Unit 8 Economic Activities | Social Studies Class 10 Guide Book

Unit 8 Economic Activities Social Studies Class 10 Guide Book has the complete exercises and notes. it will be very helpful to the students.

Unit:-8 Lesson:-1 Current Plan

Unit-8 Lesson-1

Current Plan

A.  Very short answer questions:-

1.   Define ‘Economic plan’ in a sentence.

Ans:- The plan which is made to improve the economic condition of the country is called economic plan.

2.  Mention the objectives of making plans.

Ans:- The main objectives of making plan is to carry out any kinds work successfully.

3.  When did the economic plan begin in Nepal?

Ans:- Economic plan development began in Nepal since 2013 B.S.

4.  When did the current fourteenth plan start?

Ans:- The current 14th plan started in 2073/074 BS.

B.  Short answer question.

1.  What are the features of current plan?

Ans:- The features of current plan or mentioned below:

i)  Every plan is periodic and is to be complete within the limit time.

ii)  Plans run with determined objectives.

iii)  Plans keep interest of public benefit at top.

iv)  Distribution of national resources is proportionately made.

v)  Plans are totally based on economic activities.

vi)  Current plan is self-dependence and flourishing in nature.

2.  Mention the need and importance of economic plan.

Ans:- The need and importance of economic plan are mentioned below:

i)  To attain steady economic development.

ii)  To remove unemployment, poverty and inequalities among people.

iii)  To provide infrastructural facilities.

iv)  To attain balanced regional development.

v)  To allocate resources properly between present and future needs.

3.  What are the problems that may appear while formulating plan?

Ans:- The problems that may appear while formulating plants are listed below:

i)  The political instability is a great obstacle while formulating plan.

ii)  Lack of public participation while formulating plan.

iii)  Lack of skilled human resources to implement the plan.

iv)  Lack of proper communication and resources.

v)  Lack of balanced regional development.

4.  Why are the plans of Nepal not being able to achieve expected goals?

Ans:- The plans of Nepal not being able to achieve expected goals because of following reasons:

i)  Political instability is one main cause due to which goals of plans are not achieved.

ii)  There is incapable rulers and weak political commitment.

iii)  Formulation of unscientific plans, policies and programs which are only for popularity but it cannot be achieved.

iv)  Lack of people’s participation while formulating plans.

Unit:-8 Lesson:-2 Tourism Industry, Its Importance and Prospectus

Unit:- Lesson-2

Tourism Industry, Its Importance and Prospectus

 A.  Very short answer question.

1.  Who are tourists?

Ans:- the people who travel from one place to another place within the country or other country for Business, pleasure, adventure, spending holidays observing culture etc. is called tourist.

2.  What do you mean by tourism industry?

Ans:- Any business activity concerned with providing accommodation, entertainment, supplies or services is called tourism industry.

3.  Differentiate between domestic and international tourist in a sentence.

Ans:- The people who visit one place to another within country for various purpose is  domestic tourist whereas international tourist visit from one country to another country.

B.  Short answer questions:-

1.  Mention the importance of tourism in Nepal.

Ans:- The importance of tourism in Nepal and listed below:

i)  It helps to earn foreign currencies.

ii)  It is helpful for development of small and cottage industry.

iii)  It creates employment opportunities in the country.

iv)  It helps to make the publicity of a particular country in many other countries.

v)  It helps in development of infrastructure and conservation of art and culture.

2.  What are the possible adventurous activities for tourist in Nepal?

Ans:- The possible adventures activities for tourist in Nepal and listed below:-

i)  There is a good facility for trekking which allows people to enjoy with nature.

ii)  There are lots of mountains in Nepal. Tourist enjoys to mountaineering and gets pleasure and satisfaction from this.

iii)  Paragliding facilities are also available in Nepal which allows people to fly in the sky and observe the beautiful scenery of earth.

iv)  Bungee jumping is also available which takes very short time to complete but provides lifetime memory.

3.  “There is a great prospect of religious tourism in Nepal”. Justify this statement.

Ans:- Yes, the given statement is absolutely true that there is great prospects of religious tourism in Nepal. as, we all know that although Nepal is a small country in area but there is variation in language, religious and culture. There are people speaking 123 languages, following 10 religion and there are altogether 120 cast in Nepal although there is great diversity in language, cultural and religious. But also people live in unity. They never used to fight in the name of cast and culture. “Unity is diversity” is major religious feature of Nepal.

