Commercial Studies Semester-2 ICSE Specimen Paper Solved Class-10

Commercial Studies Semester-2 ICSE Specimen Paper Solved Class-10 for practice. Step by step solutions of ICSE Class-10 specimen model sample paper. During solutions of semester-2 Commercial Studies specimen paper we explain with figure , graph, table whenever necessary so that student can achieve their goal in next upcoming exam of council . Visit official website CISCE for detail information about ICSE Board Class-10.

Commercial Studies Semester-2 ICSE Specimen Paper Solved Class-10

Board	ICSE
Class	10th (x)
Subject	Commercial Studies
Topic	Semester-2 ICSE Specimen Paper Solved
Syllabus	on bifurcated syllabus (after reduction)
session	2021-22
Question Type	Descriptive Type (as prescribe by council)
Total question No.	6 with all parts (Sec-A & B)
Max. mark	40

Solved Class-10 for practice Set of Commercial Studies Semester-2 ICSE Specimen Paper

Warning :- before viewing solution view Question Paper

SECTION A

(Attempt all questions.)

Question 1:

Choose the correct answers to the questions from the given options. (Do not copy the question, Write the correct answer only.)

(i) The __________ budget contains an estimate of the total volume of production week wise, month wise and product wise.

(a) Production

(b) Purchase

(d) Sales

Answer : update soon

(ii) _________ market consists of all organizations, institutions and instruments that provide long term funds.

(a) Money

(b) Goods

(d) Services

Answer : (c) Capital

(iii) The capital of the company is divided into equal parts called_________.

(a) Debentures

(b) Shares

(d) Funds

Answer : (b) Shares

(iv) The __________ selection tests seek to measure a candidate’s capacity to learn particular skills and test his potential abilities.

(a) Personality

(b) Dexterity

(d) Aptitude

Answer : (d) Aptitude

(v) __________ is a positive process which creates a pool of candidates.

(a) Recruitment

(b) Selection

(d) Development

Answer : (a) Recruitment

(vi) The __________ function of the Central bank involves settling of claims of Commercial banks through a process of book entries.

(a) Monopoly of note issue

(b) Government’s bank

(d) Developmental

Answer : update soon

(vii) __________ shares do not carry voting rights.

(a) Equity

(b) Preference

(d) Public deposits

Answer : update soon

(viii) The result of the trading account is the __________ and it is transferred to the Profit and Loss account.

(a) Gross Profit

(b) Net Profit

(d) Bills Payable

Answer : update soon

(ix) A __________ is an establishment for storage or accumulation of goods.

(a) Bank

(b) Warehouse

(d) Forecast

Answer : (b) Warehouse

(x) __________ means a promise to compensate in case of loss.

(a) Causa Proxima

(b) Doctrine of Subrogation

(d) Contribution

Answer : (c) Indemnity

SECTION B

(Answer any four questions from this Section.)

Question 2:

(i) Explain Application Blank as a step in the selection process .

(ii) What is a Production Budget?

(iii) Explain any three reasons why warehousing is important.

(iv) Explain any three Principles of Insurance.

Answer :

(i) Application blank is the commonest device for getting information from a prospective candidate. Almost all organisations require job seekers to fill up an application. This serves as a personal record of the candidate bearing personal history profile, detailed personal activities, skills and accomplishments.

(ii) The production budget calculates the number of units of products that must be manufactured, and is derived from a combination of the sales forecast and the planned amount of finished goods inventory to have on hand (usually as safety stock to cover for unexpected increases in demand). The production budget is typically prepared for a “push” manufacturing system, as is used in a material requirements planning environment.

(iii)

Warehousing allows for timely delivery and optimized distribution, leading to increased labor productivity and greater customer satisfaction.
It also helps reduce errors and damage in the order fulfillment process. Plus, it prevents your goods from getting lost or stolen during handling.
A warehouse gives you better control over your inventory and ensures that customers will receive their products on time, which ultimately leads to higher profits.

