Class 11th Business Studies - Business Service Case Study Questions and Answers 2022 - 2023
By QB365 on 09 Sep, 2022
QB365 provides a detailed and simple solution for every Possible Case Study Questions in Class 11 Business Studies Subject - Business Service, CBSE. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
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Business Service Case Study Questions With Answer Key
11th Standard CBSE
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Reg.No. :
Business Studies
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Demonetization in India led to the need for cashless economy. It had a great impact on banking industry. Banks were overflowing with old currency on the one hand and were in cash crisis for new currency. Gradually the problem smoothened but now a hawker and peddler are accepting Paytm, mpesa and other forms of digital cash. Promotion of "mera mobile mera batuaa" concept motivated even the cobbler, hair cutters, vegetable and fruit vendors and other small service providers to accept digital cash and cashless forms. Popularity of plastic money (debit and credit cards) also increased.
(a) In the light of above facts, discuss the importance of banking in business and trade.
(b) How will demonetization create new aids to trade?(a) -
Sanjana obtained a life insurance policy of her husband. After 5 years, her husband dies of cancer. At the time of policy also Sanjana and her husband were aware of the disease but they did not disclose it to the insurance company.
(a) Can she claim the amount of policy from the insurance company?
(b) Identify the principle of insurance involved.
(c) Explain two more principles of insurance.(a) -
A person gets his house insured, but he hides the fact that he stores petrol in his house. His house catches fire. He does not bother to minimize the loss as he felt that his house is insured so it is not his headache to make an effort to minimize the loss.
(a) Can he claim compensation?
(b) State the name of principles involved.
(c) Explain these principles.(a) -
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. He also has a saving account with the bank. All his EMIs are getting deducted from his saving account. He has also taken a locker facility from the bank where he keeps his important documents and valuables.
(a) Identify primary functions of commercial bank that Mr. X is availing of.
(b) Identify agency functions of commercial bank Mr. X is availing of.
(c) Identify general utility functions of commercial bank Mr. X is availing of.(a) -
One fine day, government announced some policy which was against the interests of truck drivers. As a result, all truck drivers went on strike. Strike continued for three days. It created a calamity kind of situation in the country. People started facing problems even for basic needs. Businesses had to pay labour without work. Many factories could not•..be operational. Many others had to send goods at a higher price to maintain their market. It led to rise in prices of even basic goods. Ultimately government has to accept the demands of truck drivers so that they discontinue the strike.
(a) In the light of above facts, discuss importance of transportation in business and trade.
(b) How can transportation strike create calamity kind of situation?(a) -
Shilpi is planning to start a business. She is having a place where she will establish her factory. But she has no space for warehouse. She is under an impression that she must have a private warehouse if she wants to run business successfully. She is not having enough funds to own a private warehouse.
(a) Is she right in her opinion?
(b) What are other options she has?(a)
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Answers
Business Service Case Study Questions With Answer Key Answer Keys
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(a) Banking is very important for business and trade. It helps in transfer of funds in transactions. Modern means of transfer of funds include:
• Debit cards
• Credit cards
• NEFT
• Mobile banking
• Digital cash.
(b) Digital cash like Paytm, Mpesa etc are new aids to trade. -
(a) No, he cannot claim the compensation.
(b) Principle of utmost good faith is not followed. According to this principle, it is the duty of the insurer and insured to voluntarily make full accurate disclosure of all facts, material to the insurance contract.
(c) Principle of indemnity: Indemnity means security or compensation against loss or damage. The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. In type of insurance, the insured would be compensation with the amount equivalent to the actual loss and not the amount exceeding the loss. This is a regulatory principal. This principle is observed more strictly in property insurance than in life insurance. The purpose of this principle is to set back the insured to the same financial position that existed before the loss or damage occurred.
Principal of subrogation: The principle of subrogation enables the insured to claim the amount from the third-party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss, For example, if you get injured in a road accident, due to reckless driving of a third party, the insurance company will compensate your loss and will also sue the third party to recover the money paid as claim. -
(a) No, he cannot claim the compensation
(b) Principle of utmost good faith
(c) Principle of utmost good faith is not followed: According to this principle, it is the duty of the insurer and insured to voluntarily make full accurate disclosure of all facts, material to the insurance contract.
Principle of mitigation: If refers that the insured should try to minimize the loss of the subject matter of the insurer even if it is insured. -
(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) Transportation is extremely important for business and trade.
(i) Transportation removes the hindrance of place and makes goods available to the consumer from the place of production. It helps a factory or business house to get raw material and sell finished goods to the final consumer.
(ii) It helps to stabilize prices by moving the goods from the place where they are in excess supply to the place where they are scarce. Transportation removes the hindrance of place and makes goods available to the consumer from the place of production.
(iii) Transportation is required in the process of production and distribution offinished goods to market.
(iv) Efficient transportation reduces the cost of production and distribution and thereby the selling price of a product - Low price - mass consumption.
(v) It helps to stabilize prices by moving the goods from the place where they are in excess supply to the place where they are scarce.
(b) When basic needs like fruits, vegetables, milk etc are not available, it creates calamity kind ofsituation. Household do not get basic needs. Business houses are not getting raw material and are unable to sell their finished goods. Certainly it creates calamity kind of situation in the country. -
(a) No, she is not right.
(b) She has following two options
(i) Public warehouse: Govt. regulates their operation by issuing licenses for them to private parties. They can be used for storage of goods by traders, manufacturers or public after payment of fees.
(ii) Cooperative warehouse: Owned, managed and controlled by some marketing cooperative societies for their own members. In India, the National Cooperative Development cooperation is developing co-operative warehouse.
Case Study
