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| Covering Chapters |
1. |
Stakeholders in Commercial Organisation |
14. |
Financial Recording and Accounting System |
2. |
Scope of the Companies Act |
15. |
Principles of Financial Accounting and Reporting |
3. |
Regulations Concerning Sales And Marketing |
16. |
Financial Statements of Trading Concern |
4. |
Consumer Protection |
17. |
Financial Statements of Non Trading Organisations |
5. |
Human Rights And Child Rights |
18. |
Interpreting Financial Reports |
6. |
Concept And Enforcement Of Social Security Laws |
19. |
Budgets and Their Utility |
7. |
Accounting Standards And Ethics |
20. |
Banking |
8. |
Taxation |
21. |
Types of Deposit Accounts and Transactions |
9. |
Regulation On Intellectual Property |
22. |
Fundamental Concepts of Cost |
10. |
Purpose and Types of Marketing Activities |
23. |
Recruitment and Selection |
11. |
Assessing Demand and Marketing Research Tools |
24. |
Training and Appraisal |
12. |
Advertising and Brand Promotion |
25. |
Industrial Relations and Trade Unions |
13. |
Sales and Selling Process |
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| Questions |
| Questions 21 |
Mark [10]
Time : 10 mins |
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What is meant by 'Performance Appraisal'? Explain the systems of the 'Performance Appraisal'. |
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| Questions 22 |
Mark [10]
Time : 10 mins |
| (a) |
As a manufacturer of toys you wish to advertise your product. What media would you select and why? Explain any three factors which you will consider while selecting the appropriate media. |
| (b) |
What are the financial statements? Discuss its objectives. |
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| Questions 23 |
Mark [10]
Time : 10 mins |
| (A) |
Hari is the owner of a factory manufacturing stoves. A worker Shekhar in the heating section of the factory gets injured while working on a piece of metal. Shekhar is taken to the hospital. During treatment lasting ten days, the index finger of Shekhar's left hand had to be amputated. Hari bears the hospital bill but refuses to pay any further money to Shekhar for the injury. |
| (i) |
Which law has Hari violated? |
| (ii) |
Is Shekhar entitled to any compensation? Give reasons for your answer. |
| (iii) |
Would your answer be different if Shekhar was injured due to smoking on the job which is prohibited? |
| (iv) |
When is a workman entitled to get a compensation under the Workman's Compensation Act, 1923? |
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| Solutions Tips and Guidelines |
| Solution 21 |
Mark [10]
Time : 10 mins |
| Meaning of performance appraisal : |
| Performance appraisal is a formal programme under which an individual's performance on the job and his potential for future growth and development is systematically evaluated. According to Scot, Clothier and Spric gel, "It is the process of evaluating the employee's performance on the job in terms of requirements of the job. |
| Systems or methods of performance appraisal : |
(A) |
Employee ranking – Under this method, performance of an employee is compared with all other employees in the group, by a supervisor. On the basis of their performance, the employees are given ranks. This method is appropriate for very small and simple organisations. |
(B) |
Paired comparison method is the modified form of ranking method, under which employee in a work group is compared with every other employee and result of these comparisons are tabulated, on this basis, a rank for each person is determined. |
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Graphic rating scales – Under this method, a standard graphic scale with various performance traits like quantity of output, quality of output, knowledge of the job, loyalty etc is established, which are used to evaluate the performance of an employee at several degrees like excellent, very good, average, poor etc. |
(C) |
Merit grading – Under this method, various categories of merit like 10% in poor, 20% below average, 40% average, 60% above average, 90% outstanding are decided. The raters evaluate the various pre-determined performance traits on the above mentioned merit categories. Two or more employees can be given equal ratings. |
(D) |
Checklist method – This method was developed by psychologists for the U.S. Army in world war II and is also known as 'forced choice Method'. Under this method, the rater evaluates the performance of an employee on a form consisting of four possible statements about a person. Each statement is given a scale value of 'MOST' and 'LEAST'. This method eliminates human bias but is lengthy, time consuming and restricted to few statements only. |
(E) |
Critical incidents method – Under this method, employees behaviour is evaluated during some specific events. Employees are rated on the basis of their behaviour. Scores are assigned according to their behaviour. |
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