Previous Year Question Paper with Answers of “Retail – Code 801” for Class 12 NSQF Vocational, CBSE Session 2021-2022.

CBSE | Vocational Education 
Retail (Subject Code 801)
Class XII 
Question Paper For Term – II

Max. Time Allowed: 1 ½ Hour (90 min)  Max. Marks: 30

General Instructions:
1. Please read the instructions carefully
2. This Question Paper is divided into 03 sections, viz., Section A, Section B and Section C.
3. Section A is of 05 marks and has 06 questions on Employability Skills.
a) Questions numbers 1 to 4 are one mark questions. Attempt any three questions.
b) Questions numbers 05 and 06 are two marks questions. Attempt any one question.
4. Section B is of 17 marks and has 16 questions on Subject specific Skills.
a) Questions numbers 7 to 13 are one mark questions. Attempt any five questions.
b) Questions numbers 14 to 18 are two marks questions. Attempt any three questions.
5. Section C is of 08 marks and has 03 competency-based questions.
a) Questions numbers 19 to 21 are four marks questions. Attempt any two questions.
6. Do as per the instructions given in the respective sections.
7. Marks allotted are mentioned against each section/question.

SECTION A

(3 + 2 = 5 marks)

Answer any 03 questions out of the given 04 questions 1 x 3 = 3

Q.1 Fill in the blank:-The Industrial Revolution gave birth to _______________ who use their technical expertise to create and offer machines, tools and methods. 1

Q.2 The word ‘entrepreneur’ is derived from which French word? 1

Q.3 (EESL), under the Ministry of Power, has launched an ‘electric vehicle programme. What is the full form of EESL? 1

Q.4 Which programme, comprising of 8 missions, was launched by the Government of India in 2008 to mitigate and adapt to the adverse impact of climate change? 1

Answer any 01 question out of the given 02 questions 1 x 2 = 2

Q.5 What is meant by a ‘Startup’? 2

Q.6 What do you understand by Eco-Tourism? 2

SECTION B

(5 + 6 + 6 = 17 marks)

Answer any 05 questions out of the given 07 questions 1 x 5 = 5

Q.7 It’s the responsibility of _____________________to see that every cash counter is managed properly. 1

Q.8________________ is the most important factor for the customer satisfaction and from regulatory obligation point of view. 1

Q.9 Name the book which is used for the classification of data in accounting. 1

Q.10 In this system, accounting entries are made only when cash is received or paid, No entry is made when a payment or receipt is merely due. Which system of accounting are we talking about? 1

Q.11 What is the full form of ‘LIFO’ while dealing with inventory? 1

Q.12 Name the assets which can be converted into cash within 1 year? 1

Q.13 Name the diagrammatic presentation of physical layout of the store and all stock locations. 1

Answer any 03 questions out of the given 05 questions 2 x 3 = 6

Q.14 What is meant by Cost accounting? 2
Q.15 What do you understand by ‘Business Entity Concept’? 2
Q.16 What is the difference between 2 Column and 3 column cash book? 2
Q.17 What is meant by a ‘Balance Sheet’? 2
Q.18 What is ‘New Old Stock’? 2

Answer any 02 questions out of the given 04 questions 3 x 2 = 6

Q.19 Briefly explain any 3 Characteristics of Accounting. 3
Q.20 Differentiate between Debit Note and Credit Note (any 3) 3
Q.21 Describe briefly any 3 limitations of Accounting? 3
Q.22 Briefly explain the reasons for keeping ‘stock inventory’. 3

SECTION C

(2 x 4 = 8 marks)

(COMPETENCY-BASED QUESTIONS)

Answer any 02 questions out of the given 03 questions

Q.23 Supermarket 1 was popular in the neighborhood for competitive pricing and offering heavy discounts. Supermarket 2, around a mile away had normal pricing strategy, and had similar product range and availability. It was noticed that Supermarket 2 had more loyal customers and higher sales. Customers mentioned that they found Supermarket 2 more convenient while billing and check out.

