Explore topic-wise InterviewSolutions in Current Affairs.

Developmental Psychology is useful for Children. 

I. C. D. S. Works for children and women.

Consumer Protection Act was implemented in 1987. 

Features of Management: 

a. Management is a goal oriented process: Every organisation has a set of basic goals to achieve. Management unites the efforts of different individuals in the organisation towards achieving these goals: 

b. Management is all pervasive: Management activities are universally applicable to all organisations, social, economic and political. Hence, management is all pervasive and a universal phenomenon. 

c. Management is multidimensional: Management is a complex activity and involves three dimensions namely.

1. Management of work 

2. Management of people (and) 

3. Management of operations

d. Management is a continuous process: Management consists of a series of functions like planning, organising, staffing and controlling which are continuous and composite in nature. These functions are simultaneously performed by all managers all the time. Hence, management is considered a continuous process.

e. Management is a group activity: An organisation is a collection of number of individuals with different needs. Every member of the group has different purpose to join the organisation. But, as members of the organisation, they work towards fulfilling the common organisation goal. This requires team work and coordination. Hence, management is a group activity.

f. Management is a dynamic function: Every organisation works in an environment which keeps on changing. The external environment which consists of various social, economic and political factors keep changing. In order to be successful, an organisation must change itself and its goals according to the needs of the environment. Hence, management is a dynamic environment.

g. Management is an intangible force: Management cannot be seen but its presence can be felt in the operations of the organisation. The effect of management is noticeable in an organisation where targets are met according to plans, when employees are happy and satisfied. So management is an unseen force but reflects in the collective efforts.

Standardization symbol denotes for Quality of goods.  

Organising is the process of identifying and grouping the work to be performed, defining and delegating authority and responsibility and establishing relationships for the purpose of enabling people to work most effectively together in accomplishing objectives. 

The following points highlight the importance of organizing:

a. Benefits of specialization: Organizing leads to a systematic allocation of jobs amongst the work force. This reduces the workload as well as enhances productivity. Right man is placed for the right job. Repetitive performance of a specific job on regular basis helps worker to gain experience and leads to specialization. 

b. Clarity in working relationships: The establishment of working relationships and clarifies lines of communication and specifies who is to report to whom. This further helps in fixation of responsibility and also specifies the dimensions of authority which an individual can exercise. 

c. Optimum utilization of resources: Organising leads to the proper usage of all material, financial and human resources. The proper assignment of jobs avoids overlapping of work and also makes possible the best use of resources. Avoiding duplication of work prevents confusion and minimizing the wastage of resources. 

d. Adaptation to change: The process of organizing allows a business enterprise to accommodate changes in the business environment. It allows the organization structure to be suitably modified. It provides stability to the organization.

e. Effective administration: Organising provides clear description of jobs and related duties. This helps to avoid confusion and duplication. Clarity in work relationship enables proper execution of work. Thus, it provides effective administration in the enterprise. 

f. Development of personnel: organizing stimulates creativity amongst the managers. Effective delegation allows the managers to reduce their workload by assigning routine jobs to their subordinates. This reduction in the work load allows the manager to develop new methods and ways of performing tasks for the growth of an organization. It also develops ability among the subordinates to deal effectively with the challenges. 

g. Expansion and growth: Organising helps in the growth and diversification of an enterprise by enabling it to deviate from existing norms and taking up new challenges. 

Conclusion: Thus, organizing is a process by which the manager brings order out of confusion, removes conflict among people over work or responsibility sharing and creates an environment suitable for team work.

Perfect and complete communication does not take place many times due to certain obstacles which are known as barriers to communication. Following are the barriers to effective communication: 

1. Physical barriers: Internal structure of the organization and layout of office machines and equipments creates physical barriers in communication. 

