HSC Commerce 12th Board ExamMaharashtra State Board
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Micheal Vaz solutions for 12th Board Exam Organisation of Commerce and Management chapter 2 - Business Services

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Micheal Vaz Micheal Vaz Class 12 Organisation of Commerce and Management

Micheal Vaz Class 12 Organisation of Commerce and Management - Shaalaa.com

Chapter 2: Business Services

Select the proper optionMatch the correct pairsWrite a word or phraseOthersDistinguish between the followingWrite Short NotesTrue or FalseAnswer the following questions in shortAnswer the following questionAnswer the following questions

Chapter 2: Business Services Exercise Select the proper option solutions [Pages 81 - 82]

Select the proper option | Q 1 | Page 81

Select the proper option from the options given below and rewrite the completed sentence.
Overdraft facility is given to ________.

  • Savings account

  • Current account

  • Fixed account

Select the proper option | Q 2 | Page 81

Select the proper option from the options given below and rewrite the completed sentence.
The account suitable for creating a saving habit is ________.

  • Current account

  • Recurring deposit account

  • Saving account

Select the proper option | Q 3 | Page 81

Select the proper option from the options given below and rewrite the completed sentence.
There is no limit on the frequency of withdrawals from a ________.

  • Saving account

  • Fixed account

  • Current account

Select the proper option | Q 4 | Page 81

Select the proper option from the options given below and rewrite the completed sentence.
Principle of utmost good faith is applicable to _________.

  • Life insurance

  • Marine insurance

  • All types of insurance

Select the proper option | Q 5 | Page 81

Select the proper option from the options given below and rewrite the completed sentence. 
Principle of indemnity is not applicable to ________.

  • Life insurance

  • Fire insurance

  • Marine insurance

Select the proper option | Q 6 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
Insurable interest must exist in ________.

  • Life insurance contract only

  • Marine insurance contract only

  • Every insurance contract

Select the proper option | Q 7 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
Bonded warehouses are located at ________.

  • Railway station

  • Villages

  • Ports

Select the proper option | Q 8 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
Perishable goods are stored in ________.

  • Bonded warehouses

  • Duty paid warehouses

  • Cold storage warehouses

Select the proper option | Q 9 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
Postal services are administered by ________.

  • Private companies

  • Government of India

  • Panchayat

Select the proper option | Q 10 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
In case of urgency and to avoid delays ________ is sent.

  • Registered post

  • Speed post

  • Insured post

Select the proper option | Q 11 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
In India railways are owned and managed by ________.

  • Private companies

  • Government

  • Individuals

Select the proper option | Q 12 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
Door to door services is offered by ________.

  • Rail transport

  • Road Transport

  • Air transport

Select the proper option | Q 13 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
The costliest means of transport is ________.

  • Rail transport

  • Water Transport

  • Air transport

Select the proper option | Q 14 | Page 82

Select the proper option from the options given below and rewrite the completed sentence.
Road transport is suitable for ________ distance.

  • Short

  • Long

  • Medium

Chapter 2: Business Services Exercise Match the correct pairs solutions [Pages 82 - 83]

Match the correct pairs | Q 1 | Page 82

Match the correct pairs:

  Group “A”   Group “B”
a. RBI 1 Recurring deposit account
b. Overdraft 2 12 hours service
c. Saving account 3 Withdrawals after fixed period
of time
d. ATM 4 Central Bank
e. Fixed deposit
account
5 Current Account
    6 Salaried people
    7 24 hours service
    8 Commercial bank
    9 Cash credit
    10 Withdrawal before fixed period
of time.
Match the correct pairs | Q 2 | Page 83

Match the correct pairs :

  Group “A”   Group “B”
a. Life Insurance 1 Claim made by insured
b. Mitigation of loss 2 Perishable goods
c. Premium 3 Insurable interest
d. Cold storage 4 Maximum loss
e. Warehousing 5 Transfer of goods from one
place to other
    6 To minimise the loss
    7 Imported goods
    8 Principle of indemnity
    9 Storage of goods
    10 Payment made by policy
holder
Match the correct pairs | Q 3 | Page 83