People of other countries easier to come to Nepal and observe its culture language and different religion. Nepal is also known as land of temple. There are lots of temples in Nepal and many of them are enlisted in world heritage site. Among them some of are important pilgrimage for some culture people due to which the people try to visit Nepal to observe it’s religious.

In this way, we can say that there is a great prospect of religious tourism in Nepal.

4.  What should be done to increase the number of tourist in Nepal?

Ans:- The things that should be done to increase the number of tourist in Nepal are listed below:-

i)  We should develop the necessary infrastructure like hotel, restaurant, transport, communication in all tourism area. Government should also support to people in doing this.

ii)  We should make the publicity of tourist places available in our country.

iii)  We should protect and preserve our arts and culture as well as important heritages.

iv)  We should conduct sanitation program to make our country neat and clean which attracts tourists.

v)  Government should develop and construct more heritages and make time to time repair of old heritages.

vi)  Government should make strong plan and policies to develop tourism.

vii)  Local people should treat the tourist as guest and should speak polite words.

5.  What are the strategies included in current economic plan for tourism development?

Ans:- The strategies included in current economic plan are listed below:-

i)  To increase tourism with collaboration of private sector.

ii)  To develop additional tourist destination.

iii)  To create employment opportunity through the development of village tourism.

iv)  To setup the publicity implementation within the country and in neighboring countries.

Unit:-8 Lesson:-3 Water: An Important Source of Energy

Unit-8 Lesson-3

Water: An Important Source of Energy

A.  Very Short answers questions.

1.  Write any two sources of energy?

Ans:- Name two sources of energy are listed below:

i)  Hydropower

ii)  Petroleum

2.  What is the potential of hydroelectricity in Nepal evaluated with the technical and economical point of view?

Ans:- The potential of hydroelectricity in Nepal evaluated with technical and economical point of view is 44317 MW.

3.  What can be the two ways to utilize the water resources available in your local level?

Ans:- Any two ways to utilize the under resources available in our local level are listed below:

i)  By generating hydroelectricity

ii)  By using the available water in irrigation

B.  Short answer question.

1.  Discuss the traditional and commercial or modern sources of energy.

Ans:- Energy is the power derived from the utilization or physical or chemical resources, especially to provide light and heat or to work machines.it can be obtained from gas, coal, nuclear power, petroleum, wind, hydropower, etc. It is used for domestic as well as industrial machine and vehicle. The traditional source of energy are firewood, dung of animal, agricultural residues and commercial and modern source of energy or gas, coal, solar energy, wind power, hydropower, petroleum, atomic power, thermal power, etc.

2.  How can Nepal be benefit from the hydropower generation? Mention.

Ans:- The process of generating electricity from moving water by passing it through turbine is called hydro power.

Nepal can be benefited from hydropower generation by following ways.

i)  Nepal can reduce the dependency on petroleum and other non-renewable sources of energy.

ii)  Nepal can operate different industries and factories. Thus, can reduce dependence upon other countries for goods.

iii)  Nepal can earn foreign currency by exporting electricity generated from hydropower.

iv)  Nepal can create employment opportunities and also can save its environment.

v)  It helps in the modernization and commercialization of agriculture.

So, government of Nepal should give priority to the production of electricity from hydropower.

3.  “Nepal has huge potential of hydropower” justify this statement.

Ans:- Yes, the given statement is absolutely true that Nepal has huge potential of hydropower. As, we all know that Nepal is rich in water resources. It is the second richest country of the world after Brazil. There are thousands of rivers, lakes, streams etc. which is useful for production of hydropower. Following points will justify the above statement clearly:

i)  Most of rivers are snow fed and fast flowing such as Karnali, Gandaki and Koshi which has high potential to generate hydro power.

ii)  Nepal has different topography. The water falling from Himalaya and mountain are so fast which are very suitable to produce hydro power by rotating turbine.

iii)  Most of rivers in Nepal are in sloppy places where the water falls so fast which can easily rotate the turbine to generate hydro power.

In this way we can say that Nepal has huge potential of hydropower.

4.  Is there any possibility that Nepal will earn foreign currency by exporting hydroelectricity? Present your opinion in points.

