Business Support Services
Telangana Open School (TOSS) · Class 12 · Business Studies
Complete topic list for Business Support Services in Telangana Open School (TOSS) Class 12 Business Studies. Key concepts, sub-topics, and what to focus on for board exams.
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Topics in Business Support Services
Types of Business Support Services
- The five main support services are: Banking, Insurance, Transportation, Communication, and Warehousing.
- These services act as auxiliaries to trade and help in the smooth flow of goods from producers to consumers.
- Each service plays a unique role in reducing risks, improving efficiency, and ensuring timely delivery of goods and information.
Banking and Its Importance
- Banks accept deposits and provide loans, acting as financial intermediaries.
- Commercial banks offer primary functions (deposit and lending) and secondary functions (agency and utility services).
- Different types of bank accounts include Savings, Current, Fixed Deposit, and Recurring Deposit accounts.
Insurance: Meaning and Principles
- Insurance protects against financial loss by paying compensation in exchange for a premium.
- Main types: Life, Fire, Marine, and General Insurance (like health, motor, crop).
- Seven principles: Utmost Good Faith, Insurable Interest, Indemnity, Contribution, Subrogation, Mitigation, and Causa Proxima.
Transportation and Communication
- Transport removes the 'hindrance of place' by moving goods and people.
- Four modes: Road, Rail, Water, and Air transport.
- Communication involves sending messages via postal, telecom, or digital means.
Key Concepts
Central concept: Business Support Services
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