Please refer to Business Services HOTs Class 11 Business Studies provided below with Business Services. All HOTs for Class 11 Business Studies with answers provided below have been designed as per the latest syllabus and examination petter issued by CBSE, NCERT, KVS. Students of Standard 11 Business Studies should learn the solved HOTS for Class 11 Business Studies provided below to gain better marks in examinations.
Business Services Class 11 Business Studies HOTs
Question. What is Insurance?
Answer : Insurance is a contract, embodied by policy, in which an individual or entity receives financial security or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.
Question. What is Banking?
Answer : A bank is a financial institution authorized to receive deposits and make loans. Banks may also give financial services, such as currency exchange, wealth management, and safe deposit boxes.
There are 2 types of banks. Namely, commercial/retail banks and investment banks.
Question. Mention 6 functions of warehousing.
Answer : Functions of warehousing:
• Value-added services
• Price stabilisation
• Break the bulk
Question. Expand RTGS and NEFT.
Answer : RTGS – Real Time Gross Settlement
NEFT – National Electronic Funds Transfer
Question. What are the types of warehouses?
Answer : • Private warehouse
• Public warehouse
• Bonded warehouse
• Government warehouse
• Cooperative warehouse