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Business Services Test - 25

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Business Services Test - 25
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Weekly Quiz Competition
  • Question 1
    1 / -0

    What distinguishes a recurring deposit account from a fixed deposit account?

    Solution

    Recurring deposit accounts offer flexibility in making regular deposits and withdrawals, while fixed deposit accounts have restrictions on withdrawals until the maturity period.

  • Question 2
    1 / -0

    Which principle of insurance allows the insured to claim compensation only up to the actual loss suffered?

    Solution

    The principle of indemnity ensures that the insured is compensated for the actual loss suffered, preventing them from profiting from the insurance claim.

  • Question 3
    1 / -0

    In which year Children's Money Back plan was introduced?

    Solution

    Childeren' money back plans are designed to meet the future goals of a child like Higher education, marriage expenses.It was introduced in 1995 with the purpose of develpoment of childeren.

  • Question 4
    1 / -0

    Which type of bank account is typically used for day-to-day transactions and does not usually earn interest?

    Solution

    Current accounts are mainly used by businesses and individuals for frequent transactions, but they typically do not earn interest.

  • Question 5
    1 / -0

     

    Which of the following is not a function of insurance?

     

    Solution

    Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Hence it includes risk sharing and with passage of time it has become a good source of capital formation as well.

    Lending of money is giving money as a loan for interest for fixed period of time and return is confirmed and no risk cover is involved. But in insurance the insured has to pay annual premium to insurer company for risk cover and hence it does not include any lending of money.

  • Question 6
    1 / -0

    From the following which of this is covered under marine Insurance?

    Solution

    Liability insurance is only responsible for the other party's losses. Your person and your property are unprotected, but the insurance protects you from being held responsible for the other party's damages.

  • Question 7
    1 / -0

    From the following which of this is covered under fire Insurance?

    Solution

    Floating Policy is a policy which covers loss by fire caused to property belonging to the same person but located at different places under a single sum and for one premium. Such a policy might cover goods lying in two warehouses at two different locations. This policy is always subject to 'average clause'

  • Question 8
    1 / -0

    Which banking service allows customers to withdraw more money from their bank account than they have deposited, up to a predetermined limit?

    Solution

    A bank overdraft provides customers with the flexibility to withdraw funds exceeding their account balance, up to a specified limit, typically subject to interest charges.

  • Question 9
    1 / -0

    Which type of bank account is suitable for depositors looking to save a fixed amount regularly for a future goal?

    Solution

    Recurring deposit accounts are ideal for depositors who want to save a fixed amount regularly over time, typically for future goals like education or retirement.

  • Question 10
    1 / -0

    In which year Crop Insurance scheme was introduced in India.?

    Solution

    Shri Vishwanath Pratap Singh, Minister of Finance introduced Crop Insurance in budget 1985-86.

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