Business Studies 1 Marks Question

Fixed Deposit should be opened with bank. Fixed accounts are time deposits with higher rate of interest as compared to the savings accounts.

The two functions of insurance that are associated with risk of loss are:

1. Insurance provides certainty of payment for the risk of loss.
2. It provides protection from risks and probable chances of loss.

The two types of marine insurance associated with ship are:

1. Cargo insurance.
2. Ship or hull insurance.

Annuity Policy.

‘Lending of funds' means providing funds to the customers from the deposits held in bank.

Transportation facilitates the physical movement of raw material from the place of their production to the industrial centres where they are converted into finished products. In this way, rapid industrialisation takes place and this facilitates the economy and strengthen it.

Public sector banks are owned by the Central or State Government. Punjab National Bank and State Bank of India are the examples of public sector banks.

Commercial banks accept deposits from the general public and provide loans to manufacturers and other small entrepreneurs, with a view to earn profit.

For different ways in which banks lend money, refer to Ho page no. 95 under heading ‘Lending of Funds by Commercial Banks'.

The two industrial development banks operational art at national level are:

1. Small Industries Development Bank of India (SIDBI).
2. Industrial Credit and Investment Corporation of India (ICICI).

Goods are tangible physical objects like a toy, mobile phone, etc.

Multipurpose deposit account.

Mitigation.

There are five types of bank accounts viz savings, current, recurring, multipurpose and fixed deposit account.

The two benefits of e-banking are:

1. It provides 24 hours services to the customers of bank.
2. It offers greater customer satisfaction as one can access to the bank anytime.

Remittance of funds means transfer of funds from one place to another on account of the interconnectivity of branches.

Stock piling is a function of warehousing. It means the seasonal storage of goods in warehouses by a business man, which is not required on the priority basis.

Post Office Saving Bank.

It is associated with life insurance.

Private sector banks are owned by private individuals. HDFC and ICICI bank are the examples of private sector banks.

Radio Paging Services.

No, all contracts of insurance are not the contracts of indemnity.

BHIM, SBI UPI, HDFC UPI.

Cash credits.

The two common principles of insurance are:

1. Utmost good faith.
2. Indemnity.

Usage of computer and internet in the functioning of banks is known as e-banking.

The following two conditions must be satisfied in case of loss by fire:

1. There must be actual loss.
2. Fire must be accidental and non-intentional.

Under the system of electronic fund transfer, money can be transferred from one account to another through electronic means.

In a bonded warehouse, imported goods can be stored before the payment of custom duty.

Around 97 major countries are linked with speed post.

VSAT services i.e., Very Small Aperture Terminal.

With an efficient system of transport, expansion of national and international trade is possible.

Communication.

Transportation facilitates the movement of goods from surplus areas to deficit areas. In this way, it helps in the equalisation of prices in different regions.

Current account is suitable for business organisations.

Under Postal Certificate (UPC) is required by the post office as an evidence of posting the letter.

Traditional Modes of Communication: Telegram, Parcel and Registered Post.
Modern Modes of Communication: Fax and e-mail.

Pay order is like a bank draft which is payable within the town.

Intangibility, Inconsistency, Inseparability, Inventory and Involvement are five Is of services.

1. Electronic Data Interchange.
2. Point of Sales.
3. Subscriber Trunk Dialling.
4. International Subscriber Dialling.
5. Videsh Sanchar Nigam Limited against.
6. Under Postal Certificate.
7. Bharat Sanchar Nigam Limited.

The two agency functions of commercial banks are:

1. Purchase and sale of securities.
2. Trustee and executor.

Banking is a service which is related with accepting for the purpose of lending or investing the deposits of money.

Telebanking.

Following benefits are being offered by a warehouse:

1. It creates time utility.
2. Goods are in safe custody.
3. Facilitate the regular supply of goods according to the market demand.
4. Offers certain marketing services too, such as gradirg, labelling, packaging, etc.

Business services are the services which help in the successful running of a business.

Basis	Goods	Services
Meaning	Goods are a physical product which can be delivered to a buyer and involves the ownership from seller to customer.	Services are those separately identifiable, essentially intangible activities which provide satisfaction of wants, and are not necessarily linked to the sale of a product or another service.
Nature	A physical object.	An activity or process.
Intangibility	It is tangible like books.	It is intangible. For example; teaching by a teacher.
Inconsistency	Homogeneous.	Heterogeneous.
Inseparability	It can be separated from its owner.	It can't be separated from its owner.
Inventory	It has inventory.	It has no inventory.
Involvement	Participation of customers is not there in production. For example, manufacturing a car.	Participation of customers is there. For example, transportation is not possible unless the person who has to go is involved.