Class 12 Finance Important Chapter 13 Modern Banking Services

Class 12 Finance Important Chapter 13 Modern Banking Services Solutions English Medium As Per The New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 12 Finance Important Solutions in English and select need one. AHSEC Class 12 Finance Additional Notes Download PDF. HS 2nd Year Banking Additional Solutions.

Class 12 Finance Important Chapter 13 Modern Banking Services

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. ASSEB Class 12 Banking Additional Question Answer are part of All Subject Solutions. Here we have given HS 2nd Year Finance Important Solutions English Medium for All Chapters, You can practice these here.

Modern Banking Services

Chapter: 13

IMPORTANT QUESTION AND ANSWER

Short Questions and Answers: 

1. What is a credit card?

Ans: A credit card is a plastic card issued by banks that allows the holder to purchase goods and services on credit and pay later. The payment is made by the issuing bank on behalf of the customer, who must repay the amount within a specified period.

2. State one difference between a debit card and a credit card.

Ans: A debit card requires the holder to have sufficient balance in their account for transactions, as the amount is immediately debited, while a credit card allows purchases on credit, which the holder pays for at a later date.

3. What is e-banking?

Ans: E-banking refers to electronic banking services that enable customers to conduct financial transactions online using computers or mobile devices, providing 24×7 access to accounts, fund transfers, and other banking services.

4. Mention one advantage of e-banking.

Ans: E-banking is highly convenient because customers can perform banking transactions from anywhere at any time without physically visiting a bank branch, thus saving time and effort.

5. What does ATM stand for and what is its primary use?

Ans: ATM stands for Automated Teller Machine. Its primary use is to allow customers to withdraw or deposit cash, check account balances, and perform other basic banking transactions at any time.

6. Who are the parties involved in a lease contract?

Ans: A lease contract involves two parties: the lessor, who owns the asset, and the lessee, who uses the asset for an agreed period in return for payment of rent.

7. Name any two functions performed by an ATM.

Ans: An ATM can dispense cash to account holders and provide mini-statements of recent transactions.

8. What is mobile banking?

Ans: Mobile banking is a banking service that allows customers to conduct financial transactions remotely using their mobile devices, such as smartphones or tablets, through dedicated banking apps.

9. What is a finance lease?

Ans: A finance lease is a long-term lease where the lessee uses an asset for most of its useful life and may have the option to purchase the asset at the end, with most risks and rewards transferred from the lessor to the lessee.

10. Define operating lease in one sentence.

Ans: An operating lease is a short-term, cancellable lease where the lessor retains most risks and rewards of ownership and is responsible for the maintenance and obsolescence of the asset.

Fill in the Blanks:

1. A ________ card allows the holder to buy goods and services on credit and pay later.

Ans: Credit.

2. ATM stands for ________ Teller Machine.

Ans: Automated.

3. E-banking services can be accessed ________ hours a day, seven days a week.

Ans: Twenty-four.

4. The two main parties in a lease contract are the ________ and the lessee.

Ans: Lessor.

5. In a ________ lease, most risks and rewards are transferred to the lessee.

Ans: Finance.