Business Services Test

Result

Business Services Test - 12

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Weekly Quiz Competition

Question 1
1 / -0

Select the option from the choices given below:
________ insurance is contract to cover risk of loss due to perils of the sea.

A
Fire

B
Marine

C
Life

D
general

Solution

Marine insurance is a form of the insurance contract which protects the insured against the loss from marine perils or loss by the impact of the sea. It insures ship hull, cargo, and freight. The insurer agrees to indemnify the loss due to damage of ship or cargo that occur from the risks incidental to sea.
Question 2
1 / -0

Select the option from the choice given below:
The principle of indemnity is not applicable to _____ insurance.

A
life

B
fire

C
marine

D
none of these

Solution

Under life insurance, subject matter of insurance is the life of an individual. The principle of indemnity does not apply to a life insurance as the life of a person cannot be valued in terms of money. For the reason, actual loss cannot be arrived at. The amount of insurance is decided by each individual.
Fire and marine insurance are contracts of indemnity as the loss is measurable.
Question 3
1 / -0

No interest is paid by the bank in ______ account.

A
saving

B
recurring deposit

C
current

D
All of above

Solution

1.Savings account opened with a bank will earn the account-holder a percentage of interest as applicable to the account.
2.Recurring deposit account also attracts interest rate which is higher than what you get in a savings bank account.
3.Current account does not earn any interest on the money deposited. It is opened by businesses who have a higher number of transactions. There is no restriction on the number of times deposits or withdrawals that can be made.
Question 4
1 / -0

There is no restriction on the withdrawals from ________ account.

A
saving

B
current

C
cash credit

D
over draft

Solution

Current account is opened by a corporate entity. Unlike an individual, a corporate entity has numerous financial transactions that are routed through bank accounts. For the same reason, there is no limit of transactions in a current account.
Withdrawal limit for savings account, cash credit account, and overdraft account depends on the type of variant and other terms and conditions associated with the account.
Question 5
1 / -0

Stop payment letter is usually made to prevent the misuse of the cheque when the cheque is _______.

A
lost

B
issued

C
credit

D
None of these

Solution

Stop payment letter is usually made to prevent the misuse of the cheque when the cheque is lost. A customer who issued the cheque can write a stop payment letter. This stop payment letter is used to issue in order to stop the misuse of the lost cheque.

Question 6

1 / -0

Match the groups:

	Group 'A'		Group 'B'
(1)	Lost cheque	(a)	Board of Directors
(2)	Fixed deposit account	(b)	Saving account
(3)	Cash credit	(c)	Investment
(4)	Appointment of bankers	(d)	Stop payment
(5)	Financial arrangement	(e)	Separate loan account
		(f)	Higher rate of interest
		(g)	Bank overdraft

$$(1-d), (2-f), (3-e), (4-a), (5-g)$$

$$(1-f), (2-d), (3-e), (4-a), (5-c)$$

$$(1-c), (2-f), (3-a), (4-e), (5-g)$$

$$(1-g), (2-f), (3-e), (4-c), (5-b)$$

Solution

Stop payment request is made to the bank when a duly signed filled in cheque is lost.

Fixed deposit account earns a higher rate of interest compared to savings bank account.

A separate account is opened to avail cash credit.

Appointment of banker is made by the Board of Directors.

Bank overdraft is a kind of temporary financial arrangement.

Question 7
1 / -0

_________ account is suitable for salaried people.

A
Current

B
Saving

C
Over draft

D
None of these

Solution

Salary Account opened with a bank is a form of savings account. It is generally as 'Zero balance' account. It encourages savings among salaried people.
Current account is opened by business entities who have numerous transactions.
Overdraft is a facility given by the bank to the account-holders (basically current account holders).
Question 8
1 / -0

Withdrawals are not permitted from the ________ accounts.

A
current

B
saving

C
fixed deposit

D
cash credit

Solution

Fixed Deposit account is opened for depositing money for a fixed period of time. Withdrawals are usually not permitted till the expiry of the deposit. However, premature withdrawal is allowed following the terms and conditions of the deposit availed.
Withdrawal of money is permitted from savings, current, and cash credit accounts.
Question 9
1 / -0

___________ is used for depositing cheque and cash into a bank account.

A
Pay-in-slip

B
Withdrawal slip

C
Cheque

D
Application
Solution
- Pay-in-slip is also called as a deposit slip. When a person deposits cheque or cash into a bank account, pay-in slip is filled in. It has the details viz account number, amount, date, etc. Depositor need not be account holder.
- Withdrawal slip is used to withdraw money from an account with a bank. Signature of account holder is necessary to withdraw money.
- Cheque is an instrument that is provided to an account holder to transact through his/her bank account. It is used to withdraw cash from account, and pay off debts.
Question 10
1 / -0

Bank is a ________ institution.

A
financial

B
social

C
cultural

D
all of above

Solution

The bank is a financial institution. It accepts deposits from lenders and gives loans to the borrowers. Banks help to improve the financial stability of an economy.
Hence, option (A) is the correct answer.

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Re-Attempt Weekly Quiz Competition

Business Services Test - 12

Result

Business Services Test - 12

Score

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Rank

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SHARING IS CARING

Question 1

Fire

Marine

Life

general

Solution

Question 2

life

fire

marine

none of these

Solution

Question 3

saving

recurring deposit

current

All of above

Solution

Question 4

saving

current

cash credit

over draft

Solution

Question 5

lost

issued

credit

None of these

Solution

Question 6

$$(1-d), (2-f), (3-e), (4-a), (5-g)$$

$$(1-f), (2-d), (3-e), (4-a), (5-c)$$

$$(1-c), (2-f), (3-a), (4-e), (5-g)$$

$$(1-g), (2-f), (3-e), (4-c), (5-b)$$

Solution

Question 7

Current

Saving

Over draft

None of these

Solution

Question 8

current

saving

fixed deposit

cash credit

Solution

Question 9

Pay-in-slip

Withdrawal slip

Cheque

Application

Solution

Question 10

financial

social

cultural

all of above

Solution

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