Partnership is a form of business organization in which business debts can be recovered from: ?->(Show Answer!)

1. Partnership is a form of business organization in which business debts can be recovered from:

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MCQ-> When people react to their experiences with particular authorities, those authorities and the organizations or institutions that they represent often benefit if the people involved begin with high levels of commitment to the organization or institution represented by the authorities. First, in his studies of people's attitudes toward political and legal institutions, Tyler found that attitudes after an experience with the institution were strongly affected by prior attitudes. Single experiences influence post- experience loyalty but certainly do not overwhelm the relationship between pre-experience and post- experience loyalty. Thus, the best predictor of loyalty after an experience is usually loyalty before that experience. Second, people with prior loyalty to the organization or institution judge their dealings with the organization’s or institution's authorities to be fairer than do those with less prior loyalty, either because they are more fairly treated or because they interpret equivalent treatment as fairer.Although high levels of prior organizational or institutional commitment are generally beneficial to the organization or institution, under certain conditions high levels of prior commitment may actually sow the seeds of reduced commitment. When previously committed individuals feel that they were treated unfavourably or unfairly during some experience with the organization or institution, they may show an especially sharp decline in commitment. Two studies were designed to test this hypothesis, which, if confirmed, would suggest that organizational or institutional commitment has risks, as well as benefits. At least three psychological models offer predictions of how individuals’ reactions may vary as a function of a: their prior level of commitment and b: the favorability of the encounter with the organization or institution. Favorability of the encounter is determined by the outcome of the encounter and the fairness or appropriateness of the procedures used to allocate outcomes during the encounter. First, the instrumental prediction is that because people are mainly concerned with receiving desired outcomes from their encounters with organizations, changes in their level of commitment will depend primarily on the favorability of the encounter. Second, the assimilation prediction is that individuals' prior attitudes predispose them to react in a way that is consistent with their prior attitudes.The third prediction, derived from the group-value model of justice, pertains to how people with high prior commitment will react when they feel that they have been treated unfavorably or unfairly during some encounter with the organization or institution. Fair treatment by the other party symbolizes to people that they are being dealt with in a dignified and respectful way, thereby bolstering their sense of self-identity and self-worth. However, people will become quite distressed and react quite negatively if they feel that they have been treated unfairly by the other party to the relationship. The group-value model suggests that people value the information they receive that helps them to define themselves and to view themselves favorably. According to the instrumental viewpoint, people are primarily concerned with the more material or tangible resources received from the relationship. Empirical support for the group-value model has implications for a variety of important issues, including the determinants of commitment, satisfaction, organizational citizenship, and rule following. Determinants of procedural fairness include structural or interpersonal factors. For example, structural determinants refer to such things as whether decisions were made by neutral, fact-finding authorities who used legitimate decision-making criteria. The primary purpose of the study was to examine the interactive effect of individuals a: commitment to an organization or institution prior to some encounter and b: perceptions of how fairly they were treated during the encounter, on the change in their level of commitment. A basic assumption of the group-value model is that people generally value their relationships with people, groups, organizations, and institutions and therefore value fair treatment from the other party to the relationship. Specifically, highly committed members should have especially negative reactions to feeling that they were treated unfairly, more so than a: less- committed group members or b: highly committed members who felt that they were fairly treated.The prediction that people will react especially negatively when they previously felt highly committed but felt that they were treated unfairly also is consistent with the literature on psychological contracts. Rousseau suggested that, over time, the members of work organizations develop feelings of entitlement, i.e., perceived obligations that their employers have toward them. Those who are highly committed to the organization believe that they are fulfilling their contract obligations. However, if the organization acted unfairly, then highly committed individuals are likely to believe that the organization did not live up to its end of the bargain.The hypothesis mentioned in the passage tests at least one of the following ideas.
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MCQ->Partnership is a form of business organization in which business debts can be recovered from:....

