CBSE Class 12 Business Studies Notes- Free Download

CBSE Class 12 Business Studies Notes- Free Download

CBSE Class 12 Business Studies Notes 2021

Are you in class 12th and looking for the best CBSE Class 12 Business Studies Notes? Then you have found the right web page. In this blog, you will find NCERT class 12 business studies revision notes download in PDF links. Students can simply download pdfs for every chapter and save them for future reference. 

Study Notes are very important for students because it makes studies easier than books. VidaSetu is the top online education portal for students of class 10th, 11th, and 12th students. It provides FREE ONLINE CLASSES for every subject, along with the easiest study material for every subject. Students can simply register on the site to get the latest updates from the CBSE. 

Class 12 Exams are very important for students to score marks because it further helps to get the best college for higher studies. For that, students need to complete their CBSE Class 12 Commerce Syllabus 2021 at least 2 months before the main exams and practice CBSE Class 12 Commerce Sample Papers 2021

Students can go through the CBSE Class 12 Commerce Time Table 2021 and start preparing for the final exams right away. CBSE has not yet announced the CBSE Result Date 2021. Students can later check their CBSE Class 12 Commerce Results 2021 here! 

If you want to make your studies easiest, then simply attend CBSE Class 12 Business Studies Free Online Classes for regular studies and get the best video lectures on your personal electronic device. 

If you want to know more about Business Studies then check out the CBSE Class 12 Business Studies Guide 2021 drafted under the prescribed syllabus of CBSE. 

Let’s proceed with the CBSE 12th class business studies notes with the PDF links.

 

Business Studies Class 12 Notes PDF Download

In this section, students will get access to the Business Studies Class 12 NCERT Solutions for all the chapters with attached PDF Files. Through these summarized NCERT class 12 business studies notes, students can make their learning cycle look easier. Students can simply save each PDF file on their personal devices and have future access anytime and from anywhere. 

Before going deep into the CBSE 12 Class Business Studies Notes, students are required to study the CBSE Class 12 Business Studies Syllabus thoroughly. This will help students to study only the required chapters prescribed in the revised syllabus for 2021. As per Business studies, new curriculum students should also make sure to go to business studies case studies class 12.

Students will not miss out on any important topic of your Business Studies Class 12 Ncert Solutions as these notes include all the required topics. We have listed all the chapters from 1-12 from both the NCERT BST Books for class 12th. Download links now. Class 12 business studies chapter-wise revision notes are provided below with in-depth knowledge. 

Chapter 1: Nature and Significance of Management 

Chapter 2: Principles of Management

Chapter 3: Business Environment 

Chapter 4: Planning 

Chapter 5: Organising

Chapter 6: Staffing 

Chapter 7: Directing 

Chapter 8: Controlling

Chapter 9: Financial Management 

Chapter 10: Financial Market

Chapter 11: Marketing 

Chapter 12: Consumer Protection 

CBSE 12th Class Business Studies Notes in Details

Class 12 Bst Notes Pdf free download

NATURE AND SIGNIFICANCE  OF MANAGEMENT CLASS 12 NOTES

Class 12 Business Studies Chapter 1 Notes/Business Studies Class 12 Chapter 1

Concept

Management is the process of planning, organizing, staffing, directing, and controlling the enterprise resources efficiently and effectively for achieving the goals of the organization. Effectiveness management is concerned with doing the right task, completing activities, and achieving goals. Efficiency means doing the task correctly and with minimum cost.

Characteristics

The key features of management are:

(i) goal-oriented process

(ii) all-pervasive 

(iii) multidimensional

(iv) continuous process

(v) group activity

(vi) dynamic function

(vii) tangible force.

Objectives

Management fulfills three basic objectives: organizational, social, and personal.

Importance 

Management is important because it helps in achieving group goals, increases efficiency, creates a dynamic organization, helps achieve personal objectives, and contributes to the development of society.  

Nature 

Management is a combination of an organized body of knowledge  (science) and its skillful application (art). Although it does not satisfy all the requirements of a profession, it is to a large extent professional in character. 

