Business Support Services — Flashcards
NIOS · Class 12 · Business Studies
24 flashcards for Business Support Services (NIOS Class 12 Business Studies) to test yourself on key terms and facts.
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What are Business Support Services and why are they essential for businesses?
Answer
Business Support Services are auxiliary activities that facilitate the smooth flow of goods from producer to consumer and support overall business functioning. They include banking, insurance, transpo…
Define banking and explain its dual essential function.
Answer
Banking refers to the business of accepting deposits from those with surplus funds and providing loans and advances to those needing funds. The two essential functions are: 1. ACCEPTING DEPOSITS: Ban…
What is the difference between Public Sector Banks and Private Sector Banks?
Answer
PUBLIC SECTOR BANKS: • Majority stake (>50%) held by Government of India or RBI • Examples: State Bank of India, Bank of Baroda, Bank of India, Syndicate Bank • Focus on social welfare and rural devel…
What are the primary functions of a Commercial Bank?
Answer
Commercial banks have TWO PRIMARY FUNCTIONS: 1. ACCEPTING DEPOSITS Banks accept various types of deposits: • Savings Deposits - Small savers deposit regularly, earn interest • Current Deposits - Busi…
Explain how NEFT (National Electronic Funds Transfer) works and its key features.
Answer
NEFT is an electronic fund transfer system that allows individuals, firms, and companies to transfer money from one bank to another within the country. HOW IT WORKS: • Sender provides bank details of…
What is the Reserve Bank of India (RBI) and what are its key functions?
Answer
The RBI is the CENTRAL BANK of India—the apex banking authority that regulates and controls the entire banking system. KEY FUNCTIONS: 1. BANKERS' BANK • Maintains deposit accounts of all commercial …
What is Insurance and why do businesses need it?
Answer
DEFINITION: Insurance is a contract between an insurer (insurance company) and insured (business/person) whereby the insurer agrees to compensate for losses caused by specific events in exchange for a…
Compare Life Insurance and General Insurance with specific examples.
Answer
LIFE INSURANCE: • COVERS: Risk of death, old age, disability • BENEFIT: Provides financial security to dependents • EXAMPLES: - Whole-life policy: Premium paid throughout life, sum paid to heirs aft…
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