Previous Year Solved Question Paper of “Retail- Code 801” for Class 12 NSQF Vocational, CBSE Session 2019-2020.

Retail (Subject Code 801)
Previous Year Question Paper for Class 12 Session 2019-2020
Max. Time: 3 Hours                            Max. Marks: 60

Q. 1 Answer. any 4 out of the given 6 questions on Employability Skills (1 x 4 = 4 marks)

i. A mini saga is a piece of writing with exactly ________ words.
a) 50 words
b) 20 words
c) 25 words
d) 30 words

ii. __________________ Motivation is based on the physical needs to satisfy hunger and thirst.

iii. Identify the Personality Disorder, “If a person is characterized by a pattern of persistent disregard for and violation of rights of others.”
a) Paranoid
b) Antisocial
c) Schizoid
d) Avoidant

iv. Functions are predefined formulae that perform calculations using specific values called arguments. (True/False)

v. UNEP stands for ______________________.

vi. In SMART Goals for an Entrepreneur, the alphabet A stands for______.

a) Artistic
b) Attainable
c) Available
d) Attractive

Q. 2 Answer. any 5 out of the given 7 questions (1 x 5 = 5 marks)

i. The person who is directly connected with rank and file or subordinates and acts as a vital link between the management subordinates_____________.

ii. “Dump bins” also called __________ for close out items. (buffer bins/ offer bins)

iii. The retail market place is polarizing into a _______________ forcing retailers to reorient their core strategies. (world of dreams/ world of extremes)

iv. CMMS stands for
a) Consumer Maintenance Management System
b) Computerized Maintenance Management System
c) Customer Maintenance Management System

v. Match the columns
1. Point of Production Retail store
2. Point of Storage Factory of farm
3. Point of Sale Warehouses

vi. The actual hiring authority for the recruit of an employee rests in the hands of a
___________________

vii. What do you called the ability to understand and meet the needs of Customer? 1

Q. 3 Answer. any 6 out of the given 7 questions (1 x 6 = 6 marks)

i. B2C stands for _______________ in terms of online retailing.
ii. ________________ e-mails are the usually triggered on a customer’s action with a company. (Direct e-mails/ Transactional e-mail)
iii. Identify the Call Centre Technology allows people to work from home.
a) Premise Call Centre Technology
b) Office Call Centre Technology
c) Virtual Call Centre Technology
iv. The term e-business was coined by IBM’s marketing and internet teams in 1996. (True/False)
v. Name the marketing through Telecommunications. 1
vi. Trace the method of advertising via e-mail whereby the recipient of the advertisement has consented to receive it.
vii. _____________ Readers are used to capture credit or debit card information to process sales.

Q. 4 Answer. any 5 out of the given 6 questions (1 x 5 = 5 marks)

i. POS system at retail store will most often have an _________ Cash Drawer. 1
ii. ______________ retrieve coded pricing information using laser beam for various items.
iii. What refers to the area of a store where customers can pay for their purchases? 1
iv. Identify the layout used by the modern Keyboards. qwerty layout
a) Poverty layout
b) Warty layout
v. The Point of Sale differs in a retail store and in a Restaurant. (True/False) 1
vi. CLM stands for
a) Customer Life Cycle Management
b) Computerized Life Cycle Management
c) Consumer Life Cycle Management
d) Convergence Life Cycle Management

Q. 5 Answer. any 5 out of the given 6 questions (1 x 5 = 5 marks)

i. Name the Reporting Tool that provides MIS reports that help in decision making,
analyzing the trends and competition.
ii. Name the process that includes receiving and recording payments from the customers.
iii. Identify the concept throws light on the point that each trAns.action as two folds affect such as receiving and giving of the benefits.
a) Dual aspect concern
b) The cost concepts
c) Going concern concept
d) Business entity concept

iv. Conventions are the customs or traditions guiding the preparation of accounting statements. (State True/ False)

v. The important branches of accounting are:
a) Financial Accounting
b) Cost Accounting
c) Management Accounting
d) All of the above

vi. Billing accuracy is the most important factor for:
a) Customer satisfaction
b) Reseller satisfaction
c) Purchase satisfaction
d)None of the above

Q. 6 Answer. any 5 out of the given 6 questions (1 x 5 = 5 marks)

i. Which of the following methods it does not require daily monitoring of inventory traffic and figures?
a) Perpetual method
b) Periodic method
c) Precise method

ii. LIFO stands for
a) Least in first out
b) Low in first out
c) Last in first out

iii. Running out of the inventory of an SKU means. _________________.
a) Stock out
b) Stock in
c) Stock keeping

iv. Inventory means. a list of goods and materials available in stock by a business. (True/ False)

v. Name the term used in business to refer to merchandise being offered for sale that was manufactured long ago but that has never been used.

vi. SKU stands for _____________________.