Levels 

Management is considered a three-tier activity. The top management focuses on the determination of objectives and policies, middle management attempts to achieve these objectives through the effort of other managers, and supervisory or operational management directly oversees the efforts of the workforce. 

Functions 

All managers perform the following interrelated functions: Planning,  Organizing, Staffing, Directing, and Controlling. 

Coordination 

Coordination is the essence of management. It is the process of achieving unity of action among interdependent activities and departments of an organization. 

PRINCIPLES OF MANAGEMENT CLASS 12 NOTES

Class 12 Business Studies Chapter 2

Meaning

Principles of management are general guidelines, which can be used for conduct in workplaces under certain situations. They help managers to take and implement decisions.

Nature

The nature of management principles can be discussed under the heads– formed by practice; general guidelines; universal; flexible; behavioral; contingent; and cause and effect relationship.

Significance

Proper understanding of the significance of management principles is essential to making sound decisions by managers. The significance is discussed under the following heads- Increase inefficiency; Optimum utilization of resources; Scientific decision making; Adaptation to changing environment; Fulfilling social responsibilities; Proper research and development; Training managers; and Effectiveadministration.

Scientific Management

Taylor’s principles of scientific management are — Science, not the rule of thumb; Harmony, not discord; Cooperation not individualism; Maximum, not restricted output; Development of each person to her/his greatest efficiency and prosperity. The techniques of scientific management as per Taylor were — Functional foremanship; Standardization and simplification of work; Fatigue Study; MethodStudy; Time Study; Motion Study; and Differential Wage System. We can also point out differences between the contributions of Taylor and Fayol but essentially they were complementary in nature.

Fayol’s Principles of Management

According to Fayol, the functions of management are to plan, organize, command, coordinate, and control. The activities of an industrial undertaking could be divided into; Technical; Commercial; Financial; Security; Accounting and Managerial. He also suggested that managers should have the following qualities-Physical; Moral; Education; Knowledge; and Experience. Full listed 14 principles of management —

a division of work;

Authority and responsibility;

Discipline;

Unity of command;

Unity of direction;

Subordination of individual interest to general interest;

Remuneration of Personnel;

Centralisation and decentralization;

Scalar Chain;

Order;

Equity;

Stability in the tenure of Personnel;

Initiative;

and Espirit De corps.

We can also point out differences between the contributions of Taylor and Fayol but essentially they were complementary in nature.

BUSINESS ENVIRONMENT CLASS 12 NOTES

Business Studies Class 12 Chapter 3

Meaning of business environment: The term business environment means the totality of all individuals, institutions, and other forces that are outside a business but that potentially affect its performance.

The business environment can be characterized in terms of

(a) the totality of external forces

(b) specific and general forces

(c) inter-relatedness

(d) dynamic nature

(e) uncertainty

(f) complexity

(g) relativity

Importance of business environment: Business environment and its understanding is important for (i) enabling the identification of opportunities and getting the first-mover advantage, (ii) helping in the identification of threats and early warning signals, (iii) coping with the rapid changes, (v) assisting in planning and policy and(vi) improving the performance.

Elements of business environment: The business environment consists of five important dimensions including economic, social, technological, political, and legal.

The comment includes such factors as interest rates, inflation rates, changes in disposable income of people, stock market indexes, and the value of the rupee.

The social environment includes social forces like traditions, values, social trends, society’s expectations of business, and so on. The technological environment includes forces relating to scientific improvements and innovations which provide new ways of producing goods and services and new methods and techniques of operating a business.

The political environment includes political conditions such as general stability and peace in the country and specific attitudes that elected government representatives to hold toward business.


PLANNING CLASS 12 BUSINESS STUDIES NOTES

Business Studies Class 12 Chapter 4

Planning is deciding in advance what to do and how to do it. It is one of the basic managerial functions. Planning, therefore, involves setting objectives and developing the appropriate course of action to achieve these objectives.

