कैसे करे याद O.C.M. का Distinguish Between & Important of Function of Management?
HSC 12th Standard
NEW MAHARASHTRA NEW SYLLABUS
IMPORTANT DISTINGUISH BETWEEN
OCM
Distinguish between
SOLE TRADING CONCERN/ PARTNERSHIP FIRM[ACT 1932] / JOINT HINDU FAMILY
Sr no |
Basis of difference |
SOLE TRADING CONCERN |
PARTNERSHIP FIRM[ACT 1932] |
JOINT HINDU FAMILY |
|
1. |
Meaning |
Owned
& controlled by only one person. |
In
this form of business organization two or more persons come together to
undertake a business activity & share profit. |
It
is a form of commercial organization. The family business is conducted by the
family members of joint hindu family. |
|
2. |
Formation |
It
can be formed at any time when proprietor decides |
It
can be formed by an agreement between two more competent persons. |
Jhf
firm is created by the operation of hindu law. |
|
3. |
Member ship |
Sole
trading concern has only one owner. |
Minimum
number of members is 2 & maximum 10 in banking & 20 in other firm. |
There
is no maximum limit on membership. Membership keeps on changing depends upon
the birth & death in the family. |
|
4. |
Registration |
It
is not necessary. |
It is governed by the Indian partnership
Act, 1932. |
It
is governed by the Hindu Law. |
|
5. |
Secrecy |
A
sole trading concern ensures maximum
secrecy. |
Secrecy is shared by the partners. |
|
|
6. |
Unlimited
liabilities |
The
liability of sole trader is unlimited. |
The liability of all the partners
is unlimited. |
Only Karta’s liability is
unlimited, co-parcener’s liability is limited. |
|
7. |
Profit/ loss |
A
proprietor is himself receiver of all the P&L. |
Profit is shared by partners as
per their agreement. |
The profit & losses are shared
by all the co- parceners. |
|
8. |
Managerial |
The entire burden of management
lies on owner. |
All partners contribute these
skill so there is division of work & expertise. |
Karta is the key manager of
business who may be assisted by co-parceners to a limited extent. |
JOINT STOCK COMPANY[ACT 1956] /
CO-OPERATIVE SOCIETY
|
Sr.no |
Basis of
difference |
Joint
stock company |
Co-
operative society |
|
1 |
Meaning |
It
is voluntary association of individuals for profit having capital divided
into transferable share, the ownership which is the condition of membership. |
A
co-operative society is a voluntary association of people who come together
on the basis of unity & equality to protect & promote their common. |
|
2 |
Formation |
Formation
of a joint stock company involves many legal formalities. It is lengthly
& costly. |
Formation
of co-operative society is comparatively cheaper |
|
3 |
membership |
The
minimum of number of members are 2 in private limited company & a maximum
of 50. In a public limited company,
minimum number of member is 7 & there is no maximum limit. |
A
minimum 10 members are required for formation of a co-operative society
though there is no maximum limit. |
|
4 |
Act |
Joint stock company is controlled
under the Indian companies Act, 1956. |
Co-operative
society is governed under co-operative society act, 1912. |
|
5. |
motive |
The
main motto of a it is to earn profit. Providing service is the secondary
motive. |
The
main motto of it is to provide service to members. Profit making is its
secondary . |
|
6. |
Transferability of shares |
Shares are not transferable to
other members though they can be surrendered to the society. |
Shares are freely transferable in
a public limited company. But it is restricted in private limited company to
a certain extent. |
|
7. |
Voting
Rights |
The principle of voting is one
member one vote. |
The principle of voting is one share
is one vote. |
Private Company V/s Public Company
|
Sr. No. |
Basis of Difference |
Private Company |
Public
Company |
|
1. |
Definition |
A private company is a company
which by its articles restricts the right to transfer its shares, if any,
limits the number of its members to 50. |
A public company means a company
which is not a private company. |
|
2. |
Number of Directors |
In a Private limited company a
minimum number of 2 directors is essential. |
In a Public limited company a
minimum number of 3 directors is essential. |
|
3. |
Transfer of Shares |
