Samacheer Kalvi 12th Commerce Solutions Chapter 21 The Sale Of Goods Act 1930

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Tamilnadu Samacheer Kalvi 12th Commerce Solutions Chapter 21 The Sale Of Goods Act 1930

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Samacheer Kalvi 12th Commerce The Sale Of Goods Act 1930 Textbook Exercise Questions and Answers

I. Choose the correct answer

Question 1.
Sale of Goods Act was passed in the year _______
(a) 1940
(b) 1997
(c) 1930
(d) 1960
Answer:
(c) 1930

Question 2.
Which of the below constitutes the essential element of contract of sale?
(a) Two parties
(b) Transfer of property
(c) Price
(d) All of the above
Answer:
(d) All of the above

Question 3.
Which of the below is not a good?
(a) Stocks
(b) Dividend due
(c) Crops
(d) Water
Answer:
(b) Dividend due

Question 4.
In case of the sale, the _______ has the right to sell.
(a) Buyer
(b) Seller
(c) Hirer
(d) Consignee
Answer:
(b) Seller

Question 5.
The property in the goods means the _______
(a) Possession of goods
(b) Custody of goods
(c) Ownership of goods
(d) Both (a) and (b)
Answer:
(c) Ownership of goods

Question 6.
Specific goods denote goods identified upon the time of of sale.
(a) Agreement
(b) Contract
(c) Order
(d) Obligation
Answer:
(b) Contract

Question 7.
In which of the following types, the ownership is immediately transferred to buyer?
(a) When goods are ascertained
(b) When goods are appropriate
(c) Delivery to the carrier
(d) Sale or return basis
Answer:
(c) Delivery to the carrier

Question 8.
_______ is a stipulation which is collateral to main purpose of contract.
(a) Warranty
(b) Condition
(c) Right
(d) Agreement
Answer:
(a) Warranty

Question 9.
Unpaid seller can exercise his right of lien over the goods, where he is in possession of the goods as _______
(a) Owner of goods
(b) Agent of buyer
(c) Bailee for buyer
(d) All of these
Answer:
(d) All of these

Question 10.
The unpaid seller can exercise his right of stoppage of goods in transit where the buyer _______
(a) Becomes insolvent
(b) Refuses to pay price
(c) Payment of price
(d) Both (b) and (c)
Answer:
(a) Becomes insolvent

II. Very Short Answer Questions

Question 1.
What is a contract of sale of goods?
Answer:
Contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property (ownership) of the goods to the buyer for a price.

Question 2.
List down the essential elements of a contract of sale.
Answer:
Following essential elements are necessary for a contract of sale:

  1. Two Parties
  2. Transfer of Property
  3. Goods
  4. Price
  5. Includes both ‘Sale’ and ‘Agreement to Sell’

Question 3.
What is meant by goods?
Answer:
The term goods mean every kind of movable property other than actionable claim and money.

Question 4.
What is a Contingent Goods?
Answer:
Contingent goods are the goods, the acquisition of which by the seller depends upon a contingency (an event which may or may not happen). Contingent goods are a part of future goods.

Question 5.
What do you understand by warranty?
Answer:
Warranty represents a stipulation which is collateral to the main purpose of the contract. It is of secondary importance to the contract.

III. Short Answer Questions

Question 1.
Explain the meaning of Agreement to sell.
Answer:
The property (ownership or title) in the goods has to pass at a future time or after the fulfilment of certain conditions specified in the contract.

Question 2.
Discuss in detail about existing goods.
Answer:
Existing goods are those owned or possessed by the seller at the time of contract of sale. Goods , possessed even refer to sale by agents or by pledgers. Existing goods may be either:

  1. Specific Goods
  2. Ascertained Goods
  3. Generic or Unascertained Goods

Question 3.
Discuss the implied conditions and warranties in sale of goods contract.
Answer:
In every contract of sale, there are certain expressed and implied conditions and warranties. The term implied conditions means conditions which can be inferred from or guessed from the context of the contract.
Following are the implied conditions:

  1. Conditions as to Title
  2. Conditions as to Description
  3. Sale by Sample
  4. Conditions as to Quality or Fitness
  5. Conditions as to Merchantability
  6. Condition as to Wholesomeness
  7. Condition Implied by Trade Usage

Following are the implied warranties:

  1. Quiet Possession
  2. Free from Any Encumbrances
  3. Warranty in the case of Dangerous Goods

Question 4.
Discuss in detail the rights of an unpaid seller against the buyer personally.
Answer:
Where the Property in the Goods does not pass to the Buyer. Right of an Unpaid Seller against the Buyer Personally:

  1. Suit for price
  2. Suit for Damages for Non-acceptance
  3. Suit for Cancellation of the Contract before the Due Date- Where the buyer cancels the contract before the date of delivery, the seller may either treat the contract as continuing or wait till the due date.
  4. Suit for Interest

IV. Long Answer Questions

Question 1.
Explain in detail the elements of Contract of sale.
Answer:
Sale means selling the ownership of the goods to the buyer for a price. Similarly purchase means buying the ownership of the goods from the seller for a price. Following essential elements are necessary for a contract of sale:

  1. Two Parties: A contract of sale involves two parties – the seller and the buyer. The buyer and the seller should be two different persons.
  2. Transfer of Property: To constitute sale, the seller must transfer or agree to transfer the ownership in the goods to the buyer.
  3. Goods: The subject matter of contract of sale must be goods. It excludes money, actionable claims and immovable property.
  4. Price: The monetary consideration for the goods sold is called price

Question 2.
Distinguish between sale and agreement to sell.
Answer:

Basis for ComparisonSaleAgreement to Sell
1. OwnershipThe property (ownership or title) in the goods passes from the seller to the buyer immediately.The property (ownership or title) in the goods has to pass at a future time or after the fulfilment of certain conditions.
2. Risk of Loss

 

Where the goods sold under the contract of sale are destroyed, the loss falls fully on the buyer as the ownership has already passed.Where the goods under the agreement to sell are destroyed, the loss falls fully on the seller as the ownership is still vested with seller.
3. Consequences of violating the contractWhere the buyer fails to pay the price, the seller cannot seize the goods.Where the buyer violates the contract, the seller can repossess the goods from the former. .
4. Nature of contractIt is an executed contract.It is an executory contract, i.e., contract yet to be performed.
5. Insolvency of the BuyerIn a sale, if a buyer becomes insolvent before he pays for the goods even though the goods sold are under the possession of the seller, the latter has to return them to the Official Receiver.If the buyer becomes insolvent before the payment of the price, the seller can retain the goods if they are under his possession.

Question 3.
Classify goods under the Sale of Goods Act.
Answer:
The term goods mean every kind of movable property other than actionable claim and money. The goods are classified as follows:

  1. Existing Goods- These goods are owned or possessed by the seller at the time of contract of sale. Existing goods may again be divided as:
    • Specific Goods- It denotes goods identified and agreed upon at the time of contract of sale.
    • Ascertained Goods- The term ‘ascertained goods’ is also used as similar in meaning to specific goods.
    • Unascertained Goods- These are goods which are not identified and agreed upon at the time of contract of sale.
  2. Future Goods- These are goods which a seller does not possess at the time of contract of sale, but which will be manufactured or produced or acquired by him after entering into the contract.
  3. Contingent Goods- These are the goods, the acquisition of which by the seller depends upon a contingency (an event which may or may not happen).

Question 4.
Distinguish between Condition and Warranty.
Answer:

Basis for DifferenceConditionWarranty
1. MeaningIt is a stipulation which is essential to the main purpose of the contract of sale.It is a stipulation which is collateral to the main purpose of contract.
2. SignificanceCondition is necessary to the contract that the breaking of which cancels out the contract.The violation of warranty will not revoke the contract.
3. Transfer of OwnershipOwnership on goods cannot be transferred without fulfilling the conditions.Ownership on goods can be transferred on the buyer without fulfilling the warranty.
4. RemedyIn case of breach of contract, the affected party can cancel the contract and claim damages.In the ease of breach of warranty, the affected party cannot cancel the contract but can claim damages only.
5. TreatmentBreach of condition may be treated as breach of warranty.Breach of warranty cannot be treated as breach of condition.