Importance of PlanningPlanning provides directions, reduces risks of uncertainty, reduces overlapping and wasteful activities promote innovative ideas, facilitates decision making, establishes standards for controlling.

Features of PlanningPlanning focuses on achieving objectives; It is a primary function of management; Planning is pervasive, continuous, futuristic, and involves decision making; It is a mental exercise.

Limitations of PlanningPlanning leads to rigidity; reduces creativity; involves huge costs; Itis a time-consuming process; Planning does not work in a dynamic environment, and does not guarantee success. Planning Process

Setting objectives: Objectives may be set for the entire organization and each department or unit within the organization. Developing premises: Planning is concerned with the future which is uncertain and every planner is using conjecture about what might happen in the future.

Identifying alternative courses of action: Once objectives are set, assumptions are made. Then the next step would be to act upon them. Evaluating alternative courses: The next step is to weigh the pros and cons of each alternative.

Selecting an alternative: This is the real point of decision-making. The best plan has to be adopted and implemented. Implement the plan: This is concerned with putting the plan into action. Follow-up action: Monitoring the plans is equally important to ensure that objectives are achieved.Types of Plans

Objectives: Objectives therefore can be said to be the desired future position that the management would like to reach.

Strategy: A strategy provides the broad contours of an organization’s business. It will also refer to future decisions defining the organization’s direction and scope in the long run.

Policy: Policies are general statements that guide thinking channelizes energies towards a particular direction.

Procedure: Procedures are routine steps on how to carry out activities.Rule: Rules are specific statements that tell what is to be done.

Program: Programmes are detailed statements about a project which outline the objectives, policies, procedures, rules, tasks, human and physical resources required, and the budget to implement any course of action.

Budget: A budget is a statement of expected results expressed in numerical terms. It is a plan which quantifies future facts and figures.

ORGANISING CLASS 12 NOTES

Organizing Class 12 Business Studies 

Organizing is the process of defining and grouping activities and establishing authority relationships among them.

Process: the process of organizing consists of the following steps:

(a) Identification and division of work

(b) Departmentalisation

(c) Assignment of Duties

(d) Establishing reporting relationships

Importance: Organising is considered important because it leads to the division of work, clarity in reporting relationships, optimum utilization of resources, growth, better administration, and greater creativity.

Organizational structure is the framework within which managerial and operating tasks are performed. It can be functional or divisional.

The span of management is the number of subordinates under superior.

Functional structure groups activities on the basis of functions. The advantages of such a structure are specialization, better control, managerial efficiency, and ease in training employees. The disadvantages are functional empires, conflict of interest, inflexibility, and restriction in managerial development.

Divisional structure groups activities on the basis of products.The advantages are integration, product specialization, greater accountability, flexibility, better coordination and more initiative.The disadvantages are departmental conflicts, costly processes, ignoring of organizational interests, increase in requirements of general managers.

Formal organization is designed by the management to achieve organisational goals. Its advantages are fixation of responsibility,clarity of roles, unity of command and effective accomplishment of goals. Its disadvantages are procedural delays, inadequate recognition of creativity, limited in scope.

Informal organisation arises out of interaction amongst people at work. Its advantages are speed, fulfillment of social needs, fills in adequacies of formal structure. Its disadvantages are: disruptive force, resistance to change and priority to group interests.

Delegation is the transfer of authority from superior to subordinate.It has three elements: Authority, Responsibility and Accountability.

Importance of delegation is that it helps in effective management,employee development, motivation, growth and coordination.Decentralization is delegation of authority throughout the organization.

Importance of decentralisation is that it helps in development of managerial talent, quick decision making reducing burden on top management, development of initiative, growth and better control.

STAFFING CLASS 12 NOTES

Class 12 Business Studies Chapter 6 Notes

Meaning: Staffing has been described as the managerial function of filling and keeping filled, the positions in an organisation structure.This is achieved by, first of all, identifying requirement of work force, followed by recruitment, selection, placement, promotion, appraisal and development of personnel, to fill the roles designed into the organisation structure.

