Banking & Financial Awareness Quiz – Set 104

Banking & Financial Awareness Quiz: We have created many quizzes on Banking Awareness and this set is one of them. These questions are most important for banking and insurance exams. The question asked in the Banking Awareness section are based both on static banking and that to current banking in news. These Banking Awareness sets will guide you in all banking exams like IBPS Clerk, IBPS PO, SBI Clerk, SBI PO, RRB Clerk and PO, NHB and other exams.  The set will be beneficial for the Banking and financial awareness section of LIC AAOSo attempt all the sets now.

Banking & Financial Awareness Questions

  1. Which of the given statements is not correct?
    A) Banks can accept interest-free deposits in current and recurring deposit accounts
    B) Loss making banks can make donations up to Rs.5 lakh only in a financial year
    C) Banks can pay interest on savings bank accounts at quarterly or longer rests
    D) A bank may provide differential rates of interest in savings account above Rs 1 lakh
    View answer
    Option A
    Explanation:
    Banks can accept interest-free deposits only in current account
  2. Identical prices prevail in which type of market  system?
    A) Oligopoly
    B) Monopolistic competition
    C) Monopoly
    D) Perfect Competition
    View answer
    Option D
    Explanation:
    Perfect competition is a market where a large number of small firms compete against each other. The single firm does not have any significant market power so the industry as a whole produces the socially optimal level of output, because none of the firms have the ability to influence market prices.
  3. Which of these is not a type of Prepaid Payment Instruments (PPI)?
    A) Paytm Wallet
    B) Rupay Card
    C) Gilt-edged securities
    D) Amazon Gift Card
    View answer
    Option C
  4. Zero-based budgeting (ZBB) is a method of budgeting in which all expenses must be justified and approved for each new period. The ZBB concept was introduced in which country?
    A) Germany
    B) United States
    C) Switzerland
    D) United Kingdom
    View answer
    Option B
    Explanation:
    An accounting manager for Texas Instruments, Peter Pyrrh, created zero-based budgeting in the 1970s. Under his system, costs are grouped and measured against previous results and current expectations, enabling management to allocate funds by current need instead of by historical expenditures
  5. The ING Vyasa Bank has merged with which among the following banks?
    A) Axis Bank
    B) Bank of India
    C) Punjab National Bank
    D) Kotak Mahindra Bank
    View answer
    Option D
  6. The excess of total revenue expenditure of the government over its total revenue receipts is known as__________
    A) Revenue Deficit
    B) Money Deficit
    C) Fiscal Deficit
    D) Primary Deficit
    View answer
    Option A
  7. Which among the following is the largest stock exchange in the world?
    A) Tokyo Stock Exchange
    B) New York Stock Exchange
    C) Shanghai Stock Exchange
    D) Hong Kong Stock Exchange
    View answer
    Option B
  8. Devaluation of a country’s currency  ________
    A) Encourage import
    B) Discourage export
    C) Encourage export
    D) Both A & C
    View answer
    Option C
    Explanation:
    Adevaluation is an official lowering of the value of a country’s currency within a fixed exchange rate system. After a devaluation, the new lower value of the domestic currency will make it less expensive for foreign consumers to obtain local currency with which to buy locally produced export goods, so more exports will be sold, helping domestic businesses. 
  9. The headquarter of the IndusInd Bank Limited is in which city?
    A) Mumbai
    B) Chennai
    C) Kochi
    D) Noida
    View answer
    Option A
  10. MMTC-PAMP India is first and only refinery in India to be accredited by LBMA for Gold and Silver. What does LBMA stands for?
    A) Los Angeles Bullion Market Association
    B) Las Vegas Bullion Market Association
    C) Lausanne Bullion Market Association
    D) London Bullion Market Association
    View answer
    Option D
    Explanation:
    The London bullion market association (LBMA) is a wholesale over-the-counter market for the trading of gold and silver.

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