Section B: Subjective Type Questions

Answer. any 3 out of the given 5 questions on Employability Skills (2 x 3 = 6 marks)

Answer. each question in 20 – 30 words.
Q 7 List out the four steps of Active listening.
Q 8 Write the importance of Self-motivation
Q 9 What is the use of MIN function in Open Office Calc.
Q 10 Define the term Biofuel.
Q11 What do you understand by Entrepreneurial Competencies?

Answer. any 3 out of the given 5 questions in 20 – 30 words each (2 x 3 = 6 marks)
Q 12 List out the Elements of Visual Merchandising.
Q 13 Give the two steps involved to a successful and accurate physical inventory handling Process-I
Q 14 Mention the key requirements that must be met by Modern POS system.
Q 15 Write the two broad categories of POS system.
Q 16 What are the main objectives of Accounting?

Answer. any 2 out of the given 3 questions in 50– 80 words each (3 x 2 = 6 marks)
Q 17 State the advantages of Telemarketing.
Q 18 Keyboards are used with back office server. Explain the function of Keyboard.
Q 19 “E-Shopping is becoming popular now a days”. Accordingly Justify the statement by mentioning the important features of E-Shop.

Answer. any 3 out of the given 5 questions in 50– 80 words each (4 x 3 = 12 marks)
Q. 20 “The organization and the Store are built from the Customer Perspective”. Investigate the statement to be Customer Centric and List out the strategies.
Q. 21 According to you, what are the three basic reasons for keeping an Inventory?
Q 22 Distinguish between Book Keeping and Accounting.
Q 23 “The key components of POS system work together in synchronization to give the best results to the Retailer”. List out the procedure steps of working.
Q 24 “Accounting is useful to the management as well as other users”. Clarify the statement by providing the functions of Accounting.

Answers

Section A: Objective Type Questions

Q. 1 Answer. any 4 out of the given 6 questions on Employability Skills (1 x 4 = 4 marks)
i. ANS.: a) 50 words
ii. ANS.: Psychological
iii. ANS.: b) Antisocial
iv. ANS.: True
v. ANS.: United Nations Environment Program.
vi. ANS.: b) Attainable

Q. 2 Answer. any 5 out of the given 7 questions (1 x 5 = 5 marks)
i. ANS.: Supervisor
ii. ANS.: Offer bins
iii. ANS.: World of Extremes
iv. ANS.: b) Computerized Maintenance Management System
v. ANS.:
1. Point of Production factory of farms
2. Point of Storage Warehouses
3. Point of sale Retail stores
vi. ANS.: Human Resource Management 1
vii. ANS.: Customer Centric 1

Q. 3 Answer. any 6 out of the given 7 questions (1 x 6 = 6 marks)
i. ANS.: Business to Consumers
ii. ANS.: Transactional mails
iii. ANS.: c) Virtual Call Centre Technology
iv. ANS.: True
v. ANS. :Telemarketing
vi. ANS.: Opt-in e-mail advertising or Permission Marketing
vii. ANS.: Magnetic Stripe Readers

Q. 4 Answer. any 5 out of the given 6 questions (1 x 5 = 5 marks)
i. ANS.: Electronic
ii. ANS.: Bar Code Scanner
iii. ANS.: Point of Sale
iv. ANS.: a) qwerty layout
v. ANS.: True
vi. ANS.: a) Customer Life Cycle Management

Q. 5 Answer. any 5 out of the given 6 questions (1 x 5 = 5 marks)
i. ANS.: GO- Frugal’s report tool
ii. ANS.: Telecom Billing
iii. ANS.: a) Dual aspect concern
iv. ANS.: True
v. ANS.: d) All of the above
vi. ANS.: a) Customer satisfaction

Q. 6 Answer. any 5 out of the given 6 questions (1 x 5 = 5 marks)
i. ANS.: b) Periodic method
ii. ANS.: c) Last in first out
iii. ANS.: Stock out
iv. ANS.: True
v. ANS.: New Old Stock
vi. ANS.: Stock Keeping Unit

Section B: Subjective Type Questions

Answer. any 3 out of the given 5 questions on Employability Skills (2 x 3 = 6 marks)
Answer. each question in 20 – 30 words.
Q 7 ANS.: The four steps are:
Contact
Absorb
Reflective feedback
Confirm

Q 8 ANS.: Self-motivation is important because
It increases individual’s energy and activity.
It directs an individual towards specific goals.
It results in initiation and persistence of specific activities
It affects cognitive processes and learning strategies used for completing similar tasks.