Shares in private limited company
are not transferable. |
Public company can invite public
for issuing its shares and debentures. |
|
4. |
Number of Members |
The minimum numbers of members are
2 and maximum 50. |
The minimum numbers of members are
7 and there is no maximum limit of members. |
|
5. |
Name |
It is compulsory to add the word
‘Private Limited’ after the name if the Private Company. |
It is compulsory to add the word
‘limited’ after the name of public company. |
|
6. |
Issue of Prospectus |
It is not compulsory to issue the
prospectus and statement in lieu of prospectus. |
It is compulsory to issue of
prospectus and in the absence of prospectus to sent statement in lieu to the
registrar. |
|
7. |
Minimum Capital |
Minimum paid-up capital is one
lakh rupees. |
Minimum paid up capital is five
lakh rupees. |
Life insurance / Marine insurance / Fire insurance
|
Sr.no |
Basis of
difference |
Life insurance |
Marine insurance |
Fire insurance |
|
1 |
Meaning |
A
contract whereby the insurance company undertakes to pay a certain sum of money either on death or
maturity. |
A
contract whereby the insurance company undertakes to pay
compensation to the insured in case of loss to him due to danger of the sea. |
A
contract whereby the insurance company undertakes to pay
compensation to insured if something happens to the subject matter due to fire
or related event. |
|
2. |
Who takes it |
It
can be taken by an individual for his own life or
for his family member. |
It
can be taken by individuals for their properties or by businessmen
for their goods, properties business liabilities etc. |
It
can be taken by exporters, importers & shipping
companies. |
|
3. |
Subject matter |
In
it the life of the insured is subject matter. |
In
it goods in ship, cargo & freight are the subject matter. |
In
it goods & assets or property of the insured is the subject matter. |
|
4 |
Insurable
interest |
It
must exit at the time of
contract |
It
must exist at the time of loss |
It
must exist both the time
contract & also loss |
|
5. |
Period |
The
policy can be issued for any number of
years even until death of the assured. |
It
is generally for a short period &
may range from 1 month to a year. Normally it doesn’t exist one year. |
It is generally for a short period
like one year. |
|
6. |
Compensation |
It is
paid either
on death or maturity whichever is earlier. |
It is
paid only if there is a loss causing during the term of the policy. |
It is paid only if there is loss due to fire
during the term policy. |
|
7 |
Number of policies |
Insured
can take any number of policies on the same life. |
Generally, only one policy can be
taken. However, double insurance is possible. |
Generally, only one policy can be
taken. However, double insurance is possible. |
|
8 |
Surrendering
of policy |
The policy can be surrendered before the expiry of the term subject to
certain conditions. |
It cannot
be surrendered. |
It cannot be surrendered. |
Current Account v/s Saving Account
|
Sr. No. |
Basis of
Difference |
Current Account |
|
|
1. |
Meaning |
It is that account which is
maintained by businessman and others who have regular transaction. |
It is that account which is opened
by individuals in order to save a part of their income. |
|
2. |
Withdrawals |
Customers can withdraw money by
cheques. |
Customers can withdraw either by
cheques or by withdrawals slip along with passbook. |
|
3. |
Facilities |
The bank gives a passbook, cheque
book, statement of account and pay-in-slip book to the customers. |
The bank gives a pas book, cheque
book and pay-in-slip book to the customers. |
|
4. |
Who takes it |
It is suitable for traders,
businessmen, firms or institutions. |
It is suitable for fixed income
group, wage or salary earners. |
|
5. |
Constraintson operation and
withdrawals |
There are no restrictions on the
operation of a current account as long as there is balance in the account. |
The customers have certain
restrictions on withdrawals. |
|
6. |
Rate of interest |
Normally, interest is not given. |
Interest rate is low. |
|
7. |
Nature of Account |
It is of continuous nature. |
It is of continuous nature. |
|
8. |
Facilities |
Temporary overdraft facility is
given |