Ans:- There is less possibility to earn foreign currency by exporting hydroelectricity. The only one country to sell electricity is India. India wants to buy electricity in cheap cost but the production cost is high. There is a technical obstacle to export electricity due to political conflict in between political parties. On the other hand, Nepal itself is suffering from energy crisis. Here is long hour of load shedding. So, there is almost no possibility to earn foreign currency by exporting hydroelectricity.

c.  Long answer questions:

1.  Why is Nepal not being able to generate hydroelectricity as per the potential? Mention the reasons. Also mention the measures to remove energy crisis in Nepal.

Ans:- Nepal is not being able to generate hydroelectricity as per the potential because of following reasons:-

i)  Lack of sufficient capital for the investment in hydropower generation.

ii)  Lack of transportation and communication facilities.

iii)  Political stability and lack of visionary leadership.

iv)  Nepotism and favoritism in the hydropower projects.

The Measures to solve energy crisis in Nepal are listed below:

i)  Big hydroelectricity projects should be given priority by the government.

ii)  Foreign investment should be encouraged in hydroelectricity..

iii)  The ongoing projects should be completed on time.

iv)  The fusible demands of local people should be timely addressed.

Unit:-8 Lesson:-4 Foreign Employment in Nepal

Unit-8 Lesson-4

Foreign Employment in Nepal

A.  Very short questions:-

1.  What do you mean by foreign employment?

Ans:- The act of going out of the country to other countries for working and earning money e is called foreign employment.

2.  Why is foreign employment important in Nepal?

Ans:- foreign employment is important in Nepal because it helps in alleviation of poverty unemployment.

B.  Short answer questions.

1.  Why the foreign employment is considered a challenge?

Ans:- Foreign employment is considered as a challenge because of following reasons:

i)  The workers working in foreign countries are paid with low wages.

ii)  People do not get respectable job in foreign countries.

iii)  Lack of skill training and education among Nepali workers.

iv)  Most of people are cheated by brokers for foreign employment.

v)  Unsuccessful to produce manpower according to the demand of foreign countries.

Thus, nowadays foreign employment is very challenging everywhere.

2.  Mention the cautions to be followed while going for foreign employment. Present in points.

Ans:- The cautions to be followed while going for foreign employment are listed below:

i)  We should get physically and mentally well prepared.

ii)  We should learn necessary skills and technology that will further help us in our work.

iii)  We should make the citizenship and password from the concerned district administration office.

iv)  We should be well aware about nature of employment, cost, income and other facilities.

v)  We must do our insurance before going for foreign employment.

3.  How can more employment opportunities be generated in Nepal?

Ans:- We can generate more employment opportunities in Nepal by following ways:

i)  There should establishment of more industries and factories in order to create employment opportunities.

ii)  Government should increase the seats in governmental sector and should release seat in the public service commission.

iii)  Establishment of big hydro power and through utilization of local means and resources we can increase employment opportunities.

iv)  Priority should be given to entrepreneurship rather than a private job. This is because when someone starts business many other people get employment opportunities.

v)  Government should create a organization where unemployed are provided with training and utilized in certain period.

C. Long answers questions.

1.  Mention the positive and negative effects of the foreign employment.

Ans:- The positive and negative impacts of the foreign employment are mentioned below:

Positive effects

i)  The income generated from foreign employment help to alleviate poverty.

ii)  The foreign currency of obtained from this is useful for foreign trade and to maintain balance of payment.

iii)  It reduces unemployment problems of our country.

iv)  People’s life standard is uplifted due to increment in income.

v)  It helps to promote local culture and tradition in other countries.

Negative effects

i)  The country may lack skilled manpower for the development when the youths go for foreign job.

ii)  The development process becomes slow due to lack of efficient manpower.

iii)  It may cause transmission of various infectious diseases.

iv)  Social unity may get disturbed due to the increase in social evils.

2.  Mention the roles to be played by government, Manpower Company and civil society in order to make foreign employment well managed.

Ans:- The roles to be played by government, manpower company  and civil society in order to make foreign employment well-managed are listed below:

Government

i)  The government should make effective plans and policies.

ii)  Government should sign foreign labours contract in people’s benefit.

iii)  Government should establish Embassy and should make good diplomatic relationship.

Manpower company

i)  The manpower company should make proper investigation of job that they are going to provide to certain people in foreign company.

ii)  The manpower company should make people well known about nature of their work, their salary e and other facilities that they are going to get in foreign countries.

iii)  The manpower company should check all the documents of people and their health condition before sending them abroad for job.