Match the correct pairs:

  Group “A”   Group “B”
a. Road transport 1 Government owned
b. Rail transport 2 Co-operative societies
c. Air transport 3 Self employed
d. Postal department 4 Owned by private companies
e. Courier services 5 Door to door service
    6 Owned by individuals
    7 Costliest means of transport
    8 Huge carrying capacity
    9 Difficulty in transport
    10 Cheapest means of transport

Chapter 2: Business Services Exercise Write a word or phrase solutions [Pages 83 - 84]

Write a word or phrase | Q 1 | Page 83

Write a word or phrase or a term which can substitute each one of the following:
The account suitable for salaried people.

Write a word or phrase | Q 2 | Page 83

Write a word or phrase or a term which can substitute  the following:
Overdraft facility is given to a certain definite account holder.

Write a word or phrase | Q 3 | Page 83

Write a word or phrase or a term which can substitute the following:
An account holder enjoys the privileges of any number of withdrawals.

Write a word or phrase | Q 4 | Page 83

Write a word or phrase or a term which can substitute the following:
An account where fixed amount is kept for a specific period.

Write a word or phrase | Q 5 | Page 83

Write a word or phrase or a term which can substitute the following:
A bank, which is known as banker's bank.

Write a word or phrase | Q 6 | Page 83

Write a word or phrase or a term which can substitute  the following:
The type of insurance where the principle of indemnity is not applicable

Write a word or phrase | Q 7 | Page 83

Write a word or phrase or a term which can substitute the following:
The policy under which cargo is insured for a specific period & voyage.

Write a word or phrase | Q 8 | Page 83

Write a word or phrase or a term which can substitute  the following:
The principle of insurance under which the insurer and the insured must show complete faith towards each other

Write a word or phrase | Q 9 | Page 83

Write a word or phrase or a term which can substitute the following:
A device through which calls and messages can be sent and received

Write a word or phrase | Q 10 | Page 83

Write a word or phrase or a term which can substitute the following:
An electronic letter through which the messages can be exchanged on the computer.

Q 11 | Page 83

Write a word or phrase or a term which can substitute  the following:
A warehouse where the goods can be stored after the payment of import duty

Write a word or phrase | Q 12 | Page 83

Write a word or phrase or a term which can substitute the following:
The type of warehouse where perishable goods are stored.

Write a word or phrase | Q 13 | Page 83

Write a word or phrase or a term which can substitute  the following:
The costliest mode of transport.

Write a word or phrase | Q 14 | Page 83

Write a word or phrase or a term which can substitute the following:
Means of transport carrying bulk and heavy goods for international trade.

Write a word or phrase | Q 15 | Page 84

Write a word or phrase or a term which can substitute the following:
Mode of transport which helps to get goods and passengers at their door.

Chapter 2: Business Services Exercise Distinguish between the following solutions [Page 84]

Distinguish between the following | Q 1 | Page 84

Distinguish between the following:
Current account & Savings account

Distinguish between the following | Q 2 | Page 84

Distinguish between the following:
Savings account & Fixed account

Distinguish between the following | Q 3 | Page 84

Distinguish between the following:
Current account & Recurring deposit account

Distinguish between the following | Q 4 | Page 84

Distinguish between the following:
Cheque & Bank Overdraft

Distinguish between the following | Q 5 | Page 84

Distinguish between the following:
Loan & Overdraft

Distinguish between the following | Q 6 | Page 84

Distinguish between the following:
Commercial bank & Central bank

Distinguish between the following | Q 7 | Page 84

Distinguish between the following:
Life insurance & Fire insurance

Distinguish between the following | Q 8 | Page 84

Distinguish between the following:
Fire Insurance & Marine Insurance

Distinguish between the following | Q 9 | Page 84

Distinguish between the following:
Road transport & Rail transport

Distinguish between the following | Q 10 | Page 84

Distinguish between the following:
Rail Transport & Air Transport

Distinguish between the following | Q 11 | Page 84

Distinguish between the following:
Road transport & Water transport

Distinguish between the following | Q 12 | Page 84

Distinguish between the following:
Bonded Warehouse & Duty Paid Warehouses

Chapter 2: Business Services Exercise Write Short Notes solutions [Pages 84 - 85]