Based on the case study given above, answer the following questions:
a) Mention any 2 probable reasons what can make customers feel disappointed and impatient in the billing procedure.

b) Mention 2 corrective measures to avoid billing error and faster checkout. 2 + 2 = 4 Marks

Q.24 Consider an example of 4 products being sold in a hypermarket- Fresh paneer, Biscuit, Plastic bucket, and Men’s trouser.

a) Make an inventory plan for these 4 types of products, explaining reasons to hold high/ low inventory and prioritize which type of product stock should be rotated faster and why?

b) Which of the above products will have minimum shelf life and the maximum ordering frequency, which one is more liable to fall under damaged inventory category if not handled properly? 2+ 2= 4 Marks

Q.25 A grocery store had a quarterly stock audit. Shrinkage of 10% was recorded, which is quite high as per retail standards.

a) What could have gone wrong in the stock audit process? Cite any 2 probable reasons.

b) Mention any 4 immediate steps that may be taken to prepare for an inventory audit? 2+2 = 4 Mark

Answers

Answer Key /Marking Scheme

SECTION A

Answer any 03 questions out of the given 04 questions (1 x 3 = 3 Marks)

1) Technical entrepreneurs.

2) Entreprendre 

3) Energy Efficiency Services Limited

4) National Action Plan on Climate Change (NAPCC)

Answer any 01 question out of the given 02 questions ( 2 x 1 = 2 Marks)

5) A startup is a company that is in the first stage of its operations. A startup is often financed by the founders until the business gets off the ground, and it gets outside finance or investments. Startups can be started with minimum investment. Most startups thrive on an idea that involves technology or offer technology-driven solutions. s. ‘Startup India’, a flagship initiative of the Government of India, is intended to build an ecosystem for the growth of startup business. 

6) Eco-tourism is intended to provide an experience to visitors to understand the importance of conserving resources, reducing waste, enhancing the natural environment, and reducing pollution. This helps improve the public image as the visitors feel good about being in an environment-friendly place. Green jobs in eco-tourism include eco-tour guides and eco-tourism operators. 

SECTION B

( 5+ 6+6 = 17 Marks)

Answer any 05 questions out of the given 07 questions (1 x 5 = 5)

7) Cash counter in-charge or the Head Cashier 
8) Billing Accuracy 
9) Ledger Book.
10) Cash System of Accounting. 
11) Last In First Out. 
12) Current assets. 
13) Fixture map.

Answer any 03 questions out of the given 05 questions ( 2x 3 = 6)

14) The purpose of cost accounting is to analyze the expenditure so as to ascertain the cost of various products manufactured by the firm and fix the prices. It also helps in controlling the costs by providing the necessary cost information to the management for decision-making purposes. 

14 ) Business Entity Concept: In simplest terms, a business entity is an organization created by an individual or individuals to conduct business, engage in a trade or partake in similar activities. There are various types of business entities — sole proprietorship, partnership, LLC, corporation, etc. 

15) The three column cash book is simply the traditional two-column cash book with the addition of an extra column at each side. This extra column is used to record cash discounts: discount allowed column at the debit side, discount received column at the credit side.

16) A balance sheet is a statement of Assets and Liabilities of a firm which is prepared as on a particular date to show the financial position of the firm. A balance sheet shows the summary of assets and liabilities on a certain date, generally the last date of an accounting year. 

17) New Old stock (sometimes abbreviated as NOS) is a term used in business to refer to merchandise being offered for sale that was manufactured long ago but that has never been used. Such merchandise may not be produced anymore, and the new old stock may represent the only market source of a particular item at the present time. 

Answer any 02 questions out of the given 04 questions (3x 2= 6 Marks)

19) Accounting has the following 6 characteristics: (Any 3)

Understandability: Accounting information is to be presented in such a way that it is understandable to the users.

Relevance: Accounting information helps the user in decision making. The information so provided is relevant to that particular situation.

Consistency: There should be consistency in the application of accounting policies adopted by a firm.

Comparability: The accounting information provided by a firm must be comparable to that of similar firms over a period of time.