No overdraft facility is given. |
Fixed Deposit Account v/s Recurring Deposit Account
|
Sr. No. |
Basis of
Difference |
Fixed
Deposit Account |
Recurring
Deposit Account |
|
1. |
Meaning |
It is that account where a fixed
sum of money is deposited for a fixed period. |
It is that account where
depositors can regularly save fixed amount for a specific period. |
|
2. |
Withdrawals |
Customers cannot with draw during
the fixed period. If withdrawn earlier, rate of interest will be less than
applicable. |
Customers cannot withdraw during
the fixed period. If withdrawn earlier, rate of interest will be less than
applicable. |
|
3. |
Facilities |
The bank gives a fixed deposit
receipt to the customers |
The bank gives a pass book and pay
in slip. |
|
4. |
Who takes it |
It is suitable for any person with
temporary idle cash. |
It is suitable for fixed income
group. |
|
5. |
Constraintson operation and
withdrawals |
Payment is received only on expiry
of the fixed period. If withdrawn earlier, rate of interest will be less than
applicable |
Payment is received after the
expiry of the fixed period. |
|
6. |
Rate of interest |
Interest rate is higher. Longer
the period, higher will be the rate of interest. |
The rate of interest is higher
than saving account but less than fixed deposit account |
|
7. |
Nature of Account |
90% of the amount of fixed deposit can be given as loan. |
90% of the amount in the account can be given as loan |
|
8. |
Facilities |
It is for fixed period of time
except when the fixed deposits receipt renewed. |
It is for a fixed period of time. |
Road Transport V/s Rail Transport
|
Sr. No. |
Basis
of Difference |
Road
Transport |
Rail
Transport |
|
1. |
Speed |
Road
transport has limited speed due to bad road conditions, accidents, etc. |
It has
considerable speed since it runs on tracks which rarely get disturbed. |
|
2. |
carrying
capacity |
It has limited carrying capacity. |
It has huge carrying capacity. |
|
3. |
Cost of construction & maint’ce` |
It
requires limited capital investment in terms of construction of road,
vehicles and their maintenance. |
The cost
of construction of trains, railway tracks is high. Also the maintenance of
trains, tracks and stations is high. |
|
4. |
Distance |
Recommended
for short distance. |
Recommended
for both short and long distance. |
|
5. |
Transport
charges |
Transport
charges are not fixed but are high due to increased fuel prices. |
Transport
charges are relatively low and are fixed according to the distance. |
|
6. |
Door
to door service |
It
provides door to door service. |
It does
not provide door to door service. |
|
7. |
Means
of transport |
It uses
animal’s carts, motor-cycles three and four wheelers. |
It uses
passenger and goods train. |
|
8. |
Ownership |
Ownership
is in the hands of private parties. |
Ownership
is in the hands of the government. |
|
9. |
Safety |
It
provides limited safety to goods from sun, rain, wind, etc. |
Goods are
kept in locked wagons which provides protection against sun, wind, rain etc. |
Water Transport Air Transport
|
Sr. No. |
Basis of
Difference |
Water
Transport |
Air
Transport |
|
1. |
Speed |
It is slowest mode of transport. |
It is the fastest mode of
transport. |
|
2. |
carrying capacity |
It has a
very huge carrying capacity. |
It has
limited carrying capacity. |
|
3. |
Cost of construction and
maintenance. |
It uses waterways which are
natural high-ways and hence there is no cost involved. However, there is high
cost involved for construction of ships and ports. |
It uses airways which are natural
and hence there is no cost involved. However, there is high cost involved for
construction of aircrafts and airports. |
|
4. |
Distance |
Suitable for long distances
especially across countries and continents. |
Suitable for long distances. |
|
5. |
Transport charges |
Transport charges are lowest. |
Transport charges are the very
high. |
|
6. |
Suitability |
It is suitable for transporting
very heavy goods, machineries in large quantities to any part of the world. |
It is suitable for transporting
light weight perishable and valuable goods to any part of the world. |
|
7. |
Means of transport |
It uses boats, big ships, liners, tankers.
