FINANCE 1 / 15 Which institution conducts the ‘Systemic Risk Survey (SRS)’ in India?[A] State Bank of India[B] Bombay Stock Exchange[C] Reserve Bank of India[D] National Stock Exchange A B C D The Reserve Bank of India conducts the Systemic Risk Survey (SRS) in India. As per the recent survey, confidence of respondents in Indian financial system improved as 93.6 per cent of them remaining fairly or highly confident of the stability of the Indian financial system.The 23rd round of the RBI’s Systemic Risk Survey was conducted in November 2022. The survey captured perception of risk to financial stability from external sector and their views on the likelihood of a global recession in 2023. 2 / 15 Which Department under the ‘Ministry of Finance’ notifies changes in rates on small savings schemes?[A] Department of Expenditure[B] Department of Economic Affairs[C] Department of Revenue[D] Department of Financial Services A B C D Department of Economic Affairs under the Ministry of Finance notifies changes in rates on small savings schemes.Recently, the government hiked the interest rates on various small savings schemes including senior citizen savings scheme for the January to March quarter. The PPF will continue to earn 7.10%, while Sukanya Samriddhi account scheme will continue to earn 7.6% interest rate. 3 / 15 ‘Financial Stability report (FSR)’ is a flagship publication of which institution?[A] NITI Aayog[B] International Monetary Fund[C] Reserve Bank of India[D] Bombay Stock Exchange A B C D Reserve Bank of India (RBI) releases the financial stability report (FSR) twice a year in every June and December.As per the recent report, the gross non-performing asset (GNPA) ratio of scheduled commercial banks (SCBs) fell to a seven-year low of 5.0 per cent. The net non-performing assets (NNPA) have dropped to ten-year low of 1.3 per cent in September 2022. 4 / 15 Which company signed agreements to acquire Metro Cash & Carry?[A] Tata Consumer Products[B] Reliance Retail Ventures[C] Godrej Consumer[D] Avenue Supermarts A B C D Reliance Retail Ventures has signed agreements to acquire 100% equity in Metro AG’s Metro Cash & Carry India, for Rs 2,850 crore.Reliance Retail Ventures Ltd is a subsidiary of Reliance Industries Ltd., Metro India was the first company to introduce cash-and-carry business format in the country, when it was launched in 2003. It currently operates 31 large format stores across 21 cities. 5 / 15 What is the total amount raised by the Government through disinvestment and strategic sale of PSEs since 2014?[A] Rs 1.01 lakh crores[B] Rs 2.02 lakh crores[C] Rs 3.03 lakh crores[D] Rs 4.04 lakh crores A B C D The government has raised over Rs 4.04 lakh crore through disinvestment and strategic sale of public sector enterprises since 2014, the Finance Ministry said.The largest amount of over Rs 1.07 lakh crore was raised through offer for sale in 59 cases. This was followed by a stake sale through Exchange Traded Fund (ETF) in 10 tranches, amounting to Rs 98,949 crore. Strategic sales in 10 companies, including Air India, yielded Rs 69,412 crores. 17 CPSEs were listed since 2014-15, which yielded Rs 50,386 crore. 6 / 15 What is the name of the difference between the total revenue and total expenditures of a country in a year?[A] Fiscal Deficit[B] Revenue Deficit[C] Primary Deficit[D] Budget Deficit A B C D Fiscal Deficit is the difference between the total revenue and total expenditures of a country in a year.The Fiscal Deficit at the end of November touched 59 per cent of the full year budget estimate. According to data released by the Controller General of Accounts (CGA), the fiscal deficit was ₹978,154 crore in the April-November period 2022-23. 7 / 15 Which company is acquiring Ford India’s manufacturing plant?[A] Eicher Motors[B] Mahindra and Mahindra Motors[C] Tata Motors[D] Hyundai Motors A B C D Tata Motors said the acquisition of Ford India’s manufacturing plant at Sanand through its subsidiary will be completed by January 2023.Tata Passenger Electric Mobility Limited (TPEML) announced that would acquire Ford India’s Sanand plant in Gujarat for around ₹725 crore. The acquisition included the entire land and buildings, vehicle manufacturing plant along with machinery and equipment and transfer of all eligible employees of FIPL’s vehicle manufacturing operations at Sanand. 8 / 15 The first consignment under the India-Australia Economic Cooperation and Trade Agreement (ECTA) was flagged off which state?[A] West Bengal[B] Tamil Nadu[C] Maharashtra[D] Goa A B C D The first consignment under the India-Australia Economic Cooperation and Trade Agreement (ECTA) was flagged off from Chennai.Another flagging off ceremony of the export consignments from Tamil Nadu under ECTA was held on at Ennore Adani Container Terminal, in Tamil Nadu. The pact will boost overall bilateral trade and benefit various labour intensive sectors of India as import duty from existing 5% becomes zero. 9 / 15 Which institution has recently cautioned that India’s fiscal space is at risk?[A] World Bank[B] IMF[C] WEF[D] ADB A B C D The International Monetary Fund (IMF) cautioned that India’s fiscal space is at risk, in its Article IV consultation report.IMF also called for a more ambitious and well-communicated consolidation to ensure medium-term fiscal sustainability. It called for further structural reforms, including addressing the adverse impact of climate change, to secure strong and sustainable growth. 