MCQ-> on the basis of the information given in the following case. Teknik Group of industries had businesses in different sectors ranging from manufacturing, construction, fish farming and hotels. These different businesses operated as semi-independent units managed by the unit level managers. Teknik’s management had an internal consultancy group called as Business Advisory Group (known internally as BAG). The 15 experts in BAG were hired personally by Mr. Teknikwala, the owner of Teknik, who wanted this core group of experts to help his organization grow fast without facing the typical growth hurdles. Most of them were specialists in fields like law, information technology, human resource management, and operations management. Almost all of them had experience spanning decades in the industry. Whenever any of the units faced any significant all units and it represented an extra work for those who were involved. This coordination was required to understand the different work processes and the users’ requirements. This coordination activity was being extensively managed by the old timers as they were familiar with internal processes and people in the different units. An external consultant was also hired for customization and implementation After two months, BAG teams had to fortnightly present their progress to Ms. Teknikwali’s team. In the last meeting Ms. Teknikwali was dissatisfied. She explained her thinking that since ERP impacted every aspect of the business, the roll out had to be done faster. She wanted Mr. Shiv to get the implementation completed ahead of schedule. In the meeting she asked Mr. Shiv to get the people in IT team to be more productive. Not willing to disagree, Mr. Shiv committed to a roll-out schedule of complete ERP system in 6 months instead of earlier decided 14 months. Next day, Mr. Shiv presented the revised project milestone to BAG members. He told them that in order to meet the deadline, the members were expected to work on week-ends till the completion of the project. Along with that, they were also expected to maintain their earlier standards of delivery time and quality for the normal trouble-shooting and internal advisory work. Mr. Shiv also pointed out that anyone whose performance did not meet the expectations would be subjected to formal disciplinary action. The meeting ended without any member commenting on Shiv’s ideas, although Mr. Shiv heard a lot of mumbling in the corridor. Over the week, Shiv noticed that the members seemed to avoid him and he had to make extra effort to get ideas from them. After a fortnight Shiv reviewed the attendance register and found the Mr. Lal, an old time member, had not come during the week-ends and certain decisions were held up due to lack of inputs from Mr. Lal. Mr. Shiv issued a written reprimand to Mr. Lal. He was speechless on receiving the reprimand but kept silent. It has been three days since that incident. Some of the senior members had put in request for transfer to other business units. It was rumoured that four problems, the unit level managers would put up a request for help to BAG. The problems ranged from installation of internal MIS systems, to financial advice related to leasing of equipment, to handling of employee grievances. Over a period of 20 years, Teknik’s revenues grew from 100 crore 10,000 crore with guidance of BAG and due to Mr. Tekinwala’s vision. Given its reputation in the industry, many people wanted to start their careers in BAG. Often young MBAs fresh out of business schools would apply. However their applications used to be rejected by Mr. Teknikwala, who had a preference for people with extensive industry experience. Things changed after the unfortunate demise of Mr. Teknikwala. His daughter Miss. Teknikwali took up the family business. She was an MBA from one of the premier business schools, and was working in a different company when Mr. Tekinwala passed away. She preferred that BAG developed new ideas and therefore inducted freshly graduated MBAs from premier business schools. She personally supervised the recruitment and selection process. Now the entire group constituted of 50 specialists, out of which 35 were the old time members. She also changed the reporting relationships in the BAG group with some of the older members being made to report to the new members. In IT team, Mr. Shiv, a newly recruited MBA, was made in-charge. For the older members it was a shock. However, as most of them were on the verge of retirement, and it would be challenging to search for new jobs while competing with younger professionals, they decided to play along. After one month, all business units were caught up in the ERP fever. This was an idea pushed by Ms. Teknikwali who the need the need to replace the old legacy systems with latest ERP system integrating all the units of Teknik. This was heavily influenced by her experience in the previous where an ERP system was already up and running. Therefore she was not aware of the difference between installing an ERP system and working on an already installed one. The ERP mplementation in Teknik Group required extensive coordination with senior level managers of senior legal experts had agreed to an offer from a law firm. Other senior members would sporadically come in late to work, citing health reasons. Almost all senior members now wanted a weekly work-routine to be prepared and given to them in advance so that they could deliver as per the schedule. This insistence on written communication was a problem as urgent problems or ad-hoc requests could not be foreseen and included. Also normal services to other business units were being unattended to, and there were complaints coming from the unit heads.Which of the following could have been a better response of Mr. Shiv to Ms. Teknikwali’s request to re-schedule the ERP implementation?....

