Business Services Class 11 Notes CBSE Business Studies Chapter 4 (Free PDF Download)

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• Students can revise from this revision material in a capsulated manner this will help them to revise the chapter in a short duration. 

• Revision from this study material will promote the smart study of the students. 

• Revision is a key study for every student, thus our ready-to-revise revision material will help the students to revise without making self-notes.

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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:

• Service sector

• Nature of sectors

• Classification or Types of services

• Various categories of business services

• Business

• Functions of Commercial banks

• E-banking

• Insurance

• Types of Insurance

• Communication services

• Postal services

• Telecom services

• Transportation

• Warehousing services

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:

• Intangible

This is experimental in nature and therefore, cannot be touched. The quality of service cannot be predicted before its consumption.

• Inconsistency

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.

• Inseparability

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.

• Inventory

Unlike goods, services cannot be stored and must be consumed immediately after production.

• Involvement

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:

1. 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.

2. 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.

3. 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.

4. 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.

Ans. 

Three types of insurance are:

• Life Insurance

• Fire Insurance

• Marine Insurance

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?

Ans. 

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.

• Reliable study with the best guide and resource material like CBSE Class 11 Business Studies Revision Notes and NCERT Solutions for Class 11 Business Studies - Free PDF Download. 

Conclusion

Students can revise from the revision material of  Business Services Class 11 Notes CBSE Business Studies Chapter 4, this will help the students to properly understand and revise the chapter. 

Take note of the tips and topics discussed in this article and download the free-to-download pdf of the revision study and save it for later revision.