Revision Notes for CBSE Class 11 Business Studies Chapter 4 - Free PDF Download
Revision Notes for CBSE Class 11 Business Studies Chapter 4 - Business Services are given in this study in the form of a free-to-download pdf version.
Business Studies is quite a broad topic and the Class 11 Business Studies Chapter 4 Notes by Vedantu will help you to develop a precise understanding of what the chapter entails. In Chapter 4 Business Studies Notes in PDF format, students will find a comprehensive outline of notes of the chapter with solved exercises in the back to help them with understanding the chapter better. These Business Studies Chapter 4 revision notes and exercises which can be completely downloaded will help students develop a thorough understanding of the subject.
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Access Class 11 Business Studies Chapter 4 - Business Services Notes in 30 Minutes
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Business Services Class 11 Notes CBSE Business Studies Chapter 4 - Topics Covered
Take note of the following concepts which are covered in this chapter:
Nature of sectors
Classification or Types of services
Various categories of business services
Functions of Commercial banks
Types of Insurance
Business Services Class 11 Notes CBSE Business Studies Chapter 4 - Key Takeaways
Here in this Chapter 4 Business Studies Notes PDF by Vedantu, students will learn about goods and services, types of services, and the differences between goods and services. The chapter also talks about banks and the different types of banks that are present. Also included is the modern interpretation of the banking system, which is E-Banking and its various advantages over the traditional method.
The Business Studies Chapter 4 Notes also covers the topic of Insurance and the Principles of Insurance along with Insurance and its various types. The Class 11 Chapter 4 Business Studies Notes also elaborate about the various other aspects of a business such as communication, transportation and warehousing. Towards the end of the chapter, the differences between the types of insurance are covered and then there practice questions that students can attempt.
Goods and Services
A good is a product that is tangible and involves the transfer of ownership from one person to another. A service, on the other hand, is essentially an intangible service that can provide the satisfaction of wants and usually takes place after the transaction is over. The nature of services are as follows:
This is experimental in nature and therefore, cannot be touched. The quality of service cannot be predicted before its consumption.
The difference between a good and service is that a service is catered differently according to the customer's demands and expectations. So each customer experiences a different service every time.
The production and consumption of the service must not be different, but it should happen simultaneously. Services have to be consumed as soon as they are produced.
Unlike goods, services cannot be stored and must be consumed immediately after production.
This is one of the best characteristics of services where customers have to be present for most of the production of the service to make sure it meets their standards and they can change it according to their will.
Banking Company and its Types
A banking company in India means it uses its company to transact money and help with the withdrawal and lending of money to people and also allows them to deposit money for investment or for its safekeeping.
The types of banks are:
Commercial Banks: These banks are governed by the Indian Regulation Act of 1949, and according to it, banking is the accepting of money from the public for lending and investment.
Cooperative Banks: These are the banks that are governed by the provisions of the State Cooperative Societies Act. In this banking system, cheap credit is provided to the members and therefore serves better for its members in the long run.
Specialised Banks: These banks are Foreign Exchange Banks that help cater to the various needs of Industrial Banks, Developmental Banks and Export-Import Banks. These banks provide financial aid to these industries, massive projects and foreign trade.
Central Bank: This bank supervises all the commercial banks in the country.
Business Services Class 11 Notes CBSE Business Studies Chapter 4 - Extra Questions to Practice (Solved)
1. Name three types of insurance.
Three types of insurance are:
2. How would you define service and goods?
Ans. Services are referred to as any intangible activity that involves interaction between the service provider and consumer. Purchasing the service does not result in ownership of any physical item.
Goods refer to objects that are tangible and have a physical appearance. The ownership of a good is transferred as soon as it is purchased.
3. What are the advantages of E-Banking?
It ensures the round-the-clock availability of most banking services which helps make life comfortable for the customers.
Banking transactions can be conducted anytime either through mobile or computer/laptop.
It reduces the load on banks by facilitating transactions online.
Tips to Study Business Studies Better
Following are the tips which will help the students to study business studies in a better way:
Students are required to understand the chapters intently.
Solve the HOTS and other exercise questions.
Check out the questions asked in the previous year's CBSE Class 11 Business Studies.
FAQs on Business Services Class 11 Notes CBSE Business Studies Chapter 4 (Free PDF Download)
1. What are the functions of commercial banks?
The various functions of the Commercial Banks are as follows:
Acceptance of Deposits - These are the basis on which banks function and also cause banks to be both borrowers and lenders of money.
Cheque Facility - This one of the more developed credit facilities, that has been in practice for a couple of years.
Lending of Funds - To provide loans through advances from the deposits received
Remittance of Funds - It is the facility of transfer of money from one place to another.
Allied Services - Include bill payments, locker facilities and underwriting facilities.
2. What are the types of insurance?
The types of Insurance are:
Life Insurance - In this, the insurer in consideration of the contract agrees to pay either in a lump sum or periodical payments, an amount of money to the assurer wherein any contingency to the insurer, they will receive that amount in either full or to cover certain costs.
Fire Insurance - In this insurance, the insurer is guaranteed payment for the goods that are under the fire insurance contract.
Marine Insurance - Against any marine losses the insurer will get the money that is put up in the contract.
3. What do you mean by Business Services in Class 11?
A service is an intangible service that can satisfy wants, and usually occurs after a transaction has been completed. Business services are one of the types of services that include banking, insurance, transportation, warehousing, communication, and other services that are used by businesses to run their operations more efficiently. Today, the majority of businesses rely on such specialised business services. When it comes to providing services to the developed economies of the world, India has been gaining a significant advantage over other countries.
4. What is a Bank in Class 11?
An institution licensed to accept deposits and make loans is known as a bank. Money management, currency exchanges are a few of the financial services that banks may offer. The banking services come under the category of business services. The banking industry has a wide range of interests, needs, and methods. As a result, we need different types of banks to deal with them. Banks can be categorised into the below categories:
5. What are the types of banks?
When it comes to monetary requirements, a country needs to have various kinds of banking sectors so as to cater all the monetary needs. Keeping this in mind, banks are categorised into several types which are as follows:
Commercial Banks - It deals with money.
Cooperative Banks - These banks supply low-cost loans for their customers.
Specialised Banks - These banks lend money to industries, large industrial projects, and foreign trade.
Central Bank - The central bank monitors, controls and regulates its activities in general.
6. Which is the best book for Business Studies in Class 11 Chapter 4?
While preparing any subject, the most important thing to keep in mind is what source of learning you are referring to for your learning purpose. And if you are a Class 11 student, the best material is the NCERT book. NCERT books contain all the basic concepts an 11th grader needs to ace their exam. It explains all the topics in easy and simple language and also provides a set of questions to enhance the concepts even more. You can download the NCERT Solutions or study material for free and study offline as well from Vedantu’s official website or you can download their app.
7. Why should I prefer revision notes Chapter 4 Business Studies Class 11?
If you want to seek help in making effective and reliable notes for your exams, then the revision notes provided on Vedantu is the best option for you. These notes are prepared by the professional team of tutors who explain the concepts in easy to understand language. You can refer to the revision notes of Chapter 4 Business Studies Class 11 in downloadable PDF format.