 Civil society

i)  Civil society should aware people about black brokers who give wrong information.

ii)  Civil society should make strict rules and regulations for such brokers.

iii)  Civil society should conduct awareness program time to time awaring people about problems faced in foreign employment.

Unit:-8 Lesson:-5 Cooperative and its economic importance

Unit-8 Lesson-5

Cooperative and its economic importance

A.  Very short answer questions

1.  What is cooperative?

Ans:- cooperative means working together and sharing benefits together.

2.  Name the first cooperative of the Nepal.

Ans:- Bakhan cooperative established in  2013 BS in Chitwan was the first cooperative of Nepal.

B.  Short answer questions.

1.  Mention the principle of cooperative.

Ans:- The principle of cooperative are listed below:

i)  Voluntary and open membership.

ii)  Democratic member control.

iii)  Member economic participation.

iv)  Autonomy and independence.

v)  Education training and information.

vi)  Cooperation among cooperative.

vii)  Concern of community.

2.  State the condition to be fulfilled for the establishment of cooperative?

Ans:- The conditions to be fulfilled the establishment of comparative listed below:

i)  At least 25 persons are its member.

ii)  An application to the register for the registration.

iii)  Two copies of bye- law and work plan.

iv)  Description of shares which the members have under taken to subscribe.

v)  Citizenship, photograph and signatures of members.

Discuss the importance of cooperative in Nepal.

Ans:- The importance of cooperative in Nepal is listed below:

i)  It plays a great role to strength then the economic system of the country.

ii)  It teaches the farmers to be economical.

iii)  It develops production oriented attitude in the rural society.

iv)  It helps in poverty alleviation by raising the living standard of local people.

v)  Multi-purpose cooperative provide loan facilities, market facilities etc. to the farmers and improve in rural life.

4.  Explain the evolution of cooperative in Nepal?

Ans:- The concept of cooperative was in practice from the very beginning in different from like Guthi, Parma, Dhukuti, Dharma Bhakari, Manka Khala, Kulayan, Dewali, Bheja etc. The establishment of department of cooperative in 2010 was formally began the cooperative system in Nepal. Bakhan cooperative established in 2013 BS in Chitwan was the first cooperative of Nepal.In 2016 BS, cooperative act 2016 was enforced which institutionalize the cooperative. Later in 2018 BS, cooperative regulation was made and in 2020 BS a cooperative bank was established. After the enforcement of cooperative act 2048, the wave of the establishment of cooperative began all over the country. Now, there are more than 34000 cooperatives which are providing services to the people.

5.  Discuss about the roles played by the cooperative for the promotion of local products.

Ans:- Co-operative is operated by its member for their mutual benefit. People can take loan from cooperative and run cottage and small scale industries. People can run business like Bricket methi making, jam and juice making, vegetable farming, medicinal herbs and fruits production business. Such activities mobilized the local capital, and local resources and means are utilized. Local people can create self-employment which improves the living standard of the people. Tourism industry also can be run in local level with the help of cooperatives. Cooperative also encourage for community farming. Hence, cooperative play very important role for the promotion of local products.

6.  Prepare a news report shedding light on the advantages of cooperative in Nepal.

Ans:- Advantages of co-operatives

Local correspondence

Ratnanagar, Jestha12

The co-operative opened in every village have brought a sudden change in the life of people. ‘Habit of compulsory saving has been developed after being the member of cooperatives’ said one of the member.it has enhanced social unity and broaden the opportunity to save more for their future use. It also allows its member to tackle the financial problems very easily. People can invest in children’s, education, health etc. They can run business, trade, etc. with the help of loan. Employment opportunity is available. It helps to eradicate poverty. It also encourages to be an entrepreneur by using local resources and means.

C.  Long answer questions

1.  What do you think should be done by the state for making cooperative more successful and effective? Mention the measures to raise positive attitudes towards the cooperative in Nepal?

Ans:- The state should do the following activities to make cooperative more successful and effective:

i)  The account of cooperative should be audited by government.

ii)  The members should be given the training to the people to get maximum benefit.

iii)  Government should supervise and monitor the activities of cooperative time to time.

iv)  The registration process and economic activities of cooperative should be under the control of government and Central Bank.

v)  Cooperative should be run according to inclusive and democratic principle.

vi)  Every people should be encouraged to involve in cooperative.

vii)  Cooperative farming should be run for raising the standard of local people.

