Class 11 Finance MCQ Chapter 11 Differents Types of Bank Accounts Solutions in English Medium to each chapter is provided in the list so that you can easily browse through different chapters Class 11 Finance MCQ Chapter 11 Differents Types of Bank Accounts Question Answer and select need one. Class 11 Finance MCQ Chapter 11 Differents Types of Bank Accounts Solutions Download PDF. AHSEC Class 11 Banking Multiple Choice Solutions.
Class 11 Finance MCQ Chapter 11 Differents Types of Bank Accounts
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. AHSEC Class 11 Finance Objective Type Solutions are part of All Subject Solutions. Here we have given HS 1st Year Banking Multiple Choice Question and Answer, HS First Year Banking MCQ Solutions for All Chapters, You can practice these here.
Differents Types of Bank Accounts
Chapter: 11
| MCQ |
1. What is the main source of funds for commercial banks?
(i) Loans.
(ii) Equity capital.
(iii) Deposits.
(iv) Government grants.
Ans: (iii) Deposits.
2. Which type of bank account allows withdrawals at any time without prior notice?
(i) Fixed Deposit Account.
(ii) Savings Account.
(iii) Current Account.
(iv) Recurring Deposit Account.
Ans: (iii) Current Account.
3. Which type of bank account is most suitable for people who want to save money for a fixed period and earn interest?
(i) Current Account.
(ii) Fixed Deposit Account.
(iii) Savings Account.
(iv) Recurring Deposit Account.
Ans: (ii) Fixed Deposit Account.
4. Which type of bank account is ideal for businesses that require frequent transactions?
(i) Fixed Deposit Account.
(ii) Recurring Deposit Account.
(iii) Current Account.
(iv) Savings Account.
Ans: (iii) Current Account.
5. Which of the following types of deposit accounts fall under demand deposit accounts?
(i) Fixed Deposit Account.
(ii) Recurring Deposit Account.
(iii) Savings Bank Account.
(iv) Term Deposit Account.
Ans: (iii) Savings Bank Account.
6. Which of the following statements is true about demand deposit accounts?
(i) They require a fixed deposit period.
(ii) They allow withdrawals at any time, often via cheque.
(iii) They cannot be accessed by cheque.
(iv) They are only for saving purposes and do not allow withdrawals.
Ans: (ii) They allow withdrawals at any time, often via cheque.
7. Which of the following is a disadvantage of term deposit accounts?
(i) Money cannot be withdrawn until the term ends without penalty.
(ii) They do not earn interest.
(iii) They require frequent deposits.
(iv) They are difficult to open.
Ans: (i) Money cannot be withdrawn until the term ends without penalty.
8. Which group of people is most likely to benefit from savings bank accounts?
(i) High-income groups.
(ii) Small and medium-income groups.
(iii) Only businessmen.
(iv) Large corporations.
Ans: (ii) Small and medium-income groups.
9. What document is provided to a customer when they open a savings bank account?
(i) Only an ATM card.
(ii) A cheque book and passbook.
(iii) A credit card.
(iv) A debit card and loan agreement.
Ans: (ii) A cheque book and passbook.
10. Which of the following is a common method for depositing money into a savings bank account?
(i) Through online bank transfers only.
(ii) By filling up a pay-in-slip.
(iii) By using a credit card.
(iv) Through cheque deposits only.
Ans: (ii) By filling up a pay-in-slip.
11. What is typically provided by banks to customers who open a savings bank account?
(i) A loan.
(ii) A passbook, cheque book, and ATM card (on request).
(iii) A loan with a high-interest rate.
(iv) A fixed deposit certificate.
Ans: (ii) A passbook, cheque book, and ATM card (on request).
12. Which of the following is true about withdrawals from savings bank accounts?
(i) Withdrawals are not allowed under any circumstances.
(ii) Withdrawals are allowed only once a year.
(iii) There are certain restrictions, but withdrawals can be made using a cheque or debit card.
(iv) Withdrawals are unlimited with no restrictions.
Ans: (iii) There are certain restrictions, but withdrawals can be made using a cheque or debit card.
13. What is the age requirement for a minor to open a savings bank account in their own name?
(i) 5-8 years.
(ii) 10-14 years, with the approval of a guardian.
(iii) 15-18 years, with the approval of a guardian.
(iv) There is no age requirement.
Ans: (ii) 10-14 years, with the approval of a guardian.
14. What is the restriction related to the number of withdrawals from a savings bank account?
(i) No restrictions on withdrawals.
(ii) Withdrawals are restricted to 150 times per year.
(iii) Withdrawals are limited to 50 times per year.
(iv) Withdrawals are limited to 30 times per month.
Ans: (ii) Withdrawals are restricted to 150 times per year.
15. When did the Reserve Bank of India (RBI) implement the daily average method for calculating interest on savings bank accounts?
(i) 1st January 2005.
(ii) 1st April 2010.
(iii) 1st January 2012.
(iv) 1st April 2015.
Ans: (ii) 1st April 2010.
