Money and Banking online Test

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Money and Banking online Test - 13

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Weekly Quiz Competition

Question 1
1 / -0

Why was International Monetary Fund established?

A
To maintain peace and security to secure international monetary cooperation, to stabilize currency exchange rates, and to expand international liquidity.

B
to secure international monetary cooperation, to stabilize currency exchange rates, and to expand international liquidity.

C
To implement trade agreements

D
To take decision regarding misery and poverty of western countries

Solution

International Monetary Fund (IMF), United Nations (UN) specialized agency, founded at the Bretton Woods Conference in 1944 to secure international monetary cooperation, to stabilize currency exchange rates, and to expand international liquidity (access to hard currencies).
Question 2
1 / -0

For an endorsement to be called as Restrictive endorsement, it should satisfy the following conditions _______.

A
if the endorse signs his name only.

B
if the endorse signs a direction to pay the amount mentioned in the instrument to or to the order of a specified person.

C
if the endorser restricts or excludes the right to further negotiate the instrument.

D
if the endorser purports to transfer to the endorsee only a part of the amount payable.

Solution

For an endorsement to be called as Restrictive endorsement, it should satisfy the following condition- if the endorser restricts or excludes the right to further negotiate the instrument. The result of a restrictive endorsement is that a financial instrument is no longer a negotiable instrument that can be passed from the stated payee to a third party.
Question 3
1 / -0

According to Negotiable Act, $$1881$$, which of the following refer to an instrument in writing (not being a bank note or a currency note) containing unconditional undertaking, signed by the maker to pay or demand or at a fixed or determinable future time or the bearer of the instrument?

A
Promissory note

B
Bill of exchange

C
Cheque

D
Bearer debentures

Solution

According to Negotiable Act, 1881, Bill of Exchange refer to an instrument in writing (not being a bank note or a currency note) containing unconditional undertaking, signed by the maker to pay or demand or at a fixed or determinable future time or the bearer of the instrument. A bill of exchange can be defined as a written order to a person requiring them to make a specified payment to the payee.
Question 4
1 / -0

Central banking functions in India are performed by the ___________.

A
Central Bank of India

B
Indian Overseas Bank

C
State bank of India

D
Reserve Bank of India

Solution

The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee.
Question 5
1 / -0

Capital market means _____________.

A
Mutual Funds

B
Money Market

C
Securities Market

D
Banking Business
Question 6
1 / -0

IFCI was converted into a public limited company with effect from __________.

A
1st July, 1993

B
1st April, 1990

C
1st January, 1948

D
15th August, 1969
Question 7
1 / -0

Promissory is invariably _______.

A
in writing.

B
definite.

C
unconditional.

D
all of the above.

Solution

Promissory is invariably in writing, definite and unconditional. A promissory can be defined as an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments.
Question 8
1 / -0

When more than one bank is allowing credit facilities to one party in coordination with each other under a formal arrangement, the arrangement is generally known as _________.

A
participation

B
consortium

C
syndication

D
multiple banking
Question 9
1 / -0

Everything mentioned below is required to make the endorsement complete EXCEPT ________.

A
the holder signs on the face or back of the instrument.

B
the instrument is delivered to the endorsee.

C
it is sighed and delivered with intention of vesting of the endorsee with the rights of the holder.

D
it is sighed and delivered with intention of vesting the endorsee with the duties of the holder.

Solution

Everything mentioned below is required to make the endorsement complete except it is signed and delivered with intention of vesting the endorsee with the duties of the holder. Endorsement can be defined as an act of a person who is holder of a negotiable instrument in signing his or her name on the back of the instrument, thereby transferring title or ownership.
Question 10
1 / -0

A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in ______.

A
the name of the firm.

B
in the name of partner.

C
both a & b.

D
none of the above.

Solution

A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in the name of the firm. When a maker or holder of the negotiable instrument signs a document, it should be signed in the name of the firm. Signing negotiable instrument in the name of the partners is not valid.

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Re-Attempt Weekly Quiz Competition

Money and Banking online Test - 13

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Money and Banking online Test - 13

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Question 1

To maintain peace and security to secure international monetary cooperation, to stabilize currency exchange rates, and to expand international liquidity.

to secure international monetary cooperation, to stabilize currency exchange rates, and to expand international liquidity.

To implement trade agreements

To take decision regarding misery and poverty of western countries

Solution

Question 2

if the endorse signs his name only.

if the endorse signs a direction to pay the amount mentioned in the instrument to or to the order of a specified person.

if the endorser restricts or excludes the right to further negotiate the instrument.

if the endorser purports to transfer to the endorsee only a part of the amount payable.

Solution

Question 3

Promissory note

Bill of exchange

Cheque

Bearer debentures

Solution

Question 4

Central Bank of India

Indian Overseas Bank

State bank of India

Reserve Bank of India

Solution

Question 5

Mutual Funds

Money Market

Securities Market

Banking Business

Question 6

1st July, 1993

1st April, 1990

1st January, 1948

15th August, 1969

Question 7

in writing.

definite.

unconditional.

all of the above.

Solution

Question 8

participation

consortium

syndication

multiple banking

Question 9

the holder signs on the face or back of the instrument.

the instrument is delivered to the endorsee.

it is sighed and delivered with intention of vesting of the endorsee with the rights of the holder.

it is sighed and delivered with intention of vesting the endorsee with the duties of the holder.

Solution

Question 10

the name of the firm.

in the name of partner.

both a & b.

none of the above.

Solution

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