JAIIB Legal & Regulatory Aspects Of Banking Mock Test Set 12

A  foreigner  spouse  of  an  Indian  citizen  is  ......  (i)  Non-Resident  Indian  (NRI),  (ii)  Person  of  Indian  Origin (PIO) 


Options are :

  • Only (i)
  • Only (ii)
  • Either (i) or (ii)
  • Neither (i) nor (ii)

Answer :Only (ii)

JAIIB Legal & Regulatory Aspects Of Banking Mock Test Set 13

A documentary letter of credit has normally ...... 


Options are :

  • two parties
  • one party
  • four parties
  • None

Answer :four parties

The buyer or importer who procures a letter of credit from his banker is called ...... 


Options are :

  • opener of the credit
  • beneficiary of the credit
  • negotiator of the credit
  • none of these

Answer :opener of the credit

Z handed over a blank cheque to Mr. X for payment against certain goods purchased by Z. The value of goods was to be ascertained later and amount was to be filled accordingly. X however  filled a much higher amount than the value of goods. Bank accordingly mae the payment and Z claimed damages from the bank for wrong payment of a higher amount: 


Options are :

  • Z is not liable for this payment, which bank should restore
  • Bank is liable for this payment as the cheque was issued originally as a blank cheque
  • Bank is not liable for payment as at at the time of payment of the cheque, the cheque was complete
  • Bank is liable for a cheque where visibly it is completed through two handwritings.

Answer :Bank is not liable for payment as at at the time of payment of the cheque, the cheque was complete

JAIIB Accounting and Finance for Bankers Mock Tests Set 1

Which of the following does not match its explanation: 


Options are :

  • Clean bills- where the bill is not supported by any document of title to goods
  • Supply bills- where the bill is drawn on the basis of transaction with the Govt. or govt. undertaking
  • Accommodation bill- a bill which is drawn without any consideration or without any sale or purchase of goods
  • Foreign bill- a bill which is drawn in India and payable abroad by a resident In India

Answer :Foreign bill- a bill which is drawn in India and payable abroad by a resident In India

The bank through whom the credit is advised and who confirms the letter of credit when required and negotiates the documents tendered is called ...... 

 


Options are :

  • Opening Bank
  • Foreign Bank
  • Advising Bank
  • None of these

Answer :Foreign Bank

When  the  Advising  Bank,  at  the  request  of  the  issuing  Bank,  adds  its  confirmation  which  would constitute a definite undertaking by the former the L/C is known as a/an ...... 


Options are :

  • Irrevocable L/C
  • Transferable L/C
  • Confirmed L/C
  • Revolving L/C

Answer :Confirmed L/C

JAIIB Accounting and Finance for Bankers Mock Tests Set 10

GR forms are submitted in respect of ...... 


Options are :

  • Import transactions
  • FOCNA transactions
  • Export transactions
  • NRE transactions

Answer :Export transactions

When foreign exchange is brought to India and sold to an authorized person, as per FEMA 1999, it is called: 


Options are :

  • Repatriation
  • Repatriation from India
  • Repatriation to India
  • expatriation

Answer :Repatriation to India

A pledge is bailment of goods to secure a loan. The goods are delivered by the owner to the creditor. These parties as per Section 172 of Indian Contract Act are called: 


Options are :

  • Bailor and bailee
  • Bailee and bailor
  • Pledger and pledgee
  • Pawner and pawnee

Answer :Pawner and pawnee

JAIIB Accounting and Finance for Bankers Mock Tests Set 11

Which of the following statements, is correct? 


Options are :

  • Securitisation company can acquire only financial assets.
  • The difference between securitization and factoring is that in factoring only existing Receivables can be acquired while in securitisation even future Receivables can be acquired.
  • The purpose of Securitisation is to avoid mismatch between Assets and Liabilities
  • All of the above

Answer :All of the above

Which of the following is not the right under the consumer protection act? 


Options are :

  • the right to be heard and to be assured that consumers interest will be received due consideration
  • right to seek redressal
  • right to consumer education
  • right to free delivery at a particular spot

Answer :right to free delivery at a particular spot

An award of banking ombudsman is; 


Options are :

  • a judicial decision
  • an arbitrarily order
  • an order on the bank
  • an appeal to the bank

Answer :a judicial decision

JAIIB Accounting and Finance for Bankers Mock Tests Set 12

In a limited liability partnership, the rights and obligations of the partners are as per: 


Options are :

  • Certificate of incorporation
  • Schedule II to the LLP Act
  • Agreement between partners Act
  • Agreement between partners and if there is no such agreement as per schedule I to the LLP Act

Answer :Agreement between partners and if there is no such agreement as per schedule I to the LLP Act

A trust is governed by (a) Trust Act 1882, if it is a private trust (b) Public Trust Act, if it is a public trust (c) Wakf Act if it a Muslim trust (d) trustee of a Muslim Trust is called Mutawali: 


Options are :

  • A to d are correct
  • A, b and c are correct
  • A, c and d are correct
  • B, c and d are correct

Answer :A to d are correct

Section 85 of N.I. Acts extends protection to the ...... 