2.  What problems are seen in the cooperatives in Nepal? Suggest the ways for the solution of such problems.

Ans:- cooperative refers to group work and sharing the benefit together. It is a jointly owned enterprise. Cooperative in Nepal are facing the following problems:-

Problems of cooperative

i)  Providing more loans to kith and kin.

ii)  Appointing the members of same family in executive post.

iii)  Mobilizing the fund incorrectly even against the rule.

iv)  Collecting deposit from ordinary and proving loan to big enterprises.

v)  Not getting the account audited and maintaining economic transparency.

vi)  A person, being involved in mini cooperatives.

vii)  The operators, running way by collecting huge sum of money from the ordinary people.

Solutions

i)  Effective implementation of cooperative act.

ii)  Discouragement for the investment out of scope.

iii)  Providing facility to the depositors.

iv)  Prohibiting the sale of share out of the scope.

v)  Making the provision of effective monitoring.

vi)  Establishment of cooperative training centers at appropriate local levels.

Unit:-8 Lesson:-6 Finance Education

Unit-8 Lesson- 6   

Finance Education

A.  Very  short  questions.

1.  What  do you mean by  finance education

Ans:- Finance education  means  to provide knowledge and skills to  an individual about economic transaction , importance of finance, etc.

2.  Which bank account is better to open and why? 

Ans:- Fixed  account is better to open because  it  is  secured and  an  individual can get loan against their  fixed  account from the same bank when necessary.

3.  What is ATM card?

Ans:- ATM card is an electronic card issued by a bank or financial institution  too withdraw the  cash.

4.  What do you mean by SMS Banking Service?

Ans:- SMS Banking service is a form of mobile banking facilities used  by banks to send message to customers mobile phones using  SMS messaging, or service provided by them which enables the customer to  perform some  financial transactions using SMS.

B.  Short answer questions.

1.  State the various types of bank accounts and explain each  in brief.

Ans:- Bank account is  an account off individual or institution opened by bank or financial  institution for the financial transaction. Banks or other financial institutions and keep he detail record of its customers to open an account. People can deposit and withdraw money from their account. There are three types of bank account. They are described below:

a)  Current account:- It is an accounts  of funds deposited with a bank or financial institution as may be withdrawn at any time on demand. In current account, banks or financial institution do not pay any interest to a balance. This type of account is suitable for offices, traders or entrepreneurs.

b)  Saving accounts: It is an account of funds deposited with a bank or financial institution for purposes of saving. The banks or financial institutions provide interest of certain ate on the balance. The customers can deposit  their money as many times they wish but can  withdraw only  limited money for limited times as  prescribed by the bank. This type of bank account is useful for savers of small amount.

c)  Fixed account: It is an account of funds deposited with a bank or financial institution for a specified term. In this types of bank account the customers are provided with a higher rate of interest than other type of account. The money deposited at this account cannot be withdrawn until the maturity date. If the depositors need money before the specified term, they can deposit the certificate of their deposit in fixed  account as  a security and  get  loan from the same  bank.

2.  What are the advantages of having bank account? List them in points.

Ans:- The advantages of having a  bank account  are listed below:

i)  Cash of the individual can be kept safe.

ii)  Amount of money can be deposited and withdrawn at any time.

iii)  Individual can receive and transfer money from one place to another.

iv)  Individual can get interest on deposited amount of money.

3.  Discuss about advantages of saving.

Ans:- An  amount of  income  that is not spent and  kept in bank account is saving . It is made for future use and for emergency purposes. The advantages of savings are listed below:

i)  Develops a habit of regular saving.

ii)  Gives security of property.

iii)  Helps to earn interest.

iv)  Develops entrepreneurship.

v)  Creates an environment of investment.

4.  List the positive and negative aspects of ATM card.

Ans:- The  positive and negative  aspects  of  ATM card are listed below:

Positive aspects

i)  Easy to carry and use.

ii)  Less chance of robbery.

iii)  Money can be withdrawn and used any time.

iv)  No need to carry money in pocket.

Negative aspects

i)  It may not be usable in remote areas.

ii)  Sometimes ATM May not work properly.

iii)  Chances of misuse of security code given by banks.

iv)  Sometime It may be problematic to draw money when one is busy to go to the ATM booth

Unit:-8 Lesson:-7 Financial Instrument

Unit-8 Lesson-7

Financial Instrument

A.  Very short answer questions.

1.  What is remittance?

Ans:- Money sent by the people from foreign country to their native country is called remittance.

