Important Questions for CBSE Class 11 Business Studies Chapter 4

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.

Question 3

Mention the name of 2 companies that proffer DTH services in India.

Answer: Tata Sky and Airtel are the 2 companies that proffer 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 2 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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