Explore topic-wise InterviewSolutions in Current Affairs.

1. The key expense of a bank is interest on deposits that are made with it. These could be in the form of term (fixed) or savings bank account deposits. 

2. The second biggest expense head for a bank would be its operating expenses. This head would include all operational costs.

 3. It includes employee costs, advertisement and publicity costs, administrative costs, rent, lighting and stationary.

Reinterpretation of history created a feeling of nationalism in India in the following ways. (a) By the end of nineteenth century, there developed a feeling of sense of pride in the nation and this could be done through interpreting Indian history in a different way. 

(b) The British considered Indians as backward and primitive, incapable of governing themselves. Indians responded by looking into the past to discover India’s great achievements. 

(c) Glorious developments in ancient times when art and architecture, science and mathematics, religion and culture, law and philosophy, crafts and trade had flourished and began to be rewritten. 

(d) It was felt that Indian glorious past was neglected with the coming of foreign powers. 

(e) The readers were urged to read history and take pride in India’s great achievements in the past and struggle to change the miserable conditions of life under the British.

Entrepreneurship is defined as the process of making money , Earning profits and increasing the wealth while posing characteristics such as Risk taking Management , Leadership and Innovation . The concept of Entrepreneurship was first established in the 1700s . 

The key elements of Entrepreneurship are :

 (i) Innovation 

(ii) Risk Taking 

(iii) Vision 

(iv) Organizing Skills . 

The settlement in NSE is T+2.

Every organisation is established to achieve certain objectives. Different organisations are having different objectives and management are having different objectives and management has to achieve these objectives effectively and efficiently. Management Objectives can be classified into organisational objectives, social objectives, and personal or individual objectives. 

a. Organisation Objectives: Management is responsible for setting and achieving objectives for the organisation. The main objective of any organisation is to utilise human and material resources to the maximum possible advantage, management of every organisation strives to accomplish the objectives, considering the interest of all the stakeholders, i.e., shareholders, employees, customers, and the government. The economic objectives of an organisation include 

1. Survival: Management must work to ensure the survival of the organisation by earning enough revenue to cover its costs. 

2. Profit: Earning of profit is very essential for meeting the expenses and for successful continuity of business. Therefore, management should ensure that sufficient profits are earned to cover the costs and risks of business. 

3. Growth: For the existence of business organisation for a long period, management should explore all its prospects of growth and development to remain in industry. Growth of a business can be measured in terms of increased sales, increase in the number of employees, the number of products or the increase in capital investment. 

b. Social Objectives: It involves the creation of benefit for society. As a part of society, every organisation has a social obligation to fulfill. This refers to consistently creating economic value for various constituents of society. This includes.

• Using environmental friendly methods of production.
• Creating employment opportunities particularly to the under privileged sections of society.
• Providing amenities to society, like schools and creches to employees children. 
• Providing financial support to society for noble causes.
• Participating in social service projects of government and non-governmental organisations. 

c. Personal (or) Individual objectives: Organisations are made up of people who have different personal backgrounds, experiences, and objectives. It is very important to satisfy their diverse needs by getting their wholehearted support in achieving the organisational objectives. The personal objectives include 

• Financial needs like salaries, incentives, and other benefits.
• Social needs like recognition in the organisation.
• Higher level needs which include personal growth and development. 
• Management has to take care of personal needs of its employees while also fulfilling the other objectives. 

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

An expenditure represents a payment with either cash or credit to purchase goods or services. It is recorded at a single point in time (the time of purchase), compared to an expense.

1. Systematic activity 

2. Innovation

The production concept.

The consumer protection Act, 1986.

The person who set- up his business is called an entrepreneur.

Strategy can be formulated at three levels, namely, the corporate level, the business level, and the functional level. At the corporate level, strategy is formulated for your organization as a whole. Corporate strategy deals with decisions related to various business areas in which the firm operates and competes.

According to Harold Koontz, “Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims”.

Notify the probate court that there is no will. Receive a letter of testamentary. The judge will grant this document, which names you as the executor of the estate. The letter gives you the legal right to close the checking account for the estate.

The formal lines of authority from highest to lowest ranks are known as a scalar chain.

The term business environment means the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may affect its performance.

Content theories

1. Planning focuses on achieving objectives 

2. Planning is a primary function of management.

A Functional structure structure of organisation leads to occupational.

Maslow introduced the concept of hierarchy of needs.

Planning Provides Direction.

Sole Proprietorship refers to a form of business organisation that is owned managed and controlled by an individual's who is the recipient of all profits and bearer of all risk.

Merits:

i. A sole proprietorship can quickly decide as it enjoys a considerable degree of freedom.

ii. There is hardly any legal formality for setting up a sole proprietorship firm.

iii. There is a sense of accomplishment in working.

iv. A sole proprietorship is the recipient of all profits earned from business and this motivates others to carry out their business efficiently.

