No data received from term stores when creating Managed Metadata column in SharePoint 2010

Problem:

I have created a site collection in SharePoint 2010 using Team Site template. I have a document library in which I tried adding a metadata column. But I was seeing the following message in the Term Set Settings section as shown in the following

This is because the web application is not associated with the Managed Metadata Service Application. 

How to Resolve:

1.   Go to Central Administration.

       ii.            Click on Manage Web Applications under Application Management section.

      iii.            Click on the web application and then click on Service Connections in the ribbon interface.

     iv.            Select the Managed Metadata Service Application in the Configure Service Application Associations page and then click on Ok.

       v.            Now try creating the managed metadata column. It works fine.