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Question
Justify the following statement.
Business services are necessary.
Solution
- No business can operate effectively in an isolated manner. Every business requires the support of some activities.
- Business services are those services which help in successful running of business.
- They help businesses to function seamlessly.
- They play crucial role in facilitating the growth of business. Hence, business services are necessary
RELATED QUESTIONS
Find the odd one.
Find the odd one.
The term bank comes from the French word ______.
_________ banking refers to the use of banking services with the help of mobile phones.
Correct the underlined word and rewrite the following sentence.
Overdraft facility is available for savings bank account holders.
Correct the underlined word and rewrite the following sentence.
The foreign bank is the apex financial institution in the banking industry in the country.
Explain the following term/concept.
Banking
Distinguish between.
Savings Account and Current Account
State four types of deposits.
Explain the utility function of banks?
Select the correct option.
(no need to carry cash, intangible, fund transfer system, accepting deposits, niche banks in India)
| Group A | Group B |
| A. _____________ | services |
| B. commercial bank | ______________ |
| C. _____________ | Small finance bank |
| D. credit cards | _______________ |
| E. _____________ | RTGS |
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Correct the underlined word and rewrite the sentence.
The commercial bank is the apex financial institution in banking industry in the country.
Study the following case/situation and express your opinion
Shirish shifted some furniture to his office and issues a cheque of Rs. 20000/- to MV Movers Limited. Balance in his account is Rs. 15000 still bank clears the cheque. Shirish also wants to renovate his office so he applies for a loan of Rs. 25 lacs which bank sanctions and transfer the amount to loan account. But Shirish withdrew only Rs. 15 lacs. Shirish accepted a bills of exchange for Rs. 5 lacs drawn upon him by M/s. Creative Furnitures for supplying new furniture for his office it is due on 31st May, 2021 but M/s. Creative Furnitures needed money on 1st April, 2021. They got Rs. 4.75 lacs from the bank on the basis of the same bills of exchange.
- Name the type of account Shirish must be operating
- On which amount Shirish will have to pay interest on loan?
- Which service did the bank make available to easy M/s. Creative Furnitures while paying rupees 4.75 lacs?
Explain the following term/concept in detail.
Central Bank
