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ISC Class XII Board Exam 2014 : Commerce (Model Answers, Marking Scheme & Examiner Comments)

21 pages, 31 questions, 8 questions with responses, 8 total responses,

ISC 12th
Indian School Certificate Examination (ISC), New Delhi

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COMMERCE A. STATISTICS AT A GLANCE Total number of students taking the examination Highest marks obtained Lowest marks obtained Mean marks obtained 27,574 100 1 63.18 Percentage of candidates according to marks obtained 0-20 Number of candidates Percentage of candidates Cumulative Number Cumulative Percentage Mark Range 21-40 41-60 61-80 81-100 378 1885 11340 7897 6074 1.37 378 1.37 6.84 2263 8.21 41.13 13603 49.33 28.64 21500 77.97 22.03 27574 100 121 B. ANALYSIS OF PERFORMANCE PART I (20 Marks) Answer all questions. [10 2] Question 1 Answer briefly each of the questions (i) to (x). (i) What is the meaning of business environment? (ii) Enumerate the main forms in which financial assistance from a commercial bank may be available. (iii) Write any two features of principles of management. (iv) What is factoring? (v) Distinguish between gross working capital and net working capital. (vi) State any two points of distinction between recruitment and selection. (vii) Differentiate between bearer debentures and registered debentures. (viii) In the context of right shares, bring out the meaning of pre-emptive right. (ix) What is marketing research? (x) Mention any two specific differences between product and service. Comments of Examiners (i) The complete definition of Business environment was not stated by many candidates. The candidates either wrote about the factors affecting business environment or the influence of these factors on business environment. A complete definition consisted of both, the factors and their influence on the business environment. 122 Suggestions for teachers Stress upon writing complete answers with the necessary keywords. Tell students that each question must be read carefully, understood and then answered. Give regular writing practice to students and also provide feedback on the written work. (ii) Instead of giving the four forms of short term finance, Features of management, some candidates gave only two forms. Several Features of principles of candidates got confused between the terms Trade management, Principles of credit and Cash credit . Some candidates gave long management are all different term sources of raising finance like, shares and topics and must be explained debentures. A few candidates wrote Bank draft , clearly. instead of Bank overdraft , while other candidates Stress upon proper time wrote loans and advances as separate points. management while answering (iii) Common errors made by candidates in this question questions, so that adequate time were: instead of features of principles of is left for last minute revision of management, candidates wrote the principles of the answers written. management .i.e. either Henri Fayol s principles or The terms Gross working F.W. Taylor s principles. Some candidates wrote capital and Net working capital about the importance of management. must be clearly differentiated and (iv) A number of candidates did not seem to have a clear explained to candidates. concept of factoring - the concept of arrangement by Clear distinction should be made banks and Book debts were ignored by many between fixed assets , current candidates. Some candidates stated that factoring was assets and total assets . finance available through purchase of Bad debts Ask students to give differences instead of Book debts . Many candidates gave an in a tabular form. The basis of inadequate explanation. Some candidates wrote that differentiation is also important. selling of Mortgage is factoring. Also, the points of differences (v) Several candidates made errors while writing about should relate to one another. gross working capital. Some candidates stated that Tell students that repetition of Gross working capital is the amount of capital points must be avoided and also invested in fixed assets or they wrote that Gross that merely expanding the working capital is current assets minus depreciation. headings does not constitute an In a few cases, the differences were given in tabular answer. form, but the points of difference did not correspond. (vi) A few candidates did not know the meaning of recruitment and selection. In some cases, the points of differences were mismatched and did not relate to each other. However, majority of the candidates answered this question correctly. (vii) Following were the common errors made by candidates while writing this answer: differences given did not correlate with one another; answers were inadequate and incomplete; many candidates got confused between the points of transferability, legal formalities and record; a number of candidates did not know in which Book the name of the registered debenture holders is recorded. (viii) Many candidates did not write the term existing shareholders . They wrote that these shares are issued to directors or promoters or employees, instead of writing that the right shares are issued to the existing shareholders. Some candidate confused right shares with sweat equity shares and bonus shares. (ix) An inadequate/ generalized/ vague explanation was given by most candidates. Some did not write that it is undertaken in order to solve the problems faced by the consumer; some got confused between marketing research and marketing information . (x) While most of the candidates answered this question correctly, some made the mistake of not correctly correlating the differences. 