Need and Importance of Staffing: In any organisation, there is a need for people to perform work. The staffing function of management fulfills this requirement and finds the right people for the right job.

The staffing function has assumed greater importance these days because of rapid advancement of technology, increasing size of organisation and complicated behaviour of human beings. The ability of an organisation to achieve its goal depends upon the quality of its human resources.

Staffing as part of Human Resource Management: Staffing is a function which all managers need to perform. It is a separate and specialised function and there are many aspects of human relations to be considered.It is the responsibility of all managers to directly deal and select people to work for the organisation. When the manager performs the staffing function his role is slightly limited. In small organizations, managers may perform all duties related to employees salaries,welfare and working conditions.But as organisations grow and number of persons employed increases,a separate department called the human resource department is formed which has specialists in the field to manage people.

Human Resource Management includes many specialised activities and duties which the human resource personnel must perform.

Evolution of HRM: Human resource management has replaced the traditional concept of labour welfare and personnel management.HRM in its present form has evolved from a number of significant inter-related developments, which date back to the era of industrial revolution. Emergence of trade union movement led to the need of a person who could act as an effective link between the owners and workers.You may have observed that all these aspects are concerned with the human element in the industry as distinct from the mechanical side of the enterprise. Thus, staffing is an inherent part of human resource management as it is the practice of finding, evaluating and establishing a working relationship with people, for a purpose.

Staffing Process: The prime concern of the staffing function in the management process is the timely fulfillment of the manpower requirements within an organisation.

Estimating the Manpower Requirements: Performance of each job necessitates the appointment of a person with a specific set of educational qualifications, skills, prior experience and so on. Operationally, understanding the manpower requirements would necessitate workload analysis on the one hand and workforce analysis on the other.

Training is any process by which the aptitudes, skills and abilities of employees to perform specific jobs are increased.

Education is the process of increasing the knowledge and understanding of employees. It is the understanding and interpretation of knowledge. Development refers to the learning opportunities designed to help employees grow.

Training MethodsThere are various methods of training. These are broadly categorised into two groups: On-the-Job and Off-the-Job methods.

On the Job Methods(i) Apprenticeship Programs (ii) Coaching (iii) Internship Training(iv) Job Rotation

Off the Job Methods(i) Class Room Lectures/Conferences (ii) Films (iii) Case Study(iv) Computer Modelling (v) Vestibule Training (vi) ProgrammedInstruction.

DIRECTING CLASS 12 NOTES

Business Studies Class 12 Chapter 7

Directing is a complex managerial function consisting of all the activities that are designed to encourage subordinates to work effectively. It includes supervision, motivation, communication and leading. The principles which guide effective directing maybe classified as principles related to the purpose of directing and principles related to the direction process.

Supervision: It is an element of direction. It can be understood as a process as well as the functions performed by the supervisor (a position at operative level). Supervision is very important as it is closely linked to overseeing the work, guiding and ensuring that targets are met by workers and employees.

Motivation: Motivation is the process of stimulating people to action to accomplish desired goals of organisation. It is an internal feeling of an individual and leads to goal-directed behavior. Motivation is mainly based on needs of individuals. It helps individuals and groups in the organization for improved performance.

Managers offer incentives to employees both financial and nonfinancial. Financial incentives are monetary and may be in the form of salary, bonus, profit-sharing, pension, etc. Nonfinancial incentives provide social and psychological satisfaction. These include status, promotion, responsibility, job enrichment, job recognition, job security, employee participation, delegation, empowerment etc.

Leadership: Leadership is most important factor in the success of an enterprise. It is the process of influencing people to strive willingly for group objectives. The qualities of a good leader have been researched by many experts. Some of the qualities of good leader include–courage, will power,  judgement, knowledge, integrity, physical energy, faith, moral qualities, fairness, vitality, decisiveness, social skills etc. But all these qualities cannot be possessed by one individual nor always help in their success.  

