AP Inter 2nd Year Commerce Notes Chapter 3 Business Services

Students can go through AP Inter 2nd Year Commerce Notes 3rd Lesson Business Services will help students in revising the entire concepts quickly.

AP Inter 2nd Year Commerce Notes 3rd Lesson Business Services

→ Business services would facilitate flow of goods from producers to consumers by eliminating hindrances of place, time, exchange and persons. Some of the business services are banks, insurance, warehousing and transport.

→ Banking means accepting deposits from the public for the purpose of lending or investment, repayable on demand or otherwise, withdrawable by cheque, order or otherwise.

→ E-banking is a banking with the use of electronic tools and facilitate through electronic delivery channels.

→ ATM, Any where banking, Tele banking, internet banking, mobile banking are the different services of E – Banking. .

→ Insurance is a social device for pooling and dividing risk among large number of persons.

→ The different kinds of insurance are
a) Life Insurance
b) Marine Insurance
c) Fire Insurance.

→ Life insurance is a contract by which one party called the assurer agrees to pay certain sum of money in consideration of payment called premium on the happening of certain event that is death or reaching a certain age.

AP Inter 2nd Year Commerce Notes Chapter 3 Business Services

→ Marine insurance is a contract which covers the risks of loss arising from and incidental to marine adventure.

→ Fire insurance is a type of insurance in which the insurer under takes to identify the insured against any loss due to fire caused to the property in consideration of premium paid by the insured.

→ Transport is the physical means of moving goods and persons from one place to another.

→ The different modes of transport are
a) Road transport
b) Rail transport
c) Water transport
d) Air transport
e) Pipelines.

→ In road transport both men and animals are used to carry goods and people.

→ Rail transports are the cheapest and quickest means of transport for carrying heavy goods over a long distance.

→ Water transport is the largest carrying capacity and is most suitable for carrying heavy goods over long distance.

→ Air transport does not need a specific surface track for its operations.

AP Inter 2nd Year Commerce Notes Chapter 3 Business Services

→ Pipe line transport is used for the movement of liquid commodities like crude oil, natural gas and other petroleum products.

→ Warehouse is a building or a room for storing goods.

→ Warehouse perform marketing functions like assembling, grading and transportation.

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