Question 5.
Discuss in detail the rights of an unpaid seller against the goods.
Answer:
A seller is deemed to be an unpaid seller when:
(a) the whole of the price has not been paid
(b) a bill of exchange or other negotiable instrument given to him has been dishonoured.

Rights of an Unpaid Seller against the Goods:
(I) Where the Property in the Goods has Passed to the Buyer:

A. Right of Lien: An unpaid seller has a right to retain the goods till he receives the price. But to exercise this lien-

  1. He must be in possession of goods
  2. The goods must have been sold without any condition.

B. Right of Stoppage in Transit: Where the seller has delivered the goods to a carrier or other bailee for the purpose of transmission to the buyer, but the buyer has not acquired them, then the seller can stop the goods.

C. Right of Resale: The unpaid seller can resell the goods-

  1. Where they are of a perishable nature or
  2. Where the seller has expressly reserved the right of resale in the contract itself.

Case Study

Question 1.
X purchased a hot water bottle from Y, retail chemist. X asked Y if it would stand boiling water. The chemist told him that the bottle was meant to hold hot water. The bottle burst when water was poured into it and injured his wife. State whether seller is liable for the injury suffered by the buyer and the consequent compensation, give your reasons.
Answer:
The seller is not liable for the injury because he already told that the bottle is hot water bottle. X’s wife poured boiling water in the bottle, so she was injured. But there is no need for compensation.

Question 2.
X asked a car dealer to suggest him car suitable for touring purposes. The dealer suggested a ‘Buggati Car’. Accordingly, X purchased it but found it unsuitable for touring purpose. State whether the car dealer is liable for breach of condition?
Answer:
Yes, the car dealer is liable for breach of condition, because he told ‘Buggati Car’ was suitable for touring purpose. But in usage, it became unsuitable for touring purpose.

Question 3.
X, a dealer sold a plastic catapult to B. While using the catapult in the usual manner, it broke due to the fact that the materials used in its manufacture were unsuitable. As a result, the boy who was using it, blinded in one of his eyes. State whether the seller is liable or not.
Answer:
The seller is liable, because the materials used to manufacture catapult were not of a good quality. That is why the boy was blinded in one of his eyes.

Question 4.
X bought from Y a heap of wheat the weight of which is 1000 kg at the rate of Rs. 8 per kg. and agrees to pay the price on the first day of the next month and the wheat is to be delivered at X’s godown on the following day. A fire broke out and the entire quantity of wheat was destroyed. State whether X is liable to pay the price or not. Why?
Answer:
X is not liable, because before delivery, the goods were destroyed in Y’s godown. So X need not pay the price.

Question 5.
X bought from Y a heap of wheat (weight 100 kg) at the rate of Rs. 8 per kg. and Y had to put the wheat in bags to deliver it to X. Y filled some bags in X’s presence, but before the remainder could be filled, a fire broke out and the entire quantity of wheat was destroyed. State whether X is liable to pay the price or not. Why?
Answer:
X is not liable, due to non-delivery of the goods by Y. Before the wheat was filled in the bags, the godown caught fire. So X need not pay the price of wheat.

Question 6.
X bought from Y a heap of wheat at a rate of Rs. 8 per kg and Y had to weigh the wheat. Before weighing was completed, the wheat was destroyed by fire. State whether X is liable to pay the price or not. Why?
Answer:
X is not liable, because the wheat was destroyed before weighing. So X need not pay the price.

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Samacheer Kalvi 12th Commerce Notes Chapter 7 Stock Exchange

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 7 Stock Exchange Notes

→ Stock exchanges contribute in a huge measure to the growth and expansion of national business.

→ Stock exchanges and organized market provide a place for the investors to buy and sell securities freely.

→ Amsterdam Stock Exchange is considered as the oldest stock exchange in the world.

