Cheat sheet · Class 11 · CBSE · Commerce Business Studies
Business Services cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 11 · Business Studies
Cheat sheet
Chapter 4Business Services
Five I's of services: Intangibility, Inconsistency, Inseparability, Inventory (none), Involvement.
1. Services vs Goods
| Basis | Services | Goods |
|---|---|---|
| Nature | intangible | tangible |
| Storage | can't be stored | can be stored |
| Production & consumption | simultaneous | separate |
2. Types of Business Services
| Service | Key points |
|---|---|
| Banking | commercial banks; deposits (savings, current, fixed); e-banking (NEFT, RTGS, UPI) |
| Insurance | utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause |
| Communication | postal, telecom |
| Transport | removes hindrance of place |
| Warehousing | removes hindrance of time; private, public, bonded, cold storage |
3. Insurance Types
- life
- fire
- marine (hull, cargo, freight)
- health
- motor
4. Key Points
- Life insurance isn't a contract of indemnity.
- Bank draft: transfer of funds.
- Overdraft vs cash credit.
- Bonded warehouses hold imported goods before duty is paid.
Remember: 5 I's | banking, insurance principles | warehouse types
Business Services: questions and notes
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