Ch#4 Business Services

Question 1

A physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer is called

Answer 1

A Good

Question 2

What are the different types of services?

Answer 2

Business service
Social service
Personal service

Question 3

Define banking

Answer 3

Banking means accepting deposits of money from the public for the purpose of lending or investment

Question 4

What are the different types of banks

Answer 4

Commercial banks
Cooperative banks
Specialised banks
Central banks

Question 5

Explain the term e-Banking

Answer 5

E-Banking means any user with a PC and a browser can get connected to the banks website to perform any of the virtual banking functions and avail any of the banks services

Question 6

Explain the term insurance

Answer 6

It is a contract or agreement under which one party agrees in return for a consideration to pay an agreed amount of money to another party to make a loss, damage or injury to something of value the insured has a pecuniary interest as a result of some uncertain event

Question 7

What are the functions of insurance

Answer 7

Providing certainty
Protection
Risk sharing
Assist in capital formation

Question 8

What are the principles of insurance?

Answer 8

Utmost good faith
Insurable interest
Indemnity
Proximate cause
Subrogation
Contribution
Mitigation

Question 9

What are the different types of insurance?

Answer 9

Life insurance
Fire insurance
Marine insurance

Question 10

What are the different communication services?

Answer 10

Postal services- financial facilities, mail facilities
Telecom services- cellular mobile services, fixed line services