123 MARKING SCHEME Question 1. (i) The term business environment refers to the sum total of all individuals, institutions and the /factors/surroundings/environment that lie outside the business enterprise but that may affect/ its functioning and performance. OR Business Environment refers to the environment that affects the functioning and existence of a business enterprise (ii) The main terms in which financial assistance from a bank may be available are: (i) Cash credit (ii) Loan/advances/loans & advances (iii) Bank overdraft/Bank O/D (iv) Discounting of Bill (iii) Two features of principles of management: (i) Universality (ii) Dynamism or Relativity/ relative principle (iii) Influencing Directing human behaviour (iv) Flexibility (v) Cause and effect relationship (vi) Equal importance (iv) (Any two) Factoring: The finance companies or factors provide finance to business organisations through the purchase of accounts receivables. The debtors of the firm make payments to the finance company. The business organisation is relieved of the cost and effort of collecting debts and bad debts. Or It refers to an arrangement whereby the Book debts [trade debtors]/ sale or mortgage of book debt, are assigned to a Bank and payment is received against the debtors balance in advance from the bank. This facility is provided by the bank on the payment of specified charges 124 (v) Gross working capital (i) Net working capital Meaning: Gross working capital Net working is excess of current assets over means the total amount of funds current liabilities invested in current assets/give e.g. of amount asset. OR (ii) Formula: Gross working capital = Net working capital = current assets current assets current liabilities (Either of the points) (vi) Meaning: Recruitment is searching and stimulating the prospective employees to apply for jobs whereas selection is choosing the right person with necessary qualification. Approach: Recruitment is a positive approach whereas selection is a negative approach. Objective: The objective of recruitment is to create a large pool of candidates while selection s objective is to eliminate all unsuitable candidates. Process: Recruitment is a simple process many can cross this stage easily whereas selection is a complex process, difficult to cross this stage. Number of Candidates: Recruitment does not restrict the number of candidates whereas in selection only limited candidates are selected. Order: Recruitment is done prior to selection whereas selection is made only after recruitment. (Any two) 125 (vii) Bearer Debenture Registered debenture (i) Transferability Bearer debentures can transferred by mere delivery be Registered debentures can be transferred by transfer deed. (ii) Legal Formalities No legal formalities are required Intimation to the company for for their transfer and no their transfer is necessary. intimation to the company is necessary (iii) Record No record of such debentures Registered debentures are kept in the register of debenture recorded in the register of holders debentures holders.. (iv) Interest Payment Interest is paid on the production Interest is paid by the company of coupons attached to such to registered debenture holders debentures. without presenting coupons. (v) No new certificate is issued Document A new debenture certificate is issued to the buyer and the sellers name is cancelled (Any two) (viii) The right of the existing shareholders/ members to subscribe for the new shares issued by a joint stock company as per section 81 of the companies Act, is called pre-emptive right. (ix) Marketing research is the systematic gathering, recording and analysing of data about the marketing problems to facilitate decision making. (x) The differences between product and service are: Product Service (i) Tangibility (ii) Inseparability A product is fully separable from It cannot be separated from the the seller. seller. (iii) Durability/ Storage Product can be seen, touched and service cannot be touched and felt. seen A product is durable, can be There is simultaneous production stored. and consumption of services. (iv) Replacement Possible Not possible (v) Transferability can be done Non Transferable Ownership (vi) Examples (Any two) 126 PART II (60 Marks) Answer any five questions. Question 2 (a) Explain why management is considered to be an art. [4] (b) State and explain any four principles of F.W. Taylor. [8] Comments of Examiners (a) Many candidates gave correct headings but could not substantiate