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Details About CBSE Class 11 Commerce Business Studies Business Service

Details About CBSE Class 11 Commerce Business Studies Business Service

CBSE Class 11 Commerce Business Studies Business Service : CBSE is a renowned educational Board, which comes under the Union Government of India. This eminent board was formed in 1952 and associated with the Board of High School and Intermediate Education, Rajputana. The Central Board of Secondary Education or CBSE is a prestigious board of education and it provides affiliation to public and private schools. Apart from this, all Jawahar Navodaya Vidyalayas and kendriya vidyalayas are affiliated to this board.

The academics unit is formed with training, academic, Innovation and research unit of CBSE and it looks after some important fields to maintain its standard of education. This unit incorporates different policies and also monitors their operational activities to achieve academic excellence in all aspects. CBSE provides balanced academic structure and equal educational pattern to all its affiliated schools. The schemes of studies, academic guidelines and text materials are supervised by this unit in accordance with the acts and policies approved by the Government of India.

Details About CBSE Class 11 Commerce Business Studies Business Service

CBSE Class 11 Commerce Business Studies Business Service :

Details About CBSE Class 11 Commerce Business Studies Business Service

CBSE Class 11 Commerce Business Studies Business Service : Download CBSE Class 11 Commerce Business Studies Business Service study material in PDF format. Our teams members provides solved papers, board question papers, revision notes and NCERT solutions forCBSE Class 11 Commerce Business Studies Business Servicein cakart,in web site. The topics included are ypes of bank accounts- savings, current, recurring, fixed deposit and multiple option deposit account.  CBSE Class 11 Commerce Business Studies Business Service Concept includes meaning and features those are :

Concept includes meaning and features

Unit 4: Business Services

Banking: Types of bank accounts- savings, current, recurring, fixed deposit and multiple option deposit account.

Banking services with particular reference to issue of bank draft, banker’s cheque (pay order), Real Time Gross Settlement (RTGS), National electronic Funds Transfer (NEFT), bank overdraft, cash credit and e-banking

Insurance-: Principles, Types –life, health, fire and marine insurance –concept

Postal and telecom services: Mail, Under Postal Certificate (UPC), Registered Post, Parcel, Speed Post and Courier and other services

Download here CBSE Class 11 Commerce Business Studies Business Services

Details About CBSE Class 11 Commerce Business Studies Business Service

CBSE Class 11 Commerce Business Studies Business Service :  Business services mean those services which help in the successful running of a  business. Business cannot be even imagined in the absence of these services. e.g Banking, insurance, transport, warehousing and communication. Nature of Business

Services :- Nature of business  services is elucidated by the following points.

NATURE OF BUSINESS SERVICES :

  • Intangibility : Cannot be seen, touched or smelled. Just can only be felt. yet their benefits can be availed of e.g. Treatment by doctor.
  • Inconsistency : Different customers have different demands & expectation. e.g. Mobile services/Beauty parlour.
  • Inseparability : Production and consumption are performed simultaneously e.g. ATM may replace clerk but presence of customer is a must.
  • Inventory Loss : Services cannot be stored for future use or performed earlier to be consumed at a later date. e.g. underutilized capacity of hotels and airlines during slack demand cannot be stored for future when there will be a peak demand.
  • Involvement : Participation of the customer in the service delivery is a must e.g. A customer can get the service modified according to specific requirement.

Type of Business Services :- Services used by business enterprises for the conduct of their activities. e.g. Banking, Insurance, communication, warehousing adn transportation.

Details About CBSE Class 11 Commerce Business Studies Business Service

CBSE Class 11 Commerce Business Studies Business Service :  Business services refer to those services which help business enterprises to conduct their activities. Banking involves transacting the business of banking, i.e., acceptance of deposits of money from the public for the purpose of lending & investments, which are repayable on demand or otherwise & are withdrawable by cheques, drafts, order or otherwise. Banks accept money on deposits, repayable on demand and also earn marginal profits by lending money. There are five types of bank accounts. These are Saving, Current, Recurring Deposit, Fixed Deposit and Multiple Option Deposit Accounts. Savings account is meant for general public c. Current account is generally meant for business enterprises. Under fixed deposit account, deposits are made for a fixed period.

In recurring deposit account regular monthly deposit is required over a period of time. Multiple option deposit account is a combination of saving account and fixed deposit account. Different types of banking services are bank draft, banker’s cheque, national electronic fund, real time gross settlement,cash credit and bank overdraft. Bank draft is a type of cheque which is drawn by a bank either on its own branch or on another bank in favor of a third party for transfer of funds. Banker’s cheque refers to a bank draft payable within a city or town. Real time gross settlement refers to a fund transfer system where in transfer of funds takes place from one bank to another on ‘Real Time’ and ‘Gross Settlement’ basis.