2.  What are the types of share?

Ans:- The types of share are listed below:

i)  Ordinary share

ii)  Preference share

3.  What problems are created if we don’t have clean bank notes?

Ans:- The problems are created if we don’t have clean banknotes are listed below:

i)  There may be chances of tearing them.

ii)  It may not to accept in the market.

B.  Short answer questions.

1.  Differentiate between bank loan and security bond?

Ans:- The differences of bank loan and security bond are following:

2.  Write any four advantages of shareholding?

Ans:- The four advantages of shareholding are listed below:

i)  People can get employment opportunities.

ii)  Contributes in national development and economy.

iii)  It helps to run large scale projects.

iv)  It creates an environment of investment.

v)  People who invest in share can be benefited and source of income increases.

3.  What are the major sources of remittance To Nepal?

Ans:- The major sources of remittance to Nepal are listed below:

i)  The most important source in foreign employment.

ii)  Foreign trade.

iii)  Money exchange and money transfer also the source of remittance.

iv)  Subsidies provided by the foreign country.

4.  What is Hundi? Why it is considered as an illegal business?

Ans:- The act of sending money earn in foreign country through business person, representative or unregistered institution is called Hundi. It is not reliable. It is considered illegal business due to following reasons:

i)  Trend of acquiring unlimited commission from the money sent.

ii)  Transactions conducted in an illegal ways.

iii)  Hundii companies are not registered in government list.

iv)  They don’t pay the tax to the government.

v)  Encouragement for illegal business activities.

5.  Write a short note on “foreign exchange”.

Ans:- The currency of other countries is foreign currency for our country.

In Nepal, foreign currencies are obtained from various sources such as foreign assistance, exports, foreign employment, tourism etc. It is advantageous for the country to collect foreign currency. Foreign currency is useful for going to foreign countries while importing goods and services. There is high demand of foreign currency in our country as we have to import many things from abroad in high amount. It causes the Nepalese currency to be weak. If the economics of the country is a stronger, the value of currency also becomes higher. The exchange of one currency for another on the conversion of one currency into another currency is known as foreign exchange. Similarly, the rate of exchange of one currency for another is called foreign exchange rate.

6.  What details and documents are needed for applying for a share?

Ans:- The details and documents are needed for applying for a share are listed below:-

i)  Certified photocopy of citizenship certificate.

ii)  Address of the applicant, contact number, name of father and grandfather.

iii)  Bank account number.

iv)  Demate account number.

v)  Authorized signature.

vi)  Recently snapped photo.

C.  Long answer questions.

1.  What is share issue? How can profit earned by purchasing shares? Discuss.

Ans:- The notice issued by the government or private company to invest in the projects, industry, business is known as share issue. A huge amount is necessary to run big projects, industries, Bank, financial institution or hydro company. The government and the company may lack money to run it. In this situation, share is opened for public to invest. Generally, people should pay Rs.100 per share. The number of share may not be obtained as desired. It should be divided between the investors. A shareholder has his / her share over the loss or profit of the company in proportion to the new number of shares. If the company is in profit, the shareholder also gets the profit as of his investment. The share can be sold to other if the company is in profit. In this way, profit can be earned by purchasing shares.

2.  Any of your family or relatives might have gone for foreign employment. In which field has the remittance been used? Mention the right ways to utilize the remittance in Nepal.

Ans:- The remittance owned by my relatives is used in several fields like education health agriculture etc. the right ways to utilize the remittance in Nepal are as follows:-

i)  Formulating encouraging policy to invest remittance in productive sectors like commercial farming, industry and other entrepreneurship.

ii)  Making the provision to assure the security of investors and their industries or business activities.

iii)  Encourage the owner of the remittance to invest in education, health, transport, communication by providing subsidies or other assistance.

iv)  Providing proper orientation, training and opportunity to invest in different economic and social sectors.

Unit:-8 Lesson:-8 Insurance

Unit-8 Lesson-8

Insurance

A.  Very Short Answer Questions.

1.  What do you mean by insurance?

Ans:- Insurance is a method of ensuring protection and compensation of the loss or damage.