the headings with correct explanation. Some candidates just expanded the headings as a part of the explanation. A number of candidates wrote a paragraph on management without subdividing it into appropriate points. Many candidates could not explain the point Creativity . (b) Common errors made by candidates while answering this part of the question are as follows: (i) Candidates got confused between Henry Fayol s and F.W. Taylors principles of management. (ii) The headings were given but the explanation given under the heading were not correct. Some explanations given were vague and generalized (iii) While explaining certain principles like, Division of work and responsibility , some candidates only explained Division of work . Suggestions for teachers Inform students that in any long answer, subheadings are essential and a proper explanation explaining the subheadings must be given. Explanation written by the candidate must be relevant and adequate. Features of Management as an Art as well as Management as a Science must be explained clearly. Unnecessary elongation of the answer by including irrelevant subject matter must be avoided. MARKING SCHEME Question 2. (a) Art means practical application of knowledge and skills to achieve the desired results. As the management fulfils the essential features of art, it is considered an art. The essential features of art are: i) Practical knowledge ii) Personal skills iii) Creativity /constructive skills iv) Perfection through practice v) Result oriented approach (Heading with explanation) 127 (b) The Principles of F.W. Taylor are: (i) Science not Rule of Thumb / scientific study and planning of work Each and every job and method of doing it should be scientifically analysed and decided instead of doing it under trial and error method. The task to be performed should be scientifically planned. The materials, equipment and working condition should be standardized. The amount of work to be done should be decided through objective study. (ii) Harmony not Discord Harmony in group action/mental revolution. There should be healthy co-operation between employer and employees. Taylor advocated a complete mental revolution on the part of both management and workers. Management should adopt an enlightened attitude and share the gains of productivity with workers. Workers on their part should work with discipline and loyalty. (iii) Maximum not Restricted Output / Maximum prosperity for both employees and management Conflict of interest between management and workers arises mainly on division of surplus. Taylor suggested that the best way to resolve the conflict is to increase the size of surplus so that each side can have a larger share. Management and workers have common interest to increase the productivity. (iv) Division of work and Responsibility Taylor suggested separation of planning from operational work. Management should concentrate on planning the job of workers and workers should concentrate on performance of work. (v) Scientific selection, training and Development Workers should be selected and trained keeping in view the job requirements. Each and every worker should be encouraged to develop his full potential. (vi) Standardization of tools and equipment Standardization is made in respect of tools, equipment, working hours, working conditions etc., for improving the efficiency of workers. (Any four) Question 3 (a) Distinguish between fixed capital and working capital of a business concern. [3] (b) What are equity shares? Explain any three advantages of issuing equity shares from the point of view of a company. [4] (c) Briefly explain any five factors to be considered while preparing a suitable capital plan. [5] 128 Comments of Examiners (a) A number of candidates did not know the proper meaning of fixed capital and working capital . Repetition of points was noticeable in many answers. Several candidates only wrote examples by way of explanation. Method of raising finance for both proper working and fixed capital was not known to candidates. Many of candidates were unable to give any concrete differences. (b) A number of candidates did not understand the question. Some candidates wrote the advantages of equity shares from the shareholders point of view. In some cases, Repayment of capital at the time of winding up, and Payment of dividend was not mentioned by candidates. (c) Common errors made by candidates while answering this question were as follows: Candidates confused the factors affecting capital plan with the factors affecting fixed capital requirement and working capital requirement; Headings were given but the explanation was not correct; Very vague and generalized explanations were given by candidates. Suggestions for teachers Ask students to read, understand and then answer the question. Students must be taught the advantages of issuing equity shares from the company s point of view as well as from the shareholders point of view. Regular feedback from teachers in the form of worksheets and oral tests can help reinforce the subject matter as well as enhance retention of