Nikhil faraday said:
Why some quantities are multiplied by using dot product and some by cross product ?
Asking why sometimes we use the dot product and sometimes we use the cross product is like asking why sometimes we use a hammer and sometimes we use a screwdriver - they're different tools used for different purposes, and you'll find both of them in a well-stocked toolbox.
There are lots of things you can do to combine two vectors; you can calculate the dot product, you can calculate the cross product, you can add them together, you can subtract one from the other. These are four different tools used for four different purposes, and with practice you develop a sense of which one works to describe a particular physical situation. Chances are that you've already learned to recognize problems that call for vector addition - vector addition is easy to visualize. The dot product and the cross product are a bit harder to visualize and come a bit later in your studies, but like a hammer and a screwdriver, the more you see them being used the better you'll get at recognizing situations that call for one or the other.
Why do we give directions to quantities like angular velocity , angular acceleration? What is the significance of giving them directions?
Let's use angular velocity as an example, because it's easy to visualize. I have a ball, and it's spinning around a vertical axis at 1000 RPM. I have another ball and its spinning about a horizontal axis at 1000 RPM. They have the same amount of spin, but it's in different directions; to completely describe the spin of the two balls I need both a number (1000 RPM) and direction (vertical versus horizontal). So your question "Why do we give directions to quantities like angular velocity" is backwards - we don't "give" them direction, they already have direction, so we are forced to use mathematical descriptions that include that direction.
(As an aside, this trick of using vectors to represent rotations and angular velocities and the like only works in three dimensions. However, we live in a three-dimensional world, so it works for us - and all that's we require of our tools).
[Edit: and thanks to
@stevendaryl for reminding me of this]