Communication: Communication refers to the process of exchange of ideas between or among persons and creates understanding.  The communication process involves the elements of source, encoding,  channel, receiver, decoding, and feedback. In organizations, both formal and informal communications simultaneously take place.  

Formal communications refer to all official communications in the form of orders, memos, appeals, notes, circulars, agenda,  minutes, etc. Apart from formal communications, informal or grapevine communications also exist. 

Informal communications are usually in the form of rumors, whispers, etc. They are unofficial, spontaneous, unrecorded, spread very fast, and usually distorted. A manager should learn to manage with informal communication also. In most organizations, several barriers may exist to effective communications. 

Some of these barriers include – semantic barriers, organizational barriers, language barriers, transmission barriers, psychological barriers, and personal barriers. Managers should take appropriate measures to overcome these barriers and promote effective communication in the organization.

CONTROLLING CLASS 12 NOTES

Controlling Chapter 8 Class 12

Controlling is the process of ensuring that actual activities conform to planned activities.The importance of managerial control lies in the fact that it helps in accomplishing organisational goals. Controlling also helps in judging the accuracy of standards, ensuring efficient utilization of resources, boosting employee morale, creating an atmosphere of order and discipline in the organisation and coordinating different activities so that they all work together in one direction to meet targets.

Controlling suffers from certain limitations also. An organisation has no control over external factors. The control system of an organisation may face resistance from its employees. Sometimes controlling turns out to be a costly affair, especially in case of small organisations. Moreover, it is not always possible for the management to set quantitative standards of performance in the absence of which controlling exercise loses some of its effectiveness.

The process of control involves setting performance standards, measurement of actual performance, comparison of actual performance with standards, analysis of deviations and taking corrective action.

Planning and controlling are inseparable twins of management. Planning initiates the process of management and controlling completes the process. Plans are the basis of control and without control, the best-laid plans may go astray. Personal observation, statistical reports, breakeven analysis, and budgetary control are traditional techniques of managerial control. Return on investment, ratio analysis, responsibility accounting, management audit, PERT and CPM, and Management InformationSystem are modern techniques of managerial control.

FINANCIAL MANAGEMENT NOTES CLASS 12

Class 12 Business Studies Chapter 9 Notes

Business finance: The money required for carrying out business activities is called business finance. Almost all business activities require some finance. Finance is needed to establish a business, to run it, to modernize it, to expand, and diversify it.

Financial Management: Financial Management is concerned with optimal procurement as well as usage of finance. For optimal procurement, different available sources of finance are identified and compared in terms of their costs and associated risks.

Objectives and Financial Decisions The primary aim of financial management is to maximize shareholders’ wealth which is referred to as the wealth maximization concept. The market price of a company’s shares are linked to the three basic financial decisions

Financial decision-making is concerned with three broad decisions which are Investment Decision, Financing Decision, Dividend DecisionFinancial Planning, and Importance Financial planning is essential preparation of a financial blueprint of an organization’s future operations. The objective of financial planning is to ensure that enough funds are available at right time.

Financial planning strives to achieve the following twin objectives.(a) To ensure availability of funds whenever these are required:(b) To see that the firm does not raise resources unnecessarily: Financial planning is an important part of the overall planning of any business enterprise. It aims at enabling the company to tackle the uncertainty in respect of the availability and timing of the funds and helps in the smooth functioning of an organisation.

Capital Structure and Factors One of the important decisions under financial management relates to the financing pattern or the proportion of the use of different sources in raising funds. On the basis of ownership, the sources of business finance can be broadly classified into two categories viz., ‘owners funds and ‘borrowed funds’. Capital structure refers to the mix between owners and borrowed funds. Deciding about the capital structure of a firm involves determining the relative proportion of various types of funds. This depends on various factors which are: Cash Flow Position, Interest Coverage Ratio (ICR), Debt ServiceCoverage Ratio (DSCR), Return on Investment (RoI), Cost of Debt, Tax Rate, Cost of Equity, Floatation Costs, Risk Consideration, Flexibility, Control, Regulatory Framework, Stock Market Conditions, and Capital Structure of other Companies.