Q 9 ANS.: MIN function is used to find the minimum of values in the given range of cells.

Q 10 ANS.: Biofuel is the nonconventional fuel that is sought to run vehicles without creating pollution. Since petrol and diesel create lot of pollution, there is a need to have clean fuel. It is felt that fuel from bio -mass or natural matter can help resolve this problem.

Q11 ANS.: Entrepreneurial behavior requires certain knowledge, skills or personality profile. Generally, it is called entrepreneurial competence or traits. A competence may be defined as underlying characteristics of a person which results in effective and/or superior performance in a job. Entrepreneurial competencies play a key role in the success of an entrepreneur and in achievement of entrepreneurial goals.

Answer. any 3out of the given 5 questions in 20 – 30 words each (2 x 3 = 6 marks)

Q 12 ANS.: The Elements are (Any 2 can be considered)
1. Balance: Asymmetrical rather than symmetrical balance with the display
2. Size of Objects-Place the largest object into display first.
3.Color: Helps set mood and feelings.
4. Focal Point: Where product and props/signage and background come together.
5.Lighting: Should accent focal point, if possible.
6.Simplicity: Less is more so know when to stop and don’t add too many items.

Q 13 ANS.: The Two Steps are:
Preparing for a physical inventory
Selecting counting methods

Q 14 ANS.: The key requirements that must be met by modern POS systems include:
High and consistent operating speed
Reliability
Ease of use
Remote supportability
Low cost
Rich functionality.
Retailers can reasonably expect to acquire such system.

Q 15 ANS.: There are two broad categories of POS systems:
The hardware and software combination
The target business segment of the POS system

Q 16 ANS.: Objectives of Accounting
The following are the main objectives of accounting:
1. To maintain the records of a business as Book-keeping.
2. To ascertain Profit or Loss
3. To ascertain Financial Position
4. To communicate financial information

Answer. any 2out of the given 3 questions in 50– 80 words each (3 x 2 = 6 marks)

Q 17 ANS.: Benefits of using Telemarketing
The main benefit of using telemarketing to promote the business is that it allows you to immediately gauge your customer’s level of interest in your product or service. Provide a more interactive and personal sale service. Create an immediate rapport with your customers. Explain technical issues more clearly. Generate leads and appointments. Sell from a distance to increase your sales territory Reach more customers than with in-person sales calls. Sell to both existing and new customers. Achieve results that are measurable

Q 18 ANS.: Keyboards is used with the back office server. The keyboard is used to enter items, pricing information, updates and all other information essential to running the business. Even when touch-screen monitors are used at workstation terminals, keyboards may still be useful in entering any notes, details or modifications to the purchased goods or services.

Q 19 ANS.: Important features of an E-shop:
1. Online catalogue for goods, linked to the order process.
2. Provision of a search engine for products.
3. Shopping cart, for good selection and automatic price update.
4. Personalization of store layouts, promotions and marketing.
5. An online contact person.
6. Order status checking facility.
7. Use of forums and customer communities.

Answer. any 3 out of the given 5 questions in 50– 80 words each (4 x 3 = 12 marks)

Q. 20 ANS.: The organization and the store are built from the customer perspective in, not the retailer perspective out.
The shopping process is easy to understand, and customers have more control over the entire retail experience.
Customer information is appropriately used, by both the retailer and by customers, to enhance the shopping experience. The shopping experience is tailored to different customer needs and shopping occasions.

The following four strategic imperatives:
1. Build an organization that defines a shopping experience that evolves with changing customer expectations: Retailers need to build a dynamic organization that is aligned to listen to the customer so that it can continuously enhance and sustain customer satisfaction. This requires a commitment to innovate and experiment with new concepts and offerings.

2. Provide a truly convenient shopping experience: Stores need to be designed to create an environment that is easy to shop and provides customers with the necessary tools, information, and services needed to make an informed and confident purchase.

3. Develop an integrated view of the customer: Retailers need to achieve a foundational level of customer information integration that includes eliminating customer data silos and integrating fragmented pieces of data gathered across all customer touch points and channels. This level of integration allows retailers to deliver more seamless shopping experiences and also deliver more relevant offerings to customers.