Limitation :

i. Resources of a sole proprietor are limited because of the lending institutions that hesitate to extend long term loan

ii. There is a limited expectancy of business as a sole proprietor is responsible for everything including death and it may lead to the closure of the business.

iii. The creditors might recover its dues from the personal assets of the sole proprietor if possible.

1. (b) pleased

2. (c) roughly

3. (b) immoral

4. (b) ignored

5. (c) reply

The answer is 4. Rule

Protection of environment can be done by the efforts of corporate, people and the government authorities

It is important to choose an appropriate form of business organization because if one is planning to start a business or is interested in expanding an existing one, one important decision relates to the choice of the form of organization A business firm can be owned & managed in several forms. Once a form of business is chosen it is difficult to change it. Therefore, the form of business enterprise should be selected with due care & thought The factors that determine the choice of form of organisation are :-

a)- 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.

b)- Liability. In case of sole proprietorship and partnership firms, the liability of the owners/partners is unlimited. This may result in the 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.

c)-Continuity: The continuity of sole proprietorship and partnership firms is affected By EVEHS 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. 

d)- 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.

e)-Capital Requirements: For large-scale operations, company form are the most suitable as a 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.

f)- 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.

g)- 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.

Counsel the employees to reduce their stress

The correct answer is Sikander Lodi.

• Sikander Lodhi was the son of Bahlol Lodi who conquered Bihar and Western Bengal.
• He founded the city of Agra and moved his capital from Delhi to Agra.
• He introduced the Gaz-i-Sikandari of 32 digits for measuring cultivated fields.

• Bahlol Lodi
  • He was the chief of the Pashtun Lodhi Tribe.
  • He was the founder of the Lodi Dynasty.
  • He became sultan in 1451.
  • He was the first Afghani King.
  • He introduced new copper coins called Bahloli Coins.
  • He ruled over Delhi till 1489.
• Ibrahim Lodi
  • He was the last ruler of Lodi as well as the Delhi Sultanate who ruled from 1517 to 1526.
  • He was the son of the second ruler of the Lodi dynasty Sikander Lodi
  • He was defeated by Babur in the First Battle of Panipat in 1526.

Free-rein leadership

With a new emphasis on social role of management , the concept of Trusteeship emerged . The Principle of Stewardhip helped to change the views on Social Responsibility of Management (SRM) , Many groups both inside and outside the firm put their claims and needs . Thus, the job of Corporate Managers was to maintain an Equitable Balance among the competing interest of all groups with a stake in the business . These groups also compelled managers to expand some of the corporate money to meet social needs . Thus , it is expected that there are so many SRM towards , Own , Employees , Shareholders , Suppliers , Customers and Public etc. So we can say that ìWhich is good for an Enterprise , is good for the Whole Nation".

(a) Planning makes Personnel Conscious of Enterprise objectives : The first stage in any type of planning is the deliberate statement of objectives of each department in the organization and the enterprise as a whole. It helps personnel to see the enterprise in its entirely and see how their actions may contribute to its ultimate goals. Since objectives represent end point of planning, management should be aware of the future and revise its plans in the light of possible changes so that goals are accomplished more effectively. 

 (b) Planning Leads to Economy in Operations : Planning is always done with an eye on economy and efficiency in operations. Since it involves choosing, planning facilities the choice of the best method and helps to identify alternatives expected to produce desired results with minimum unsought consequences.

E-business refers to doing business with help of the internet. It allows the consumers to inquire and purchasing products through internet by browsing the website of the business.

(b) Departmental undertakings

The correct answer is Uttar Pradesh.

• Uttar Pradesh has decided to implement Bharat Net service that will connect all gram panchayats through the optical fibre.

• Uttar Pradesh is implementing Bharat Net service project through both BSNL and PPP Model.
• BharatNet programme was earlier known as National Optical Fiber Network.
• It was launched in the year 2011.
• The project is an integral part of the government’s Digital India initiative- the flagship programme.

The essential nature of planning can be highlighted by the following major aspects of planning: 

(i) Planning – an Intellectual process: Planning is the process of choosing the proper course of action from among alternative and calls for decision-making, which is an intellectual process. 

(ii) Planning – a Primary Functions : Planning is the most basic function of management. As a matter of fact, all other functions of management largely depend upon planning. 

(iii) Planning - a Continuous Function of Management : Management is a dynamic process and planning as its function cannot be an exception to it. 

(iv) Planning – a Pervasive Function: Planning is pervasive function. It pervades at all levels and in all departments of an organization. Sometimes, planning is erroneously considered to be the prerogative and responsibility of top management alone. 

A communication barrier that inhibits the communication process. It could be anything which is an impediment in receiving and understanding the messages. The common communication barriers are physical barriers, cultural barriers, language barriers, emotional barriers, organizational barriers.

