The courses in Business Studies and Accountancy are introduced at + 2 stage of Senior Secondary Education as formal commerce education is provided after first ten years of schooling. Therefore, it becomes necessary that instructions in these subjects are given in such a manner that students have a good understanding of the principles and practices bearing in business (trade and industry) as well as their relationship with the society.
Business is a dynamic process that brings together technology, natural resources and human initiative in a constantly changing global environment. To understand the framework in which a business operates, a detailed study of the organisation and management of business processes and its interaction with the environment is required.
Globalisation has changed the way organizations transact their business.
Information Technology is becoming a part of business operations in more and more organisations. Computerised systems are fast replacing other systems. E-business and other related concepts are picking up fast which need to be emphasized in the curriculum.
The course in Business Studies prepares students to analyse, manage, evaluate and respond to changes which affect business. It provides a way of looking at and interacting with the business environment. It recognizes the fact that business influences and is influenced by social, political, legal and economic forces.
Objectives:
• To inculcate business attitude and develop skills among students to pursue higher education, world of work including self employment.
• To develop students with an understanding of the processes of business and its environment;
• To acquaint students with the dynamic nature and inter-dependent aspects of business;
• To develop an interest in the theory and practice of business, trade and industry;
• To familiarize students with theoretical foundations of the process of organizing and managing the operations of a business firm;
• To help students appreciate the economic and social significance of business activity and the social cost and benefits arising there from;
• To acquaint students with the practice of managing the operations and resources of business;
• To enable students to act more effectively and responsibly as consumers, employers, employees and citizens;
COURSE STRUCTURE :
Units Title Marks
Part – A: Foundations of Business
Unit 1: Nature and Purpose of Business 16
Unit 2: Forms of Business Organisations
Unit 3: Public, Private and Global Enterprises 14
Unit 4: Business Services
Unit 5: Emerging Modes of Business
Unit 6: Social Responsibility of Business and 10
Business Ethics
Part B : Finance and Trade
Unit 7: Sources of Business Finance 20
Unit 8: Small Business
Unit 9: Internal Trade 20
Unit 10: International Business
Part A: Foundation of Business
Concept includes meaning and features
Unit 1: Evolution and Fundamentals of Business
• History of Trade and Commerce in India: Indigenous Banking System, Rise of Intermediaries, Transport, Trading Communities: Merchant Corporations, Major Trade Centres, Major Imports and Exports, Position of Indian Sub-Continent in the World Economy.
• Business – meaning and characteristics
• Business, profession and employment- Concept
• Objectives of business
• Classification of business activities - Industry and Commerce
• Industry-types: primary, secondary, tertiary Meaning and subgroups
• Commerce-trade: (types-internal, external; wholesale and retail) and auxiliaries to trade; (banking, insurance, transportation, warehousing, communication, and advertising) – meaning
• Business risk-Concept
After going through this unit, the student/ learner would be able to:
• To acquaint the History of Trade and Commerce in India
• Understand the meaning of business with special reference to economic and non-economic activities.
• Discuss the characteristics of business.
• Understand the concept of business, profession and employment.
• Differentiate between business, profession and employment.
• Appreciate the economic and social objectives of business.
• Examine the role of profit in business.
• Understand the broad categories of business activities- industry and commerce.
• Describe the various types of industries.
• Discuss the meaning of commerce, trade and auxiliaries to trade.
• Discuss the meaning of different types of trade and auxiliaries to trade.
• Examine the role of commercetrade and auxiliaries to trade.
Unit 2: Forms of Business organizations :
• Sole Proprietorship-Concept, merits and limitations.
• Partnership-Concept, types, merits and limitation of partnership, registration of a partnership firm, partnership deed. Types of partners.
• Hindu Undivided Family Business: Concept
• Cooperative Societies-Concept, merits, and limitations.
• Company - Concept, merits and limitations; Types: Private, Public and One Person Company – Concept
• Formation of company - stages, important documents to be used in formation of a company.
• Choice of form of business organization
After going through this unit, the student/ learner would be able to:
• List the different forms of business organizations and understand their meaning.
• Identify and explain the concept, merits and limitations of Sole Proprietorship.
• Identify and explain the concept, merits and limitations of a Partnership firm.
• Understand the types of partnership on the basis of duration and on the basis of liability.
• State the need for registration of a partnership firm.
• Discuss types of partners –active, sleeping, secret, nominal and partner by estoppel.
• Understand the concept of Hindu Undivided Family Business.
• Identify and explain the concept, merits and limitations of Cooperative Societies.
• Identify and explain the concept, merits and limitations of private and public companies.
• Understand the meaning of one person company.
• Distinguish between a private company and a public company.
• Highlight the stages in the formation of a company.
• Distinguish between the various forms of business organizations.
Unit 3: Public, Private and Multinational Company
• Public sector and private sector enterprises – Concept
• Forms of public sector enterprises: Departmental Undertakings, Statutory Corporations and Government Company.
• Multinational Company – Feature. Joint ventures, Public private partnership – concept
After going through this unit, the student/ learner would be able to:
• Develop an understanding of Public sector and private sector enterprises
• Identify and explain the features, merits and limitations of different forms of public sector enterprises.
