Banking Awareness Quiz for Bank Exam: 22-June-2020

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. With the increased competition in the field of Banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness Quiz not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking or Insurance Recruitment.

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 22nd June 2020 covering the following topics: GST, Fixed Deposits, IFRS, KYC, Finance and banking.

Q1. Which of the following terms is used in the field of finance and banking?
(a) Guage Pressure
(b) Quantum number
(c) Adjustment Credit
(d) Absolute Zero
(e) Single bond

Q2. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on-
(a) 1st July 2016
(b) 1st December 2016
(c) 1st January 2017
(d) 1st July 2017
(e) 1st July 2018

Q3. Normally Banks accepts Fixed Deposits for a maximum period of________.
(a) 5 years
(b) 3 years
(c) 7 years
(d) 20 years
(e) 10 years

Q4. What is the full form of IFRS-?
(a) International Financial Reporting Standards
(b) Indian Financial Rating Standards
(c) International Financial Rating Standards
(d) Indian Functional Reporting Standards
(e) None of the given options is true

Q5. KYC guidelines followed by the Banks have been framed on the recommendations of the_________.
(a) Ministry of Home Affairs
(b) Ministry of Rural Development
(c) Indian Banks Association
(d) Financial Intelligence Unit
(e) Reserve Bank of India

Solutions

S1. Ans.(c)
Sol. A banking credit adjustment is distinct from an accounting credit adjustment, but both constructs often interrelate. When a bank credits a customer account, it’s simultaneously increasing the client’s cash balance and increasing its own debt account.

S2. Ans.(d)
Sol. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

S3. Ans.(e)
Sol. A Term (Fixed) Deposit Accounts can be opened for a minimum period of 7 days up to maximum period of 10 years. The minimum/maximum periods are subject to change.

S4. Ans.(a)
Sol. International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

S5. Ans.(e)
Sol. KYC guidelines followed by the Banks have been framed on the recommendations of the RBI.

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