Physical barriers include: 

1. Distance 

2. Noise 

3. Physical arrangement 

2. Semantic barriers: The use of difficult and multiple uses of languages, words, figures, and symbols create semantic barriers. Some semantic barriers are: 

1. Language 

2. Jargons. 

3. Organisational barriers: These arise from the organizational goals, regulations, structure, and culture. 

Organisational barriers include: 

1. Poor planning 

2. Structure complexities 

3. Status differences 

4. Organisational distance 

5. Information overload 

6. Timing

4. Psychological barriers: These are the barriers to effective communication created due to lack of interest in the people for whom the communication is meant. People do not pay attention to the communication in which they are not interested. Examples for psychological barriers are:

• Perception 
• Filtering 
• Distrust 
• Emotions 
• Viewpoint

Following are the ways to overcome barriers to effective communication:

1. Clarity of ideas: The problem to be communicated to subordinates should be clear in all aspects. The entire problem should be studied in depth, analysed and stated in such a manner that is clearly conveyed to subordinates.

2. Communicate according to the needs of receiver: The level of understanding of receiver should be crystal clear to the communicator. Manager should adjust his communication according to the education and understanding levels of subordinates.

3. Consult others before communicating: Before actually communicating the message, it is better to involve others in developing a plan for communication. Participation and involvement of subordinates may help to gain ready acceptance and willing cooperation of subordinates.

4. Be aware of languages, tone, and content of message: The contents of the message, tone, and language used, manner in which the message is to be communicated are the important aspects of effective communication. The language used should be understandable to the receiver and should not offend the sentiments of listeners.

5. Convey things of help and value to listeners: While conveying message to others, it is better to know the interests and needs of the people with whom you are communicating. If the message relates directly or indirectly to such interests and needs it certainly evokes response from communicate. 

6. Ensure proper feedback: The communicator may ensure the success of communication by asking questions regarding the message conveyed. The receiver of communication may also be encouraged to respond to communication. The communication process may be improved by the feedback received to make it more responsive. 

7. Communicate for present as well as future: Generally, communication is needed to meet the existing commitments to maintain consistency; the communication should aim at future goals of the enterprise also. 

8. Follow up communications: There should be regular follow up and review on the instructions given to subordinates. Such follow up measures help in removing hurdles if any in implementiang the instructions. 

9. Be a good listener: The manager should be a good listener. Patient and attentive listening solves half of the problems. Managers should also give indications of their interest in listening to their subordinates.

Warehouses means a place where goods are stored for future use. 

For keeping the goods, the various documents are needed; they are as follows:

1. Warehousing Warrants: It is a document issued in favour of goods by the warehouse keeper. It is also used as a document of title to goods. 

2. Warehouse Keeper’s receipt: It is a document issued by the warehouse keeper, which acknowledges there receipt of goods from the owner of the goods.

3. Dock Warrant: Dock warrant is a document of title of goods issued by the dock authorities. This document certifies that the dock authorities hold the goods. 

4. Dock Receipt: Dock receipt is an acknowledgement of receipt of goods issued by the dock authorities to the owner of the goods. It is not a document of title to goods. 

5. Delivery Order: This is a document through which the depositor directs the warehouse keepers to deliver the goods to the party mentioned in the document.

1)  cash +20000

stock +50000

furniture +30000

= capital +100000

2).  stock +40000

= liability +40000

The correct answer is 2 only

• Mitakshara Law:
  • It is based on the Yajvavalkya Smriti about the laws of inheritance 
  • Under this law, as it existed until the amendments made by The Hindu Succession (Amendment) Act, 2005, the son acquires by birth an interest in the ancestral property. 
  • In Mitakshara law, on the death of a coparcener, his interest became merged with that of the surviving coparceners.
  • A coparcener is a person who shares equally with others in the inheritance of an undivided estate or in the rights to it.
• Dayabhaga Law:
  • Dayabhaga (c 12th century) is the code of Hindu inheritance of property by jimutavahana.
  • In Dayabhaga, a son does not automatically get a share of his father's inheritance while the father is alive. Hence statement 2 is correct.
  • It mostly prevailed in Bengal.
• Applicability of either of the laws is not exclusive to any specific caste(s). Hence statement 1 is not correct.
• Therefore, the correct answer is Option 2.