Write Short Notes | Q 1 | Page 84

Write Short Note on the following:
Nature of business services

Write Short Notes | Q 2 | Page 84

Write Short Note on the following:
Types of business services

Write Short Notes | Q 3 | Page 84

Write Short Note on the following:
Types of banks

Write Short Notes | Q 4 | Page 84

Write Short Note on the following:
Primary functions of commercial banks

Write Short Notes | Q 5 | Page 84

Write Short Note on the following:
Agency functions of commercial banks

Write Short Notes | Q 6 | Page 84

Write Short Note on the following:
Utility functions of commercial banks

Write Short Notes | Q 7 | Page 84

Write Short Note on the following:
E-banking

Write Short Notes | Q 8 | Page 84

Write Short Note on the following:
Types of life insurance policies

Write Short Notes | Q 9 | Page 84

Write Short Note on the following:
Types of fire insurance policies

Write Short Notes | Q 10 | Page 84

Write Short Note on the following:
Types of marine insurance policies

Write Short Notes | Q 11 | Page 84

Write Short Note on the following:
Functions of warehousing

Write Short Notes | Q 12 | Page 84

Write Short Note on the following:
Types of warehouses

Write Short Notes | Q 13 | Page 84

Write Short Note on the following:
Mail services of the post offices

Write Short Notes | Q 14 | Page 84

Write Short Note on the following:
Specialised mail services of post offices

Write Short Notes | Q 15 | Page 84

Write Short Note on the following:
Money remittance services of post offices

Write Short Notes | Q 16 | Page 84

Write Short Note on the following:
Retail services of post offices

Write Short Notes | Q 17 | Page 85

Write Short Note on the following:
Telecom services

Write Short Notes | Q 18 | Page 85

Write Short Note on the following:
Functions of warehouses

Write Short Notes | Q 19 | Page 85

Write Short Note on the following:
Role of transport

Write Short Notes | Q 20 | Page 85

Write Short Note on the following:
Road transport

Write Short Notes | Q 21 | Page 85

Write Short Note on the following:
Rail transport

Write Short Notes | Q 22 | Page 85

Write Short Note on the following:
Air transport

Write Short Notes | Q 23 | Page 85

Write Short Note on the following:
Water transport

Write Short Notes | Q 24 | Page 85

Write Short Note on the following:
Other modes of transport

Chapter 2: Business Services Exercise True or False solutions [Page 85]

True or False | Q 1 | Page 85

State with Reasons whether the following statement is TRUE or FALSE:

Central bank (RBI) connot accept deposit from the public.

  • True 

  • False 

True or False | Q 2 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Overdraft facility is given to saving account holders.

  • True 

  • False 

True or False | Q 3 | Page 85

State with Reasons whether the following statement TRUE or FALSE.

Current account is suitable for salaried people.

  • True 

  • False 

True or False | Q 4 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Cash can be withdrawn from ATM at any time.

  • True 

  • False 

True or False | Q 5 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

The principle of indemnity applies to life insurance.

  • True 

  • False 

True or False | Q 6 | Page 85

State with Reasons whether the following statement is  TRUE or FALSE.

Insured must have insurable interest in the subject matter at the time of taking the policy.

  • True

  • False 

True or False | Q 7 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

An individual must always tries to minimise the loss by fire as far as possible.

  • True

  • False 

True or False | Q 8 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Duty paid warehouses help to provide storage for perishable commodities.

  • True 

  • False

True or False | Q 9 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Private warehouses are used only by its owners.

  • True 

  • False 

True or False | Q 10 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Post offices provide money remittance services.

  • True 

  • False 

True or False | Q 11 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

E –payment facility is not available to general public.

  • True 

  • False 

True or False | Q 12 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Air transport is suitable for short distances.

  • True

  • False 

True or False | Q 13 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Transport helps in raising standard of living.

  • True

  • False 

True or False | Q 14 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Water transport is the costliest means of transport available.

