Banking and Financial Awareness - Online Test
Q1. Which of the following is NOT a part of India’s Money Market?
Answer : Option D
Explaination / Solution:
Indian Gold Council is NOT a part of India’s Money Market
Q2. What is the age limit for minors to operate savings account in India?
Answer : Option B
Explaination / Solution:
Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
Q3. Under which Act is Cheque & Demand Draft is defined?
Answer : Option A
Explaination / Solution:
Cheque and Demand Draft comes under Negotiable Instruments Act, 1881. A Negotiable Instrument means a promissory note, bill of exchange, demand draft or cheque payable either to order or to bearer.
Q4. What is the full form of LTV?
Answer : Option A
Explaination / Solution:
LTV stands for - Loan to Value
A loan to value (LTV) ratio is a number that describes the size of a loan compared to the value of the property securing the loan.
Lenders and others use the ratio to understand how risky a loan is, and it can be used for approving loans or requiring mortgage insurance. A higher LTV ratio suggests more risk because the assets behind the loan are less likely to pay off the loan as the LTV ratio increases.
Q5. What is a ante-dated cheque?
Answer : Option E
Explaination / Solution:
Cheque written by drawer and dated at some point in past is called as the ante-dated cheque.
Example- if drawer writes a cheque on 1st February but he put the date 1st January. This type of cheque is called antedated cheque.
Q6. Which of the following is 'material alteration' of a negotiable instrument?
Answer : Option A
Explaination / Solution:
Converting an order cheque into bearer cheque is the material alteration of a negotiable instrument.
Hence Option A is correct
Q7. Which of the following bank has launched India's first Aadhaar enabled ATM?
Answer : Option D
Explaination / Solution:
DCB Bank has launched Bengaluru’s first ATM that accepts Aadhaar number and Aadhaar fingerprint instead of ATM/Debit Card and PIN to dispense cash.
Q8. What is the full form of REITs?
Answer : Option D
Explaination / Solution:
Real Estate Investment Trusts (REITs)
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even timberlands.
Q9. What is the duration of PPF account?
Answer : Option D
Explaination / Solution:
Withdrawals from PPF account. There is a lock-in period of 15 years and the money can be withdrawn in whole after its maturity period. However, pre-mature withdrawals can be made from the end of the sixth financial year from when the commenced.
Q10. National housing bank is subsidiary of-
Answer : Option E
Explaination / Solution:
National housing bank is subsidiary of RBI (Reserve bank of India)
