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Economics Awareness Practice Economics Awareness Study Material

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Banking Awareness

“The longer the period of deposits, the higher is the rate of profit”. Explains which type of banking account?

a) Current account
b) Saving account
c) Foreign currency account
d) Fixed deposit account

✔Answer

Correct Answer Is : Fixed deposit account

Solution Is :

Which of the following is a secondary function ?

a) Recurring deposits
b) Discounting of bills
c) Portfolio management
d) Loans

✔Answer

Correct Answer Is : Portfolio management

Solution Is :

Which of these of the following are the utility functions of bank ?

a) Transfers of funds
b) Underwriting
c) Lockers
d) Both underwriting & lockers

✔Answer

Correct Answer Is : Both underwriting & lockers

Solution Is :

In Recurring Deposits

a) Fixed sum is deposited every month
b) Interest is paid at FDR rate
c) Period of deposit is a fixed tenure
d) All of above

✔Answer

Correct Answer Is : All of above

Solution Is :

In how many ways bank can accept deposits.

a) Demand account
b) Saving account
c) Term account
d) All of the above

✔Answer

Correct Answer Is : All of the above

Solution Is :

Functions of commercial banks can primarily be classified into:

a) Primary functions
b) Tertiary functions
c) Secondary functions
d) Primary& Secondary functions

✔Answer

Correct Answer Is : Primary& Secondary functions

Solution Is :

Which of the following loans is given for a very short period, generally not exceeding 7 days?

a) Overdraft
b) Cash Credit
c) Money At Call
d) Personal loans

✔Answer

Correct Answer Is : Money At Call

Solution Is :

Which of the following methods are used for credit creation ?

a) Cash deposits by customers
b) Bank loans
c) Investments
d) All of the above

✔Answer

Correct Answer Is : All of the above

Solution Is :

In which facility borrower is allowed to draw more than what is deposited in his account ?

a) Cash credit
b) Discounting of bills
c) Overdraft
d) Money at call

✔Answer

Correct Answer Is : Overdraft

Solution Is :

Suppose bank offer 7% deposit for 1 year and 8% deposit for 2 year . The depositor placed money in 2 year deposit (8%) but did premature withdrawal after 1 year. What Interest he will get?

a) 0.05
b) 0.06
c) 0.07
d) 0.08

✔Answer

Correct Answer Is : 0.06

Solution Is :

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Economics Awareness Practice Economics Awareness Study Material

Banking Awareness

“The longer the period of deposits, the higher is the rate of profit”. Explains which type of banking account?

Correct Answer Is : Fixed deposit account

Solution Is :

Which of the following is a secondary function ?

Correct Answer Is : Portfolio management

Solution Is :

Which of these of the following are the utility functions of bank ?

Correct Answer Is : Both underwriting & lockers

Solution Is :

In Recurring Deposits

Correct Answer Is : All of above

Solution Is :

In how many ways bank can accept deposits.

Correct Answer Is : All of the above

Solution Is :

Functions of commercial banks can primarily be classified into:

Correct Answer Is : Primary& Secondary functions

Solution Is :

Which of the following loans is given for a very short period, generally not exceeding 7 days?

Correct Answer Is : Money At Call

Solution Is :

Which of the following methods are used for credit creation ?

Correct Answer Is : All of the above

Solution Is :

In which facility borrower is allowed to draw more than what is deposited in his account ?

Correct Answer Is : Overdraft

Solution Is :

Suppose bank offer 7% deposit for 1 year and 8% deposit for 2 year . The depositor placed money in 2 year deposit (8%) but did premature withdrawal after 1 year. What Interest he will get?

Correct Answer Is : 0.06

Solution Is :

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