a statutory corporation is answerable toa statutory corporation is answerable to

(a) 5. (ix) Initiative and Flexibility : Statutory Corporation have an independent identity different from the government. Hence, it tries to promote efficiency at all levels and avoids wastages wherever possible. (a) Parliament, Question 4. A statutory corporation is a corporation created by statute. These may be part of a ministry or come into existence by a special act of the parliament. Get the free view of Chapter 5, Forms of Business Organisation - 2 Organisation of Commerce and Management (OCM) 11th Standard HSC Maharashtra State Board additional questions for Mathematics Organisation of Commerce and Management (OCM) 11th Standard HSC Maharashtra State Board Maharashtra State Board, (b) Private Answer: Question 7. A Departmental organization is organized, financed and controlled by Government like any other Government department. Answer:Public private partnership also called PPP or p3 is a contract between government and private business firms for the provision of public assets and/or public services. Departmental Organisation, Question 8. Question 14. 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It is formed through Executive decision taken by the concerned ministry. Balbharati textbook solutions can be a core help for self-study and provide excellent self-help guidance for students. Employees of which of the following are considered as government employees? They have ended local competition and achieved monopoly. MNCs use resources of different countries and their employees are on contract basis. is owned, managed, controlled and financed by government. Answer: Under this type of organization, no distinction is made between public sector and traditional Government functions. Answer: They are also fully equipped and have necessary infrastructure. Departmental Organisation is financed through appropriations made by the legislature. It is a company where 51% of the paid up capital is held by Central Government or State Government jointly or individually. Question 1. Departmental Organisation performs its all activities as an integral part for government only. (xii) Lack of Autonomy : Departmental organisation lack autonomy and freedom in working and decision making. There is professional management in statutory corporation. is an autonomous corporate body created by the special Act of the parliament or State legislature. What was the role of the public sector before 1991? Find out type of organisation. Discuss the merits and demerits of Departmental Undertaking. (b) 4. Departmental Organisation is managed by government officials of the concerned ministry. Such person, generally, lack expertise and commitment leading to lower operational efficiency of the Government Company. Answer: Separate legal entity and Registration under the Companies Act, 2013 are the features of X Government Company. State any four features of the Departmental Organisation. As there are many members it is quite possible that their interests may clash. Private Sector Organisation and Public Sector Organisation. Statutory Corporation, Question 13. These groups were called schedules A,B,C. to motivate them to set up industries in backward regions. Schedule A Exclusive responsibility of state. the price of wrist watches, cell phones, etc. True, Question 9. (C) Demerits of Multinational Corporation: (a). Departmental Organisation has separate existence from government. Second, Parliament accepted the socialistic pattern of society. (i) Free from Procedural Controls: The Government companies have a right to formulate their independent policies and even make necessary changes in them. Qualified Staff : Departmental organizations are properly managed and supervised by the qualified government staff. and you can use Shaalaa.com to keep it handy for your exam preparation. These huge financial resources give them economic power in the economy. Multiple Choice Questions (iv) Instability : The working of this organisation suffers from lack of continuity and stability, because the policies of the department are decided by the Ministers. MNC operates in several countries, having headquarters in one country. (vii) Fear of Exposure : The working of Government Company like annual report is placed before the parliament or State Legislature. QS Study. In departmental organisation there is flexibility in operations. Explain merits and demerits of Departmental Organization. 9. Name the business organisation, which is self-financed, delegates authority and run by government as an integral part of it. Give any three Features of this organisation. Answer: (a) annual budget Question 2. In other words, it is answerable to the Parliament. Answer: Answer:Yes, I agree that Multinational Companies have done more harm than good. Correct the underlined word and rewrite the following sentence. Answer:Global enterprises are considered superior to other business organizations because it (vii) Incurring Losses/Huge Losses : Most of the government undertakings incur heavy losses due to lack of business skills and approach as they are not professional. This is because there is centralization of authority. A statutory corporation is answerable to parliament or state assembly. Statutory corporation operates within the local boundaries of a nation. Explain the merits and demerits of departmental Organisation. (c) BIER (d) NRF