Question

$\underline\bf{Types\: of\: business\: services}$​

Answer 1

$\huge{\underline{\underline{\red{\bf{Answer}}}}}$

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★ Types of Business Services

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1. Banking

• Business needs funds for acquiring assets, purchasing raw material and meeting day to day expenses. Necessary points can be obtained by businessman from commercial banks. Thus, banking helps business activities overcome the problem of finance.

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2. Insurance

• Business involves various types of risks, e.g., theft, fire, accident, etc. Insurance mix provision against such risks. By getting their goods insured, producers can avoid the risk of loss of goods.

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3. Transportation

• Transportation makes for speed and tin exchange. It is because of transportation that a producer can sell his goods in different parts of world.

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4. Warehousing

• Warehousing refers to the holding and preservation of goods until they are finally consumed. It helps business firms to overcome the problem of storage of goods and facilities the availability of goods when needed.

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5. Communication

• Communication services like postal services and telephone facilities are helpful to the business for establishing links with the outside world, viz., suppliers, customers, competitors, etc. and for quick exchange of information.

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