In my opinion, these services are complementary to each other and hence, they have their own importance. I can't say that tourism or recreation (Personal Service) is less important than services of a charitable hospitals (Social Service) or vice-versa. Similarly, I can't say that banking (Business Service) is less important than services of restaurants (Personal Service) or vice-versa. Still if I have to choose one, I will select social services because:
(a) They benefit to a larger section of society.
(b) They are sometimes provided without a payment in lieu.
(c) They have long lasting effects on our society and economy.

These are established as departments of the ministry and are financed, managed and controlled by either central government or state government. Examples: Indian railways, post and telegraph.
Features
1. No separate entity: It does not have separate legal entity.
2. Finance: It is financed by annual budget allocation of the government and all its earnings go to government treasury.
3. Accounting and Audit: The government rules relating to audit and accounting are applicable to it.
4. Staffing: Its employees are government employees and are recruited and appointed as per government rules.
5. Accountability: These are accountable to the concerned ministry.
Merits
1. It is more effective in achieving the objective laid down by government as it is under the direct control of govt.
2. It is a source of government income as its revenue goes to government treasury.
3. It is accountable to parliament for all its actions which ensures proper utilisation of funds.
4. It is suitable for activities where secrecy and strict control is required like defence production.
Demerits
1. It suffers from interference from minister and top officials in their working.
2. It lacks flexibility which is essential for smooth operation of business.
3. It suffers from red tapism in day to day work.
4. These organizations are usually insensitive to consumer needs and do not provide goods and adequate service to them.
5. Such organisations are managed by civil servants and government officials who may not have the necessary expertise and experience in management.

Differences between public and private sectors are summarised in the table given below:

Outsourcing represents a new mode of business. It is fast becoming an emerging mode of business. Firms have started increasingly outsourcing one or more of'their processes which can be efficiently and effectively carried on by others. Outsourcing can be qualified as emerging mode of business because its acceptance is increasing as a fundamental business policy and philosophy, as opposed to the earlier philosophy of doing it all by yourself.

Business: An economic activity involving the production and sale of goods and services undertaken with a motive of earning profit by satisfying human needs in society is called business.
Characteristics of Business
1. Economic activity: All business activities are economic activities and are done for the sole purpose of earning money.
2. Production and procurement of goods and services: A business activity involves the production or procurement of goods and services. A manufacturer is involved in production, while a shopkeeper is involved in procurement.
3. Sale and exchange of goods and services for the satisfaction of human needs: Sale and exchange of goods and services is done to satisfy human needs.
4. Dealing in goods and services on a regular basis: One time dealing in goods or services cannot be termed as a business. The business should happen on a regular basis.
5. Profit earning: Profit earning is the fundamental motive of doing a business. Other motives are there, but they depend on profit motive.
6. Uncertainty of returns: Returns can never be certain in business activity. This happens because of external factors which are outside the control of the business organization.
7. Element of risk: An element of risk is always present in business activity.