the subject matter. Give writing practice to students so that they can formulate a qualitative answer. Factors affecting the capital plan and factors affecting the fixed capital and working capital are not the same. Teachers must make their teaching more specific and highlight the points which can result in mistakes. MARKING SCHEME Question 3. (a) Difference between Fixed capital and Working capital. Fixed capital Working capital (i) Meaning It is the capital/block capital or It is the capital invested in current money invested in fixed assets like assets like Stock of materials and land and buildings, machinery and finished goods. etc., (ii) Tenure It is invested for a long time It is invested for a short period (iii) Forms It does not change its form/block Its form keeps on capital. changing/revolving or rotating capital (iv) Sources It is generally raised through shares, It is generally raised through public Debentures and long term loans, etc. deposits, bank loans and trade credit, etc. 129 (b) Equity shares: The shares which carry no preference rights or priority in the payment of dividend and in the repayment of capital are called equity shares. Advantages of issuing Equity shares from Company s point of view: (i) No burden on earnings. (ii) Permanent capital. (iii) No charge on assets. (iv) Source of strength./ making a company financially sound (v) Small nominal value. (vi) Unlimited source/ capacity to raise further capital. (Any three with explanation) (c) Factors to be considered while preparing a suitable capital plan are: (i) Nature of business. (ii) Size of business. (iii) Cash inflows (iv) Cost of raising capital. (v) Period of finance. (vi) Flexibility of capital structure. (vii) Trading on equity. (viii) Control of the company. (ix) Needs of investors. (x) Capital market conditions. (xi) Legal requirements. (Any five with heading and proper explanation) Question 4 (a) What are sweat equity shares? [3] (b) List any four features of NEFT. [4] (c) Briefly explain any five external factors of micro-environment of business. [5] 130 Comments of Examiners (a) Majority of the candidates got confused between sweat equity shares, right shares and bonus shares. Many candidates did not write the purpose of issuing sweat equity shares. Some candidates wrote that sweat equity shares are issued to the shareholders instead of writing that these shares are issued to employees and directors. (b) Most of the candidates answered this question correctly. Some candidates did get confused between features of NEFT and features of RTGS. (c) Most of the candidates answered this question correctly. Some candidates only wrote the heading without giving a proper explanation. A few candidates gave factors of business environment. Suggestions for teachers Emphasize upon conceptual clarity and stress upon usage of correct terminology. Teachers must make sure that reference work is done by the candidates and they are not dependent on one book. Compare the features of NEFT with the features of RTGS so that the difference between the two is clearly bought out. MARKING SCHEME Question 4. (a) Sweat Equity Shares: These shares are issued by the company under section 79A of the Companies Act 1956, to employees/workers or directors. 1. At a discount (to the market price). 2. For consideration other than cash. 3. For providing knowhow or making available property rights (Any one) The purpose of these shares is to retain the talent as they have a lock-in-period of 3 years. (meaning and purpose) (b) The Features of NEFT are: 1. Can be processed at NEFT enabled Bank/Branch. 2. In order to receive fund there must be an a/c in NEFT enabled Bank/Branch. 3. Cash transfer is possible by individual firm or company. 4. No minimum or maximum amount in case of Bank account. 5. Transaction takes places in batch/netting. 6. If the customer does not have a bank account, maximum amount to be transferred is ` 49,999/. 7. Sender of funds has to pay certain charges. 8. Cannot be used for foreign remittance/transfer nationally (or within nation) (any four features) 131 (c) External factors of micro environment of business are: Customers Competitors Suppliers Marketing Intermediaries Financiers Public NGOs /Local community/media/environmentalist. (Any five with brief explanation) Question 5 (a) Distinguish between centralisation and decentralisation. [3] (b) Write four methods by which the objectives of consumer protection can be achieved. [4] (c) Describe any five qualities of a good leader. [5] Comments of Examiners Suggestions for teachers (a) Many candidates could not bring out the differences Explain to students that while between centralization and decentralization. In some writing differences, the points of cases, the points were given under wrong headings. difference must correlate with (b) Majority of the candidates answered this question each other. correctly. However, some candidates got confused and Give specific instructions to wrote on the Rights of consumers instead of the students to read and understand methods by which objectives of consumer protection the question carefully before can be achieved. Some candidates repeated points just attempting to answer it. to elongate the answer. Give writing practice to students. (c) This was correctly answered by most of the candidates Some candidates gave the headings but did not give a proper explanation for the same. Some candidates mixed leadership qualities with qualities of salesman and in some places only used adjectives as an answer. 