They can afford to survive even during losses as well. Cautious approach towards foreign capital. the features of statutory corporation are. (iii) Efficient Staff : In Statutory Corporation, employees are given fair wages, better working conditions and proper training and development programs are initiated for the employees. Development of Public Utilities : The departmental organisation provides public utilities or basic r necessities. controlled by either central government or state government. Departmental Organisations is controlled by the concerned ministry. Question 4. . Answer: (ii) Inflow of Foreign Capital: Multinational corporations bring much needed foreign capital for the rapid development of developing countries. The organisation which performs its all activities as an integral part for government only. It is a source of government income as its revenue goes to government treasury. (i) Delegation of Authority : All major policy decisions are taken by the ministry. They are also called as transnational or international corporations. Low accountability to the people as they render their service. (x) Poor Labour Management Relations : The employer-employee relations in the Government companies are poor. (c) Statutory Corporation (d) None of the above Answer: It suffers from interference from government officials, ministers and politicians. There is a company which is having a registered office in Singapore and such company is having branch offices in Varanasi (India) and Hambantota (Sri Lanka). The company can take prompt decisions regarding management, finance and other related matters due to flexibility in their operations. Government company enjoy more public confidence as they have government backing and support. Examples include Unit Trust of India, Life Insurance Corporation of India, Steel Solution A statutory corporation is answerable to parliament or state assembly. Statutory Corporation is a natural person created by Special Act. This capital is useful for growth of domestic country. It can be easily formed as per the provision of Companies Act. It cannot be taken to court without the consent of the Government. Schedule B Progressively state-owned 12 industries. countries improving their products and reduces prices. Statutory Corporation is a natural person created by special Acts. Autonomy is only on paper and not in practice. (ii) Statutory Corporation . For this purpose they introduce new and novel products, launch new marketing schemes, organize trade fairs and exhibitions, does lots of publicity and adopts professional approach in all its dealings. The Minister-in-charge of ministry is the head of departmental organisation. It is established under a special act which defines its objects, powers and functions. (c) 3. It is managed by board of directors nominated by government. Give any one example of this type of organisation. (i) No political Interference : It enjoys freedom from political, parliamentary and government interference in day-to-day management. (a) economical Answer: Departmental Organisation and Statutory Corporation. Answer: (i) Proper use of Idle Resources : The national income of host country increases as MNCs use idle physical and human resources with latest technologies. Answer: They do not have separate legal entity distinct from government. Government Company and Multinational Corporation. Answer: (H) Correct the underlined word and rewrite the following sentences. (c) Statutory Corporation (d) None of the above 5. Demerits of Statutory Corporation: Private sector Organisations are owned by individuals or groups of individuals. A statutory corporation appreciates sovereignty in the case of finance and is answerable to the specific legislature under which it was established. Answer: If means that a large amount of foreign exchange goes out of host country. An organisation which is not subject to the budget, accounting and audit controls by the government. UTI, LIC, RBI, ONGC, Air India etc. 1. Private sector organisations are owned by individual or group of individuals. Answer:MNCs are in a position to exercise massive control on an economy because of the following reasons: V. Value Based Questions It is administered by a board appointed by public authority to which it is answerable." . The Directors try to serve and achieve their political motives rather than realisation of business goals as they are nominated for political gains and not on merits. (a) Parliament A statutory corporation is an autonomous corporate body created by a Special Act of Parliament or state legislature with defined functions, powers, duties, immunities, etc. (vii) Administrative Autonomy : Due to administrative and financial autonomy, statutory corporation take quick decisions and are flexible in its policy framing and working as per the changing business needs. (a) Departmental Undertaking (b) Government Company This may be unfair. (iv) Motivated Staff: In Statutory Corporations, employees are given fair wages, better working conditions and proper training and development programmes are initiated for the employees. Statutory Corporation, Question 1. There is no flexibility in their operations as any change or modification requires the approval of thp Government. Public sector works for social welfare while private sector works for profit motive. A statutory corporation is answerable either to parliament legislature or state assembly