→ The first stock exchange in India was“The Native Shares and Stock Brokers Association”. It became The Bombay Stock Exchange subsequently.

→ Stock Exchange (also called Stock Market or Share Market) is one of the important constituents of Capital market. It is an organised market for purchase and sale of industrial and financial security.

→ London stock exchange (LSE) is the most popular stock exchange in the world. While Bombay stock exchange (BSE) is the oldest stock exchange in India.

→ According to Hastings, “Stock exchange or securities market comprises all the places where buyers and sellers of stocks and bonds or their representatives undertake transactions involving the sale of securities.”

→ Stock exchange is a market for existing securities.

→ The prices at which securities are bought and sold are recorded. .

→ Stock exchange is a market for purchasing and selling of corporate and govt, securities.

→ It deals with shares, debentures and bonds issued by the company.

→ A stock exchange is an association of persons or body of individuals which may be registered or unregistered.

→ It accelerates the economic development of the country. It encourages capital formation.

→ Stock exchange helps an investors to convert his shares into cash quickly.

→ It safeguards, investor’s interest and ensures fair dealing.

→ There are 24 stock exchanges in the country, with 21 of them being regional in nature.

→ New York stock exchange, London Stock exchange, Tokyo Stock exchange, Hong Kong Stock exchange, Bombay Stock exchange are stock exchanges at the world level.

→ Bull, Bear, Stag, Lame Duck are the types of speculators.

→ Commodity exchange is an exchange where commodities are traded.

→ National Stock Exchange, Stock Holding Corporation of India Limited, National Clearing and Depository System, Securities Trading Corporation of India, National Securities Depositary Limited are the recent development in stock exchange.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 5 Capital Market

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 5 Capital Market Notes

→ The term capital market refers to the facilities and institutional arrangements through which long-term funds, both debt and equity are raised and invested.

→ An ideal capital market is one where finance is available at reasonable cost.

→ Capital market is a market where buyers and sellers engage in trade of financial securities like bonds, and stocks.

→ Like any market, the capital market is also composed of those who demand funds (borrowers) and those who supply funds (lenders).

→ According to Aran K. Datta, capital market may be defined as “a complex of institutions investment and practices with established links between the demand for and supply of different types of capital gains”.

→ The dealings in a capital market are done through the securities like shares, debentures, etc. The capital market is thus called securities market.

→ The price of the securities is determined based on the demand and supply prevailing in the capital market for securities.

→ The participants of the capital market include individuals, corporate sectors, Govt., banks and other financial institutions.

→ Capital market has its impact in the overall economy, wherever suppliers and users of capital get together and do business.

→ The capital market is divided into two i.e., primary market and secondary market.

→ Primary market is a market for new issues or new financial claims. Hence, it is also called New Issue Market.

→ There are three ways by which a company may raise capital in a primary market. They are:
(i) Public Issue, (ii) Rights Issue (iii) Private Placement

→ Secondary Market may be defined as the market for old securities, in the sense that securities which are previously issued in the primary market are traded here.

→ For a speedy economic development adequate capital formation is necessary.

→ A number of institutions of finance have been established to cater to the credit requirements of various segments of industry and needs.

→ The foreign exchange market abets the foreign exchange trading.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 4 Introduction to Financial Markets

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 4 Introduction to Financial Markets Notes

→ Business firms need large funds to undertaken desired project.

→ Governments need funds to provide goods and services to the people.

→ Financial market facilitates business firms as well as governments to raise the needed funds by issuing and selling different instruments.

→ Financial market also helps investors to facilitate them to invest surplus funds and earn a return.

→ Government and the financial institutions can get financial assistance in terms of both short term finance and long term finance.

→ The Indian financial system can be broadly classified into organized sector and unorganized sector.

→ Organized sector consist of Regulators, Financial Institutions, Financial Markets and Financial Services.

→ The unorganized sector consists of Money Lenders, Indigenous Bankers, etc.

→ The financial system facilitates the flow of funds from the suppliers to the users.

→ A market wherein financial instruments such as financial claims, assets and securities are traded is known as a‘financial market’.

