Tuesday, 1 November 2016

Banking & Financial Awareness Quiz for IBPS Exams

Q1. In order to attract more foreign exchange the Govt. of India decided to allow foreign investment in LLP firms. What is full form of “LLP” as used in this reference?
(a) Local Labour Promotion
(b) Low Labour Projects
(c) Limited Loan Partnership
(d) Longer Liability Partnership
(e) Limited Liability Partnership

Q2. The process by which a life insurance policyholder can transfer all rights, title and interest- under a policy contract to a third person is known as?
(a) Assignment of the policy
(b) Hypothecation of the policy
(c) Reinvestment of the policy
(d) Negotiation of the policy
(e) Nomination of the policy

Q3. Which of the following is the popular name of the norms by which a bank satisfies itself about the customer’s identity and activities?
(a) Basel norms
(b) KYC norms
(c) Service norms
(d) Lending norms
(e) None of the above

Q4. Today, Banks in addition to normal banking services, offer which of the following services? 
(a) Internet Banking
(b) Depository Services
(c) Financial Counseling Services
(d) Only (a) and (b) above
(e) All of the above above

Q5. KYC guidelines followed by the banks have been framed on the recommendations of the?
(a) Ministry of Home Affairs
(b) Ministry of Rural Development
(c) Indian Banks Association
(d) Financial Intelligence Unit
(e) Reserve Bank of India

Q6. Which of the following is not a function of the RBI? 
(a) Maintaining Forex
(b) Deciding Bank Rate, CRR and SLR from time to time
(c) Opening Savings Accounts for general public
(d) Prescribing the Capital Adequancy Ratio
(e) Currency Management

Q7. The names of which of the following rates/ratios cannot be seen in financial newspapers? 
(a) Bank Rate
(b) Repo Rate
(c) Statutory Liquidity Ratio
(d) Cash Reserve Ratio
(e) Pulse Rate

Q8. Ten-rupee notes contain the signature of................?
(a) Finance Secretary, GOI
(b) Chairman, State Bank of India
(c) Governor, Reserve Bank of India
(d) Finance Minister, GOI
(e) Prime Minister

Q9. Banking and financial services all over the world are regulated usually by the Monetary Authority of the land. Who controls this function in India?
(a) Ministry of Finance
(b) SEBI
(c) RBI
(d) IRDA

Q10. For which of the following reasons RBI has decided to undertake mid-quarter policy reviews? 
(1) To re-align its policies
(2) To take steps and ensure smooth flow of credit
(3) To provide guidance to the economy
(a) Only (1) 
(b) Only (2)
(c) Only (3) 
(d) All (1), (2) & (3)
(e) None of the above

Q11. As per the reports, the collection of direct taxes has gone up by about 19% in last few months. Which of the following agencies releases the figures about tax collection?
(a) Central Statistical organisation
(b) Reserve Bank of India 
(c) Department of Income Tax 
(d) Central Board of Direct Taxes
(e) None of the above

Q12. As we know commercial banks accept deposits from the public. What do banks do with this money?
(a) This is a type of credit creation. Bank gives this on loan
(b) This is an income for the bank
(c) Banks give this money directly to the govt for developmental projects 
(d) This money is deposited with the RBI who in turn gives some interest on it banks
(e) None of the above

Q13. Which of the following in NOT a type of cheque issued by an individual?
(a) Bearer cheque
(b) Order cheque
(c) Crossed cheque
(d) Savings cheque
(e) None of the above

Q14. Which of the following terms is used in banking?
(a) Vacuum 
(b) Power 
(c) Density 
(d) Credit Card
(e) None of the above

Q15. “Sensitive Index” of Bombay Stock Exchange is called ……………?
(a) Forex
(b) MAX
(d) Sensex
(e) None of the above

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