From commonly used cards to newly launched UPI, digital payments has many types of payment. Some modes meant for tech-savvies and some for less-technical persons. Below are the different modes of digital payments.
UPI apps: UPI or unified payment interface is a payment mode which is used to make fund transfers through the mobile app. You can transfer funds between two accounts using UPI apps. You will have to register for mobile banking to use UPI apps. Currently, this service is only available for android phone users. Hence you can use UPI only when you have an android phone. You need to download a UPI app and create a VPA or UPI ID. There are too many good UPI apps available such as BHIM, SBI UPI, HDFC UPI, iMobile, PhonePe etc. It is not mandatory to use the UPI app from your bank to enjoy UPI service. You can download and use any UPI app. UPI apps are a faster solution to send money using VPA or even IFSC and account number. But they have some limitations also. If you do not have an android phone you cannot use UPI app. Lack of stable internet connection can also cause trouble for these apps.
AEPS:  AEPS is an Aadhaar based digital payment mode. The term AEPS stands for Aadhaar Enabled Payment Service. Customer needs only his or her Aadhaar number to pay to any merchant. AEPS allows bank to bank transactions. It means the money you pay will be deducted from your account and credited to the payee's account directly. You need to link your Aadhaar number to your bank account to use AEPS. Unlike Debit cards and USSD, AEPS does not have any charges on transactions. You can use AEPS with the help of PoS (Point of Sale) machines. You can withdraw or deposit cash, send money to another Aadhar linked account with it. The good thing about AEPS is that it doesn't need your signature, bank account details, or any password. It uses your fingerprint as a password. No one can forge your fingerprints, thus it is the most secure digital payment mode.
USSD: USSD banking or *99# Banking is a mobile banking based digital payment mode. You do not need to have a smartphone or internet connection to use USSD banking. You can easily use it with any normal feature phone. USSD banking is as easy as checking your mobile balance. You can use this service for many financial and non-financial operations such as checking balance, sending money, changing MPIN and getting MMID. The *99# code works as a bridge between your telecom operator's server and your bank's server. It uses your registered mobile number to connect with your bank account. Hence, dial *99# with your registered number only. USSD banking has a transaction limit of Rs.5,000 per day per customer. RBI has also set a maximum charge of  Rs.2.5 per operation.
Cards: Cards are provided by banks to their account holders. These have been the most used digital payment modes till now. Many of us use cards for transferring funds and making digital payments. Credit cards, debit cards, and prepaid cards are the main types of cards. You can also use Rupay debit card for digital payments.
(i) Credit cards are issued by banks and some other entities authorized by RBI. These cards give you the ability to withdraw or use extra money. Credit cards are used for domestic as well as international payments.
(ii) Debit cards are issued by the bank where you have your account. You can use these cards for the money in your account. The payments you make with these cards debited from your account and credited, immediately to the payee's account. You can use these cards to make payments to one bank account to another.
(iii) Prepaid cards are another type of cards which you use to pay digitally. You must have to recharge these cards before using just like prepaid SIM cards.
E-Wallets: E-wallet or mobile wallet is the digital version of your physical wallet with more functionality. You can keep your money in an E-wallet and use it when needed. Use the E-wallets to recharge your phone, pay at various places and send money to your friends. If you have a smartphone and a stable internet connection, you can use E-wallets to make payments. These E-Wallets also give additional cashback offers. Some of the most used E-wallets are State bank buddy, ICICI Pockets, Freecharge, Paytm, etc.

It is right to say that E-commerce is giving way to paperless society. Government is also formulating laws to help in this creation. It is clear from the laws formulated under IT Act, 2000:
1. Legal recognition of electronic records: Where any law provides that information or any other matter shall be in writing or in the typewritten or printed form, then, notwithstanding anything contained in such law, such requirement shall be deemed to have been satisfied if such information or matter is rendered or made available in an electronic form; and accessible so as to be usable for a subsequent reference. For example, a company can send notice for AGM using e-mail.
2. Retention of electronic records: Where any law provides that documents, records or information shall be retained for any specific period, then, that requirement shall be deemed to have been satisfied if such documents, records or information are retained in the electronic form. For example, if results are preserved in electronic form it will work.
3. Legal recognition of digital signatures: Where any law provides that information or any other matter shall be authenticated by affixing the signature or any document shall be signed or bear the signature of any person, hence notwithstanding anything contained in such law, such requirement shall be deemed to have been satisfied, if such information or matter is authenticated by means of digital signature affixed in such a manner as may be prescribed by the Central Government.
4. Use of electronic records and digital signatures in Government and its agencies: Where any law provides for the filling of any form, application or any other document with any office, authority, body or agency owned or controlled by the appropriate government in a particular manner; the issue or grant of any license, permit, sanction or approval by whatever name called in a particular manner; the receipt or payment of money in a particular manner, then, notwithstanding anything contained in any other law for the time being in force, such requirement shall be deemed to have been satisfied if such filing, issue, grant, receipt or payment, as the case may be, is effected by means of such electronic form as may be prescribed by the appropriate government.
All these provisions of IT Act, 2000 are helping us to move towards a paperless society.