→ It is a market for creation and exchange of financial assets from household savers to business firms or financial institutions.

→ Financial market transactions may take place either at a specific place or location, e.g. stock exchange, or through other mechanisms such as telephone, telex, or other electronic media.

→ The financial market provides financial assistance to individuals, agricultural sectors, industrial sectors, service sectors, financial institutions like banks, insurance sectors, provident funds and the government as a whole.

→ Debt Market is the financial market for trading in Debt Instrument.

→ Equity Market is the financial market for trading in Equity Shares of Companies.

→ Money Market is the market for short term financial claim (usually one year or less). E.g. Treasury Bills, Commercial Paper, Certificates of Deposit.

→ Capital Market is the market for long term financial claim (more than a year) E.g. Shares, Debentures.

→ Primary Market includes all the institutions that are involved in the sale of securities for the first time by the issuers (companies).

→ Secondary Market is the market for securities that are already issued.

→ Cash/Spot Market is a market where the delivery of the financial instrument and payment of cash occurs immediately, i.e., settlement is completed immediately.

→ Forward or Futures Market is a market where the delivery of asset and payment of cash takes place at a pre-determined time frame in future.

→ Exchange Traded Market is a centralized organization (stock exchange) with standardized procedures.

→ Over-the-Counter Market is a decentralized market (outside the stock exchange) with customized procedures.

→ One market may come under more than one category.

→ The intermediary functions of a financial market include: Transfer of Resources, Enhancing Income, Productive Usage, Capital Formation, Price Determination, Sale Mechanism and Information.

→ The financial functions of a financial market include: providing the borrowers with funds, providing the lenders with earning assets, and providing liquidity in the market so as to facilitate trading of funds.

→ Financial assets can be classified into: (i) Marketable assets (ii) Non-marketable assets

→ Marketable assets are those which can be easily transferred from one person to another without much hindrance.

→ Non-marketable assets are the ones which cannot be transferred easily.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 3 Management By Objectives (MBO) and Management By Exception (MBE)

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 3 Management By Objectives (MBO) and Management By Exception (MBE) Notes

→ Management By Objectives (MBO) is a management system in which each member of the organisation effectively participates and involves himself.

→ It creates self-control and motivates the manager into action before somebody tells him to do something.

→ Prof. Reddin defines MBO as, “the establishment of effective standards for managerial positions and the periodic conversion of those into measurable time bound objectives linked vertically and horizontally and with future planning”.

→’ An attempt is made by the management to integrate the goals of an organisation and individuals. This will lead to effective management.

→ MBO tries to combine the long run goals of organisation with short run goals.

→ The MBO process is characterised by the balance of objectives of the organisation and individual.

→ The definition of organisational objectives states why the business is started and exists.

→ Objectives for each section, department or division are framed on the basis of overall objectives of the organisation.

→ Key result areas are fixed on the basis of organisational objectives premises.

→ The objectives of each subordinate or individual are fixed.

→ Subordinates are induced to set standards themselves by giving an opportunity.

→ The objectives are framed on the basis of availability of resources.

→ The available resources should be properly allocated and utilized.

→ The superior and subordinates should hold meetings periodically in which they discuss the progress in the accomplishment of objectives.

→ The discussion is related with subordinates’ performance against the specified standards. The superior should take corrective action.

→ The problems faced by the subordinates should be identified and steps should be taken to tackle such problems.

→ Management By Exception (MBE) is a style of business management that focuses on identifying and handling cases that deviate from the norm.

→ General business exceptions are cases that deviate the normal behavior in a business process and need to be cared for in a unique manner, typically by human intervention.

→ With an insignificant or no deviation, no action is required and senior managers can concentrate on other matters. If actual performances deviates significantly, the issue needs to be passed to the senior managers, as an “exception has occurred”.

→ The top management executive should review the organisation’s objectives to frame the objectives according to the changing situation.

→ MBO emphasises only on short-term objectives and does not consider the long term objectives.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 15 Recent Trends in Marketing

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 15 Recent Trends in Marketing Notes

→ Today’s customers are global and exhibit international characteristics. Because of developments of information technology, rapid means of transportation, liberalization, and mobility of people across the world, their buying habits are fast varying and so are the fortunes of various organisations.