Fixed and Working Capital Fixed capital refers to investment in long-term assets. Management of fixed capital involves the allocation of a firm’s capital to different projects or assets with long-term implications for the business. These decisions are called investment decisions or capital budgeting decisions. They affect the growth, profitability, and risk of the business in the long run.

Factors affecting the Requirement of Fixed Capital are Nature of Business, Scale of Operations, Choice of Technique, Technology Upgradation, GrowthProspects, Diversification, Financing Alternatives, and Level of Collaboration. Apart from the investment in fixed assets, every business organization needs to invest in current assets. This investment facilitates smooth day-to-day operations of the organization. Current assets are usually more liquid but contribute less to the profits than fixed assets.

Factors affecting the working capital requirement are Nature of Business, Scale of Operations, Business Cycle, Seasonal Factor, Production Cycle, CreditAllowed, Credit Availed, Operating Efficiency, Availability of Raw Material, Growth Prospects, Level of competition, and rate of Inflation.

FINANCIAL MARKETS CLASS 12 NOTES

Class 12 Business Studies Chapter 10 Notes

Financial Market is a market for creation and exchange of financial assets.It helps in mobilisation and channelising the savings into most productive uses. Financial markets also helps in price discovery and provide liquidity to financial assets.

Money Market is a market for short-term funds. It deals in monetary assets whose period of maturity is less than one year. 

The instruments of money market include treasury bills, commercial paper, call money, Certificate of deposit, commercial bills, participation certificates and money market mutual funds.

Capital Market is a place where long-term funds are mobilised by the corporate undertakings and Government. Capital Market may be divided into primary market and secondary market. 

Primary market deals with new securities which were not previously tradable to the public. Secondary market is a place where existing securities are bought and sold.

Stock Exchanges are the organizations which provide a platform for buying and selling of existing securities. Stock exchanges provide continuous market for securities, helps in price discovery, widening share ownership and provide scope for speculation.

Securities and Exchange Board of India was established in 1988 and was given statutory status through an Act in 1992. The SEBI was set-up to protect the interests of investors, development and regulation of the securities market.

MARKETING CLASS 12 NOTES

Class 12 Business Studies Chapter 11 Notes

In the traditional sense, the term ‘market’ refers to the place where buyers and sellers gather to enter into transactions involving the exchange of goods and services. But in modern marketing sense, it refers to a set of actual and potential buyers of a product or service.

Marketing: The term marketing has been described as performance of business activities that direct the flow of goods and services from producers to consumers. Marketing is not merely a post-production activity. It includes many activities that are performed even before goods are actually produced and continue even after the goods have been sold.

Functions of Marketing: The important functions of marketing include gathering and Analysing Market Information, Marketing Planning, ProductDesigning and Development, Standardisation and Grading, Packaging and labeling, Branding, Customer Support Services, Pricing of Products, Promotion, Physical distribution, Transportation, Storage or Warehousing.

Role of Marketing: By adopting marketing orientation, an organization whether profit-making or non-profit making, can achieve its goals in the most effective manner. Also marketing acts as a catalyst in the economic development of a country and helps in raising the standards of living of people.

Marketing Mix is a set of marketing tools that the firm uses to pursue its marketing objectives in a target market. The variables or elements of the marketing mix have been classified in to four categories, popularly known as four Psof marketing viz., Product, Price, Place and Promotion. These elements are combined to create an offer.

Product: In common parlance, the word ‘product’, is used to refer only to the physical or tangible attributes of a product. In marketing, product is a mixture of tangible and intangible attributes, which are capable of being exchanged for a value, with the ability to satisfy customer needs. It is anything that can be offered to a market to satisfy a want or need.

