Management is essential in every : (a) industry (b) business (c) organised group effort

Give an explicit example of each of the following: (a) Any professional body and its associated profession (b) Extractive industry (c) Pure business risk (d) Entrepot trade

Shonali Sharma, after completing her MBA , began to help her father , Mr. Shiv Sharma , in his business . The business had a limited capital investment . Shonali wanted to use the modern business techiques in every area of business , namely , purchase , sales , production , finance etc . In fact , she wanted to implement the methods , which she had learnt in her MBA course , in her father's business . As soon as she started adopting the latest techniques , the workers began to protest and resist the changes . So she became disappointed and left her father's business . She started working in an MNC. Mr. Shiv Sharma was unable to assume the responsibilty of all managerial tasks such as purchasing , selling , financing , etc . Good workers started leaving the organisation . The goodwill of the business in the market went on declining .In no time , the liabilities of the business became many times more than the assets . On account of the pressure exerted on him by teh creditors , Mr. Shiv Sharma had to repay the debts of the business by disposing off his personal properties . (a) Identify the form of business organisation discussed in the above para . (b) Quoting the relevant lines from the para explain any three limitations of the form of business organisation identified in (a) .

Understanding of environment by business managers enables them no only to identify and evaluate, but also to react to the forces external by their firms'. In the light of this statement. 'explain by giving any five point why in the present day competitive market. it is essential for a business enterprise to remain alert and aware of its environment

The two friends , Soniya and Raman started a business by the name of Soniya Fancy Dress Shoppy . Both of them invested equal capital in the business . At the start of the business , Soniya had placed one condition before Raman that if unfortunately they suffered a heavy loss in their business , she would not be able to give anything except the capital invested in the business . Raman had accepted this condition on the terms and condition that Soniya would not enjoy the right to participate in the management of the firm . Their business was gradually growing well and they were fully satisfied with their business . (a) To what form of business organisation is concerned the above para ? (b) Identify and explain the type of the form of organisation identified in (a) .