The correct answer is Lemongrass

Lemongrass:

• Cymbopogon citratus or lemongrass is a tall perennial fast-growing grass with a tuft of lemon-scented leaves from the annulate and sparingly branched rhizomes.
• It grows to a height of 1 m and a width of 5–10 mm and has distinct bluish-green leaves which do not produce seed.
• Lemongrass oil (Cymbopogon citratus) is an effective repellent against mosquitoes and house flies. Hence statement 3 is correct.

• Congress Grass:
  • Congress grass or parthenium, a native of tropical America, came to India accidentally in 1955.
  • A rapidly growing invasive species, this grass competes well for nutrients and space and reproduces fast.
  • One of the world's seven most notorious weeds, parthenium has already taken over about five million hectares of the country's land.
• Elephant grass:
  • Pennisetum purpureum, also known as Napier grass or elephant grass is a robust perennial grass widely naturalized in tropical and subtropical regions of the world.
  • It is included in the Global Compendium of Weeds where it is listed as an agricultural and environmental weed as well as an invasive species.
• Nut grass:
  • Cyperus rotundus, or Nutgrass, is a perennial, glossy-green, grass-like Eurasian sedge or weed with an erect triangular stem branching into three stems of purple, antenna-like seedpods.

A corporation is created when it is incorporated by a group of shareholders who share ownership of the corporation, represented by their holding of stock shares, and pursue a common goal. 

To delve into the underlying meaning of the terms, "stockholder" technically means the holder of stock, which can be construed as inventory, rather than shares. Conversely, "shareholder" means the holder of a share, which can only mean an equity share in a business.

Promotion takes place between the company and various stakeholders.

A Cash Flow Statement is a Statement, Showing Inflows (Receipts) and Outflows (Payments) of Cash during a Particular Period. In other words, it is a Summary of Sources and Applications of Cash during a Particular Span of Time. It Analyses the reasons for Changes in Balance of Cash between the Two Balance Sheet Dates. The Term "Cash" here stands for Cash and Cash Equivalents. A Cash Flow Statement includes only those Items which Affect Cash. 

(d) Sale proceeds of furniture

Accounting Ratios are Very Important Tool of Financial Analysis. But these Limitations should be Kept in mind, while making use of Accounting Ratios : 

(i) Limited Use of a Single Ratio: The Analyst should Not Merely Rely on a Single Ratio. He should study Several Connected Ratios before Reaching a Conclusion. E.g. the Current Ratio of a Firm may be Quite Satisfactory, Whereas the Quick Ratio may be Unsatisfactory . 

(ii) Window Dressing: Some Companies in Order to Cover Up their Bad Financial Position Resort to Window Dressing, i.e. Showing a Better Position than the One which Really Exists. 

(c) Surplus or deficit

Features of Income and Expenditure Account. 

• Income and Expenditure account is Nominal Account for which the rule of debit and credit, is debit all expenses or losses and credit all income or gain. 
• Expenditures are recorded at the debit side and income is posted at the credit side of this account. 
• It records only revenue expenditure, capital expenditures are not recorded in it. 
• Income and expenditures are shown on accrual basis. 
• Excess of income over expenditure is known as surplus. In case of profit and loss account, it is said as net income.

The new set of economic reforms aimed at giving greater role to the private sector in the nature building process and a reduced role to the public sector is known as privatisation.

1. Planning focuses on achieving objectives 

2. Planning is a primary function of management.

The new economic policy intended to reduce the rate of inflation and to remove imbalances in payment. It intended to move towards higher economic growth rate and to build sufficient foreign exchange reserves.

According to Henry Fayol,” To organize a business is to provide it with everything, useful to its functioning – raw materials, machines, tools, capital, and personnel”.