Etc. |
It uses aircrafts, helicopters,
jets, etc. |
|
8. |
Ownership |
It is owned by both private sector
as well as public sector. |
It is owned by both private sector
as well as public sector. |
|
9. |
Safety |
Goods are safe as they are
specially packed. |
Goods are safe as they are more
specially packed. |
Commercial Bank v/s Central Bank
|
Sr. No. |
Basis
of Difference |
Commercial
Bank |
Central
Bank |
|
1. |
Function |
The main
function is to accept deposits from public for lending to industry and
others. |
The main function
of the central bank (RBI) is to regulate money supply in the country. |
|
2. |
Printing
of currency |
The
commercial bank cannot print currency notes. |
The central bank can print currency notes. |
|
3. |
Acceptance
of deposits |
The
commercial bank accepts deposits from the public. |
The
central bank does not accept deposits from public. |
|
4. |
Loans
|
The
commercial banks provides loan to industry and commerce. |
The
Central bank provides loan to banks and financial institutions. |
|
5. |
Ownership
|
It can be
owned by private and/or by government agencies. |
It is
owned and controlled by the government if India. |
|
6. |
Number |
There are
many commercial bank in India. |
There is
only one Central bank (RBI) in India. |
|
7. |
Monetary
Policy |
The
commercial banks do not frame any monetary policy. |
The
Central bank frames the monetary policy and credit policy. |
|
8. |
Monitoring
|
The commercial
bank does not keep check on the Central bank. |
The
Central bank keeps a check on the working of the commercial banks`. |
Bonded warehouse v/s Duty paid Warehouse
|
Sr. No. |
Basis of Difference |
Bonded warehouse |
Duty paid Warehouse |
|
1. |
Meaning |
Bonded warehouse is the warehouse
where imported goods on which duty is not paid are stored. |
Duty paid warehouse is the
warehouse where imported goods on which duty is already paid are stored. |
|
2. |
Location |
They are located within the dock
area. |
They are located in a port-town
outside the dock area. |
|
3. |
Markets |
The imported goods stored here are
mostly re-exported. |
The imported goods stored here are
mostly for the domestic markets. |
|
4. |
supervision |
The customs authority closely
supervises the working of these warehouses. |
These warehouses are not
supervised by the customs authority. They are supervised by port authority. |
|
5. |
Delivery |
Delivery of goods is done after
payment of import duty. In case of re-export, the import duty need not be paid,
only rent and service charges need to be paid. |
Delivery of goods can be obtained
after payment of the rent charges of the warehouse. |
|
6. |
Purpose |
Main purpose would be either the
importer needs to re-export the goods or the importer may not be in a position
to pay import duty. |
Main purpose would be that the
importer does not have suitable warehousing facility. Also, he may not
require immediate delivery of goods. |
|
7. |
ownership |
Such warehouses may be owned by
private or dock authorities. |
Such warehouses are owned by
public authorities. |
Traditional social Responsibility v/s Corporate social Responsibility
|
Sr. No. |
Basis of Difference |
Traditional social Responsibility |
Corporate social Responsibility |
|
1. |
Meaning |
It refers to help poor people
through profit made by business. |
It refers to commitment business
to contribute economic development. |
|
2. |
Evolution |
It is evolved in ancient India and
Pre-Christian Era. |
It is evolved after World War II. |
|
3. |
Concept |
It has Philanthropic concept. |
It refers to ethical, legal and
economic concept also. |
|
4. |
scope |
It is restricted at individual
level. |
It considers economy as a whole. |
|
5. |
type |
It is primitive a narrow approach.
It has not considered intangible goals. |
It is global and wider approach.
It has considered tangible as well as intangible goals. |
Entrepreneur v/s Manager
|
Sr. No. |
Basis of Difference |
Entrepreneur |
Manager |
|
1. |
Motive |
The main motive of an entrepreneur
is to start a venture by setting a enterprise to achieve his
ideas. |
The main motive of a manager is to
give his services to an enterprise owned by someone else. |
|
2. |
Status |
An entrepreneur is the owner of
the enterprise |
A manager is a servant or paid
employee of an enterprise. |
|
3. |
Risk-bearing |
Being the owner, the entrepreneur
undertakes all the risk and uncertainties of the enterprise. |
A manager being an employee does
not undertake any risk involved in the enterprise. |
|
4. |
Qualification |
an entrepreneur requires qualities
and qualifications like hard working , patience, foresight, high thinking,
independence, etc. |
A manager needs to posses
educational and technical skills. Special management knowledge and
qualification is an additional benefit |
|
5. |
Innovation |
Entrepreneurs are born innovators.
