Basic Finance Quiz

1. PAN Means
Permanent Account Number
Primary Account Number
None
2. Education Loans
Cover tuition fee & expenses
Are repayable after completion of course
Both
3. Can Illiterate Person Be Issued Debit Card?
Yes
No
Only in case of joint account
4. NEFT Stands For
National Electrical Fund Transfer
National Electronic Fund Transfer
None
5. RTGS Stands For
Ready Time Gross Settlement
Ready Time Grocery Settlement
Real Time Gross Settlement
6. KYC Means
Know your character
Know your customer
Both
7. What Is RuPay Debit Card?
Introduced by National Payments Corporation of India
Accepted at all ATMs & PoS machines
All of above
8. ATM Password To Be Shared Only With
Obedient son
Spouse
None of above
9. Internet Banking Refers To
Opening of account through ATM
Operation of account through internet
Both
10. In Recurring Deposits,
interest is paid at FDR rate
a fixed sum is deposited every month
Both
11. What is a budget?
A spending plan showing sources and uses of income.
A limit on spending that cannot be exceeded.
The amount of money that a credit card will let you charge without penalties.
12. Your bank just notified you that your 12-month Certificate of Deposit (CD) is maturing. What factors are important to consider before you decide to let it automatically renew?
There is a good chance you might need the funds in a shorter time frame.
Interest rates have gone up since you opened the CD.
Both
13. Which of the following would hurt your credit score?
Paying off student loan debt.
Closing a long-held credit card account.
Getting married.
14. Which savings strategy will get you to $1 million in the bank by age 65, assuming 8% annualized returns?
Save $200 a month, starting at age 20
Save $400 a month, starting at age 30
Save $800 a month, starting at age 40
15. Which of the following would be expected to hold its value best during a time of inflation?
A corporate bond.
A house.
A certificate of deposit.