MCQ-> Read the following passage carefully and answer the questions given below it. Certain words/phrases have been given in bold to help you locate them while answering some of the questions: In every religion, culture and civilization feeding the poor and hungry is considered one of the most noble deeds. However such large scale feeding will require huge investment both in resources and time. A better alternative is to create conditions by which proper wholesome food is available to all the rural poor at affordable price. Getting this done will be the biggest charity.Our work with the rural poor in villages of Western Maharashtra has shown that most of these people are landless laborers. After working the whole day in the fields in scorching sun they come home in the evening and have to cook for the whole family. The cooking is done on the most primitive chulha (wood stove) which results in tremendous indoor air pollution. Many of them also have no electricity so they use primitive and polluting kerosene lamps. World Health Organization (WHO) data has shown that about 300,000 deaths/ year in India can be directly attributed to indoor air pollution in such -nuts. At the same time this pollution results in many respiratory ailments and these people spend close Rs. 200-400 per month on medical bills. Besides the pollution, rural poor also eat very poor diet. They eat whatever is available daily at Public Distribution System (PDS) shops and most of the times these shops are out of rations. Thus they cook whatever is available. The hard work together with poor eating takes a heavy toll on their health. Besides this malnutrition also affects the physical and mental health of their children and may lead to creation of a whole generation of mentally challenged citizens. So I feel that the best way to provide adequate food for rural poor is by setting up rural restaurants on large scale. These restaurants will be similar to regular ones but for people below poverty line (BPL) they will provide meals at subsidized rates. These citizens will pay only Rs. 10 per meal and the rest, which is expected to be quite small, will come as a part of Government subsidy. With existing open market prices of vegetables and groceries average cost of simple meal for a family of four comes to Rs. 50 per meal or Rs. 12.50 per person per meal. If the PDS prices are taken for the groceries then the average cost will be Rs. 7.50 per person per meal. This makes the subsidy approximately Rs. 2.50 per person per meal only and hence quite small. The buying of meals could be by the use of UID (Aadhar) card by rural poor. The total cost should be Rs. 30 per day for three vegetarian meals of breakfast, lunch and dinner. The rural poor will get better nutrition and tasty food by eating in these restaurants. Besides the time saved can be used for resting and other gainful activities like teaching children. Since the food will not be cooked in huts, this strategy will result in less pollution in rural households. This will be beneficial for their health. Besides, women's chores will be reduced drastically. Another advantage of eating in these restaurants will be increased social interaction of rural poor since this could also become a meeting place. Eating in restaurants will also require fewer utensils in house and hence less expenditure. For other things like hot water for bath, making tea, boiling milk and cooking on holidays some utensils and fuel will be required. Our Institute NARI has developed an extremely efficient and environment-friendly stove which provides simultaneously both light and heat for cooking and hence may provide the necessary functions. Providing reasonably priced wholesome food is the basic aim and program of Government of India (GOI). This is the basis of their much touted food security program.However in 65years they have not been able to do so. Thus I feel a public private partnership can help in this. To help the restaurant owners the GOI or state Governments should provide them with soft loans and other line of credit for setting up such facilities. Corporate world can take this up as a part of their corporate social responsibility activity. Their participation will help ensure good quality restaurants and services. Besides the charitable work, this will also make good business sense. McDonald's-type restaurant systems for rural areas can be a good model to be set up for quality control both in terms of hygiene and in terms of quality of food material. However focus will be on availability of wholesome simple vegetarian food in these restaurants.More clientele (volumes) will make these restaurants economical. Existing models of dhabas, udipi type restaurants etc. can be used in this scheme. These restaurants may also be able to provide midday meals in rural schools. At present the midday meal program is faltering due to various reasons. Food coupons in western countries provide cheap food for poor. However quite a number of fast food restaurants in US do not accept them. Besides these coupons are most of the times used for non-food items, it will be mandatory for rural restaurants to accept payment via UID cards for BPL citizens. Existing soup kitchens, lagers and temple food are based on charity. For large scale rural use it should be based on good social enterprise business model. Cooking food in these restaurants will also result in much more efficient use of energy since energy/ kg of food cooked in households is greater than that in restaurants. The main thing however will be to reduce drastically the food wastage In these restaurants. Rural restaurants can also be forced to use clean fuels like LPG or locally produced biomass-based liquid fuels. This strategy is very difficult to enforce for individual households. Large scale employment generation in rural areas may result because of this activity. With an average norm of 30 people employed/ 100-chair restaurant, this program has the potential of generating about 20 million jobs permanently in rural areas. Besides the infrastructure development in setting up restaurants and establishing the food chain etc will help the local farmers and will create huge wealth generation in these areas. In the long run this strategy may provide better food security for rural poor than the existing one which is based on cheap food availability in PDS - a system which is prone to corruption and leakage.In accordance with the view expressed by the writer of this article, what is the biggest charity ?
