Business Services
Chhattisgarh Board · Class 11 · Business Studies
Flashcards for Business Services — Chhattisgarh Board Class 11 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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What are business services and how do they differ from goods?
Answer
Business services are intangible economic activities that provide satisfaction of wants without transferring ownership of anything physical. Unlike goods, services cannot be touched, stored, or taken …
List and explain the five 'I's of services that distinguish them from goods.
Answer
1. Intangibility - Cannot be touched, only experienced 2. Inconsistency - Different customers have different demands 3. Inseparability - Production and consumption occur simultaneously 4. Inventory (L…
What are the three broad categories of services? Give examples of each.
Answer
1. Business Services - Used by enterprises for their activities (banking, insurance, transportation) 2. Social Services - Provided for social goals (healthcare, education by NGOs) 3. Personal Services…
Define a banking company according to Indian Banking Regulation Act 1949.
Answer
A banking company transacts the business of banking, which means accepting deposits of money from the public for lending and investment purposes. These deposits are repayable on demand or otherwise an…
What are the four types of banks in India? Explain each briefly.
Answer
1. Commercial Banks - Deal in money, governed by Banking Regulation Act 1949 2. Cooperative Banks - Provide cheap credit to members, governed by State Cooperative Societies Act 3. Specialized Banks - …
List the five primary functions of commercial banks.
Answer
1. Acceptance of deposits (current, savings, fixed) 2. Lending of funds (loans, advances, overdrafts) 3. Cheque facility (bearer and crossed cheques) 4. Remittance of funds (drafts, pay orders, mail t…
What is e-banking and what are its main benefits to customers?
Answer
e-banking is electronic banking using electronic media, allowing customers to conduct transactions via internet, mobile, or handheld devices. Benefits: 24/7 service, convenience from anywhere, financi…
Define insurance and explain its basic principle.
Answer
Insurance is a contract where one party agrees to pay an agreed amount to another party to compensate for loss, damage, or injury due to uncertain events. Basic principle: An individual chooses to pay…
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