Products may broadly be classified into two categories—industrial products and consumers’ products. Products,which are purchased, by the ultimate consumers or users for satisfying their personal needs and desires are referred to as consumer products. On the basis of shopping efforts involved, the products are classified as ConvenienceProduct, Shopping Products and Speciality Products. On the basis of their durability, consumer products have been classified into categories—Durable, Non-durable, and Services. Those activities, benefits or satisfaction, which are offered for sale, e.g., dry cleaning, watch repairs, hair cutting, are called services.

Industrial products are those products, which are used as inputs in producing other products. These are broadly classified in to 

(i) Materials and Parts,

(ii)Capital Items, and

(iii) Supplies and Business Services.

Packaging: The act of designing and producing the container or wrapper of a product is referred to as packaging. There can be three different levels of packaging viz., Primary package, Secondary packaged, Transport package. Packaging performs a number of functions in the marketing of goods. Some of the important functions include Product identification; Product protection; Facilitating the use of the product, and the Promotion of goods and services.

Advertising is the most commonly used tool of promotion. It is an impersonal form of communication, which is paid for by the marketers (Sponsors) to promote some goods or services. The merits of advertising, as a medium of communication, including

(i) Mass reach;

(ii) Enhancing customer satisfaction and confidence;

(iii) Expressiveness; and

(iv) Economy.

The limitations of advertising are that it is

(i) less forceful

(ii) lacks Feedback

(iii)inflexibility

(iv) low effectiveness.

The most common Objections to Advertising are that it

(i) adds to cost;

(ii) undermines social Values;

(iii) confuses the buyers;and

(iv) encourages sale of Inferior Products.

Most of the criticisms against advertising are not fully true. Advertising is therefore considered an essential function of marketing.

Sales Promotion refers to short-term incentives, which are designed to encourage the buyers to make immediate purchases of a product service. These include promotional efforts other than advertising, personal selling and publicity, used by a company to boost its sales. Commonly used SalesPromotion Activities include rebate, Discount, refunds, Product Combinations,Quantity Gift, Instant Draws and Assigned Gift, Lucky Draw, Usable Benefit,Full Finance @ 0%, sampling, and contests.

CONSUMER PROTECTION CLASS 12 NOTES

Class 12 Business Studies Chapter 12 Notes

Importance of Consumer Protection: From the point of consumers, consumer protection is important because consumers are ignorant, unorganized, and exploited by sellers. Consumer Protection is also important for a

(i) It is in the long-term interest of business,

(ii) Business uses society’s

(iii) It is a social responsibility of business,

(iv) It has moral justification,

(v) It avoids government intervention in the functioning of the business.

Legal Protection to Consumers: The Indian legal framework consists of number of legislations that provide protection to consumers. These include

(i) The Consumer Protection Act, 1986,

(ii) The Indian Contract Act, 1872,

(iii)The Sale of Goods Act, 1930,

(iv) The Essential Commodities Act,1955,

(v) The Agricultural Produce (Grading and Marking) Act, 1937,

(vi) The Prevention of Food Adulteration Act, 1954,

(vii) The Standards of Weights and Measures Act, 1976,

(viii) The Trade Marks Act, 1999,

(ix) The Competition Act, 2002,

(x) The Bureau of Indian Standards Act, 1986.

Consumer Rights: The Consumer Protection Act, 1986, provides for six consumer rights. These are: (i) Right to safety, (ii) Right to be informed,(iii) Right to choose, (iv) Right to be heard, (v) Right to seek redressal,(vi) Right to consumer education.

Consumer Responsibilities: In addition to exercising his rights, a consumer should also keep in mind his responsibilities while purchasing, using, and consuming goods and services.

Ways and Means of Consumer Protection: There are various ways in which the objective of consumer protection can be achieved. These include (i) Self-regulation by business, (ii) Business associations, (iii) Consumer awareness,(iv) Consumer organizations, (v) Government.

Redressal Agencies under the Consumer Protection Act: The Consumer Protection Act provides for the setting up of three-tier enforcement machinery at the District, State, and National levels. They are referred to as the ‘DistrictForum’, ‘State Commission’, and the ‘National Commission’. There are various reliefs available to a consumer under the Act. The appropriate consumer court may pass an order for removal of defects in goods, replace a defective product, refund the price of the product, pay compensation for the loss suffered, etc.