Rumours circulate only when they resonate with the deep fears and suspicion of the people: 

(i) Foremost was the rumor of greased cartridges itself that infuriated the sepoys and became the final trigger of discontent. 

(ii)The rumors about the British trying to pollute the religion of Indians by mixing the bone dust of cows and pigs into the flour led people to avoid touching the flour and bred animosity towards the British.

(iii)The rumor about the British rule coming to an end on the centenary to the Battle of Plassey also reinforced the call for the revolt against the masters 

(iv)The people formed a connection between the recent British policies of introducing Western education and social reform that targeted cultural practices. 

(v)The annexations on the pretext of the Doctrine of Lapse also made the masses suspicions of the British intentions 

(vi) Introduction of British system of administration, their own laws and land revenue collection. 

(vii)The activities of the christians missionaries also bred doubt and discomfort 

(viii) Any other relevant point.

Economic Environment : Economic Environment consists of factors like inflation rates, interest rates, consumer’s incomes, economic policies, market conditions etc. which affect the performance of a business firm. 

“The battle between the hoe and plough was a long one” 

(i)The Paharias had problems with the people living in the plains. They charged taxes from them, raided into their areas etc. Therefore, the Paharias were pushed back into the hills. 

(ii)Santhals were settled on the peripheries of the Rajmahal hills by the British and the Paharias resisted it, they were forced to withdraw deeper into the hills. 

(iii)The Paharias had refused to use plough & settled agriculture. 

(iv)They were restricted from moving down to the lower hills and valleys. 

(v)They were confined to dry interior and to the barren and rocky upper hills. 

(vi)This severely affected their lives and impoverished them. 

(vii)Shifting agriculture depended on the ability to move to newer and newer lands. 

(viii)When forests were cleared for cultivation, the lives of hunters also got affected. 

(ix)Their earlier life of mobility was also affected.

Mahaveera attained Nirvana at Pavapuri near Rajagruha in Bihar.

Example of Impact of Economic Environment on Business:- 

(i) In case of construction companies and automobile manufactures, low long-term interest rates are beneficial because they result in increased spending by consumers for buying homes and cars. 

(ii) Increase in the incomes of the consumers leads to increase in their purchasing power. Hence, demand for goods and services rises.

(iii) High inflation rates generally result in constraints on business enterprise because they increase the costs of raw materials or machinery and payment of wages & salaries to employees.

“Principle is a fundamental statement or truth providing a guide to the thought or action.” G.R. Terry 

The principles of management act as guidelines for the practice of management. They help in predicting what would happen if the principles were applied. For example, application of the principle of ‘discipline’ leads to smooth and systematic functioning of the business and helps in improving efficiency. Without proper understanding of management principles, a person cannot perform managerial functions efficiency. 

The correct answer is Tatipaka.

• Tatipaka oil refinery is in Tatipaka in the East Godavari district of Andhra Pradesh.
• This was ONGC’s first venture of producing petro-products through the distillation of crude oil.
• The refinery was designed to produce naphtha, kerosene, diesel, and reduced crude oil. Hence option 1 is not correct.

• Numaligarh oil refinery is located in Guwahati, the capital city of Assam.
• Numaligarh Refinery and its Township are well connected by air, road, and rail.
• Bongaigaon Refinery is the 8^th refinery of IndianOil.
• The refinery has a uniqueness of its own with an existence of over 45 long years, situated in the Chirang district of Assam.
• Digboi Refinery, commissioned on 11^th December 1901, is India's oldest operating refinery located in Digboi, Assam.
• It is one of the oldest operating refineries in the world.
• The historic Digboi Refinery has been termed as the "Gangotri of the Indian Hydrocarbon sector".

Sri Lanka is the largest country of SAARC.

The Archaeological Department of India established in the year 1904.

Impact of Great Depression on Germany was:

• Great Depression led to economic crises in Germany. By 1932, industrial production was reduced to 40 percent of the 1929 level.
• As a result, jobs were cut and many workers became unemployed. Wages of the employed workers were also reduced.
• Many unemployed people took to criminal activities in absence of any work.
• The savings of the middle class and salaried employees reduced drastically due to the depreciation of the German currency.
• The business of the small businessmen and retailers suffered because the purchasing power of the people reduced.

CHARACTERISTICS OF MANAGEMENT :

(i) Management is a Goal Oriented Process : 

An Organization has a set of basic goals which are the basic reasons for its efficiency. Management unites the efforts of different individuals in the organization towards achieving these goals . Eg. A Firm decides to sell 10,000 TV Sets in a particular year. The Manager will plan a course of action and organize the activities to achieve this goal. 

(ii) Management is a Group Activity : 

An Organization is a group of different individuals with different needs . But as members of the organization, they work towards achieving the common organizational goal . This requires Team Work and Co-ordination. Management as a Team can contribute more Effectively and Efficiently rather than Individuals . 

International Atomic Energy Agency established in 1957