→ All activities, which directly or indirectly facilitate that exchange of goods done through internet and other online environments is known as Electronic Commerce (EC) or simply as E-Commerce.

→ If all the business transactions are carried out through internet and other online tools, it is called E-business.

→ Electronic Marketing or E-Marketing is the process of marketing of products and services over internet and telecommunications networks.

→ E-tailing or electronic retailing refers to selling of goods and services through a shopping website (internet) or through virtual store to the ultimate consumer.

→ Green marketing is also known as environmental marketing which involves developing and promoting products and services which satisfy customers wants and needs for quality and performance.

→ Social marketing is the systematic application of marketing philosophy and techniques to achieve specific behavioural goals which ensure social good.

→ Rural marketing is a process of developing pricing, promoting and distributing rural specific goods and services with rural customers to satisfy their needs and wants.

→ Service marketing denotes the processing of selling service goods like telecommunication, banking, insurance, tourism, repairs etc.

→ Niche marketing is found by company, by identifying the need of customers which are not served or under served by the competitors.

→ Viral marketing is marketing technique that impels the users to pass on a marketing message to other users.

→ Guerrilla marketing represents an advertisement strategy to promote products/services on streets or other public places with monkey-like shopping malls, parks, beach, etc.

→ Referral marketing is the method of promoting products or services to new customers through referrals.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 13 Concept of Market and Marketer

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 13 Concept of Market and Marketer Notes

→ The word market is derived from the Latin word ‘Marcatus ’ which means trade, commerce, merchandise, a place where business is transacted.

→ The meeting place of buyers and sellers in an area is called Market.

→ According to Pyle “Market includes both place and region in which buyers and sellers are in free competition with one another.”

(i) On the basis of Area:
(a) Family Market
(b) Local Market
(c) National Market
(d) International Market or World Market

(ii) On the Basis of Goods:
(a) Commodity Market:
(i) Produce Exchange Market
(ii) Manufactured Goods Market
(iii) Bullion Market

(b) Capital Market:

(i) Money Market
(ii) Foreign Exchange Market
(iii) The Stock Market

(iii) On the Basis of Economics:
(a) Perfect Market
(b) Imperfect Market

(iv) On the Basis of Transaction:
(a) Spot Market
(b) Future Market

(v) On the Basis of Regulation:
(a) Regulated Market
(b) Unregulated Market

(vi) On the Basis of Time:
(a) Very Short Period’Market
(b) Short Period Market
(c) Long Period Market

(vii) On the Basis of Volume of Business:
(a) Wholesale Market
(b) Retail Market

(viii) On the Basis of Importance:
(a) Primary Market
(b) Secondary Market
(c) Terminal Market

→ The marketer plays four roles: (i) Instigator (ii) Innovator (iii) Integrator (iv) Implementer

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 14 Marketing and Marketing Mix

Tamilnadu Samacheer Kalvi 12th Commerce Notes Chapter 14 Marketing and Marketing Mix Notes

→ Marketing is the performance of buying activities that facilitate to more flow of goods and services from producer to ultimate user.

→ The evolution of marketing is as old as the Himalayas. It is one of the oldest professions in the world.

→ The traditional objective of marketing had been to make the goods available at places where they are needed.

→ Evolution of Marketing may be of:
(i) Barter System (ii) Production Orientation (iii) Sales Orientation (iv) Marketing Orientation (v) Consumer Orientation (vi) Management Orientation

→ Functions of marketing are classified into three types:
(i) Functions of Exchange (ii) Functions of Physical Supply (iii) Facilitating Functions

→ Functions of exchange can be divided into: (i) Buying and assembling (ii) selling

→ Functions of Physical supply is divided into: (i) Transportation (ii) Storage and warehousing

→ Facilitating functions may be of: (i) Financing (ii) Risk Bearing (iii) Market information (iv) Standardization (v) Grading (vi) Branding (vii) Packing (viii) Pricing

→ “Marketing mix is a pack of four sets of variables namely product variable, price variable, promotion variable, and place variable”.

