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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 :

Preparation for Exams