National electronic fund transfer refers to a nationwide system that enables individuals and firms to electronically transfer funds, from any bank branch to another individual, firm or company having an account with any other bank branch in the country. Cash credit is referred to as a short term cash loan sanctioned up to a specified limit called the cash credit limit, to a company, which is determined by the bank’s estimation of the borrower’s credit-worthiness. Bank overdraft is a short term loan wherein a customer is allowed to overdraw his current account upto a specified limit. Electronic banking or e-banking refers to services provided by banks & other financial institutions on the internet.

a) BANKING :

Mean a company accepting deposits of money from public (for lending & investment), repayable on demand and withdrawal by cheque or otherwise.
Meaning : Banking using electronic media i.e. internet with personal computer / laptop / mobile hone

SERVICES OFFERED BY E-BANKING :

  1. Electronic fund Transfer System (EFTS)
  2. Automated Teller Machine (ATM)
  3. Point of Sales (PoS)
  4. Credit Cards.

BENIFITS :

  1. 24 hours × 7 day services
  2. Can operate from any where in the world.
  3. Greater security as customer can travel without cash.

Functions of Commercial Bank :

Accepting the Deposits :

  • Fixed / time deposit
  •  Current / demand deposit Account
  • Saving deposit Account
  • Recurring deposit Account
  • Multiple option deposit Account

Lending Money :

  • Loans
  • Cash Credit
  • Overdraft
  • Discounting and Purchase of Bill of Exchange

BENIFITS :

  1. 24 hours × 7 day services
  2. Can operate from any where in the world.
  3. Greater security as customer can travel without cash.

TYPE OF BANKS :

  • Commercial Bank
  • Central Bank
  • Cooperative Banks
  • Specialized Bank

1.Commercial Bank –

Public sector bank – owned by govt. They are 20 e.g. SBI, PNB, C.B. etc.

Private sector Banks – owned by private promoters HDFC, ICICI etc. emphasize more on profitability

Foreign banks – own & managed by foreign promoters CITI Ban Standard Charted.

2. Co-oprative Bank : – They provide cheap credit to their members, an important source of rural credit i.e. Agriculture financing in India, e.g. Delhi Nagrik Shastri Bank etc.

3. Specialized Bank :- They are foriegn exchange bank industrial banks, development banks, export/import bank etc. These banks provide financial aid to industries, heavy turn over / key projects & foriegn trade e.g. IDBI, SIDBI etc.

4. Central Bank :- The Central Bank of a country in the Apex institution & the monetary authority. It issues currency & controls money supply & credit in the country. It supervises, controls and regulates the activities of all commercial Banks. it also acts as a banker to the govt. Reserve Bank of India is the Central Bank of our country.

b)  INSURANCE : It is a contract where one party takes the responsibility of the risk of other party in exchange of some fixed fee.

PRINCIPLES OF INSURANCE :

  • Principle of the utmost good faith : It refers that no material or important facts should be concealed by both the parties to the insurance contract.
  • Principle of Insurable Interest : It refers that there must be such a relationship between the Insured and the subject matter of insurance that the insured stands to benefit by its safety and to loose by its loss.
  • Principle of Indemnity : It refers that the insured can get only the compensation against actual loss and he cannot make profit out of it.
  • Proximate Causes : When the loss is the result of two or more causes, the proximate cause, i.e. the direct the most dominant & most effective cause of loss should be taken into consideration. The insurance company is not liable for the remote cause.
  • Principle of Subrogation : It refers that if the insured compensate the insured then all the rights related to the subject matter of insurance get transferred to the insurer.
  • Principle of contribution : – If the same subject matter, except life is insured by more than one insurers, then the actual loss will be shared by all the insurer.
  • Principle of mitigation :- If refers that the insured should try to minimize the loss of the subject matter of the insurer even if it is insured.

TYPE OF INSURANCE :

Life Insurance :

  • Whole life policy :- Amount payable will not be paid before the death of the assured. It will be payable to legal heir (s)
  • Endowment life Insurance : Sum assured is given in full payment after completion of policy / death of insured, whichever is earlier.
  • Joint Life Policy : Policy taken up by two or more persons.
  • Annuity Policy : Policy money is payable monthly.
  • Children Endowment Policy :- for children to meet higher education or marriage expenses.

Details About CBSE Class 11 Commerce Business Studies Business Service

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