Important Questions for CBSE Class 11 Business Studies Chapter 4 Business Services which is outlined by expert Business Studies teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Business Studies Chapter -4 Important Questions
Question 1
Mention the 5 I’s of services?
Answer: Inconsistency, Inventory, Intangibility, Involvement and Inseparability
Question 2
What is Insurance?
Answer: Insurance is a contract, embodied by policy, in which an individual or entity receives financial security or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.
Also Check: Important Question for Emerging Modes of Business
Question 3
Mention the name of two companies that offer DTH services in India.
Answer: Tata Sky and Airtel are the two companies that offer DTH services in India.
Question 4
What is Banking?
Answer: A bank is a financial institution authorised to receive deposits and make loans. Banks may also give financial services, such as currency exchange, wealth management, and safe deposit boxes. There are two types of banks. Namely, commercial/retail banks and investment banks.
Question 5
What are the types of insurance policies?
Answer: There are 5 types of insurance policies. Namely,
- Whole life policy
- Joint life policy
- Annuity policy
- Endowment life assurance policy
- Children’s endowment policy
Question 6
Mention 6 functions of warehousing.
Answer: Functions of warehousing:
- Consolidation
- Stockpiling
- Value-added services
- Price stabilisation
- Financing
- Break the bulk
Question 7
What are the 3 significant types of insurance that are involved in Marine insurance?
Answer:
- Ship or hull insurance
- Freight insurance
- Cargo insurance
Question 8
Expand RTGS and NEFT.
Answer:
RTGS – Real Time Gross Settlement
NEFT – National Electronic Funds Transfer
Question 9
What are the principles of insurance?
Answer:
7 principles of insurance are,
- Utmost good faith
- Insurable interest
- Indemnity
- Proximate cause
- Subrogation
- Contribution
- Mitigation
Question 10
What are the types of warehouses?
Answer:
- Private warehouse
- Public warehouse
- Bonded warehouse
- Government warehouse
- Cooperative warehouse
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