132 MARKING SCHEME Question 5. (a) Centralisation Decentralisation (i) (ii) Top management retains absolute The top management retains only authority authority for making all decisions the for overall coordination and control of the functioning of the organisation. organisation. Other works authority are delegated. (iii) (b) Centralisation of authority refers to systematic and consistent retention of authority for decision making at top level management. Decentralisation means systematic dispersal of authority in all departments and all levels of management to taking decisions. Centralisation of authority at the top Decentralisation of authority takes place at level of management. the middle and lower level of management. Methods of achieving objectives of consumer protection: 1. Self-regulation of the business 2. Consumer awareness/self-help by consumer. 3. Consumer associations 4. Government control (legislative measures) (heading with explanation of all four points) (c) Qualities of a good leader: Sound physique Intelligence Initiative Integrity Decisiveness Emotional stability Self-confidence and will power Communication skills Vision and foresight Sense of responsibility Social skills (Any five points - heading with explanation) 133 Question 6 (a) Explain any three barriers to communication. [3] (b) Explain the features of planning as a function of management. [4] (c) Explain the various steps involved in the process of organising. [5] Comments of Examiners (a) This part was answered well by most of the candidates. Some candidates did not give the explanation in synchronization with the heading. (b) Majority of the candidates understood the question and answered it well. Some candidates gave the importance of planning/ steps to planning instead of the features. Several candidates wrote the features of planning but could not substantiate the headings with proper explanation. Points were repeated in many answers. (c) Several candidates could not elaborate upon the steps of organizing in a proper sequence, which resulted in loss of marks. A few candidates gave the steps of planning instead of steps of organizing. Suggestions for teachers More writing practice should be given to candidates and shortcomings in answers discussed. Systematic revision can help candidates retain the subject matter and avoid confusion between features, importance and steps in planning. Instruct students to write the steps in a proper sequence. MARKING SCHEME Question 6. (a) Barriers to communication: 1. Physical barrier 2. Personal or psychological barrier 3. Semantic barrier 4. Status barrier 5. Organisational barrier 6. Inattention 7. Premature evaluation 8. Language barrier 9. Different comprehensions of reality (Heading with explanation any three) 134 (b) Features of planning as a function of management: 1. Goal oriented 2. Future oriented/forward looking 3. Intellectual process 4. Pervasive function/common to all 5. Continuous function 6. It aims at efficiency 7. Primary function 8. Selective in nature/involves choices. ((Heading with explanation any four) (c) Steps involved in the process of organising: 1. Division of work 2. Grouping activities 3. Assigning duties 4. Delegation of authority 5. Co-ordinating activities OR 1. Identifying work to be performed Division of work 2. Grouping of similar activities 3. Assignment of duties 4. Delegation of adequate authority Defining responsibility relationship 5. Providing proper physical facilities Proper coordination and communication (Five points to be explained in the given order) Question 7 Write short notes on: (a) Maslow s theory of needs. [4] (b) Line and staff organisation. [4] (c) Modern concept of marketing. [4] 135 Comments of Examiners (a) Several candidates were unable to follow the hierarchy of needs . (b) Majority of the candidates failed to give a satisfactory answer. The explanation given by candidates were vague and generalized. (c) Several candidates wrote the definition of market instead of modern concept of marketing . A few candidates wrote the definition without writing the features and they repeated the points several times. The core of modern concept of marketing, that is, consumer satisfaction was missing in most of the answers. Suggestions for teachers Tell students that a proper sequence must be followed while writing Maslow s hierarchy of needs. Each type of organization, that is, line, line and staff, functional organization must be taught and their features, merits and demerits discussed in detail in class. Ensure that students know the role of line and staff in the organization. The difference between the modern concept of marketing