The model of E-commerce:

(i) B2B Commerce: The transactions taking place between business firms are referred to as business to business or B2B transaction. 

For example, an automobile manufacturer (like Maruti Udyog) makes several B2B transactions, such as buying tyres, glass for windscreens, door handles, etc.

(ii) B2C Commerce: The transaction taking place between business and customers are known as Business-to-customer or B2C transaction. 

For Example - ECommerce facilitates and speeds up the entire B2C process.

(iii) C2C Commerce: The transaction taking place between two or more customers are known as C2C Commerce. 

For example, sale of used books and household equipments on cash or barter basis.

Consumers are no longer totally reliant on corporation. They are conducting their own business transactions and internet allows them to globally search for potential buyers.

The main objectives of the State Bank are:

(i) To act in accordance with the broad economic policies of the government; 

(ii) To encourage and mobilise savings by opening branches in rural and semi-urban areas and to promote rural credit; 

(iii) To establish government partnership in the provision of cooperative credit;

(iv) To extend financial help for the establishment of licensed warehouses and cooperative marketing societies; 

(v) To provide financial help to the small scale and cottage industries; 

(vi) To provide remittance facilities to the banking institutions. The State Bank of India acts as an agent of the Reserve Bank in all those places where the latter does not have its branches.

State Bank performs the following functions: 

(i) It acts as the government’s bank, i.e., it collects money and makes payments on behalf of the government and manages public debt. 

(ii) It acts as the bankers’ bank. It receives deposits from and gives loans to commercial banks. It also acts as the clearing house for the commercial banks, rediscounts the bills of exchange of the commercial banks and provides remittance facilities to the commercial banks. 

(iii) It receives deposits from the public. 

(iv) It gives loans and advances against eligible securities including goods, bills of exchange, promissory notes, fully paid shares of companies, immovable property or documents of title, debentures, etc. 

(v) It invests its surplus funds in government securities, railway securities and securities of corporations and treasury bills.

(vi) It buys and sells gold and silver. 

(vii) It acts as agent of cooperative banks. 

(viii) It underwrites issues of stocks, shares, debentures, and other securities in which it is authorised to invest funds. 

(ix) It administers, singly or jointly, estates for any purpose as executor, trustee or otherwise. 

(x) It draws bills of exchange and grants letters of credit payable out of India. 

(xi) It buys bills of exchange payable out of India with the approval of the Reserve Bank; it subscribes buys, acquires, holds and sells shares in the capital of banking companies.

A saving account is a deposit account where we can deposit a sum of money and get a modest interest rat

Definition of management: Management is defined as the process of planning, organising, actuating and controlling an organisation's operations in order to achieve coordination of the human.

Importance of management will be clear from the following points:

(i) Management helps in achieving group goals: Management is required not for itself but for achieving the goals of the organisation. It brings the human and non-human resources together and gives a common direction to efforts of all individual towards achieving the organisational goals.

(ii) Management increase efficiency: Management helps in reducing the cost and increasing productivity through better planning, organising, directing, staffing and controlling the activities of the organisation.

(iii) Management creates a dynamic organisation: An organisation operates in a constantly changing environment. Employees generally resist to changes as it often mean moving from a familiar, secure environment into a newer and more challenging one. Management helps people adapt to these changes so that the organisation is able to maintain its competitive edge.

(iv) Management helps in achieving personal objectives: A manager motivates and leads his team in such a manner that individual members are able to achieve their personal goals while working towards organisational objectives. Through motivation and leadership, management helps the individual to develop team spirit, cooperation and commitment to group success.