Reliability: Accounting should provide the true and fair picture of the operations of a firm.

Objectivity: An important feature of accounting is that it is not biased. And the accounting reports are neutral. 

20.) Any 3 of the following:
i) Debit note is prepared by a person who has purchased the goods and returning the some portion or whole of goods. Credit note is prepared by the a person who receives the goods returned.

ii) Debit note is intimation to the seller about the return of goods .Credit note is confirmation of receiving the returned goods.

iii) Debit note informs the person that his account is debited .while credit note informs the person who returns the goods that his account is credited.

iv) Debit note is recorded in Purchase return books and credit note is recorded in sales return books. 

21) The following are the limitations of accounting: (Any 3 )

1. Does not record all events: Only financial transactions are recorded.

2. Does not reflect current values: The data available under book-keeping is historical in nature. So they do not reflect current values.

3. Estimates based on Personal judgment: The estimates used for determining the values of various items may not be correct. For example, debtors are estimated in terms of collectability, inventories are based on marketability, and fixed assets are based on useful working life. These estimates are based on personal judgment and hence sometimes may not be correct.

4. Inadequate information on costs and Profits: Book-keeping only provides information about the overall profitability of the business. No information is given about the cost and profitability of different activities of products or divisions. 

22) There are 3 basic reasons for keeping inventory:
i) Time: the time lag present in the supply chain, from supplier to user at every stage, requires that you maintain certain amounts of inventory to use in this lead time.

However, in practice inventory is to be maintained for consumption during variations in lead time’. Lead time itself can be addressed by ordering that many days in advance.

ii) Uncertainty: Inventories are maintained as buffers to meet uncertainties in demand, supply and movement of goods.

iii) Cost-effectiveness: Ideal condition of ‘’ one unit at a time at a place where a user needs it, when he needs it ‘’ principle tends to incur lots of cost in terms of logistics.

So bulk buying, movement and storing brings in cost-effectiveness, thus inventory is needed. 

SECTION C

(COMPETENCY-BASED QUESTIONS

(2 x 4 = 8 marks)

23 a) Any 2 of the following:
i) Incorrect bill- wrong pricing taken due to erroneous back-end configuration.
ii) ii) Defective card reading machine- customer must move to another counter (which wastes their time)
iii) Wrong reflection of discounts/taxes etc. in printed bill-issue with backend software.
iv) Discount coupons not getting accepted in POS.

b) Any 2 of the following:
i) Proper configuration/tagging of all SKUs with back-end software,
ii) Incorporating correct pricing/taxes/discounts/offers in back end to ensure proper reflection in printed bill ( sms notification may be given to access a soft copy of bill).
iii) Keeping the POS clean.
iv) Billing Monitor in proper working condition.
iv) Smooth functioning of the card reader.
v) Accurate change handover 

24. a) Paneer should have the least inventory, the stock preferably not more than 2 days cycle, since it is a short shelf-life product. Biscuit comes next where inventory to be rotated faster, since it is usually coming with 3-6 months shelf life. Men’s trousers may not have an expiry issue, but the range and sizes need to be available- however, too high inventory may lead to piling up of old-fashioned ones.

b) Paneer is expected to move faster, with shortest shelf life, and is expected to order more frequently having lowest inventory levels. It is also liable to be damaged if not stored properly 

25. a) Mention any 2 of the following:

i) The damage stocks were not counted.
ii) Stocks kept aside in warehouse not accounted for.
iii) The backend data of inventory incorrectly fed leading to physical mismatch- wrong in-warding was done.
iv) The staff assigned did not segregate the stocks in the shop floor and have missed certain bays.

b) Mention any 4 of the following:
i) Reduce inventory levels before stock audit.
ii) Segregate damage stocks, warehouse stock, and stocks left in customer trolley, changing room, etc.
iii) Suspend all billing activities.
iv) Ensure proper functioning of scanners.
v)Ensure data hygiene in back end.
vi) Allocate proper counting task to staff.
vii) Allow enough time for the audit process.