  • True

  • False 

True or False | Q 15 | Page 85

State with Reasons whether the following statement is TRUE or FALSE.

Rail transport provides door to door services.

  • True

  • False 

Chapter 2: Business Services Exercise Answer the following questions in short solutions [Pages 85 - 86]

Answer the following questions in short | Q 1 | Page 85

Answer the following question in short:
State the nature of business services.

Answer the following questions in short | Q 2 | Page 85

Write Short Note on the following:
Types of banks

Answer the following questions in short | Q 3 | Page 85

Answer the following question in short:
State the primary functions of banks.

Answer the following questions in short | Q 4 | Page 85

Answer the following question in short:
What are the agency functions of banks?

Answer the following questions in short | Q 5 | Page 85

Write Short Note on the following:
Utility functions of commercial banks

Answer the following questions in short | Q 6 | Page 85

Answer the following question in short:
What is e-banking?

Answer the following questions in short | Q 7 | Page 85

Write Short Note on the following:
Types of life insurance policies

Answer the following questions in short | Q 8 | Page 85

Write Short Note on the following:
Types of fire insurance policies

Answer the following questions in short | Q 9 | Page 85

Write Short Note on the following:
Types of marine insurance policies

Answer the following questions in short | Q 10 | Page 85

Write Short Note on the following:
Functions of warehousing

Answer the following questions in short | Q 11 | Page 86

Write Short Note on the following:
Mail services of the post offices

Answer the following questions in short | Q 12 | Page 86

Answer the following question in short:
What do you mean by specialised mail services of post offices.

Answer the following questions in short | Q 13 | Page 86

Answer the following question in short:
State the telecom services as a means of communication.

Answer the following questions in short | Q 14 | Page 86

Write Short Note on the following:
Functions of warehousing

Answer the following questions in short | Q 15 | Page 86

Write Short Note on the following:
Role of transport

Chapter 2: Business Services Exercise Answer the following question, Answer the following questions solutions [Page 86]

Answer the following question | Q 1 | Page 86

Answer the following question:
Define bank. Explain different types of banks.

Answer the following question | Q 2 | Page 86

Answer the following question:
What is commercial bank? Explain its primary functions.

Answer the following question | Q 3 | Page 86

Answer the following question:
Describe the secondary functions of commercial banks.

Answer the following questions | Q 4 | Page 86

Answer the following question:
Define insurance. Explain the various principles of insurance.

Answer the following question | Q 5 | Page 86

Answer the following question:
What is warehousing? Explain different types of warehouses.

Answer the following question | Q 6 | Page 86

Answer the following question:
Describe mail services & specialised mail services of the postal department

Answer the following question | Q 7 | Page 86

Answer the following question:
Explain the functions of warehousing.

Answer the following question | Q 8 | Page 86

Answer the following question:
Describe the role of transport in modern times.

Chapter 2: Business Services

Select the proper optionMatch the correct pairsWrite a word or phraseOthersDistinguish between the followingWrite Short NotesTrue or FalseAnswer the following questions in shortAnswer the following questionAnswer the following questions

Micheal Vaz Micheal Vaz Class 12 Organisation of Commerce and Management

Micheal Vaz Class 12 Organisation of Commerce and Management - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Organisation of Commerce and Management chapter 2 - Business Services

Micheal Vaz solutions for 12th Board Exam OCM chapter 2 (Business Services) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Organisation of Commerce and Management solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. Micheal Vaz textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in 12th Board Exam Organisation of Commerce and Management chapter 2 Business Services are Meaning of Business Services, Types of Business Services, Function of Commercial Banks, Banking Services with Particular Reference - E-banking, Concept of Insurance, Concept of Postal Service, Concept of Telecom Services, Concept of Warehousing, Meaning of Transport, Role of Transport, Banking - Types of Bank.

Using Micheal Vaz 12th Board Exam solutions Business Services exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Micheal Vaz Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 12th Board Exam prefer Micheal Vaz Textbook Solutions to score more in exam.

Get the free view of chapter 2 Business Services 12th Board Exam extra questions for OCM and can use Shaalaa.com to keep it handy for your exam preparation

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