The role and importance of public sector changed with passage of time.
1. Development of infrastructure: At the time of independence, India suffered from an acute shortage of heavy industries such as engineering, iron and steel, oil refineries, heavy machineries, etc. Because of huge investment requirement and long gestation period, private sector was not willing to enter these areas. The duty of development of basic infrastructure was assigned to public sector which it discharged quite efficiently.
2. Regional balance: Earlier, most of the development was limited to a few areas like port towns. For providing employment to the people and for accelerating the economic development of backward areas many industries were set up by public sector in those areas.
3. Economics of scale: In certain industries (like electric power plants, natural gas, petroleum, etc) huge capital and large base are required to function economically. Such areas were taken up by public sector.
4. Control of monopoly and restrictive trade practices: These enterprises were also established to provide completion to private sector and to check their monopolies and restrictive trade practices.
5. Import substitution: Public enterprises were also engaged in production of capital equipments which were earlier imported from other countries. At the same time public sector companies like STC and MMTC have played an important role in expanding exports of the country. Very important role was assigned to public sector but its performance was far from satisfactory which forced government to do rethinking on public enterprises.

Different types of partners are given below:
1. General/Active Partner: Such a partner takes active part in the management of the firm.
2. Sleeping of Dormant Partner: Although he does not take active part in the management of the firm, he invests money, shares profit and loss, has unlimited liability.
3. Secret Partner: He participates in business secretly without disclosing his association with the firm to general public. His liability is also unlimited.
4. Nominal Partner: Such a partner only gives his name and goodwill to the firm. He neither invests money nor takes profit. But his liability is unlimited.
5. Partner by Estoppels: He is the one who by his words or conduct gives impression to the outside world that he is a partner of the firm whereas actually he is not. His liability is unlimited towards the third party who has entered into dealing with firm on the basis of his pretension.
6. Partner by Holding out: He is the one who is falsely declared partner of the firm whereas actually he is not. And even after becoming aware of it, he does not deny it. His liability is unlimited towards the party who has dealt it with firm on the basis of this declaration.

It is established under a special act passed in parliament or state legislative assembly. Its objectives, powers and functions are clearly defined in the Statute fact. Examples include Unit Trust of India, Life Insurance Corporation of India, Steel Authority of India Limited etc.
Features
1. It is established under a special act which defines its objects, powers and functions.
2. It has a separate legal entity.
3. Its management is vested in a Board of Directors appointed or nominated by the government,
4. It has its own staff, recruited and appointed as per the provisions of act.
5. This type of enterprise is usually independently financed. It obtains funds by borrowing from government or from public or through earnings.
6. It is not subject to same accounting and audit rules which are applicable to Government Department.
Merits
1. Internal autonomy: It enjoys a good deal of autonomy in its day to day operations and in free from political interference.
2. Quick decisions: It can take prompt decisions and quick actions as it is free from the prohibitory rules of government.
3. Parliamentary control: Their performance is subject to discussion in Parliament which ensures proper use of public money
4. Efficient management: Their Directors and top Executives are professionals and experts of different fields.
Demerits
1. Flexibility is for name sake only: In reality, there is not much operational flexibility. It suffers from lot of political interference.
2. Lack of profit motive: Usually they enjoy monopoly in their field and do not have profit motive due to which their working turns out to be inefficient:
3. Corruption: Where there is dealing with public, rampant corruption exists. Thus public corporation is suitable for undertaking requiring monopoly powers e.g., public utilities.