Consumer Organisations and NGOs: In India, several consumer organizations and non-governmental organizations (NGOs) are playing an active role in the protection and promotion of consumers’ interests.

Revision Notes of Business Studies Class 12

Revision notes of business studies class 12 are very helpful during exam times. No student can go through the entire Business studies notes during an exam and hence CBSE Class 12 Business Studies Revision Notes are made by students to save themselves from unnecessary pressure. Although Vidya Setu’s class 12 business studies revision notes a top-notch and gives a very clear and brief explanation of each topic, it is trusted by many students. Class 12 Bst Notes Pdf free download and Revision Notes Of Business Studies Class 12 can be done from the links above. 

12th Class Business Studies Notes

Business studies are one of the most important subjects in commerce, it is interesting and boring for equal portions of students and hence should be taught fairly. Business studies class 12 chapter 1 notes pdf download, as well as other chapter notes, are provided so that students can get all the required material in one place. Class 12 business studies notes can be downloaded as well and studied without an internet connection. 

Why Choose Vidya Setu for CBSE Class 12 Business Studies Notes 2021?

  1. Free PDF Link to Download- VidyaSetu is the leading FREE Online Class for students of class 10, 11, and 12th students. Along with this, students can download the FREE PDF of the NCERT Class 12 Business Studies Notes 2021. 
  2. Detailed Information– Vidyasetu provides all the updated information on its official website in a very effective manner. All the information is authentic as it is taken from CBSE’s official website to give regular updates to students. 
  3. 100% Correct and Authentic– It is very important for students to get the correct and authentic information for Business Studies. VidyaSetu only provides 100% accuracy and authentic information to the students. Students will never get any discrepancies or any mistakes on the official website. It is known as the most trusted and most preferred Educational platform for Online Education. 
  4. Latest and Updated Information–Students will only get the latest and updated information on VidyaSetu, based on the CBSE Curriculum or any other State Board-based information. Any change initiated by the Respective board is updated by VidyaSetu regularly. 

Conclusion-

Class 12 Commerce Students can acknowledge this CBSE Class 12 Business studies Notes for 2021 Exams. In this article, students will find all the necessary subject notes including their PDF File attached to it. Class 12 Business Studies Previous year’s paper should also be solved for better results. Students can also join CBSE Class 12 Business Studies Free Online Classes for more easy lectures on the BST Commerce Subject and clear their doubts by asking the top subject experts at VidyaSetu Learnings. If any student has any doubt regarding any Class 12 Subject or Exams can simply write in the below comment section or mail us at  info@vidyasetu.com.

Frequently Asked Questions (FAQs)

Q1. Which Book Should I Study for Business Studies?

A1. CBSE prescribed only NCERT Books for Class 12th Subjects. The whole question paper is based on the NCERT Business Studies Books. The BST books are as follow: 

  • NCERT Business Studies Part-I 
  • NCERT Business Studies Part-II 

Q2. Are NCERT Solutions Enough for Class 12 Business Studies?

A2. Yes as prescribed by CBSE, NCERT Solutions are enough for the Class 12 Exam 2021. As the Business Studies Question Paper is based on the NCERT Books. So, students are only required to go through Class 12 Business Studies Notes NCERT, and Books. 

Q3. From Where Can I Download Class 12 Business Studies Notes For Free?

A3. Students can download Class 12 Business Studies Notes for FREE from this article only. We have provided the Studies Class 12 Ncert Solutions PDF Links in the above article. 

Q4. How VidyaSetu Business Studies Class 12 Notes Pdf Download will help students for the exams?

A4. Business Studies Class 12 Notes Pdf Download will help students in acquiring detailed information about each and every topic covered in the Class 12 BST Syllabus. This will ultimately help in scoring very good marks in the Finals. 

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