(A) Distinguish between Policies and Procedures:

 (B) Distinguish between Rules and Methods:

(A) Creditor

The main objectives of the State Bank are:

(i) To act in accordance with the broad economic policies of the government; 

(ii) To encourage and mobilise savings by opening branches in rural and semi-urban areas and to promote rural credit; 

(iii) To establish government partnership in the provision of cooperative credit;

(iv) To extend financial help for the establishment of licensed warehouses and cooperative marketing societies; 

(v) To provide financial help to the small scale and cottage industries; 

(vi) To provide remittance facilities to the banking institutions. The State Bank of India acts as an agent of the Reserve Bank in all those places where the latter does not have its branches.

State Bank performs the following functions: 

(i) It acts as the government’s bank, i.e., it collects money and makes payments on behalf of the government and manages public debt. 

(ii) It acts as the bankers’ bank. It receives deposits from and gives loans to commercial banks. It also acts as the clearing house for the commercial banks, rediscounts the bills of exchange of the commercial banks and provides remittance facilities to the commercial banks. 

(iii) It receives deposits from the public. 

(iv) It gives loans and advances against eligible securities including goods, bills of exchange, promissory notes, fully paid shares of companies, immovable property or documents of title, debentures, etc. 

(v) It invests its surplus funds in government securities, railway securities and securities of corporations and treasury bills.

(vi) It buys and sells gold and silver. 

(vii) It acts as agent of cooperative banks. 

(viii) It underwrites issues of stocks, shares, debentures, and other securities in which it is authorised to invest funds. 

(ix) It administers, singly or jointly, estates for any purpose as executor, trustee or otherwise. 

(x) It draws bills of exchange and grants letters of credit payable out of India. 

(xi) It buys bills of exchange payable out of India with the approval of the Reserve Bank; it subscribes buys, acquires, holds and sells shares in the capital of banking companies.

Unit Banking : Unit Banking refers to a bank that is single, usually small bank that provides financial services to its total community

Henri Fayol’s Principles of Management:

(i) Division of Work: Division of work refers to dividing the work into compact jobs and allocating these compact jobs to different individuals.

• Fayol recommended that work of all kinds must be divided and allocated as per competence, qualification and experience. The intent of division of work is to produce more and better work for the same effort.

(ii) Authority and Responsibility: According to this principle, there should be a proper balance between authority and responsibility.

• Authority is the right to give orders to subordinates and responsibility is the duty, which a subordinate is expected to perform by virtue of his position in organisation. Authority and responsibility go hand in hand.

(iii) Discipline: Discipline refers to obedience to rules and regulations of the organisation, which is necessary for systematic working of the organisation.

• According to Fayol, discipline requires good supervision at all levels, clear and fair agreement regarding rules and judicious application of penalties.

(iv) Unity of Command: According to this principles, each subordinates should receives orders and be accountable to one and only one superior.

• If a subordinates receives orders from more than one superior, he will find it extremely difficult to decide as to whom he has to obey first.

(v) Unity of Direction: Unity of Direction implies that there should be one head and one plan for group of activities having same objectives.

• According to this principle, all the units of an organisation should be moving towards the same objectives through coordinated and focussed efforts.

Amended format of Balance Sheet of commercial banks was implemented form  31st March, 1992 

(B) Sale and purchase of Government

The cause of Banking crisis in India was  decrease in cash fund

(D) Reserve Bank of India

Importance of Industries:

i) Rapid growth of income

The first and the foremost argument in favor of industrialization is that it can provide a base for rapid growth of income. It is because of the fact that that productivity rates are higher in industry than in agriculture. Industries mainly depend on man's effort while agriculture is restricted by the limiting factor of the nature. It is also seen that the Industrialized nations have a high per capita income.

ii) Employment

With the increasing population agriculture is unable to provide for employment. Hence it is very important to set up industries to absorb this surplus labor. Hence industries can solve the problem of unemployment.

iii) Exploitation of resources

Industries are capable of utilizing all the resources present in the economy. They can even make use of scraps and waste materials. Agriculture cannot make use of all the resources.

iv) Foreign exchange

India cannot earn adequate foreign exchange from the exports of its primary products. It is because of the fact that the demand for such products is very low in other countries. Industrial exports need to be added to the primary products.

v) Development of agriculture

The requirements of agriculture are met by the industries in large. Agriculture requires improved farm machinery, chemical fertilizers and pesticides. It also requires storage and transport facilities. All these are adequately provided by our own industries.

vi) Balanced development

Ours is an unbalanced economy. Our greater dependence on agriculture has made us poor. With the industrialization in the economy this disparity can be removed. If agriculture is the backbone of the economy, industry is the energy.

vii) Self-sustained growth

The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs.