and the traditional concept of marketing must be clearly bought out. MARKING SCHEME Question 7. (a) Maslow s hierarchy of needs: According to Maslow, human needs can be classified into five categories and can be arranged in order of their importance or priority. This arrangement of human needs according to their priority is called hierarchy of needs : Physiological needs Safety or security needs Social or affiliation needs Ego or esteem needs Self-actualisation needs. (points to be explained in the given order) (b) Line and Staff Organisation: Meaning: Line and staff organisation is a combination of line structure and the functional structure. The line managers serve to maintain unity of command while the staff provides expert advice and counsel for efficient management. In this system is bifurcated into conceptual and executive functions. Features: Planned Specialisation: /separation of planning and execution. Line Managers are relieved of day to day jobs. They can concentrate on executive functions and they get expert advice or counsel from staff. 136 Balanced decisions: Staff specialists provide adequate information and expert advice at the right time so that executives can take better decisions. Discipline: Unity of command is maintained, staff provides only advice they cannot issue instructions to subordinates in line department. There is a direct chain of command which facilitates decision. Line managers have undivided authority which cannot be delegated. In Line and staff organization, there is scope for growth and expansion. But, in this, there is generally a conflict between line executives and staff specialists. Lack of well-defined authority results in confusion and lack of coordination. Lastly, line and staff structure is more expensive because two separate sets of personnel are required. In practice, line and staff structure has become most popular in larger organizations. Often an enterprise begins with line structure and adds up staff specialists as the business expands. (Meaning and any three) (c) Modern concept of Marketing: Meaning: According to the modern concept of marketing, marketing is the process of planning and executing the conception pricing, promotion and distribution of goods and services and ideas to create exchanges with large groups that satisfy consumers and organisational objectives. Features: Modern concept of marketing is a wider concept/ which focuses attention on the consumers and satisfaction of their needs. Marketing begins much before production /and continues after sales (to provide after sale services) Modern marketing is a two way traffic wherein the marketer provides satisfaction and consumer provides feedback or response to the efforts of the marketers. Modern marketing is customer oriented/ It involves marketing research in order to understand and satisfy needs of the consumers/ Modern marketing is a dynamic process which aimed at satisfying customer s needs. (Meaning and any three) Question 8 (a) Explain any three elements of Promotion Mix. [3] (b) Explain the meaning of: [4] (i) SMS alert (ii) Fayol s principle of centralization (c) Explain any five sources of external recruitment. 137 [5] Comments of Examiners (a) Instead of writing about the elements of promotion Suggestions for teachers mix , some candidates wrote about the elements of Interactive sessions which marketing mix . Others wrote the elements correctly, include group discussions are a but the keywords necessary to be incorporated in the must and should be encouraged answer, such as, paid form and identified sponsor by teachers. were missing. Several candidates gave a generalized Instruct students to read the explanation and at times, elements had overlapping question carefully and then explanation. For example, creation of demand and answer the same. persuading customer were mentioned in every element of promotion mix, by a few candidates. (b) (i) This part was answered correctly by majority of the candidates. (ii) The principle of centralization, as given by Henry Fayol, was not written correctly by a number of candidates. Many candidates explained in general about centralization and got confused between centralization and the principle of centralization as advocated by Henry Fayol. (c) Majority of the candidates answered this question correctly. However, some candidates repeated the sources, which resulted in loss of marks. Several candidates wrote Internet and website as two separate points; similarly Newspaper, Magazines and Advertisements were written separately by some candidates. MARKING SCHEME Question 8. (a) Elements of Promotion Mix: Advertising - paid/non personal/identified sponsor/stimulate, create and educate customer. Publicity-non paid/personal or non-personal/no sponsor/ positive or negative features. (b) Personal selling - face to face/direct or oral presentation between buyer and seller to persuade and sell. Sales Promotion all activities other than advertisement, publicity and personal selling and includes exhibition fairs, coupons, samples, etc. Activities that are non-recurring or non-routine