Do you need some help in preparing for your upcoming Class 11 Business Studies exams? We’ve compiled a list of MCQ on Business Services Class 11 MCQs Questions with Answers to get you started with the subject. You can download NCERT MCQ Questions for Class 11 Business Studies Chapter 4 Business Services with Answers Pdf free download, and learn how smart students prepare well ahead with MCQ Questions for Class 11 Business Studies with Answers.
Business Services Class 11 MCQs Questions with Answers
Question 1.
_____ arrangement by which a bank allows its customer to borrow money up to the specified limit.
(a) Cash Credits
(b) Pass Book
(c) Cash Book
(d) Account Payee
Answer
Answer: (a) Cash Credits
Question 2.
Insurance is a contract between _________ and ________
(a) Insurer, insured
(b) Agent, insurance
(c) Insured, insurance
(d) Insurer, family
Answer
Answer: (a) Insurer, insured
Question 3.
A person gets his stock worth Rs. 50,000 insured for Rs. 70,000. A fire occurs and the whole stock gets damaged. The Insurance Company admits a claim of Rs. 50,000 only and not Rs. 70,000. Identify the principle of insurance being applied?
(a) Principle of Indemnity
(b) Principle of Insurable Interest
(c) Principle of Subrogation
(d) Principle of Contribution
Answer
Answer: (a) Principle of Indemnity
Question 4.
In which year Insurance Act was amended in India?
(a) 1940
(b) 1928
(c) 1938
(d) 1945
Answer
Answer: (c) 1938
Question 5.
Which of the following is not applicable in life insurance contracts?
(a) Indemnity contract
(b) Unilateral contracts
(c) Conditional Contracts
(d) None of the above
Answer
Answer: (a) Indemnity contract
Question 6.
In which year Children’s Money Back plan was introduced?
(a) 1985
(b) 1988
(c) 1995
(d) 1989
Answer
Answer: (c) 1995
Question 7.
It is a type of saving bank account in which excess of a particular limit gets automatically transferred to a fixed deposit account.
(a) Multiple deposit option account
(b) Current account
(c) Recurring deposit account
(d) Salary account
Answer
Answer: (a) Multiple deposit option account
Question 8.
________ banks are included in the second schedule of RBI.
(a) Scheduled
(b) State
(c) Commercial
(d) Corporation
Answer
Answer: (a) Scheduled
Question 9.
Bankers are not only dealers of money but also leaders in
(a) Industry development
(b) Service development
(c) Trade development
(d) Economic development
Answer
Answer: (d) Economic development
Question 10.
In which year Crop Insurance scheme was introduced in India?
(a) 1978-79
(b) 1985-86
(c) 1948-49
(d) 1990-91
Answer
Answer: (b) 1985-86
Question 11.
From the following which of these is covered under Marine Insurance?
(a) Whole Life policy
(b) Liability Insurance
(c) Endowment policy
(d) Act only
Answer
Answer: (b) Liability Insurance
Question 12.
The fee charged by the insurer on account of providing services is called
(a) Premium
(b) Profit
(c) Dividend
(d) Instalment
Answer
Answer: (a) Premium
Question 13.
Which of the following is covered under the life Assurance policy?
(a) Money Back Policy
(b) Declaration policy
(c) Act only
(d) Cargo Insurance
Answer
Answer: (a) Money Back Policy
Question 14.
Which of the following is not a function of General Insurance?
(a) Risk sharing
(b) Assist in capital formation
(c) Cattle insurance
(d) None of the above
Answer
Answer: (c) Cattle insurance
Question 15.
Which bank is known as Apex Bank of India?
(a) The Reserve Bank of India
(b) The State Bank of India
(c) The Central Bank
(d) The Bank of India
Answer
Answer: (a) The Reserve Bank of India
Question 16.
The study of communication through touch is ________
(a) Chronemics
(b) Haptics
(c) Proxemics
(d) Semantics
Answer
Answer: (b) Haptics
Question 17.
Its main function is to control and coordinate the currency and credit policies of our country. Identify the institution mentioned here.
(a) The Reserve Bank of India
(b) The State Bank of India
(c) The Central Bank
(d) The Bank of India
Answer
Answer: (a) The Reserve Bank of India
Question 18.
This category of the cheque is to be deposited only in the payee’s account.
(a) Crossed Cheque
(b) Bearer Cheque
(c) Both Crossed Cheque and Bearer Cheque
(d) None of the above
Answer
Answer: (a) Crossed Cheque
Question 19.
Which of the following contained one of the earliest applications of insurance principles?
(a) Napoleonic Code
(b) Magna Carta
(c) Code of Hammurabi
(d) Charter of London
Answer
Answer: (c) Code of Hammurabi
Question 20.
Which of the following element is present in the case of Life Insurance?
(a) Security, Investment
(b) Security
(c) Investment
(d) Profit
Answer
Answer: (a) Security, Investment
Question 21.
The addition of the words___________ directs the banker to collect the cheque and credit the proceeds to the payee’s account.
(a) Manager
(b) Account payee
(c) Customers
(d) Bank
Answer
Answer: (b) Account payee
Question 22.
Which of the following has the largest number of branches across India?
(a) Postal offices
(b) Banks
(c) SBI
(d) Insurance companies
Answer
Answer: (a) Postal offices
Question 23.
Overdraft Facility is available on
(a) Current deposit account
(b) Recurring Deposits
(c) Saving Deposit Account
(d) Fixed deposits
Answer
Answer: (a) Current deposit account
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