Money and Banking in India Class 12 MCQs Quiz Multiple Choice Questions & Answers

1. We should keep our savings with banks because

1. It is safe
2. Earns interest
3. Can be withdrawn anytime
4. All of above

2. Bank does not give loan against

1. Gold Ornaments
2. LIC policy
3. Lottery ticket
4. NSC

3. ..............are not covered under PMJDY Life Insurance Scheme of Rs.30,000/-

1. Employees of Central / State Govt. / Public Sector Undertakings / Banks
2. Income Tax Payee
3. Aam Aadmi Bima Yojana beneficiaries
4. All of above

4. 100/- Rupee note is signed by

1. Prime Minister
2. Finance Minister
3. RBI Governor
4. None of above

5. Aadhaar is

1. 12 digit number card
2. Identity proof issued by UIDAI
3. Both a and b
4. None of above

6. Account payee cheques can be paid

1. At cash counter of Bank
2. At ATM
3. By deposit in Bank account
4. None of above

7. ATM can be used for

1. Cash withdrawal
2. Account enquiry
3. Statement of account
4. All of above

8. ATM means

1. Any Time Money
2. Auto Truck of Mahindra
3. Automated Teller Machine
4. None of above

9. ATM password should be kept in

1. Personal diary
2. Office diary
3. Memory
4. All of above

10. ATM password to be shared only with

1. Spouse
2. Obedient son
3. Obedient daughter
4. None of above

11. Bank charges interest on

1. Deposits
2. Loans
3. Both a and b
4. None of above

12. Bank does not provide loans for

1. Crop loans
2. Education loans
3. Home loans
4. Drinking and Gambling

13. Bank draft is issued by

1. Private Sector Banks
2. Regional Rural Banks
3. Public Sector Banks
4. All of above

14. Bank having maximum number of branches in India

1. Reserve Bank of India
2. State Bank of India
3. Punjab National Bank
4. Bank of Baroda

15. Bank Pass Book is

1. Issued by Bank
2. Contains transaction details of Bank account
3. Shows balance in account
4. All of above

16. Bank provides loans for

1. Home
2. Car
3. Education
4. All of above

17. Banks pays interest on

1. Deposits
2. Loans
3. Both a and b
4. None of above

18. Business Correspondent means

1. An agent who provides banking services
2. An agent of business house
3. A type of money lender
4. None of above

19. Can illiterate person be issued Debit card?

1. No
2. Yes
3. Only in case of joint account
4. Only in case he is head of family

20. Coins are issued by

1. Government of India
2. NABARD
3. Public sector banks
4. State Bank of India

21. Contents of locker are

1. only known to hirer
2. known to Bank
3. Both a and b
4. None of above

22. Currency notes are issued by

1. RBI
2. NABARD
3. Public sector banks
4. Central Government

23. Defaulter of loan means

1. Not paying loan instalments
2. Bad reputation
3. Illegal activities
4. None of above

24. E or S means

1. East or South zone
2. Easy and Swift
3. Either or Survivor
4. None of above

25. Education Loans

1. Cover tuition fee and expenses
2. Are repayable after completion of course
3. Granted for studies in India and abroad
4. All of above

26. Fixed Deposit can

1. not be withdrawn before maturity
2. paid only after maturity
3. withdrawn before maturity
4. All of above

27. General Insurance relates to insurance against

1. Fire
2. Theft
3. Burglary
4. All of above

28. Gold and silver ornaments should be kept in bank lockers

1. It is safe
2. No risk of theft
3. Both a and b
4. None of above

29. Highest denomination of currency notes issued by RBI is

1. Rs.100/-
2. Rs.500/-
3. Rs.1,000/-
4. Rs.10,000/-

30. If locker rent is not paid, Bank can

1. seal the locker
2. stop operation of locker
3. break open the locker after giving suitable notice
4. All of above

31. In Recurring Deposits,

1. a fixed sum is deposited every month
2. period of deposit is a fixed tenure
3. interest is paid at FDR rate
4. All of above

32. Interest on FDRs is compounded on

1. Monthly basis
2. Quarterly basis
3. Half yearly basis
4. Yearly basis

33. Interest on Savings Bank Deposits is paid

1. Every month
2. Quarterly
3. Half yearly
4. Yearly

34. Internet banking refers to

1. Operation of account through internet
2. Opening of account through ATM
3. Both a and b
4. None of above

35. KYC means

1. Know your customer
2. Know your character
3. Both of above
4. None of above

36. Life insurance means

1. Insurance of human
2. Insurance of life of human and Cattle
3. Insurance of Life of Machines
4. All of above

37. Loans from money lenders are

1. With High rate of interest
2. No proper accounting
3. No transparency
4. All of above

38. Maximum amount of Cheque

1. Rs.100 crore
2. No limit
3. Rs.1 crore
4. None of above

39. Maximum tenure of Fixed Deposit is

1. 5 years
2. 7 years
3. 8 years
4. 10 years

40. MGNREGS stands for

1. Mahatma Gandhi National Rural Employment Generation Scheme
2. Mahatma Gandhi Nutrition and Rural Employment Generation Scheme
3. Mahatma Gandhi National Rural Employment Guarantee Scheme
4. None of above

41. Minimum age required to open SB account in the bank

1. 8 years
2. 10 years
3. 12 years
4. None of above

42. Mutilated notes

1. should be burnt away
2. should be thrown away
3. can be exchanged at Bank
4. None of above

43. Nomination can be done in

1. Savings Bank account
2. Recurring Deposit account
3. Fixed Deposit account
4. All of above

44. Nomination once done can

1. Not be cancelled
2. Be cancelled
3. Not be changed
4. None of above

45. NRI means

1. Non Rural Individuals
2. Non Rural Immigrants
3. Non Resident Indian
4. None of above

46. PAN means

1. A kind of utensil
2. Primary Account Number
3. Permanent Account Number
4. None of above

47. PAN number is required for

1. Deposits less than Rs.50,000/-
2. Deposits in excess of Rs.1 lac
3. Deposits Rs.50,000/- and above
4. All transactions

48. Payment of cheque can be stopped by

1. Beneficiary
2. Nominee
3. Drawer of cheque
4. All of above

49. PMJDY LIC Insurance of Rs.30,000/- is available for first time accounts opened

1. On 15th August 2014
2. On 26th January 2015
3. Between 15th August 2014 and 26th January 2015
4. None of above

50. PPF means

1. Pension Planning Funds
2. Person having Pension Facilities
3. Public Provident Fund
4. Permanent Practitioners Forum