in nature. (Any three with brief explanation) (i) (ii) SMS Alert: Under this service, customer gives his/her mobile number. The bank records the mobile number in its computer system in the customer s account. Whenever, a transaction takes place in the customer s account, the customer receives information about withdrawal and deposits by an SMS on his/her mobile phone. The SMS states the nature and amount of transaction, date of the transaction and the balance in the account on that date. According to Fayol, everything that increases the importance of subordinate s role is decentralisation and everything that reduces it is centralisation. Centralisation and decentralisation is a matter of proportion and the right proportion between them should be decided keeping in view the circumstances of the particular case. There should be a proper balance between centralisation and decentralisation. 138 (c) Sources of external recruitment are: 1. Advertisements 2. Employment Exchanges 3. Educational Institutions/university or campus recruitment. 4. Placement agencies/ private employment agencies 5. Casual callers/waiting list 6. Direct recruitment 7. Recommendation from present employees 8. Labour contractors or jobbers 9. Intermediaries agent or any other intermediary not covered as separate point. 10. Gate giving 11. Internet/webs (Any five with brief explanation) Question 9 (a) Write the meaning of the following types of plans: (i) Policy (ii) Procedure (iii) Method (b) Explain any four functions of a supervisor. (c) What is packaging? Explain three functions of packaging. [3] [4] [5] Comments of Examiners (a) The explanations given by candidates were inadequate and vague; at times, the same explanation was repeated in all the headings. Candidates did not seem to have conceptual knowledge related to all types of plans. Many candidates ignored keywords while explaining about policy, procedure and method. (b) Some candidates confused functions of a supervisor with qualities of a good leader . In several cases, the headings were written correctly but explanations were not satisfactory. (c) A number of candidates got confused between packing and packaging . The complete meaning was not written in many cases. At times, the same points were repeated by candidates. 139 Suggestions for teachers Different types of plans must be explained well with illustrations and case studies. Ensure that students know the importance and significance of key words in an answer. Encourage group discussion in class on functions of a leader and supervisor: Who is a supervisor? What functions does he perform? What is his job in the organization? Answers to these questions must be known to students. The exact meaning of packaging should be clarified by making students aware of the keywords and their significance. MARKING SCHEME Question 9. Policy: A policy is a general statement that guides decision making. Policies define the (a) boundaries within which decisions can be made and they direct decisions towards the accomplishment of objectives. Procedure: A procedure describes the exact manner in which a certain activity is to be performed. It is a chronological sequence of steps to be taken. It helps to ensure consistency and uniformity of action by avoiding chaos and random activity. Methods: Methods are formalised and standardised ways of accomplishing repetitive and routine jobs. They are designed to keep operations running on planned and desired lines to prevent confusion and to ensure economy and efficiency. (b) Functions of a Supervisor: Scheduling the work. Issuing orders and instructions Guiding subordinates Motivating workers Maintaining discipline Handling grievances Monitoring performance/coordinate Ensuring safety Reporting/feedback Serving as a linking pin (Any four points with brief explanation) (c) Packaging: Packaging refers to covering, wrapping, crafting, filling, compressing of goods to protect them from spoilage, pilferage, breakage, leakage, etc. OR Packaging involves designing and producing appropriate packages for products. Benefits: 1. Protection 2. Identification 3. Prestige 4. Economy 5. Reuse or resale 6. Promotion 7. Convenience 8. Innovation (Meaning and functions) 140 GENERAL COMMENTS: (a) Topics found difficult by candidates in the Question Paper: Question 1: (iv) Factoring. (v) Gross working capital & net working capital (viii) Right Shares (ix) Marketing research Question 2: Management as an Art. Question 3: Factors affecting capital plan. Question 4: Sweat equity shares. Question 5: Centralization & decentralization Question 7: Line and staff organization Question 8: Fayol s principle of centralization (b) Suggestions for candidates: Study regularly. Write differences in a tabular form, making sure that the differences correlate with each other. Write steps sequentially, in the correct order. Headings and explanation must correlate with one another. Learn time management. Read and understand the question before attempting to answer. Avoid writing overlapping of points. 141

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