4. Deliver a flexible product/service offering: Retailers need to be able to tailor their offerings to meet customer needs across different segments, local markets, shopping occasions and product categories. The store should be designed and operated with flexible options that allow customers to shop the way they want to shop. Further, while it is critically important to embrace these imperatives, achieving an increased focus on the retail customer’s perspective requires retailers to focus on execution excellence throughout their organization.

Q. 21 ANS.: The three basic reasons for keeping the inventory are:
1. TIME- The time lag present in the supply chain, from the 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 variation in lead time. Lead time itself can be addressed by ordering that many days in advance.
2. Uncertainty- Inventories are maintained as buffers to meet uncertainties in demand, supply and movement in goods.
3. Cost effectiveness- Ideal condition of “one unit at a time at a place where user needs it, when he needs it” principle tend to incur lots of costs in terms of logistics. So bulk buying, movement and storing brings in cost effectiveness, thus inventory is needed

Q 22 ANS.: Bookkeeping and Accounting
The terms book-keeping and accounting are used interchangeably, but they differ from each other. Accounting is a wider concept and includes Book Keeping. Book-keeping involves the chronological recording of financial transactions of an organization in a set of books in a systemic manner. The main function of a book keeper is to maintain the books of original entry i.e., Journal, Ledger, etc. 

It involves: Identifying financial transactions and events Measuring them in terms of money. Recording the identified financial transactions and events in the books of account. Classifying recorded transactions and events Accounting is on the other hand is much wider term which includes recording, classifying and summarizing of financial transactions and also making interpretations of the results of the business and report to the users. It starts where book keeping ends. It involves: Special skills and ability to analyze and interpret. Objective is to ascertain net results of operations and financial position and to communicate information to the interested parties

Q 23 ANS.: Step 1: Scanning the Products When you go to the last destination in a retail store, the final action is making payments to what you have purchased. You will notice that the person standing at the POS system scan all the products with a bar code scanner to log the prices and qualities in their machine. Bar code scanner uses a laser beam to read the information coded in the bar code.

Step 2: Receiving Payments Merchants use point-of-sale (POS) systems to take customer payments by credit card1/debit card or cash. Payments are collected immediately in a store that uses a POS system to run the payment. The terminals that are used in POS systems are typically connected directly to a bank that can credit the user’s account and show payment on the merchant’s books. A financial tracking system is connected to POS terminals through systems that process credit and debit card payments.

Step 3: Printing the Bill POS equipment can print copies of the sale for the customer and the merchant. Exchanges and refunds also can be run through the system, and the bill can be printed when a merchant has a printer attached to the system.

Step 4: Cash Drawer Merchants running POS systems usually attach a cash drawer to the system to hold the credit card receipts. POS systems also tie in cash payments through the same program and open the cash draw when each transaction is completed. And the transaction is complete! Isn’t that so simple and in a logical sequence.

Q 24 ANS.: Accounting is useful to the management as well as to other users such as owners, debtors, creditors, investors, government and others. It provides information regarding the status of the organization and results of its operations.
The following are the functions of accounting:

1. Recording of information: Accounting is an art of recording financial facts of an organization. As it is not possible to remember each and every transaction of the business it is necessary to supplement human memory. The information is recorded in various books. The books to be maintained in an organization may be purchase book, sales book, purchase returns book, sales returns book, cash book etc.

2. Classification of data: The classification data means. that the data of one nature is placed at one place. This is done in a book which is called „Ledger‟ For example Salaries, Rents, interest, Assets, Liabilities etc. These accounts will be opened in the ledger under various heads relating to these accounts and entries will be posted into these accounts

3. Making summaries: Another function of financial accounting is to summarize the recorded data. The classified data is used to prepare final accounts i.e. profit and loss account and balance sheet. The profit and loss account is the summary of various revenue items and expenditure items and the balance sheet is the summary of various assets and liabilities.

4. Dealing with financial transactions: Only those transactions which can be measured in terms of money are recorded. Anything which cannot be measured in terms of money does not form a part of financial accounting.

5. Interpreting Financial Information: Accounting information is modified in such a way that it is interpreted by the users for drawing conclusions. The users such as creditors investors, bankers, shareholders are able to form an opinion about the profitability and financial position of the business.

6. Communicating Results: Financial accounting is not only concerned with the recording data but also concerned with communication of results. The profitability and financial position of the organization are communicated through profit and loss account and balance sheet. This information is supplied at regular intervals.

7. Providing Reliable Information: Another important function of financial accounting is to make the information more reliable and useful. This is done by adopting internationally accepted accounting standards for the preparation of accounts.