MCQ Questions for Class 11 Business Studies: Ch 4 Business Services
1. In which year Crop Insurance scheme was introduced in India.?
(a) 1978-79
(b) 1985-86
(c) 1948-49
(d) 1990-91
► (b) 1985-86
2. From the following which of this is covered under marine Insurance?
(a) Whole Life policy
(b) Liability Insurance
(c) Endowment policy
(d) Act only
► (b) Liability Insurance
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
► (a) Principle of Indemnity
4. In which year Insurance Act was amended in India?
(a) 1940
(b) 1928
(c) 1938
(d) 1945
► (c) 1938
5. Which of the following element is present in the case of Life Insurance?
(a) Security, Investment
(b) Security
(c) Investment
(d) Profit
► (a) Security, Investment
6. Addition of the words___________ directs the banker to collect the cheque and credit the proceeds to the payees account.
(a) Manager
(b) Account payee
(c) Customers
(d) Bank
► (b) Account payee
7. In which year Children's Money Back plan was introduced?
(a) 1985
(b) 1988
(c) 1995
(d) 1989
► (c) 1995
8. It is a type of saving bank account in which excess of a particular limit gets automatically transferred to fixed deposit account.
(a) Multiple deposit option account
(b) Current account
(c) Recurring deposit account
(d) Salary account
► (a) Multiple deposit option account
9. ________ banks are included in the second schedule of RBI.
(a) Scheduled
(b) State
(c) Commercial
(d) Corporation
► (a) Scheduled
10. Bankers are not only dealers of money but also leaders in
(a) Industry development
(b) Service development
(c) Trade development
(d) Economic development
► (d) Economic development
11. The fee charged by the insurer on account of providing services is called
(a) Premium
(b) Profit
(c) Dividend
(d) Instalment
► (a) Premium
12. Which of the following is covered under life Assurance policy?
(a) Money Back Policy
(b) Declaration policy
(c) Act only
(d) Cargo Insurance
► (a) Money Back Policy
13. Which principle of insurance states that the insured must take reasonable steps to minimize the loss or damage to the insured property?
(a) Principle of Mitigation of loss
(b) Principle of Proximate Cause
(c) Principle of Indemnity
(d) Principle of Contribution
► (a) Principle of Mitigation of loss
14. When money is deposited for a fixed period it s called
(a) Recurring deposit
(b) Fixed deposit
(c) Current deposit
(d) Savings deposit
► (b) Fixed deposit
15. 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
► (c) Cattle insurance
16. Which of the following has largest number of branches across India?
(a) Postal offices
(b) Banks
(c) SBI
(d) Insurance companies
► (a) Postal offices
17. Overdraft Facility is available on
(a) Current deposit account.
(b) Recurring Deposits
(c) Saving Deposit Account.
(d) Fixed deposits.
► (a) Current deposit account.
18. 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
► (a) The Reserve Bank of India
19. The study of communication through touch is ________.
(a) Chronemics
(b) Haptics
(c) Proxemics
(d) Semantics
► (b) Haptics
20. Its main function is to control and coordinate 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
► (a) The Reserve Bank of India
21. This category of cheque is to be deposited only in the payees account.
(a) Crossed Cheque
(b) Bearer Cheque
(c) Both Crossed Cheque and Bearer Cheque
(d) None of the above
► (a) Crossed Cheque
22. 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
► (c) Code of Hammurabi
23. _____ arrangement by which a bank allows his customer to borrow money up to specified limit.
(a) Cash Credits
(b) Pass Book
(c) Cash Book
(d) Account Payee
► (a) Cash Credits
24. Insurance is a contract between _________ and ________
(a) Insurer, insured
(b) Agent, insurance
(c) Insured, insurance
(d) Insurer, family
► (a) Insurer, insured
25. 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
► (a) Indemnity contract