2.  What is life insurance?

Ans:- Life insurance is a protection against financial loss that would result from the premature death of an insured.

3.  What is non-Life insurance?

Ans:- The insurance other than the life insurance in which insurance companies provide compensation of the economic loss and provide protection against physical damage is non-Life insurance.

B.  Short Answer Questions.

1.  What are the advantages of insurance?

Ans:- The advantages of insurance are as follows:-

i)  Compulsory saving in order to pay premium on time.

ii)  Compensation against loss or damages.

iii)  Safe future.

iv)  Bonus is obtained.

v)  With a sum of money obtained after the completion of the insurance term, investment can be made on productive field.

vi)  Loan can be borrowed when needed.

2.  Discuss the things to remember while getting insured.

Ans:- The things to be remembered while getting insured are given below:

i)  Select the suitable insurance policy.

ii)  Be clear about the objective of insurance.

iii)  Mention clearly about the beneficiary.

iv)  Supply correct information in the application.

v)  Be clear about the amount of premium and its payment intervals.

vi)  Be informed about the proposal of insurance.

vii)  Go directly to the insurance company or through the licensed insurance agent.

viii)  Receive a receipt of the payment made.

ix)  Inform to the family members about the insurance that you made.

x)  Remember the due date and pay premium installment on time.

xi)  Keep receipts and documents related to insurance safe.

3.  Have you or your family taken any life insurance policy? Clarify your views towards life insurance.

Ans:- Insurance refers to an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium. It helps to minimize the risks of our lives, so my parents have also takes an insurance policy. In my view, insurance is one of the important tasks that an individual has to do in his / her life. Everyone should have an insurance policy because of the given reasons:

i)  It provides cash collectivity after the completion of premium installment.

ii)  The relatives of the insured’s get total sum of premium amount at his / her sudden death.

iii)  Death benefits are generally income tax free to the beneficiary.

iv)  It helps to maintain standard of living and encourage savings.

Therefore, I suggest everyone to do insurance and so do I.

4.  Suppose you are the agent of insurance, now present any four advantages of animal and agriculture insurance to inspire your neighbor farmer.

Ans:- I am an insurance agent of XYZ Insurance company. My duty is to inspire the farmers to ensure their agricultural product and animals. Nepal is an agricultural country, so there is importance of non-Life Insurance. Being an insurance agent, I can inspire the neighboring to do non-life insurance in the following ways:

i)  They can get up to 90% compensation at the death of livestock.

ii)  They can feel secured after taking an insurance policy for livestock.

iii)  Farmers can take crop Insurance to protect their crops from unforeseen setbacks. It helps in fighting poverty too.

iv)  They have to pay only 25% of the premium and the remaining 75% is paid by the government which makes the farmers able to repay their loans given during the time of crop failure.

C.  Long Answer Questions.

1.  Why is non-Life Insurance necessary? Mention its importance in the context of an agricultural country Nepal.

Ans:- Non Life Insurance is necessary to protect the huge investment done in trade, agriculture, housing, cattle rearing, industry, vehicle, shop, etc. Non-Life Insurance is very important in the context of an agricultural country in Nepal. The importances are given below:-

i)  Farmers get the compensation up to 90% if the crops are damaged.

ii)  They can get the compensation even against the death of their livestock from security deposit.

iii)  To get compensation if the crops are damaged by wind/storm.

iv)  They get compensation if the crops are damaged by insects.

v)  To get compensation on the crops ready for harvestation but damaged by rain and hailstone.

vi)  To get compensation on the crops lost due to drought.

Unit:-8 Lesson:–9 Revenue and Tax Collection

Unit-8 Lesson-9

Revenue and Tax Collection

A.  Very short answer questions

1.  What do you mean by revenue?

Ans:- The income that is gained by government through taxation, donation, fees, fines etc. is called revenue.

2.  What is tax?

Ans:- A tax is a financial charge to the citizens according to the law and levied by government on workers income, goods, profit etc.

3.  What is meant by income tax?

Ans:- The tax which is levied by the government on income of an individual or corporation is called income tax.

B.  Short answer questions.

1.  Present the features of income tax.

Ans:- The features of income tax are listed below:

i)  Levied on the income of an individual.

ii)  Levied as per the constitution.

iii)  It is levied by central government.

iv)  It is direct type of tax.

v)  It is annual type of taxation which is charged annually.