It also eliminates our dependence on other countries for the supply of essential goods.

viii) Nation's security

Dependence on foreign countries for defense goods is always risky affair. We do not have good relations with our neighboring countries especially Pakistan and China.

 all of these 

(D) All of these

(D) long term

Some of the important determinants of demand are as follows,

1. Price of the Product

People use price as a parameter to make decisions if all other factors remain constant or equal. According to the law of demand, this implies an increase in demand follows a reduction in price and a decrease in demand follows an increase in the price of similar goods.

The demand curve and the demand schedule help determine the demand quantity at a price level. An elastic demand implies a robust change quantity accompanied by a change in price.  Similarly, an inelastic demand implies that volume does not change much even when there is a change in price.

2. Income of the Consumers

Rising incomes lead to a rise in the number of goods demanded by consumers. Similarly, a drop in income is accompanied by reduced consumption levels. This relationship between income and demand is not linear in nature. Marginal utility determines the proportion of change in the demand levels.

3. Prices of related goods or services

• Complementary products – An increase in the price of one product will cause a decrease in the quantity demanded of a complementary product. Example: Rise in the price of bread will reduce the demand for butter. This arises because the products are complementary in nature.

• Substitute Product – An increase in the price of one product will cause an increase in the demand for a substitute product. Example: Rise in price of tea will increase the demand for coffee and decrease the demand for tea.

4. Consumer Expectations

Expectations of a higher income or expecting an increase in prices of goods will lead to an increase the quantity demanded. Similarly, expectations of a reduced income or a lowering in prices of goods will decrease the quantity demanded.

5. Number of Buyers in the Market

The number of buyers has a major effect on the total or net demand. As the number increases, the demand rises. Furthermore, this is true irrespective of changes in the price of commodities.

The income effect expresses the impact of increased purchasing power on consumption, while the substitution effect describes how consumption is impacted by changing relative income and prices. These economics concepts express changes in the market and how they impact consumption patterns for consumer goods and services.

Different goods and services experience these changes in different ways. Some products, called inferior goods, generally decrease in the consumption whenever incomes increase. Consumer spending and consumption of normal goods typically increases with higher purchasing power, which is in contrast with inferior goods.

The Loan granted by land development banks are repayable within 20 to 30 years. Normally, loans are granted up to 20% of the value of the land or upto 30 times the revenue. Loans are granted only after a through verification of security title deeds as well as the necessity for the loan. The rates of interest for LT loans are generally low and within the paying capacity of farmers. They are around 11 to 12%.

Factor affecting the creation of saving in country.

• Interest rates: Higher interest rates will encourage people to save more.

• Availability of appropriate savings schemes: With more options to save money people will be attracted to save more

• Advertising of/knowledge about what is available at financial institutions

• Confidence/trust in financial institutions

• Size of real disposable income: Disposable income is the income left after paying taxes. Thus more money left in pockets will encourage people to save more.

• Rate of inflation: when inflation is high people have less money left with them to save because a major part of their disposable income will be spent to satisfy their needs and wants.

• Save for a future purchase: People might save with the motive to carry out a future purchase e.g. a house

• Precautionary factors: People might be ‘saving for a rainy day’

• Tastes and preferences of consumers: It also depends on a individuals preference. Some people save more than others.

• Consumer confidence/expectations about future changes in the economy, e.g. risk of unemployment may lead to people saving more