TYPES OF CUSTOMERS AND THEIR ACCOUNTS
Let us discuss some questions on different
types of customers and accounts.
1. A
minor has been defined in.
Option A. Indian Succession Act.
Option B. