Introduction to Banking and Transaction

Q.

What is the need and importance of banks?

Q.

which bank first introduced credit card in India.

Q.

Which of the following documents or papers can be used as a proof of identity to open a bank account?

1. Aadhaar Card

2. PAN Card

3. Voter's Identity Card

4. Passport

Q. What are Banks?

1. Banks are government organization that takes care of law and order in the society.
2. Banks are government recognized institution that carries out transactions of money.
3. Banks are fully private organization that deals with immigration and external affair of country.
4. Banks are fully private organization that deals only in education sector.

Q. Which of the following documents are required to open an account in a bank?

1. Proof of Residence
2. Proof of Identity
3. Both A and B
4. None of these

Q.
The above figure shows the entries of a page of Ananya's Pass Book.

Find the closing balance on 25.05.2019.

1. ₹ 30000
2. ₹ 26000
3. ₹ 32000
4. ₹ 24000

Q.

There is no limit on number of transactions in a current account.

1. True

2. False

Q.
The above figure shows a part of Amit's Bank Passbook.
What is the Amount withdrawn on 5.04.2019?

1. ₹ 1200
2. ₹ 1000
3. ₹ 200
4. ₹ 300

Q.

Sangeeta deposited $1,00,000$ in her bank account. Later she withdrew $2568$, $5897$ and $8640$ for donating to various orphanages. How much money is left in her bank account?

Q.

We can withdraw money from a Recurring Deposit Account.

1. True

2. False

Q. We can withdraw money using

1. Passbook
2. Both
3. None
4. ATM

Q.

We can withdraw or deposit money in which of the following accounts on regular or irregular intervals?

1. Savings Account

2. Current Account

3. Fixed Deposit

4. Recurring Deposit

Q.

Which of the following documents or papers can be used as a proof of residence to open a bank account?

1. PAN Card

2. Ration Card

3. Electricity Bill

4. Telephone Bill

Q. To open a bank account we can use

1. All of these
2. PAN
3. Aadhar
4. Voter ID

Q. On opening an account, bank gives us

1. All of these
2. Passbook
3. Cheque book
4. ATM Card

Q. One-way authentication is based on-

1. Possession of a secret (password)
2. Possession of an artifact
3. Unique physiological or behavioural characteristics of the user
4. All of the above

Q. Which of the following can be a mode of payment for purchasing goods in barter system.

1. Exchage of service for other service in return
2. Trust factor between buyer and seller
3. Taking the goods or service for free
4. Exchage of goods for other goods in return

Q. An ATM is used for :

1. deposit and withdrawal of cash
2. shopping
3. hotel reservations
4. flight/train ticket reservations

Q. ___________ is an investment scheme, where you invest a lump sum amount with a bank or a financial institution for a specified period of time.

1. Savings Account
2. Current Account
3. Fixed Deposit
4. Net Banking

Q. __________ is a means of compulsory savings.

1. Savings Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account

Q. Account holders of a bank are paid interest for keeping their money in the bank.

1. False
2. True

Q. Credit Card is not linked to bank accounts.

1. True
2. False

Q. A bank is a government recognized organisation that facilitates the transaction of money.

1. False
2. True

Q. Distinguish between modern and traditional form of money.