whosever creates it. Following are the features of Government Company: (a) Departmental Undertaking (b) Government Company False, Question 7. There is no political interference in statutory corporations. LIC, IFCI, SBI, UTI, Air India are the examples of public corporation. Answer:Benefits of joint ventures are as follows: I. Public sector was undertaken as a part of industrial policy, 1956. Public Accountability : The concerned minister incharge of the government organisation is answerable to the Parliament or Assembly. (i) Free from Procedural Controls: The Government companies have a right to formulate their independent policies and even make necessary changes in them. Select a state from the following chart to view its corporations code. Question 8. (c) 31 MNCs of developed nations dominate the global market and they undertake production or marketing activities and so on. Due to limited autonomy and petty politics, the efficiency of the enterprise is affected. It can sue and be sued, enter into contracts and own property in their own name. Though statutory corporations are autonomous bodies and enjoy flexibility in their working, they have certain limitations which are as follows: (i) Delegation of Authority : All major policy decisions are taken by the ministry. (iv) Misuse of Mighty Status : Multinational Corporations have powerful financial strength because of huge capital. (xii) Accountability : The enterprise is funded by the government and hence the government controls its affairs. II. MNCs are powerful entities. Answer: Explain the main features of Multinational Company. Answer:In the industrial policy 1991, the Government of India introduced four major reforms in public sector. Public sector Organisation, Question 6. Statutory Corporations are controlled by government by the Act of Parliament or State Legislature. Merits of Statutory Corporation. It enjoys freedom from budgetary, accounting and audit controls which are applicable to Government undertakings. The day-to-day working is looked after by the staff consisting of civil servants of IAS, IPS cadres. Explain Government Company and its features. Answer: CVS Health Corporation: Case Number: 1:2023cv11483: Filed: June 30, 2023: Court: US District Court for the District of Massachusetts: Presiding Judge: Patti B Saris: Examples: Indian railways, Find a Lawyer; Ask a Lawyer ; Research the Law; Law Schools; . (B) Merits of Statutory Corporation: Which of the following is most suitable when national security is of utmost importance? Merits of Departmental Organization: Private enterprises operate in cut throat competition. State Trading Corporation (STC), Steel Authority of India (SAIL), Bharat Heavy Electricals Ltd (BHEL) etc. Main objective of Departmental Organisations is to provide services to public. As they are huge corporations they exert influence on political parties and try to spread political ideology of their home country. This is a body corporate created by the legislature with defined powers and functions and is financially independent with a clear control over a specified area or a particular type of commercial activity. (ix) Exemptions : Government Company is exempted from budget, accounting and audit laws applicable to government departments. (i) Global enterprises or Multinational Corporations are the Corporations which under take business activities in more than one country. Answer: Its employees are not governed by respective Government. Parliament has no right to interfere in the working of statutory corporations. (viii) E ncourage Political Corruption : To get favourable terms and conditions in host country multinational corporations bribe to political parties. Capital for the statutory corporation comes from Central or State government. Answer:Following are the different kinds of organizations that come under the private sector. Protection to cottage and small scale industries. Government provided many incentives to private sector like tax concessions, loan at cheap rate of interest etc. A statutory corporation isn't just a company owned by the government. Answer: They are usually large in sized and they operate on large scale. Statutory Corporations, and 3. Give one word/phrase/term.The oldest form of business organisation under the public sector. Public enterprises are generally monopolies or oligopolies (only two sellers in market.). Answer:Differences between public and private sectors are summarised in the table given below: Question 2. The period 1950 onwards witnessed development of infrastructure, research and development, establishment of large scale along with many small scale industries, co-existence of public and private sector enterprises, growth of both consumer and capital goods industries. (i) Clashes Amongst Interests : All or majority directors of Statutory Corporations are appointed by the Government from different fields. (B) Features of Departmental Organizations: Government Company is managed by Board of Directors appointed by government and shareholders. 