2.  Mention the features and types of tax revenue.

Ans:- There are two types of tax revenue and they are as follows:-

i)  Tax revenue

ii)  Non tax revenue

The features of tax revenue are listed below:

i)  It is a legal Procedure and one should pay it time to time.

ii)  Tax revenue is spent for public welfare e.g.: construction of hospital, road, etc.

iii)  Tax revenue is the income of government and is collected from people who are liable for it.

iv)  It should be compulsory paid by citizens and refusal to pay tax is punishable.

v)  Tax payer does not get any direct service from the amount which has been paid.

3.  Mention the advantage and disadvantages of direct tax.

Ans:- The advantages and disadvantages of direct tax are listed below:

Advantages of Direct tax

i)  It creates a social awareness among the people.

ii)  It creates an equal distribution of wealth.

iii)  It promotes the certainty and equality.

Disadvantages of direct tax

i)  There is chance of tax evasion.

ii)  It creates social conflict in society.

iii)  It is inconvenient because to submit a tax person has to undergo several formalities and procedures.

iv)  It leads to crime, social injustice etc.

4.  Mention the advantages and disadvantages of indirect tax.

Ans:- The disadvantages and advantages of indirect tax are listed below:

Advantages of indirect tax

i)  It safe against tax evasion.

ii)  The indirect taxes are more flexible tax system.

iii)  It does not affect the motivation to work and save.

iv)  Indirect tax promotes social welfare including education, health and family welfare.

Disadvantages of indirect tax

i) It affects the consumption of products.

ii)  It further creates gap between rich and poor.

iii)  The indirect taxes are regressive in nature.

iv)  It does not create social awareness and consciousness among people.

5.  Differentiate between the tax income and non-tax income.

Ans:- The differentiate between tax income and non-tax income are listed below:

Unit:-8 Lesson:-10 Consumer’s Right

Unit-8 Lesson-10

Consumer’s Right

A.  Very short answer questions.

1.  Who are consumers?

Ans:- An individual or institution consuming or using any consumers goods or services is called consumer.

2.  What do you mean by consumers right?

Ans:- The right and protection that is provided to the consumers to use the goods and services is called consumers right.

B.  Short answers questions.

1.  Make a list of right under consumer right.

Ans:- A list of right under consumer right are mentioned below:

i)  The right to satisfaction of basic needs.

ii)  The right to safety.

iii)  The right to be informed.

iv)  The right to choose.

v)  The right to be heard.

vi)  The right to redress.

vii)  The right to consumer education.

2.  Are the efforts made to protect the consumer right enough? Mention.

Ans:- No, the efforts made to protect the consumers right is not enough. This is because of following reasons:

i)  There is no effective implementation of the effort made to protect the consumer right. So, along with formulation of protection effort there implementation should also be made.

ii)  Many backward and urban areas people are unknown about their consumer right and are being exploited during consumption of goods and services.

iii)  Still, there is a large number of people involved in black marketing and exploiting the consumers.

iv)  People are still unaware about importance of bills of good and description mentioned on the goods.

3.  Mention the activities of an organization which is formed for the protection of consumers right in a form of news.

Ans:- 

4.  Mention the use fullness of the consumer education in school level in Nepal.

Ans:- consumers education is the education to be obtained by the consumers for being clear about their rights duties and identify the standard of consumer goods and services in market. Inventory of country including Nepal consumer education is mentioned in school curriculum.

The usefulness of the consumer’s education in school level in Nepal are listed below:

i)  Many of the parents who are illiterate send their children to school. So, if a student is provided with consumer education then they can aware their parents about consumer right.

ii)  Students can organize the awareness campaign and aware the people about their consumer right.

iii)  Students can also make a group and check the implementation of consumer right at different places. And can make campaign if any misleading is found and their complaint is quickly the neared.

iv)  They can help other people in market to know quality of products and select the goods.

5.  What suggestions would you give to a guardian going to buy goods in the market? Mention in four points.

Ans:- The suggestions that I would give to my guardian going to buy goods in the market are listed below:

i)  It has to be seen whether there is mentioning of manufacturing and expiry date or not. If not or goods of expire date should not bought.

ii)  It has to be seen the composition and trademark of goods. If there is mixing of harmful products search goods should not buy.

iii)  There must be price tax on the goods and Vat bills of goods must be taken after purchase.

iv)  Precautions mentioned on it should be studied carefully.

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