→ Price is the value of a product expressed in monetary terms.

→ An excellent product with competitive price cannot achieve a desired success and acceptance in market, unless and until its special features and benefits are conveyed effectively to the potential consumers.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 11th Commerce Notes Chapter 2 Objectives of Business

Tamilnadu Samacheer Kalvi 11th Commerce Notes Chapter 2 Objectives of Business Notes

→Human activity is an activity performed by a human being to meet his/her needs.

→ Activities undertaken with the object of earning money are called economic activities. Activities undertaken to satisfy social and psychological needs are called non-economic activities.

→ All economic activities result in production, procurement, distribution and consumption of goods and services.

→ The end result of a non-economic activity is the mental, emotional or psychological satisfaction of the person doing the activity.

→ Professions are those occupations which involve rendering of personal services of a special and expert nature.

→ According to James Stephenson business refers to “Economic activities performed for earning profits.”

→ According to H. Haney, “Business may be defined as a human activity directed towards producing or acquiring wealth through buying and selling of goods”.

→ Business activities are classified on the basis of size, ownership and function.

→ An enterprise is said to be a private enterprise where it is owned, managed and controlled by persons other than Government.

→ An enterprise is said to be a public enterprise where it is owned, managed and controlled by Government or any of its agencies or both.

→ Industry includes all those business activities which are connected with raising, producing or processing of consumer goods.

→ Goods must be produced or procured in order to satisfy human wants.

→ Economic objectives of business refer to the objective of earning profit.

→ Social objectives are those objectives of business, which are desired to be achieved for the benefit of the society.

→ The organizational objectives denote those objectives an organization intends to accomplish during the course of its existence in the economy like expansion and modernization.

→ Human objectives refer to the objectives aimed at the well-being as well as fulfillment of expectations of employees.

Samacheer Kalvi 11th Commerce Notes

Samacheer Kalvi 11th Commerce Notes Chapter 1 Historical Background of Commerce in the Sub-Continent

Tamilnadu Samacheer Kalvi 11th Commerce Notes Chapter 1 Historical Background of Commerce in the Sub-Continent Notes

→ Commerce is part and parcel of human life.

→ The word ‘Vanigam’ has been widely used in Sangam literature like Purananuru and Thirukkural.

→ Trade in Sangam period was both internal and external but it was conducted by means of barter (pandamattru).

→ Trade was one of the major means of linking various regions in the medieval period.

→ Sangam work refers to great traders, their caravans, security force, markets, marts and guilds of such great traders.

→ The important trade routes of the silk and spices, blocked by the Ottoman Empire in 1453 with the fall of Constantinople and the Byzantine Empire, led to the search for a sea route across the Atlantic skirting Africa.

→ The Hebrew and Latin literature, archaeological remains in Aden, Alexandria, Java, Sumatra and even China add support1 to the fact of existence of trade network in the Pandiya country.

→ The place where the goods were sold was called ‘Angadi’ in their period. Day market was called as Nalangadi while the night market was called as Allangadi.

→ Port towns like Tondi, Korkai, Puhar and Muziri were always seen as busy with marts and markets with activities related to imports and exports.

→ Foreigners who transacted business were known as Yavanars.

→ Kaveripumpattinam was the chief port of the Kingdom of Cholas while Nagapattinam, Marakannam, Arikamedu, etc., were other small ports on east coast.

→ According to Kautilya, trade in Medieval India was centralized.

→ Kautilya gave importance for the State in relation to treasury, taxation, industry, commerce, agriculture and conservation of natural resources.

→ During Sultanate period, trade flourished due to the establishment of established currency system based on silver and copper.

→ India’s handicraft commanded a good foreign market.

→ Between early 1600 and mid-19th century, the British East India company led establishment and expansion of foreign trade allover Asia.

→ The barter system envisages mutual exchange of one’s goods to other without the intervention of money as a medium of exchange.

Samacheer Kalvi 11th Commerce Notes