• Develop an understanding of multinational company, joint ventures and public private partnership by studying their meaning and features.
Unit 4: Business Services
• Business services – meaning and types. Banking: Types of bank accounts - savings, current, recurring, fixed deposit and multiple option deposit account.
• Banking services with particular reference to Bank Draft, Bank Overdraft, Cash credit. E-Banking meaning, Types of digital payments.
• Insurance – Principles. Types – life, health, fire and marine insurance – concept.
• Postal Service - Mail, Registered Post, Parcel, Speed Post, Courier - meaning.
After going through this unit, the student/ learner would be able to:
• Understand the meaning and types of business services.
• Discuss the meaning and types of Business service Banking
• Develop an understanding of difference types of bank account.
• Develop an understanding of the different services provided by banks.
• Recall the concept of insurance Understand Utmost Good Faith, Insurable Interest, Indemnity, Contribution, Doctrine of Subrogation and Causa Proxima as principles of insurance.
• Discuss the meaning of different types of insurance-life, health, fire, marine insurance.
• Understand the utility of different telecom services.
Unit 5: Emerging Modes of Business
• E - business: concept, scope and benefits.
• Business Process Outsourcing (BPO): Concept, need and scope
After going through this unit, the student/ learner would be able to:
• Give the meaning of e-business.
• Discuss the scope of e-business.
• Appreciate the benefits of ebusiness
• Distinguish e-business from traditional business.
Unit 6: Social Responsibility of Business and Business Ethics
• Concept of social responsibility
• Case of social responsibility
• Responsibility towards owners, investors, consumers, employees, government and community.
• Role of business in environment protection.
• Business Ethics - Concept and Elements
After going through this unit, the student/ learner would be able to:
• State the concept of social responsibility.
• Examine the case for social responsibility.
• Identify the social responsibility towards different interest groups.
• Appreciate the role of business in environment protection.
• State the concept of business ethics.
• Describe the elements of business ethics.
Part B: Finance and Trade
Unit 7: Sources of Business Finance
• Concept of business finance
• Owners’ funds- equity shares, preferences share, retained earnings, Global Depository receipt (GDR), American Depository Receipt (ADR) and International Depository Receipt (IDR) – concept.
• Borrowed funds: debentures and bonds, loan from financial institution and commercial banks, public deposits, trade credit, Inter Corporate Deposits (ICD).
After going through this unit, the student/ learner would be able to:
• State the meaning, nature and importance of business finance.
• Classify the various sources of funds into owners’ funds.
• State the meaning of owners’ funds.
• Understand the meaning of Global Depository receipts, American Depository Receipts and International Depository Receipts
• State the meaning of borrowed funds.
• Discuss the concept of debentures, bonds, loans from financial institutions and commercial banks, Trade credit and inter corporate deposits.
Unit 8: Small Business and Enterprises
• Entrepreneurship Development (ED): Concept, Characteristics and Need. Process of Entrepreneurship Development: Start-up India Scheme, ways to fund start-up. Intellectual Property Rights and Entrepreneurship
• Small scale enterprise as defined by MSMED Act 2006 (Micro, Small and Medium Enterprise Development Act)
• Role of small business in India with special reference to rural areas
• Government schemes and agencies for small scale industries: National Small Industries Corporation (NSIC) and District Industrial Centre (DIC) with special reference to rural, backward areas.
After going through this unit, the student/ learner would be able to:
• Understand the concept of Entrepreneurship Development (ED), Intellectual Property Rights.
• Understand the meaning of small business
• Discuss the role of small business in India
• Appreciate the various Government schemes and agencies for development of small scale industries. NSIC and DIC with special reference to rural, backward area.
Unit 9: Internal Trade
• Internal trade - meaning and types services rendered by a wholesaler and a retailer
• Types of retail-trade-Itinerant and small scale fixed shops retailers
• Large scale retailers-Departmental stores, chain stores – concept
• GST (Goods and Services Tax): Concept and key-features
After going through this unit, the student/ learner would be able to:
• State the meaning and types of internal trade.
• Appreciate the services of wholesalers and retailers.
• Explain the different types of retail trade.
• Highlight the distinctive features of departmental stores, chain stores and mail order business.
• Understand the concept of GST
Unit 10: International Trade
• International trade: concept and benefits
• Export trade – Meaning and procedure
• Import Trade - Meaning and procedure
• Documents involved in International Trade; indent, letter of credit, shipping order, shipping bills, mate’s receipt (DA/DP)
• World Trade Organization (WTO) meaning and objectives
After going through this unit, the student/ learner would be able to:
• Understand the concept of international trade.
• Describe the scope of international trade to the nation and business firms.
• State the meaning and objectives of export trade.
• Explain the important steps involved in executing export trade.
• State the meaning and objectives of import trade.
• Discuss the important steps involved in executing import trade.
• Develop an understanding of the various documents used in international trade.
• Identify the specimen of the various documents used in international trade.
• Highlight the importance of the documents needed in connection with international trade transactions.
• State the meaning of World Trade Organization.
• Discuss the objectives of World Trade Organization in promoting international trade.