(iv)

Utmost good faith: An insurance contract is one in which the insurer and insured should display good faith towards each other with regard to the contract. Insured duty is to make full and accurate disclosure of all the facts and the insurer have to satisfy terms and conditions of the contract. Hence, the proposer has to disclose all the material facts about the subject matter of the proposed insurance. Any fact which is likely to affect the mind of the insurer in deciding to accept the proposal of insurance is material. If the insured fails to disclose material facts, it makes the contract of insurance voidable at the discretion of the insurer.
Indemnity: The fire and marine insurances are the contracts of indemnity. Insurer undertakes to put the insured in the event of loss in the same position which she or he possessed instantly before the occurring of the event insured against. The loss of event and the compensation payable are measured in terms of money.
Mitigation: The insured has to take steps to minimise the loss or damage to the insured property. If any fire accident occurs in a warehouse, immediately the insurer should try to recover the goods and save them from any further damage. The insurer must behave prudently as there is an insurance cover.

Question 3: (Commercial Studies Semester-2 ICSE )

(i) Explain ‘Mobile Wallets’.

(ii) What is Insurance?

(iii) Write short notes on:

(a) Fire Insurance

(b) Cash Credit

(iv) What is External recruitment? Explain Employment Exchanges and Recommendations as sources of external recruitment.

Answer :

(i) A mobile wallet is a type of virtual wallet that stores credit card numbers, debit card numbers, and loyalty card numbers. It is accessible through an app installed on a mobile device, such as a smartphone or tablet.

(ii) Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

(iii)

(a) Fire insurance is a legal contract between an insurance company and the policyholder which guarantees that any loss or damages caused to the policyholder’s property in a fire will be paid by the insurance company.

(b) Cash Credit is a short term loan approved by banks for businesses, financial institutions and companies to meet their working capital requirements. The borrowing company can take money, even without a credit balance, upto whatever borrowing limit exists.

(iv) External sources denote recruitment from sources outside the organisation. Many a time, suitable candidates are not available from the internal sources. In order to meet the demands of the company, the external sources have to be used.

Question 4: (Commercial Studies Semester-2 ICSE )

(i) What is a Budget?

(ii) Explain Placement Agencies as sources of External Recruitment.

(iii) Explain any three steps of the Selection process.

(iv) Write Short notes on:

(a) Discounting of bills of exchange

(b) IMPS

Answer :

(i) A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.

(ii) Placement agencies : Placement agencies consists of private agencies and professional bodies. These agencies keep bio data of a large number of candidates and provide a nation wide service of recommending suitable names to their clients.

(iii)

Application.
Screening & pre-selection.
Interview.
Assessment.
References and background check.
Decision.
Job offer & contract.

(iv)

(a) Discounting of bill refers to the encashment of the bill before the date of its maturity. The bank deducts its charges from the bill. The bank shall make the payment of the bill after deducting some interest (called discount in this case). This process of encashing the bill with the bank is called discounting the bill.

(b) IMPS full form is Immediate Payment Service. It is an instant electronic fund transfer service that allows inter and intra-bank transfers. In simple word, IMPS helps customers transfer money instantly from one account to another.

Question 5: (Commercial Studies Semester-2 ICSE )

(i) What is a Central Bank?

(ii) What is a Master Budget?

(iii) Explain any two functions of the Central Bank.

(iv) Write short notes on:

(a) Intellectual Property Fraud

(b) Internet and Cyber fraud

Answer :

(i) A central bank is a financial institution given privileged control over the production and distribution of money and credit for a nation or a group of nations. In modern economies, the central bank is usually responsible for the formulation of monetary policy and the regulation of member banks.

(ii) A master budget is a financial document that includes how much an organization plans to make and how much they plan to spend over a fiscal year, usually broken down into quarters or months. It may also include text explanations of how the budget can help the company reach its strategic goals.

(iii) A central bank can be said to have two main kinds of functions: (1) macroeconomic when regulating inflation and price stability and (2) microeconomic when functioning as a lender of last resort.

(iv) update soon

Question 6: (Commercial Studies Semester-2 ICSE )

(i) State any two differences between Credit Card and Debit Card.

(ii) State any two Disadvantages of Internal Recruitment.

(iii) Use the following Trial Balance to complete the Final Accounts of Ms. K. Pant for the year ending March 31, 2021.

Answer :

(i) Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Credit cards allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.

(ii)

Beware the echo chamber. If you rely too heavily on promoting from within the business, then you do run the risk of your working practices stagnating. …
Fast-growing companies can’t always hire internally.

(iii) update soon..

TRIAL BALANCE