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Direction: Read the following text and answer the questions that follow:
Karigar Furniture Ltd., a company manufacturing and trading furniture, was started by Saransh with five of his friends under Start Up India Program. It provides a diverse collection of wooden, plastic, cane, bamboo, and steel furniture at reasonable rates to the customers. They import raw-material from China for the same abiding by the government policy and procedures for imports. The company is earning good profits and donating 5% of profits earned for plantation of trees on highway roadside. The company organises training and skill development programme for its workers. The efficient planning and marketing strategy of the company has offered the owners of the company reasonable appreciation of capital employed.
“...import raw-material from China for the same abiding by the government policy and procedures for imports”.
Q. Identify the kind of responsibility fulfilled here.
  • a)
    Discretionary
  • b)
    Legal
  • c)
    Economic
  • d)
    Ethical
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Direction: Read the following text and answer the questions that foll...
  • Legal responsibility is fulfilled here.
  • Legal responsibility: All companies are subject to legal responsibilities and are required to follow the law, which impact organizations planning process. In order to operate soundly, a company must familiarize itself with external factors that govern the industry that the company operates within.
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Most Upvoted Answer
Direction: Read the following text and answer the questions that foll...
Legal Responsibility:
Legal responsibility refers to the obligation of a company to abide by all laws, regulations, and government policies related to its operations. In the given text, Karigar Furniture Ltd. imports raw materials from China, and it mentions that they do so while abiding by the government policy and procedures for imports. This indicates that the company is fulfilling its legal responsibility by ensuring that their import activities comply with the laws and regulations set by the government.

Explanation:
- Importing raw materials from another country involves various legal requirements, such as customs regulations, tariffs, and trade agreements.
- By mentioning that they abide by the government policy and procedures for imports, Karigar Furniture Ltd. is indicating that they are following all the legal requirements set by the government related to importing goods.
- Failure to comply with import regulations can lead to legal consequences such as fines, penalties, or even the suspension of import activities.
- Therefore, by fulfilling their legal responsibility in this aspect, Karigar Furniture Ltd. is demonstrating its commitment to operating within the boundaries of the law and upholding ethical business practices.
In conclusion, the company's adherence to government policies and procedures for imports showcases its commitment to fulfilling its legal responsibilities, which is essential for maintaining a sustainable and compliant business operation.
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Direction: Read the following text and answer the questions that follow:Karigar Furniture Ltd., a company manufacturing and trading furniture, was started by Saransh with five of his friends under Start Up India Program. It provides a diverse collection of wooden, plastic, cane, bamboo, and steel furniture at reasonable rates to the customers. They import raw-material from China for the same abiding by the government policy and procedures for imports. The company is earning good profits and donating 5% of profits earned for plantation of trees on highway roadside. The company organises training and skill development programme for its workers. The efficient planning and marketing strategy of the company has offered the owners of the company reasonable appreciation of capital employed.“...import raw-material from China for the same abiding by the government policy and procedures for imports”.Q. Identify the kind of responsibility fulfilled here.a)Discretionaryb)Legalc)Economicd)EthicalCorrect answer is option 'B'. Can you explain this answer?
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Direction: Read the following text and answer the questions that follow:Karigar Furniture Ltd., a company manufacturing and trading furniture, was started by Saransh with five of his friends under Start Up India Program. It provides a diverse collection of wooden, plastic, cane, bamboo, and steel furniture at reasonable rates to the customers. They import raw-material from China for the same abiding by the government policy and procedures for imports. The company is earning good profits and donating 5% of profits earned for plantation of trees on highway roadside. The company organises training and skill development programme for its workers. The efficient planning and marketing strategy of the company has offered the owners of the company reasonable appreciation of capital employed.“...import raw-material from China for the same abiding by the government policy and procedures for imports”.Q. Identify the kind of responsibility fulfilled here.a)Discretionaryb)Legalc)Economicd)EthicalCorrect answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions that follow:Karigar Furniture Ltd., a company manufacturing and trading furniture, was started by Saransh with five of his friends under Start Up India Program. It provides a diverse collection of wooden, plastic, cane, bamboo, and steel furniture at reasonable rates to the customers. They import raw-material from China for the same abiding by the government policy and procedures for imports. The company is earning good profits and donating 5% of profits earned for plantation of trees on highway roadside. The company organises training and skill development programme for its workers. The efficient planning and marketing strategy of the company has offered the owners of the company reasonable appreciation of capital employed.“...import raw-material from China for the same abiding by the government policy and procedures for imports”.Q. Identify the kind of responsibility fulfilled here.a)Discretionaryb)Legalc)Economicd)EthicalCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions that follow:Karigar Furniture Ltd., a company manufacturing and trading furniture, was started by Saransh with five of his friends under Start Up India Program. It provides a diverse collection of wooden, plastic, cane, bamboo, and steel furniture at reasonable rates to the customers. They import raw-material from China for the same abiding by the government policy and procedures for imports. The company is earning good profits and donating 5% of profits earned for plantation of trees on highway roadside. The company organises training and skill development programme for its workers. The efficient planning and marketing strategy of the company has offered the owners of the company reasonable appreciation of capital employed.“...import raw-material from China for the same abiding by the government policy and procedures for imports”.Q. Identify the kind of responsibility fulfilled here.a)Discretionaryb)Legalc)Economicd)EthicalCorrect answer is option 'B'. Can you explain this answer?.
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They import raw-material from China for the same abiding by the government policy and procedures for imports. The company is earning good profits and donating 5% of profits earned for plantation of trees on highway roadside. The company organises training and skill development programme for its workers. The efficient planning and marketing strategy of the company has offered the owners of the company reasonable appreciation of capital employed.“...import raw-material from China for the same abiding by the government policy and procedures for imports”.Q. Identify the kind of responsibility fulfilled here.a)Discretionaryb)Legalc)Economicd)EthicalCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the following text and answer the questions that follow:Karigar Furniture Ltd., a company manufacturing and trading furniture, was started by Saransh with five of his friends under Start Up India Program. 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