They set their own goals and work for it. |
Managers only execute the plans
prepared by the entrepreneurs. They only do the practical part of the plan. |
|
6. |
Benefits |
An entrepreneur gets profits as
the benefits of the enterprise which is uncertain. |
A manager usually gets fixed
salary for the services rendered by him. It is fixed. |
|
7. |
Decision making |
An entrepreneur takes decisions on
his own as the enterprise has to develop as per his ideas. |
A manger does not have authority
to take decision on behalf of the enterprise, but he may take decision
related to the plan which he is executing. |
|
8. |
Specialization |
An entrepreneur may not be a
specialized in his trade but may have sufficient knowledge. |
A manager is trained professional,
hence is specialized in his field. |
District Forum v/s State Commission v/s National Commission
|
Sr. No. |
Basis of Difference |
District Forum |
State Commission |
National Commission |
|
|
1. |
Meaning |
A Consumer disputes redressal
forum working at district level
|
A consumer disputes redressal
forum working at state level. |
A consumer disputes redressal
forum working at national level. |
|
|
2. |
Monetary Jurisdiction |
It can entertain the cases where
the value of goods and services and the compensation claimed is less than
rupees
twenty lakhs |
It can entertain the cases where
the value of goods and services and the compensation claimed is more than
rupees
twenty lakhs and less than 1 crore. |
It can entertain the cases where
the value of goods and services and the compensation claimed is more than
rupees
1 crore. |
|
|
3. |
Duration |
Every member should hold office
for a term of five years or up to the age of sixty five years, whichever
is earlier. |
Every member should hold office
for a term of five years or up to the age of sixty seven years,
whichever is earlier. |
Every member should hold office
for a term of five years or up to the age of seventy years,
whichever is earlier. |
|
|
4. |
Nature of Complaints |
Only original cases can be
entertained which are within the local limits of a district. |
It can entertain original cases
and also appeals against the order of District Forum within the
geographical limits of the state. |
It can entertain original cases
and also appeals against the order of state commission. |
|
|
5. |
Members |
Other than president it has
minimum two members. |
Other than president it has
minimum two members. |
Other than president it has
minimum
four members. |
|
|
6. |
Area Covered |
It covers a particular district. |
It covers a particular state. |
It covers the entire country. |
|
|
7. |
President |
District judge or equivalent. |
High court Judge or equivalent.
|
Supreme court Judge or
equivalent. |
|
Explain the importance of management /
planning / organization / staffing / directing / co- ordination / controlling .
Ans: “peter drucker”
once remarked “Management is what the modern world is all about”. This means
that the various developments that have taken place in the world is due to
effective management.
1. Innovation:
_____________ facilitates innovation in the organization. Now –a-days, it is
essential to generate new ideas, new products, new technology, etc. innovation
helps to face competition in today’s competitive business world.
2. Corporate image:
__________ enables the organization to
enhance Corporate image. this is because
_________ helps to provide good quality goods & service to the customers.
Therefore proper __________ is required to developed good corporate image or
goodwill of the organization.
3. Team work :_____________
develops team spirit in the organization. It is the team work that bring
success to the organization. There is a need for team work between the various
people & departments working in the organization. Team work is important to
bring success in the organization.
4. Optimum use of resources:
____________ facilitates optimum use of resource in the organization. There is
efficient use of various resource such as men, money, material, etc. optimum
use of resources bring good result to the organization.
5. Motivation:
____________ enables to motivate of the employees in the organization. Motivated employees work with application
& dedication. The dedication on the proper_____________ is required to generate motivation in the
employee.
6. Reduction of wastage:
_________________ ensure reduction of wastages in the organization . now a
days, reduction on in wastages brings higher return to the organization.
Reduction in wastage is important to any organization.
7. Reduction in absenteeism
: proper______________ facilities reduction of absenteeism inn the
organization. Absenteeism take place when employees remain absent without prior
permission. Absenteeism creates problems In the organization.
8. Reduction
in labour turnover: _______________
help to reduce labour turnover in the organization. Employees turnover
takes place when some employees leave the organization and other join in their
place. Frequent labour turnover increases selection & training cost.
9. Higher efficiency
: _____________ is required to generate higher efficiency in the organization.
Efficiency is the relation between returns & costs. The more returns a the
same costs or a lower cost, then the organization is said to be more efficient.
10.
Better
relationship : _______________ enables to
developed good relation in the organization. There should be good relation
between various people & departments working in the organization. Good
relation generate team work, & bring success to the organization.
0 Comments