Public private partnership also called PPP or p3 is a contract between government and private business firms for the provision of public assets and/or public services.
Merits
(a) Inflow of private investment: PPP attracts private investment which is of utmost importance to undertake such essential projects.
(b) Increased efficiency: Involvement of private sector will bring efficiency in implementation of projects and cut down cost and time.
(c) Innovation: It helps in bringing innovative design and constructive practices.
(d) Better economic viability: Involvement of experienced and creditworthy sponsors and commercial lenders can increase economic viability of the projects
(e) Risk sharing: The structuring of a PPP project allocates the risks to the agency which can handle it most suitably.
Demerits
(a) Increased cost: Cost of production increases for the government as private sector also demands its profit share for the money it invests.
(b) Control gets divided: Control gets divided between private and public sector. Government remains involved in all stages and private sector, is responsible for more commercial functions like project design, construction, finance and operations.

(a) (i) Increasing use of net
(ii) Non-cash mode of payment
(b) (i) It is easy to maintain records
(ii) It is easy to expend business at larger scale.

(a) (i) Accepting of Deposits: He also has a saving account with the bank.
(ii) Granting of Loans: Mr. X applied for a loan from State Bank of India to expand his shop under Pradhan Mantri Mudra Yojna. Later he purchased a home by taking a home loan from bank. Then he purchased a car on EMI financed by a bank.
(b) Payments and Acceptance of collections on behalf of client: All his EMIs are getting deducted from his saving account.
(c) Locker Facility: He has also taken a locker facility from the bank where he keeps his important documents and valuables.

(a) Sanjay's father would have operated before 1991 and Sanjay would be operating in the era of Liberalization, globalization and privatization.
(b) Before 1991, major challenges for a business were as follows:
(i) Lack of infrastructure facilities
(ii) Too many government rules and regulations
(iii) Lack of technology
After 1991, challenges are:
(i) Too much competition
(ii) Rapidly changing technology
(iii) Frequent changes in technology
(iv) Exceptionally demanding consumers.

(a) Statutory Corporation
(b) Merits:
(i) They have operational Flexibility.
(ii) They have an autonomous set up and hence they are free from interference.
(c) Demerits:
(i) Autonomy of these corporations is theoretical only. Practically there is lot of interference.
(ii) Members of Board of directors are appointed by the government who are civil servants, politicians and professionals. They also face pressure from government bodies.
(d) Reserve Bank of India, Life Insurance Corporation of India, Food Corporation of India, State Financial Corporation, Damodar Valley Corporation, State Bank of India etc.

No, he is not right. CA is not a business but a profession. Even in business, it is not true that first and foremost priority is to generate profits and everything else is secondary but it is absolutely wrong in case of a profession.
CA can be called a profession because it has following features:
(a) Membership of a professional body and certificate of practice required.
(b) Personalized services of expert nature
(c) Professional Qualification and training required
(d) Professional Fee is charged in lieu of services.
(e) Limited capital for establishment
(f) The degree of risk is low.
(g) Professional code of conduct is to be followed given by the concerned authority.
Motive of professional service is to provide service and not earning profits. Two values that are missing in Sanjay are:
(a) Lack of professional ethics.
(b) No concern for social objectives of an economic activity.

Types of business risks are as follows:
(a) Speculative risks: Speculative risks involve possibility ofboth gain as well as loss. They arise due to fluctuations in demand and supply, changes in price, changes in fashion etc.
(b) Pure Risks: These involve possibility of loss or no loss. Examples chances of fire, accident, theft etc.
(c) Insurable risks: Those risks which can be insured for because it is possible to determine the probability of such risks. Like fire insurance, marine insurance etc.
(d) Uninsurable risks: Uninsurable risks are those whose probability cannot be determined and hence no insurance is available for them. Uninsurable risks are called uncertainty.
Reference:
Uninsurable risk: Her tailor may leave job suddenly which may affect is timely completion of orders. Government policies can also change like compulsion of GST or maintaining complete accounting records etc. Pure risks: She is also worried about theft or fire in boutique.
Speculative risks: There are also changes in fashion which may be used as an opportunity or can act as a threat.

It will help in attainment of social objectives:

It will hamper following objectives:.