Options are :

  • Collecting banker
  • Paying banker
  • Advising banker
  • Confirming banking

Answer :Paying banker

JAIIB Accounting and Finance for Bankers Mock Tests Set 13

Delivery of goods by one person to another for some purpose is ...... 


Options are :

  • hypothecation
  • mortgage
  • pledge
  • bailment

Answer :bailment

In pledge the possession of goods is with the creditor (pawnee) which can be (a) actual where the goods are actually in possession with the creditor (b) symbolic where thr pawnor hands over the control of the goods to the pawnee without actual delivery (c) trust receipt where the goods are released to the pawnor without payment, by the pawnee on the basis of an undertaking: 


Options are :

  • A and c only are correct
  • b and c only are correct
  • A and c only are correct
  • A to c all are correct

Answer :A to c all are correct

Where a customer has issued a cheque date of which is yet to come, such a cheque is called ...... 


Options are :

  • stale cheque
  • post-dated cheque
  • crossed cheque
  • stolen cheque

Answer :post-dated cheque

JAIIB Accounting and Finance for Bankers Mock Tests Set 14

Whether moveable securities in possession of the bank can be sold by the Bank without intervention of the Court? 


Options are :

  • No. The Court order is required to sale the security.
  • Yes. Bank can sell as provided in the Contract ACt, 1872
  • Yes. As the SARFAESI Act, 2002 has made provisions to that effect
  • No. Till the account is not declared as NPA by the Bank.

Answer :Yes. Bank can sell as provided in the Contract ACt, 1872

Which of the following characteristics of a company is not true: 


Options are :

  • Liability of the shareholders is to the extent of a nominal value of the shares held by them
  • A company is a group of shareholders and is not different from them
  • Company is created through a legal process called incorporation which is completed by issue of Certificate of Incorporation by RoC
  • A company, being legal person, has all the rights and obligation to sue or to be sured.

Answer :A company is a group of shareholders and is not different from them

Which of the following is more appropriate difference between a deferred payment guarantee and a term loan: 


Options are :

  • Term loan is sanctioned for purchase of fixed assets and DPG for purchase of current assets
  • TL is a fund based loan and DPG is semi-fund based loan
  • In TL funds outlay is immediate but in DPG it is contingent
  • In TL appraisal is more detailed compared to appraisal of DPG proposal

Answer :In TL funds outlay is immediate but in DPG it is contingent

JAIIB Accounting and Finance for Bankers Mock Tests Set 15

When the sellers sell the goods to govt. or public sector undertakings, the transaction is covered through: 


Options are :

  • Bills discounting
  • Bills purchasing
  • Supply bills
  • Documentary bills

Answer :Supply bills

In Mardia case what the Supreme Court declared as invalid ? 


Options are :

  • Entire SARFAESI Act, 2002
  • Creation of security interest
  • Formation of Reconstruction Companies.
  • Condition to pay 75 per cent of the amount as pre-condition while preferring appeal to the DRT

Answer :Condition to pay 75 per cent of the amount as pre-condition while preferring appeal to the DRT

Where a customer by a letter has advised the bank directing the banker not to honour / pay a particular cheque such a letter is called ...... 


Options are :

  • letter of authority
  • letter of credit
  • stop payment letter
  • letter of continuity

Answer :stop payment letter

JAIIB Accounting and Finance for Bankers Mock Tests Set 2

To get the protection under S / 131, a collecting bank has to collect a ......for credit of is customer       


Options are :

  • stolen cheque
  • stale cheque
  • postdated cheque
  • crossed cheque

Answer :crossed cheque

In ......  the ownership of goods is yet to pass from the seller to the buyer. 


Options are :

  • agreement to sell
  • contract of sale
  • contract of future goods
  • contract of specific goods

Answer :agreement to sell

Under Right to Information Act, the information can be obtained in the form of: 


Options are :

  • Diskettes or floppies
  • Tapes and video cassettes or any other electronic mode
  • Printouts
  • Any of these

Answer :Any of these

JAIIB Accounting and Finance for Bankers Mock Tests Set 3

The constitutional validity of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act was questioned before the Supreme Court in which of the following cases: 


Options are :

  • Transcore vs Union of India
  • Mardia Chemicals vs Union of India
  • Mardurai Chemicals vs Union of India
  • Marshal Chemicals vs ICICI bank

Answer :Mardia Chemicals vs Union of India

The  power  of  sale  without  intervention  of  the  Court  is  given  to  the  mortgagor  in  the  case  of  the following mortgage: 


Options are :

  • Equitable mortgage
  • English mortgage
  • Simple mortgage
  • Usufructuary Mortgage

Answer :English mortgage

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