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MCQ-> Read the following passage carefully and answer the questions given below it. Certain words/phrases are given in bold to help you locate them while answering some of the questions. Core competencies and focus are now the mantras of corporate strategists in Western economies. But while managers in the West have dismantled many conglomerates assembled in the 1960s and 1970s, the large, diversified business group remains the dominant form of enterprise throughout most emerging markets. Some groups operate as holding companies with full ownership in many enterprises, others are collections of publicly traded companies, but all have some degree of central control. As emerging markets open up to global competition, consultants and foreign investors are increasingly pressuring these groups to conform to Western practice by scaling back the scope of their business activities. The conglomer-, ate is the dinosaur of organizational design, they argue, too unwieldy and slow to compete in today’s fast-paced markets. Already a number of executives have decided to break up their groups in order to show that they are focusing on only a few core businesses. There are reasons to worry about this trend. Focus is good advice in New York or London, but something important gets lost in translation when that advice is given to groups in emerging markets. Western companies take for granted a range of institutions that support their business activities, but many of these institutions are absent in other regions of the world. Without effective securities regulation and venture capital firms, for example, focused companies may be unable to raise adequate financing; and without strong educational institutions, they will struggle to hire skilled employees. Communicating with customers is difficult when the local infrastructure is poor, and unpredictable government behavior can stymie any operation. Although a focused strategy may enable a company to perform a few activities well, companies in emerging markets must take responsibility for a wide range of functions in order to do business effectively. In the case of product markets, buyers and sellers usually suffer from a severe dearth of information for three reasons. First, the communications infrastructure in emerging markets is often underdeveloped. Even as wireless communication spreads throughout the West, vast stretches in countries such as China and India remain without telephones. Power shortages often render the modes of communication that do exist ineffective. The postal service is typically inefficient, slow, or unreliable; and the private sector rarely provides efficient courier services. High rates of illiteracy make it difficult for marketers to communicate effectively with customers. Second, even when information about products does get around, there are no mechanisms to corroborate the claims made by sellers. Independent consumer-information organizations are rare, and government watchdog agencies are of little use. The few analysts who rate products are generally less sophisticated than their counterparts in advanced economies. Third, consumers have no redress mechanisms if a product does not deliver on its promise. Law enforcement is often capricious and so slow that few who assign any value to time would resort to it. Unlike in advanced markets, there are few extrajudicial arbitration mechanisms to which one can appeal. As a result of this lack of information, companies in emerging markets face much higher costs in building credible brands than their counterparts in advanced economies. In turn, established brands wield tremendous power. A conglomerate with a reputation for quality products and services can use its group name to enter new businesses, even if those businesses are completely unrelated to its current lines. Groups also have an advantage when they do try to build up a brand because they can spread the cost of maintaining it across multiple lines of business. Such groups then have a greater incentive not to damage brand quality in any one business because they will pay the price in their other businesses as well.Which of the following sentence(s) is/are correct in the context of the given passage ? I. Consultants and foreign investors argue that the conglomerate is the dinosaur of organisational design too unvvieldly and slow to compete in today’s fast-paced markets. II. Core competencies and focus are now the mantras of corporate strategists in western economies. III. Due to lack of information required, companies in emerging markets face much higher costs in building credible brands in comparison to their counterparts in advanced economies.....