10 / 15 Which businessperson is the major stake holder of NDTV, as of December 2022?[A] Ratan Tata[B] Gautam Adani[C] Mukesh Ambani[D] Uday Kotak A B C D New Delhi Television Ltd (NDTV) founders Prannoy Roy and his wife Radhika Roy said that they have decided to transfer most of their shares in the company to billionaire Gautam Adani.With this the control of about 65% of the news broadcaster will be transferred to Adani, while Radhika and Prannoy Roy will retain a combined 5% stake in NDTV. 11 / 15 As per Finance Ministry’s latest data, what is India’s gross domestic product growth in the first half of 2022-23?[A] 7.7 %[B] 8.7 %[C] 9.7 %[D] 10.7 % A B C D As per the Finance Ministry’s latest data, India’s gross domestic product growth in the first half of 2022-23 is averaged to 9.7 %.This was announced in the Ministry’s mid-year expenditure and revenue statement. The ministry said it could not present the medium-term expenditure framework (MTEF) as mandated by the Fiscal Responsibility and Budget Management Act, as the global macro-economic situation disrupted the government’s projections. 12 / 15 The government has approved a package of Rs 1,64,000 crore for revival of which institution?[A] Air India[B] Yes Bank[C] BSNL[D] IDBI Bank A B C D The government has approved a revival package of Rs 1,64,000 crore for revival of BSNL. Union Communications Minister Ashwini Vaishnaw announced that this project will transform BSNL.The revival measures focus on infusing fresh capital for upgrading BSNL services, allocating spectrum, de-stressing its balance sheet and merging Bharat Broadband Nigam Limited (BBNL) with BSNL. 13 / 15 Tata Group has announced to merge which airline with Air India?[A] Vistara[B] Indigo[C] Spicejet[D] Akasa A B C D The Tata group and Singapore Airlines (SIA) announced that they agreed to merge Vistara with Air India.After the merger, ‘Vistara’ brand will cease to exist and Air India will become India’s second largest domestic and largest international carrier. Earlier Tata Group initiated the merger of AirAsia India with Air India Express earlier this year. 14 / 15 RBI has commenced its retail CBDC pilot project in how many cities?[A] Two[B] Five[C] Four[D] Ten A B C D The Reserve Bank of India (RBI) is set to commence its retail CBDC pilot project from December 1, in four cities including Mumbai, New Delhi, Bengaluru and Bhubaneswar.The pilot shall be subsequently extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. Users will be able to transact with ‘e₹-R’ through a digital wallet offered by the participating banks and stored on mobile phones/devices. 15 / 15 Which institution primarily deals with cases of money laundering and violations of foreign exchange laws in India?[A] Reserve Bank of India[B] Enforcement Directorate[C] Securities Exchange Board of India[D] Bombay Stock Exchange A B C D Enforcement Directorate (ED) deals primarily with cases of money laundering and violations of foreign exchange laws.The finance ministry notified changes to the Prevention of Money Laundering Act (PMLA), 2002, under which the Enforcement Directorate is allowed to share information about economic offenders with 15 more agencies.It includes National Investigation Agency (NIA), Serious Fraud Investigation Office (SFIO), State Police Department, Ministry of External Affairs, and Competition Commission of India (CCI), DGFT, CVC among others. Your score is The average score is 0% 0% Restart quiz LOGARITHM 1 / 14 14.If log_{x} y = 100 and log_{2} x = 10, then the value of y is: 210 2100 21000 210000 Explanation:log _{2} x = 10 x = 2^{10}. log_{x} y = 100 y = x^{100} y = (2^{10})^{100} [put value of x] y = 2^{1000}. 2 / 14 13.If a^{x} = b^{y}, then: log a = x b y log a = x log b y log a = y log b x None of these Explanation:a^{x} = b^{y} log a^{x} = log b^{y} x log a = y log b log a=y.log bx 3 / 14 12.If log_{x}9= -1, then x is equal to:162 -3/4 3/4 81/256 256/81 Explanation: log_{x}9= -1162 x^{-1/2}=916 1=9x16 x =169 x =1629 x =25681 4 / 14 11.If log 2 = 0.30103, the number of digits in 2^{64} is: 18 19 20 21 Explanation: log (2^{64})= 64 x log 2= (64 x 0.30103)= 19.26592 Its characteristic is 19.Hence, then number of digits in 2^{64} is 20. 5 / 14 10.The value of1+1+1is:log_{3} 60log_{4} 60log_{5} 60 0 1 5 60 Explanation:Given expression= log_{60} 3 + log_{60} 4 + log_{60} 5= log_{60} (3 x 4 x 5)= log_{60} 60= 1. 6 / 14 9.If log_{10} 5 + log_{10} (5x + 1) = log_{10} (x + 5) + 1, then x is equal to: 1 3 5 10 Explanation:log_{10} 5 + log_{10} (5x + 1) = log_{10} (x + 5) + 1 log_{10} 5 + log_{10} (5x + 1) = log_{10} (x + 5) + log_{10} 10 log_{10} [5 (5x + 1)] = log_{10} [10(x + 5)] 5(5x + 1) = 10(x + 5) 5x + 1 = 2x + 10 3x = 9 x = 3. 7 / 14 8.If log_{10} 2 = 0.3010, the value of log_{10} 80 is: 1.6020 1.9030 1.9030 None of these Explanation:log_{10} 80= log_{10} (8 x 10)= log_{10} 8 + log_{10} 10= log_{10} (2^{3} ) + 1= 3 log_{10} 2 + 1= (3 x 0.3010) + 1= 1.9030. 8 / 14 7.If log_{10} 2 = 0.3010, then log_{2} 10 is equal to: 699 /301 1000/ 301 0.3010 0.6990 Explanation:log_{2} 10 =1=1=10000=1000.log_{10} 20.30103010301 9 / 14 6.If log_{10} 7 = a, then log_{10}1is equal to: - (1 + a) (1 + a)-1 a/10 a/10a Explanation:log_{10}170= log_{10} 1 - log_{10} 70= - log_{10} (7 x 10)= - (log_{10} 7 + log_{10} 10)= - (a + 1). 10 / 14 5.If loga+logb= log (a + b), then:ba a + b = 1 a - b = 1 a = b a2 - b2 = 1 Explanation: loga+ logb= log (a + b)ba log (a + b) = logaxb= log 1.ba So, a + b = 1. 11 / 14 4.If log 27 = 1.431, then the value of log 9 is: 0.934 0.945 0.954 0.958 Explanation:log 27 = 1.431 log (3^{3} ) = 1.431 3 log 3 = 1.431 log 3 = 0.477 log 9 = log(3^{2} ) = 2 log 3 = (2 x 0.477) = 0.954. 12 / 14 3.log 8is equal to:log 8 1 /8 1/4 1/2 1/8 Explanation:log 8=log (8)^{1/2}=log 8=1.log 8log 8log 82 13 / 14 2.If log 2 = 0.3010 and log 3 = 0.4771, the value of log_{5} 512 is: 2.870 2.967 3.876 3.912 Explanation:log_{5} 512=log 512log 5=log 2^{9}log (10/2)=9 log 2log 10 - log 2=(9 x 0.3010)1 - 0.3010=2.7090.699=2709699= 3.876 14 / 14 1.Which of the following statements is not correct? log10 10 = 1 log (2 + 3) = log (2 x 3) log10 1 = 0 log (1 + 2 + 3) = log 1 + log 2 + log 3 Explanation:(a) Since log_{a} a = 1, so log_{10} 10 = 1.(b) log (2 + 3) = log 5 and log (2 x 3) = log 6 = log 2 + log 3 log (2 + 3) log (2 x 3)(c) Since log_{a} 1 = 0, so log_{10} 1 = 0.(d) log (1 + 2 + 3) = log 6 = log (1 x 2 x 3) = log 1 + log 2 + log 3.So, (b) is incorrect. Your score is The average score is 0% 0% Restart quiz STOCKS & SHARES 1 / 15 15.Sakshi invests a part of Rs. 12,000 in 12% stock at Rs. 120 and the remainder in 15% stock at Rs. 125. If his total dividend per annum is Rs. 1360, how much does he invest in 12% stock at Rs. 120? Rs. 4000 Rs. 4500 Rs. 5500 Rs. 6000 Explanation:Let investment in 12% stock be Rs. x.Then, investment in 15% stock = Rs. (12000 - x). 12x x +15x (12000 - x) = 1360.120125 x+3(12000 - x) = 1360.1025 5x + 72000 - 6x = 1360 x 50 x = 4000. 2 / 15 14.The cost price of a Rs. 100 stock at 4 discount, when brokerage is1%is:4 Rs. 95.75 Rs. 96 Rs. 96.25 Rs. 104.25 Explanation: C.P. = Rs.100 - 4 +1= Rs. 96.254 3 / 15 13.The market value of a 10.5% stock, in which an income of Rs. 756 is derived by investing Rs. 9000, brokerage being %, is: Rs. 108.25 Rs. 112.20 Rs. 124.75 Rs. 125.25 Explanation:For an income of Rs. 756, investment = Rs. 9000. For an income of Rs.21, investment = Rs.9000x21= Rs. 125.27562 For a Rs. 100 stock, investment = Rs. 125. Market value of Rs. 100 stock = Rs.125 -1= Rs. 124.754 4 / 15 12.A 12% stock yielding 10% is quoted at: Rs. 83.33 Rs. 110 Rs. 112 Rs. 120 Explanation:To earn Rs. 10, money invested = Rs. 100. To earn Rs. 12, money invested = Rs.100x 12= Rs. 120.10 Market value of Rs. 100 stock = Rs. 120. 5 / 15 11.A man invested Rs. 1552 in a stock at 97 to obtain an income of Rs. 128. The dividend from the stock is: 7.5% 8% 9.7% None of these Explanation:By investing Rs. 1552, income = Rs. 128. By investing Rs. 97, income = Rs.128x 97= Rs. 8.1552 Dividend = 8% 6 / 15 10.By investing Rs. 1620 in 8% stock, Michael earns Rs. 135. The stock is then quoted at: Rs. 80 Rs. 96 Rs. 106 Rs. 108 Explanation:To earn Rs. 135, investment = Rs. 1620. To earn Rs. 8, investment = Rs.1620x 8= Rs. 96.135 Market value of Rs. 100 stock = Rs. 96. 7 / 15 9.A man invests some money partly in 9% stock at 96 and partly in 12% stock at 120. To obtain equal dividends from both, he must invest the money in the ratio: 3 : 4 3 : 5 4 : 5 16 : 15 Explanation: For an income of Re. 1 in 9% stock at 96, investment = Rs.96= Rs.3293 For an income Re. 1 in 12% stock at 120, investment = Rs.120= Rs. 10.12 Ratio of investments =32: 10 = 32 : 30 = 16 : 15.3 8 / 15 8.Rs. 9800 are invested partly in 9% stock at 75 and 10% stock at 80 to have equal amount of incomes. The investment in 9% stock is: Rs. 4800 Rs. 5000 Rs. 5400 Rs. 5600 Explanation:Let the investment in 9% stock be Rs. x.Then, investment in 10% stock = Rs. (9800 - x). 9x x =10x (9800 - x)7580 3x=9800 - x258 24x = 9800 x 25 - 25x 49x = 9800 x 25 x = 5000. 9 / 15 7.A man invested Rs. 4455 in Rs. 10 shares quoted at Rs. 8.25. If the rate of dividend be 12%, his annual income is: Rs. 207.40 Rs. 534.60 Rs. 648 Rs. 655.60 Explanation: Number of shares =4455= 540.8.25 Face value = Rs. (540 x 10) = Rs. 5400. Annual income = Rs.12x 5400= Rs. 648.100 10 / 15 6.A 6% stock yields 8%. The market value of the stock is: Rs. 48 Rs. 75 Rs. 96 Rs. 133.33 Explanation:For an income of Rs. 8, investment = Rs. 100. For an income of Rs. 6, investment = Rs.100x 6= Rs. 75.8 Market value of Rs. 100 stock = Rs. 75 11 / 15 5.By investing in 16% stock at 64, one earns Rs. 1500. The investment made is: Rs. 5640 Rs. 5760 Rs. 7500 Rs. 9600 Explanation: To earn Rs.50, investment = Rs. 64.3 To earn Rs. 1500, investment = Rs.64 x3x 1500= Rs. 5760.50 12 / 15 4.A man buys Rs. 20 shares paying 9% dividend. The man wants to have an interest of 12% on his money. The market value of each share is: Rs. 12 Rs. 15 Rs. 18 Rs. 21 Explanation: Dividend on Rs. 20 = Rs.9x 20= Rs.9.1005 Rs. 12 is an income on Rs. 100. Rs.9is an income on Rs.100x9= Rs. 15.5125 13 / 15 3.Which is better investment: 11% stock at 143 or 9% stock at 117? 11% stock at 143 9 3 % stock at 117 4 Both are equally good Cannot be compared, as the total amount of investment is not given. Explanation:Let investment in each case be Rs. (143 x 117). Income in 1^{st} case = Rs.11x 143 x 117= Rs. 1287.143 Income in 2^{nd} case = Rs.39x 143 x 117= Rs. 1394.254 x 117 Clearly, 93% stock at 117 is better.4 14 / 15 2.A man bought 20 shares of Rs. 50 at 5 discount, the rate of dividend being 13. The rate of interest obtained is: 12 1 % 2 13 1 % 2 15% 16 2 % 3 Explanation:Investment = Rs. [20 x (50 - 5)] = Rs. 900.Face value = Rs. (50 x 20) = Rs. 1000. Dividend = Rs.27x1000= Rs. 135.2100 Interest obtained =135x 100%= 15%900 15 / 15 1.In order to obtain an income of Rs. 650 from 10% stock at Rs. 96, one must make an investment of: Rs. 3100 Rs. 6240 Rs. 6500 Rs. 9600 Explanation:To obtain Rs. 10, investment = Rs. 96. To obtain Rs. 650, investment = Rs.96x 650= Rs. 6240.10 Your score is The average score is 0% 0% Restart quiz TRUE DISCOUNT 1 / 14 14.The present worth of Rs. 1404 due in two equal half-yearly installments at 8% per annum simple interest is: Rs. 1325 Rs. 1300 Rs. 1350 Rs. 1500 Explanation:Required sum= P.W. of Rs. 702 due 6 months + P.W. of Rs. 702 due 1 year hence= Rs.100 x 702+100 x 702100 + (8 x 1)100 + 8 x = Rs. (675 + 650)= Rs. 1325. 2 / 14 13.The simple interest and the true discount on a certain sum for a given time and at a given rate are Rs. 85 and Rs. 80 respectively. The sum is: Rs. 1800 Rs. 1450 Rs. 1360 Rs. 6800 Explanation: Sum =S.I. x T.D.=85 x 80= Rs. 1360.(S.I.) - (T.D.)(85 - 80) 3 / 14 12.The interest on Rs. 750 for 2 years is the same as the true discount on Rs. 960 due 2 years hence. If the rate of interest is the same in both cases, it is: 12% 14% 15% 16 2 % 3 Explanation:S.I. on Rs. 750 = T.D. on Rs. 960.This means P.W. of Rs. 960 due 2 years hence is Rs. 750. T.D. = Rs. (960 - 750) = Rs. 210.Thus, S.I. on R.s 750 for 2 years is Rs. 210. Rate =100 x 210%= 14%750 x 2 4 / 14 11.Rs. 20 is the true discount on Rs. 260 due after a certain time. What will be the true discount on the same sum due after half of the former time, the rate of interest being the same? Rs. 10 Rs. 10.40 Rs. 15.20 Rs. 13 Explanation:S.I. on Rs. (260 - 20) for a given time = Rs. 20.S.I. on Rs. 240 for half the time = Rs. 10.T.D. on Rs. 250 = Rs. 10. T.D. on Rs. 260 = Rs.10x 260= Rs. 10.40250 5 / 14 10.The present worth of Rs. 2310 due 2 years hence, the rate of interest being 15% per annum, is: Rs. 1750 Rs. 1680 Rs. 1840 Rs. 1443.75 Explanation: P.W. = Rs.100 x 2310= Rs. 1680.100 +15 x52 6 / 14 9.The true discount on Rs. 1760 due after a certain time at 12% per annum is Rs. 160. The time after which it is due is: 6 months 8 months 9 months 10 months Explanation:P.W. = Rs. (1760 -160) = Rs. 1600. S.I. on Rs. 1600 at 12% is Rs. 160. Time =100 x 160=5years =5x 12months = 10 months.1600 x 1266 7 / 14 8.A man buys a watch for Rs. 1950 in cash and sells it for Rs. 2200 at a credit of 1 year. If the rate of interest is 10% per annum, the man: gains Rs. 55 gains Rs. 50 loses Rs. 30 gains Rs. 30 Explanation: S.P.= P.W. of Rs. 2200 due 1 year hence= Rs.2200 x 100100 + (10 x 1)= Rs. 2000. Gain = Rs. (2000 - 1950) = Rs. 50 8 / 14 7.The true discount on a bill due 9 months hence at 16% per annum is Rs. 189. The amount of the bill is: Rs. 1386 Rs. 1764 Rs. 1575 Rs. 2268 Explanation:Let P.W. be Rs. x.Then, S.I. on Rs. x at 16% for 9 months = Rs. 189. x x 16 x9x1= 189 or x = 1575.12100 P.W. = Rs. 1575. Sum due = P.W. + T.D. = Rs. (1575 + 189) = Rs. 1764. 9 / 14 6.Goods were bought for Rs. 600 and sold the same for Rs. 688.50 at a credit of 9 months and thus gaining 2% The rate of interest per annum is: 16 2 % 3 14 1 % 2 13 1 % 3 15% Explanation: S.P. = 102% of Rs. 600 =102x 600= Rs. 612.100 Now, P.W. = Rs. 612 and sum = Rs. 688.50. T.D. = Rs. (688.50 - 612) = Rs. 76.50.Thus, S.I. on Rs. 612 for 9 months is Rs. 76.50. Rate =100 x 76.50%= 16%612 x34 10 / 14 5.If Rs. 10 be allowed as true discount on a bill of Rs. 110 due at the end of a certain time, then the discount allowed on the same sum due at the end of double the time is: Rs. 20 Rs. 21.81 Rs. 22 Rs. 18.33 Explanation:S.I. on Rs. (110 - 10) for a certain time = Rs. 10.S.I. on Rs. 100 for double the time = Rs. 20.T.D. on Rs. 120 = Rs. (120 - 100) = Rs. 20. T.D. on Rs. 110 = Rs.20x 110= Rs. 18.33120 11 / 14 4.A man wants to sell his scooter. There are two offers, one at Rs. 12,000 cash and the other a credit of Rs. 12,880 to be paid after 8 months, money being at 18% per annum. Which is the better offer? Rs. 12,000 in cash s. 12,880 at credit Both are equally good Explanation:P.W. of Rs. 12,880 due 8 months hence= Rs.12880 x 100100 +18 x812= Rs.12880 x 100112= Rs. 11500. 12 / 14 3.A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay? Rs. 9025.20 Rs. 9200 Rs. 9600 Rs. 9560 Explanation:Required money= P.W. of Rs. 10028 due 9 months hence= Rs.10028 x 100100 +12 x912= Rs. 9200. 13 / 14 2.The true discount on Rs. 2562 due 4 months hence is Rs. 122. The rate percent is: 12% 13 1 % 3 15% 14% Explanation:P.W. = Rs. (2562 - 122) = Rs. 2440. S.I. on Rs. 2440 for 4 months is Rs. 122. Rate =100 x 122%= 15%.2440 x13 14 / 14 1.A man purchased a cow for Rs. 3000 and sold it the same day for Rs. 3600, allowing the buyer a credit of 2 years. If the rate of interest be 10% per annum, then the man has a gain of: 0% 5% 7.5% 10% Explanation:C.P. = Rs. 3000. S.P. = Rs.3600 x 100= Rs. 3000.100 + (10 x 2) Gain = 0%. Your score is The average score is 0% 0% Restart quiz BANKER DISCOUNT 1 / 13 13. The banker's discount on a certain sum due 2 years hence is11of the true discount.10 The rate percent is: 11% 10% 5% 5.5% Explanation:Let T.D. be Re. 1. Then, B.D. = Rs.11= Rs. 1.10.10 Sum = Rs.1.10 x 1= Rs.110= Rs. 11.1.10 - 110 S.I. on Rs. 11 for 2 years is Rs. 1.10 Rate =100 x 1.10%= 5%.11 x 2 2 / 13 12.The true discount on a bill of Rs. 540 is Rs. 90. The banker's discount is: Rs. 60 Rs. 108 Rs. 110 Rs. 112 Explanation:P.W. = Rs. (540 - 90) = Rs. 450. S.I. on Rs. 450 = Rs. 90. S.I. on Rs. 540 = Rs.90x 540= Rs. 108.450 B.D. = Rs. 108. 3 / 13 11.The present worth of a sum due sometime hence is Rs. 576 and the banker's gain is Rs. 16. The true discount is: Rs. 36 Rs. 72 Rs. 48 Rs. 96 Explanation:T.D. = P.W. x B.G. = 576 x 16 = 96. 4 / 13 10. The banker's gain on a certain sum due 11years hence is3of the banker's225 discount. The rate percent is: 5 1 % 5 9 1 % 11 8 1 % 8 6 1 % 6 Explanation:Let, B.D = Re. 1. Then, B.G. = Re.3.25 T.D. = (B.D. - B.G.) = Re.1 -3= Re.22.2525 Sum =1 x (22/25)= Rs.22.1-(22/25)3 S.I. on Rs.22for 11years is Re. 1.32 Rate =100 x 1%=100= 91%.111122x332 5 / 13 9.The banker's gain on a bill due 1 year hence at 12% per annum is Rs. 6. The true discount is: Rs. 72 Rs. 36 Rs. 54 Rs. 50 Explanation: T.D. =B.G. x 100= Rs.6 x 100= Rs. 50.R x T12 x 1 6 / 13 8.The present worth of a certain bill due sometime hence is Rs. 800 and the true discount is Rs. 36. The banker's discount is: Rs. 37 Rs. 37.62 Rs. 34.38 Rs. 38.98 Explanation: B.G. =(T.D.)^{2}= Rs.36 x 36= Rs. 1.62P.W.800 B.D. = (T.D. + B.G.) = Rs. (36 + 1.62) = Rs. 37.62 7 / 13 7.The certain worth of a certain sum due sometime hence is Rs. 1600 and the true discount is Rs. 160. The banker's gain is: Rs. 20 Rs. 24 Rs. 16 Rs. 12 Explanation: B.G. =(T.D.)^{2}= Rs.160 x 160= Rs. 16.P.W.1600 8 / 13 6.The banker's discount of a certain sum of money is Rs. 72 and the true discount on the same sum for the same time is Rs. 60. The sum due is: Rs. 360 Rs. 432 Rs. 540 Rs. 1080 Explanation: Sum =B.D. x T.D.= Rs.72 x 60= Rs.72 x 60= Rs. 360.B.D. - T.D.72 - 6012 9 / 13 5.The banker's gain on a sum due 3 years hence at 12% per annum is Rs. 270. The banker's discount is: Rs. 960 Rs. 840 Rs. 1020 Rs. 760 Explanation: T.D. =B.G. x 100= Rs.270 x 100= Rs. 750.R x T12 x 3 B.D. = Rs.(750 + 270) = Rs. 1020. 10 / 13 4.The banker's discount on a sum of money for 1 years is Rs. 558 and the true discount on the same sum for 2 years is Rs. 600. The rate percent is: 10% 13% 12% 15% Explanation: B.D. for years= Rs. 558.B.D. for 2 years= Rs.558 x2x 23= Rs. 744 T.D. for 2 years = Rs. 600. Sum =B.D. x T.D.= Rs.744 x 600= Rs. 3100.B.D. - T.D144 Thus, Rs. 744 is S.I. on Rs. 3100 for 2 years. Rate =100 x 744%= 12%3100 x 2 11 / 13 3.The banker's gain of a certain sum due 2 years hence at 10% per annum is Rs. 24. The present worth is: Rs. 480 Rs. 520 Rs. 600 Rs. 960 Explanation: T.D. =B.G. x 100= Rs.24 x 100= Rs. 120.Rate x Time10 x 2 P.W. =100 x T.D.= Rs.100 x 120= Rs. 600.Rate x Time10 x 2 12 / 13 2.The banker's discount on Rs. 1600 at 15% per annum is the same as true discount on Rs. 1680 for the same time and at the same rate. The time is: 3 months 4 months 6 months 8 months Explanation:S.I. on Rs. 1600 = T.D. on Rs. 1680. Rs. 1600 is the P.W. of Rs. 1680, i.e., Rs. 80 is on Rs. 1600 at 15%. Time =100 x 80year=1year = 4 months.1600 x 153 13 / 13 1.The banker's discount on a bill due 4 months hence at 15% is Rs. 420. The true discount is: Rs. 400 Rs. 360 Rs. 480 Rs. 320 Explanation:T.D.=B.D. x 100100 + (R x T)= Rs.420 x 100100 +15 x13= Rs.420 x 100105= Rs. 400. Your score is The average score is 0% 0% Restart quiz BANK RECONCILIATION STATEMENT 1 / 31 On 1-6-2017 Anukriti draws a bill on Anurag for ₹ 25,000. At maturity the bill is dishonoured and ₹ 100 is paid by Anukriti as noting charges. Anurag requests Anukriti to accept ₹ 5,000 in cash and for the balance Anukriti draws a bill on Anurag for 2 months with interest @12% p.a. What will be the amount of Interest?₹410₹420₹400₹402 1 2 3 4 2 / 31 A bank reconciliation statement is:A part of Cash Book.A part of Pass Book.A statement prepared by the bank.A statement prepared by a customer. 1 2 3 4 3 / 31 Cash book balance was ₹ 1,790 (Dr.). When compared with the bank statement, it was identified thatunpresented cheques were ₹ 1,040 and deposits not credited were ₹ 820. Balance of the bank statement will: 1. ₹ 70 (Dr.) ₹ 1,570 (Cr.) ₹ 2,010 (Cr.) ₹ 3,650 (Cr.) 1 2 3 4 4 / 31 Mohan's bank reconciliation statement shows cheques deposited but not credited by bank of ₹ 3,800 andcheques issued but not presented by suppliers of ₹ 3,500. His bank balance as per Cash Book is ₹ 25,000. Balance as per pass book statement is: ₹ 25,000 ₹ 24,700 ₹ 25,300 ₹ 32,300 1 2 3 4 5 / 31 A bank reconciliation statement is prepared by:Bank.Customers of the bank.Creditors.Auditor. 1 2 3 4 6 / 31 Balance shown in the Balance Sheet is ofCash Book.Pass Book.Adjusted Cash Book.None of these 1 2 3 4 7 / 31 Find out the Bank Balance as per Cash Book from the following particulars:Overdraft as per Pass Book = ₹ 5,000.Cheques deposited into the bank but not credited = ₹ 2,000 Favourable Balance = ₹ 3,000Overdraft = ₹ 3,000Favourable = ₹ 7,000Overdraft = ₹ 7,000 1 2 3 4 8 / 31 Which of the following will not require adjustment in the Cash Book balance?Cheque issued but not presented for payment.Cheque deposited but not cleared.Cheque wrongly credited by bank.All of the above. 1 2 3 4 9 / 31 Bank Reconciliation Statement is prepared:To know the payments made through cheques.To know the errors in the Pass Book.To compare the Cash Book with Pass Book and ascertain the differences.None of the above. 1 2 3 4 10 / 31 A bank reconciliation statement is prepared with the balance of:Cash BookPass Book.Either Cash Book or Pass Book.Neither Cash Book nor Pass Book. 1 2 3 4 11 / 31 A Pass Book is a copy of:A customer's account in the bank's books.Cash Book relating to bank column.Cash Book relating to cash columnFirm's receipts and payments. 1 2 3 4 12 / 31 Payment done by the account holder through issuing a cheque is entered in:The Pass Book at the time of issuing the cheque.The Pass Book at the time of presenting the cheque to the bank for payment.The Cash Book at the time of issuing the cheque.Both 2 and 3. 1 2 3 4 13 / 31 Which of the following is not a part of Double Entry System?Cash Book.Trial Balance.Journal.Bank Reconciliation Statement. 1 2 3 4 14 / 31 Overdraft as per Cash Book is ₹ 10,000. Cheques deposited but not credited ₹ 2,500. Cheques issued but not encashed ₹ 3,500. What is the balance as per Pass Book?Balance ₹ 9,000Overdraft ₹ 9,000Overdraft ₹ 11,000Balance ₹ 11,000 1 2 3 4 15 / 31 Unfavourable bank balance means:Credit balance in the Cash Book.Credit balance in the Pass Book.Debit balance in the Cash Book.Favourable balance in the Cash Book. 1 2 3 4 16 / 31 Following details are related to a firm's banking transactions at 31st March, 2019. Balance as per bank statement₹ 22,650; uncleared lodgements ₹ 3,110; unpresented cheques ₹ 6,290. Bank credit recorded twice by bank in error as ₹ 650. Which balance for cash at bank should appear in the Balance Sheet as at 31st March, 2019? ₹ 18,820. ₹ 20,120. ₹ 25,180. ₹ 26,480. 1 2 3 4 17 / 31 . A bank reconciliation staternent is prepared to ascertain the causes of differences between:The balance as shown by the cash column of Cash Book with the balance of the Pass Book.The balance as shown by the bank column of Cash Book with the balance of the Pass Book.The balance as shown by the cash column of the Cash Book with that shown by its bank column.The balance as shown by the Cheque Book and Pass Book. 1 2 3 4 18 / 31 Bank charges ₹ 5,000 debited twice in pass book. What should be done in BRS if overdraft as per cash book is starting point?₹ 5,000 must be deducted.₹ 5,000 must be added.₹ 10,000 must be deducted.₹ 10,000 must be added. 1 2 3 4 19 / 31 Bank Reconciliation Statement is prepared:At the end of each week.At the end of each month.At the end of the accounting year.Whenever a bank statement is received. 1 2 3 4 20 / 31 If balance in the bank statement shows ₹ 3,000 (Dr.) and there are deposits of ₹ 800 not yet credited and unpresented cheques totalling ₹ 500, the balance in the Cash Book should be: ₹ 3,300 (Cr.) ₹ 2,700 (Cr.) ₹ 4,300 (Cr.) ₹ 1,700 (Cr.) 1 2 3 4 21 / 31 Bank Reconciliation Statement is prepared so that the difference between the undermentioned balances can be reconciled:Difference in the balance in the bank and the cash balance.Difference in the balances in the Pass Book in the beginning and at the end.Difference in the Pass Book and Cash Book balances.None of the above. 1 2 3 4 22 / 31 Bank Reconciliation Statement is prepared by matching:Entries in Pass Book with entries in bank columns of Cash Book.Entries in Pass Book with entries in cash columns of Cash Book.Entries in Pass Book with entries in bank columns and cash columns of Cash Book,None of the above. 1 2 3 4 23 / 31 A business receives its bank statement showing the closing balance as ₹ 8,500 overdrawn. It is found that there were unpresented cheques amounting to ₹ 2,000 and uncredited deposits amounted to ₹ 1,500. Overdraft as per Cash Book is: ₹ 5,000 ₹ 8,000 ₹ 9,000 ₹ 12,000 1 2 3 4 24 / 31 Current account shows ₹ 1,000 as overdrawn. When bank statement is received, it was identified that one of debtors has deposited ₹ 400 into the account and bank charges of ₹ 20 had been debited to the account. Bank Statement balance is: ₹ 1,420 (Dr.) ₹ 620 (Dr.) ₹ 4,300 (Cr.) ₹ 1,700 (Dr.) 1 2 3 4 25 / 31 The credit balance as per Cash Book is ₹ 1,500. Cheques for ₹ 400 were deposited but were not collected. The cheques issued but not presented were ₹ 100, ₹ 125 and ₹ 350. Balance as per Pass Book will be: ₹ 1,100 Debit. ₹ 1,625 Debit. ₹ 2,175 Credit. ₹ 1,625 Credit. 1 2 3 4 26 / 31 Which of the following transactions will result in higher balance in the barik. column of Cash Book in comparison to Pass Book?Cheques issued but not presented for payment.Interest allowed by bank.Bank charges entered twice in Cash Book.Cheques paid into bank for collection but not yet credited. 1 2 3 4 27 / 31 Which of the following will not be considered while preparing an Amended Cash Book?Cheques issued but not presented for payment.Cheques deposited but not credited by bank.Any wrong entry in the Pass Book.All of the above. 1 2 3 4 28 / 31 Bank Reconciliation Statement is:A part of Double Entry System.Not a part of Double Entry System.Part of Bank Statement.None of these. 1 2 3 4 29 / 31 Debit balance in the Cash Book is equivalent to:Overdraft as per Pass Book.Credit balance as per Pass Book.Overdraft as per Cash Book.None of these. 1 2 3 4 30 / 31 Pass Book of the account holder is a copy of: 1.The bank columns in the Cash Book of the account holder. 2.The relevant account in the books of a bank. 3.The cash columns in the Cash Book of a customer. 4.None of the above. 31 / 31 Bank Reconciliation Statement is prepared by: Creditors. Debtors. Bank Account holder Your score is The average score is 0% 0% Restart quiz BILL OF EXCHANGE 1 / 29 If a bill is accepted and the payment is made before the due date of maturity, the difference between the paid amount and the bill amount will be called as ..........Interest.Discount.Rebate.Commission. 1 2 3 4 2 / 29 A Bill of Exchange has ... parties.Two.Three.Four.Seven. 1 2 3 4 3 / 29 A draws a bill on B for ₹ 30,000. A endorses it to C in settlement of ₹ 35,000 at 2% discount with the help of B’s acceptance and the balance in cash. If the bill is dishonoured on the due date, by what amount will C debit A? ₹ 30,000 ₹ 35,000 ₹ 34,300 ₹ 30,700 1 2 3 4 4 / 29 Bill is drawn on 20th January, 2010 for 2 months. After sight date of acceptance is 29th January, 2010. The maturity date of bill will be: 1 April, 2010 23 March, 2010 20 March, 2010 29 March, 2010 1 2 3 4 5 / 29 On 29th August. 2017, Mudit draws a bill on Paresh for one month, the due date will be ………2nd October, 201729th September, 20173rd October, 20171st October, 2017 1 2 3 4 6 / 29 If Ram's acceptance which was endorsed by us in favour of Saleem is dishonoured, then the amount will be debited in our books to:Saleem.Ram.Bills Receivable Account.None of these. 1 2 3 4 7 / 29 The party which is ordered to pay the amount is known as ...Drawer.Payee.Drawee.None of these. 1 2 3 4 8 / 29 On 13-07-2017 X draws a bill on Y for ₹ 25,000 for 30 days. The due date of the bill will be:15th August, 201714th August, 201717th August, 201716th August, 2017 1 2 3 4 9 / 29 . Rebate is calculated for the period between date of:Payment and Maturity Date.Drawing and Payment of Bill.Drawing and Maturity Date.None of these. 1 2 3 4 10 / 29 In case of renewal of the bill, interest is charged for the period of:Original Bill.Fresh Bill.One Month.None of these. 1 2 3 4 11 / 29 Aman draws a bill on Bimal for ₹ 60,000. Aman wants to endorse it to Chirag in settlement of ₹ 70,000 at 2% discount with the help of Bimal's acceptance and balance in cash. How much cash Aman will pay to Chirag? ₹ 8,200 ₹ 8,000 ₹ 8,600 ₹ 10,000 1 2 3 4 12 / 29 Parul accepted a bill for 90 days of ₹ 10,000 drawn by Rahul on 10th February, 2010. On 18th March, 2010, Parul wished to retire the bill, Rahul offered rebate @12% p.a. Considering the year of 360 days rebate amount will be ₹ 184 ₹ 150 ₹ 190 None of these. 1 2 3 4 13 / 29 Bill at sight has a grace period of:1 day.2 days.3 days.None of these. 1 2 3 4 14 / 29 If due date of a bill falls on a public holiday, then the maturity date is on:One day after the maturity date.One day before the maturity date.Public holidays.None of these. 1 2 3 4 15 / 29 Which account will be debited in the books of acceptor at the time of discharge of a bill?Bills Payable Account.Cash Account.Drawer's Account.Endorsee's Account. 1 2 3 4 16 / 29 Three days are added for ascertaining the date of maturity. These are known as days of ...Maturity.Grace.Payment.None of these. 1 2 3 4 17 / 29 A bill of ₹ 10,000 is renewed. The drawee pays ₹ 3,000 as part payment. The amount of interest charged is ₹ 200.What is the value of new bill? ₹ 700. ₹ 10,200. ₹ 9,000. ₹ 7,200. 1 2 3 4 18 / 29 Satish draws a bill on Ashish for a sum of ₹ 10,000 payable after three months from the date of drawing of bill. Ashish gives his acceptance after adding a sentence “If my brother come back on due date”. Satish claims that the bill has become invalid according to the Act:It should be signed by maker.It should be unconditional.It should be in writing.It should contain a certain amount. 1 2 3 4 19 / 29 If the due date of a bill falls on a public holiday then the bill is due on:One day after the due date.Public Holiday.One day before the due date.None of the above. 1 2 3 4 20 / 29 A Bill of Exchange is renewed generally at the request of the ...Drawer.Bank.Drawee.None of these. 1 2 3 4 21 / 29 A Promissory Note is made by the ...Seller.Purchaser.Endorsee.None of these. 1 2 3 4 22 / 29 X drew a bill on Y for ₹ 20,000 for 3 months on 1-1-2017. The bill was discounted with banker at a charge of ₹100. At maturity the bill was returned dishonoured, the bank paid ₹ 100 as Noting charges. The bank account will be credited, in the books of X, for dishonour with:₹ 19,900 ₹ 20,000 ₹ 20,100₹ 19,800 1 2 3 4 23 / 29 Noting Charges are ultimately borne by:Drawer.Drawee.Payee.Bank. 1 2 3 4 24 / 29 Liability for a discounted bill is a:Contingent Liability.Fixed Liability.Current Liability.None of the above. 1 2 3 4 25 / 29 A Bill of Exchange cannot be ...Endorsed.Crossed.Accepted.None of these. 1 2 3 4 26 / 29 Noting Charges Account is debited by:DrawerDraweePayeeEndorser 1 2 3 4 27 / 29 A 4 months bill drawn on 1st January, 2019 will mature for payment on: 1. 3rd May, 2019.2. 4th May, 2019.3. 5th May, 2019.4. 10th May, 2019. 1 2 3 4 28 / 29 What account will be credited when discounted bill is dishonoured?Drawee's Account.Drawer's Account.Bank Account.Endorsee's Account. 1 2 3 4 29 / 29 The Rebate on a Bill shows that:It has been paid before the date of maturity.It has been paid after the date of maturity.It has been dishonoured.None of these. 1 2 3 4 Your score is The average score is 0% 0% Restart quiz DEPRECIATION 1 / 46 Profit on sale of fixed asset is used to create:Specific Reserve.General Reserve.Capital Reserve.None of these. 1 2 3 4 2 / 46 In the books of D Ltd. the Machinery Account shows a debit balance of ₹ 60,000 as on April 1, 2018 and Provision for Depreciation A/c at ₹ 24,000. The machinery was sold on September 30, 2018 for ₹ 30,000. The company charges depreciation @ 20% p.a. on diminishing balance method. Profit/ Loss on sale of the machinery is:₹1,200 Profit.₹2,400 Loss.₹2,400 Profit.₹1,200 Loss. 1 2 3 4 3 / 46 Straight Line Method of Depreciation is that method under which:Depreciation is charged at a fixed percentage on the book value of the asset.Depreciation is charged at a fixed percentage on the original cost of the asset.Depreciation is charged on original cost of asset but the depreciation rate changes.None of the above. 1 2 3 4 4 / 46 If the amount of any known liability cannot be determined with accuracy:A liability should be provided.A provision should be made.A reserve should be set aside.None of these. 1 2 3 4 5 / 46 Which of the following statements are correct about a “Provision”?Provisions are a charge against the profits of an enterprise.Provisions are created out of divisible profits.Creation of provisions are not necessary for a business.Provisions are created to meet a known liability. 1 2 3 4 6 / 46 Depreciation is a:Reserve.Provision.Both (1) and (2).None of these. 1 2 3 4 7 / 46 A machine is purchased on 1st April, 2018 for ₹ 80,000. Expenses incurred on its installation is ₹ 20,000. The residual value at the end of its expected useful life of 4 years is estimated at ₹ 10,000. The amount ofdepreciation under Straight Line Method, for the year ended on 31st March, 2019 will be: 1. ₹ 22,500 ₹ 20,000 ₹ 17,500 ₹ 13,125 1 2 3 4 8 / 46 Which of the following best describes the “Depreciation”?Valuation of fixed asset at the end of the year.Verification of assets.Allocation of cost of fixed assets over its useful life.Decreasing the market value of asset. 1 2 3 4 9 / 46 . The loss on sale of an asset is debited to:Reserves.Depreciation fund.Profit and Loss Account.None of these. 1 2 3 4 10 / 46 A Ltd. purchased a machine on 1.1.2019 for ₹ 1,20,000. Installation expenses were ₹ 30,000. Residual value after 5 years ₹ 5,000. On 1.7.2019, expenses for repair were incurred to the extent of ₹ 2,000. Depreciation is provided @10% p.a. under the written down value method. Total depreciation after 2nd year. ₹ 25,000 ₹ 13,000 ₹ 10,500 ₹ 28,500 1 2 3 4 11 / 46 Charging depreciation is:Compulsory.Voluntary.Dependent on the condition of assets.None of these. 1 2 3 4 12 / 46 Depreciation is charged on:Current Assets.Fixed Assets.Total Assets.Fictitious Assets. 1 2 3 4 13 / 46 Ambuja Cement Ltd. purchased a machine on 1-1-2019 for ₹ 1,20,000. Installation expenses were ₹ 10,000. Its residual value after 10 year is ₹ 5,000. On 1-03-2019 expenses on its repairs were incurred to the extent of ₹2,000. Depreciation is provided under straight line method. Books are closed on 31st March every year. The amount of depreciation for the current year will be: ₹ 3,125 ₹ 3,175 ₹ 12,500 ₹ 12,700 1 2 3 4 14 / 46 Depreciation is a process of:Valuation of asset.Allocation of cost.Both of valuation of asset and allocation of cost.None of the above. 1 2 3 4 15 / 46 Provisions are:External transactions.Internal transactions.Can be (1) or (2).None of these. 1 2 3 4 16 / 46 Amount of depreciation charged under diminishing balance method remains:Increasing.Decreasing.Fixed.Fluctuating. 1 2 3 4 17 / 46 Under diminishing balance method, depreciation is charged on:Original Cost.Written Down Value.Cost of Production.Net Profits. 1 2 3 4 18 / 46 What will be the percentage of depreciation under SLM in the following case: Original Cost of Machine ₹ 1,50,000Salvage value after 9 years ₹ 15,000 Repair charges in 2nd year ₹ 10,00011.11%10%10.34%9.37% 1 2 3 4 19 / 46 An asset was purchased for ₹ 5,00,000 and as per reducing balance method, 20% deprecation is charged each year. What is the value of assets at the end of three years? ₹ 3,50,000 ₹ 2,56,000 ₹ 4,00,000 ₹ 3,20,000 1 2 3 4 20 / 46 Which one of the following is not a feature of written down value rnethod of depreciation?The book value of the asset becomes zero at any one point of time.The depreciation is calculated on the book value of assets and not on the costThe amount of depreciation charged on a specific asset reduces every year.There is no need to estimate the residual value and estimated life at the time of deciding the amount of depreciation. 1 2 3 4 21 / 46 Which of the following statements is not appropriate in relation to “Provision”?Provision is a charge against profit.Provision is created for known liability.Provision is created for strengthening the financial position of the business.Creation of provision satisfies the principle of conservatism. 1 2 3 4 22 / 46 Which one is not the cause of depreciation?Efflux of time.Price fluctuation.Obsolescence.Natural wear and tear. 1 2 3