1. Steel Authority of India Ltd., State Trading Corporation, Indian Oil Corporation, BHEL, HMT, etc. Departmental Organisation, Statutory Corporations and Government companies are types of public sector. Public sector organisations are those organisations which are setup by the government with the main object of providing essential services to the general public. Statutory Corporations are autonomous bodies established under special legislative Acts. MNC have existence in many countries. MNCs are profit motivated rather than service oriented. Thus, socio-economic objectives are achieved with Government control. (ix) Suitability : Government Companies are suitable for conducting manufacturing and marketing activities. These are run by Government departments headed by a minister who guides and controls the activities of the undertaking e.g. Departmental Organisation and Multinational Corporation. 1. It results in corruption. Its main objective is to maximise profit. The Government Company may be registered as public or private limited companies. Public sector organizations may take form of departmental undertaking, statutory corporation and a government company. (i) Advanced and Sophisticated Technology : Multinational company has large capital and sophisticated technology and infrastructure. These companies are registered under the Indian Companies Act, 2013 and its working is governed by the rules and regulations of the act. Employees are recruited and appointed as per the rules and regulations contained in Memorandum and Articles of Association. (c) 50 per cent (d) 25 per cent It is suitable for defence and public utility undertakings such as infrastructure projects, e.g. They cant take, their own decisions. State any two demerits of Multinational Corporation. It has its own staff, recruited and appointed as per the provisions of act. Question 5. (a) Public Private Partnership (b) Joint Venture It lacks flexibility which is essential for smooth operation of business. Public sector organisations are owned by government. Answer: Memorandum of Understanding (MOU) is a term used in context of: Explain Statutory Corporation and its features. Answer:The government is responsible for developing all regions of a country. Demerits of Statutory Corporation. In view of Government ownership, political interference is quite common. Four major steel plants were set up in the backward areas to accelerate economic development. Government Companies are established for purely business purpose and to complete with the private sector. It is more effective in achieving the objective laid down by government as it is under the direct control of govt. (xi) Area of Operation : MNCs operate in different countries of the world and deal in multiple products on a large scale. Statutory corporation is an artificial person created by law and it has an independent legal entity. Following are the merits of Multinational Corporation. In the corporate bylaws or operating agreement for an LLC, you will outline specific regulations and rules of the business. 1.autonomy on paper only. Question 1. Departmental Organisations are run for providing public services. It is managed by government officials or Board of Director. These experts are hired from different countries of the world. Question 2. Question 1. (a) Statutory corporation, Question 3. A statutory corporation is a government entity created as a statutory body by statute. It can also raise funds from capital market. Question 3. NCERT Solutions Class 11 Business StudiesBusiness Studies Sample Papers, I. (v) Service Motive : They are formed to provide public utility services and promote consumer satisfaction. and also in industrial and commercial areas. It provides essential commodities to people at reasonable rates. MNCs possess technological superiorities and are capable of conform to international standards and quality specifications. Though Government Company enjoys various benefits due to Government ownership and autonomy, it has following limitations: Also their functioning is highly professional. (viii) Separate Legal Entity : A Government Company is a corporate body created under the Companies Act. (xi) Easy to Alter : The objects, powers and organisational set up of a Government Company can be altered easily. Question 3. (b) legal, Question 8. It does not have autonomy in decision making. (c) Statutory Corporation (d) None of the above It is a corporate body. Answer: (A) Meaning: Qualified Staff : Departmental organizations are properly managed and supervised by the qualified government staff. (vi) No Legal Status : A government department does not enjoy an independent legal status. Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation. Answer: Answer: State any four features of Statutory Corporation. Though, the overall business policies are formulated by the government, they have administrative autonomy and hence operational flexibility. (a) 51, Question 5. MNC has mighty economic powers. Answer:The statement is absolutely correct that global enterprises are giant both in size and Give one word/phrase/term.An autonomous corporate body created by the Special Act of the parliament or state legislature with defined powers, functions, and duties. How does the government maintain a regional balance in the country? Dabur, Question 4. Answer: Question 2. It is dependent on the Government. Departmental organisations are run by the Government. (v) Multinational Corporations Import Skilled Labour : Most companies in this position imports the skilled labour they require from other economic to meet their needs. Private Sector Organisation. Advanced Technology and international business operations are done by MNC. 2. In government company minimum . The Minister-in-charge of ministry is the head of departmental organisation.