into agreements with other organisations or raises capital from external sources, it is done so based on terms that ensure democratic control by the members and maintains the co – operative’s autonomy.

5. Education, Training, and Information: Co – operatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperative. Members also inform the general public about the nature and benefits of cooperatives.

Types of Co – operative societies:

1. Consumers Co – operative: Consumer Co – operatives are organized by consumers that want to achieve better prices or quality in the goods or services they purchase. In contrast to traditional retail stores or service providers, a consumer co – operative exists to deliver goods or services rather than to maximize profit from selling those goods or services.

2. Producers Co – operative: Producer co – operatives are created by producers and owned and operated by producers. Producers can decide to work together or as separate entities to help increase marketing possibilities and production efficiency.

3. Marketing Co – operative: Co – operative marketing societies are associations of small producers formed for the purpose of marketing their produce. The marketing cooperatives perform certain marketing functions such as grading, warehousing, advertising etc.

4. Credit Co – operative: Cooperative credit societies are societies formed for providing short-term financial help to their members. Agriculturists, artisans, industrial workers, salaried employees, etc., form these credit societies.

5. Housing Co – operative: These co – operative housing societies are meant to provide residential accommodation to their members on ownership basis or on rent.

People who intend to build houses of their own join together and form housing societies. These societies advance loans to members, repayable over a period of 15 to 20 years.

1. Name: Name of the Firm. 

2. Nature of Business: Nature of the proposed business to be carried on by the partners. 

3. Duration of Partnership: Duration of the partnership business whether it is to be run for a fixed period of time or whether it is to be dissolved after completing a particular venture, 

4. Capital Contribution: The capital is to be contributed by the partners. It must be remembered that capital contribution is not necessary to become a partner for, one contribute his organizing power, business acumen, managerial skill etc., instead of capital.

5. Withdrawal from the Firm: The amount that can be withdrawn from the firm by each partner. 

6. Profit/Loss Sharing: The ratio in which the profits or losses are to be shared. If the profit sharing ratio is not specified in the deed, all the partners must share the profits and bear the losses equally. 

7. Interest on Capital: Whether any interest is to be allowed on capital and if so, the rate of interest. 

8. Rate of Interest on Drawing: Rate of interest on drawings, if any. 

9. Loan from Partners: Whether loans can be accepted from the partners and if so the rate of interest payable thereon. 

10. Account Keeping: Maintenance of accounts and audit.

11. Salary and Commission to Partners: Amount of salary or commission payable to partners for their services. (Unless this is specifically provided, no partner is entitled to any salary). 

12. Retirement: Matters relating to retirement of a partner. The arrangement to be made for paying out the amount due to a retired or deceased partner must also be stated. 

13. Goodwill Valuation: Method of valuing goodwill on the admission, death or retirement of a partner. 

14. Distribution of Responsibility: Distribution of managerial responsibilities. The work that is entrusted to each partner is better stated in the deed itself. 

15. Dissolution Procedure: Procedure for dissolution of the firm and the mode of settlement of accounts thereafter.

16. Arbitration of Dispute: Arbitration in case of disputes among partners. The deed should provide the method for settling disputes or difference of opinion. This clause will avoid costly litigations.

The contents of partnership deed include: 

1. Name: Name of the Firm.

2. Nature of Business: Nature of the proposed business to be carried on by the partners. 

3. Duration of Partnership: Duration of the partnership business whether it is to be run for a fixed period of time or whether it is to be dissolved after completing a particular venture. 

4. Capital Contribution: The capital is to be contributed by the partners. It must be remembered that capital contribution is not necessary to become a partner for, one can contribute his organising power, business acumen, managerial skill, etc., instead of capital.

5. Withdrawal from the Firm: The amount that can be withdrawn from the firm by each partner. 

6. Profit/Loss Sharing: The ratio in which the profits or losses are to be shared. If the profit sharing ratio is not specified in the deed, all the partners must share the profits and bear the losses equally.

7. Interest on Capital: Whether any interest is to be allowed on capital and if so, the rate of interest.

8. Rate of Interest on Drawing: Rate of interest on drawings, if any. 

9. Loan from Partners: Whether loans can be accepted from the partners and if so the rate of interest payable thereon. 

10. Account Keeping: Maintenance of accounts and audit. 

11. Salary and Commission to Partners: Amount of salary or commission payable to partners for their services. (Unless this is specifically provided, no partner is entitled to any salary).

12. Retirement: Matters relating to retirement of a partner. The arrangement to be made for paying out the amount due to a retired or deceased partner must also be stated. 

13. Goodwill Valuation: Method of valuing goodwill on the admission, death or retirement of a partner.

14. Distribution of Responsibility: Distribution of managerial responsibilities. The work that is entrusted to each partner is better stated in the deed itself. 

15. Dissolution Procedure: Procedure for dissolution of the firm and the mode of settlement of accounts thereafter. 

16. Arbitration of Dispute: Arbitration in case of disputes among partners. The deed should provide the method for settling disputes or difference of opinion. This clause will avoid costly litigations.

Partnership agreement can be Oral  or written

Maximum number of partnership firm performing banking business is 10.

Partner’s current account are opened when their capital is Fixed.

(c) Either of the two

Increase in the value of assets on reconstiturion of the partnership firm results into Gain to the existing partner

Correct option is: (A) Debit balance

(b) Rs. 84,000

(c) Goodwill brought by new partner