Class 11 Business Studies Chapter 4 Worksheet 2 (MCQs and Case-based Questions): Business Services

Class 11 Business Studies Chapter 4 Worksheet (Business Services)

After completing the first worksheet on Class 11 Business Studies Chapter 4 (Business Services), you can refer to the educational material below.

With this worksheet, you can cover the following topics:

• Banking services
• Types of bank accounts
• Multiple Option Deposit Accounts
• Digital payments
• VPN
• Insurance principles
• Telecommunication services
• Postal services
• Characteristics of services

Solve Business Services MCQs, case studies, and descriptive questions to strengthen your understanding of indemnity, subrogation, contribution, utmost good faith, online payment methods, and service characteristics.

Before you proceed further, below are the quick details:

• Class: 11
• Subject: Business Studies
• Chapter Number: 4
• Chapter Name: Business Services
• Worksheet Number: 2
• Worksheet Type: MCQs and Case-based Questions

Table of Contents

Questions

Answers

The worksheet begins from here.

Class 11 BST Questions

Q1. At present, Riya has a balance of Rs. 1,98,0000 in her bank account with PQR Bank. She has a good salary, and at the end of every month, her balance in the savings account increases. Sourav, Manager of PQR Bank, who is also Riya's friend, advised her to maintain an account which is a combination of both a savings account and a deposit account. Sourav told Riya that this account interlinks the savings bank account with a deposit account, and any amount in excess of a predetermined amount is automatically transferred to a fixed deposit. It will enable her to earn better interest. Identify the type of bank account advised by Sourav to Riya.

1. Multiple Option Deposit Account
2. Savings Account
3. Recurring Deposit Account
4. Current Account

Q2. The term VPN stands for:

1. Virtual Public Network
2. Various Public Network
3. Virtual Private Network
4. Virtual Prime Network

Q3. According to this principle, the insurer gets all the rights to stand in the place of the insured after settlement of a claim, as far as the right of the insured in respect of recovery from an alternative source is involved.

1. Principle of Subrogation
2. Principle of Contribution
3. Principle of Mitigation
4. Principle of Indemnity

Q4. Which of the following is known as a contract of assurance?

1. Marine Insurance
2. Life Insurance
3. Health Insurance
4. Fire Insurance

Q5. This particular type of bank account is a combination of a savings bank/current account with term or special term deposit accounts.

1. Multiple Option Deposit Account
2. Fixed Deposit Account
3. Recurring Account
4. Savings Account

Q6. Heterogeneity is a feature of which type of business service?

1. Banking
2. Insurance
3. Warehousing
4. All of the above

Q7. Mr. Aryaman Kapoor, a 39-year-old young man, came to know that he was suffering from heart blockages, which needed to be operated on within the next three months. He purchased an insurance policy worth Rs. 10 lakhs without disclosing his true clinical material facts. He got operated on, but the insurance company refused to pay the dues, stating that he had violated one of the insurance principles. Identify it.

1. Subrogation
2. Mitigation
3. Insurable Interest
4. Utmost Good Faith

Q8. Suresh Chand and Sons owns a handicraft business. They want to be acquainted with the online payment mechanism system. Guide them regarding the various options by matching the following:

1. Payment done using UPI
2. Transfer money electronically from an account
3. Goods bought on credit
4. Payment done after receiving the commodity

1. Credit Card
2. Cash on Delivery
3. BHIM
4. Debit Card

Q9. A person gets his stock worth Rs. 60,000 insured for Rs. 80,000. A fire occurs and the whole stock gets damaged. The insurance company admits a claim of Rs. 60,000 only and not Rs. 80,000. Identify the principle of insurance being applied.

1. Principle of Contribution
2. Principle of Subrogation
3. Principle of Indemnity
4. Principle of Insurable Interest

Q10. Amav visited a new restaurant, Bhojnam, with his parents. They all liked the food served in the restaurant. After a week, Amav took his friends to Bhojnam and placed an order for the same dishes that he had liked during his previous visit. But to his surprise, he found that the taste of the food was not as good as it was during his previous visit. As a result, he felt very disappointed.

1. Identify the feature of the service being discussed above.
2. Explain briefly two other features of services.

Q11. "World-class telecommunications infrastructure is the key to the rapid economic and social development of the country. In fact, it is the backbone of every business activity."

In the context of the above statement, explain the various types of telecommunication services.

Q12. Through their regional and divisional-level arrangements, the Indian Post and Telegraph Department provides various postal services across India. Explain the various facilities provided by the Postal Department.

Q13. Raghav took a fire insurance policy for his property worth Rs. 6,00,000 with two insurers. First, ICICI Lombard General Insurance Company Limited for Rs. 4,00,000 and Bajaj Allianz General Insurance Company Limited for Rs. 22,00,000. An electric short circuit in his property caused a fire, and it resulted in a loss of Rs. 1,50,000. He filed a claim for Rs. 1,50,000 against each of the two insurance companies.

1. How much compensation in total can be claimed from the insurers? Give the principle.
2. Determine the liability of each of the two insurers and explain the principle associated with it.

Q14. Your friend's car was lost, and he filed a complaint at the police station. Meanwhile, he also intimated the insurance company about the claim. After an investigation for one month, his claim was sanctioned by the insurance company. Two months later, your friend came rejoicing and informed you that the police had found the stolen car. He gave you a party, stating that he was in benefit as he had already received the claim for the car and would now get the car back from the police. Unfortunately, when he claimed the car, the police refused.

Illustrate the principle of insurance that your friend is not aware of, under which he did not get the car from the police.

Answers (Coming Soon)

The End

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A List of Notes:

Chapter 1  |  Chapter 2  |  Chapter 3  |  Chapter 4  |  Chapter 5  |  Chapter 6  |  Chapter 7  |  Chapter 8  |  Chapter 9  |  Chapter 10

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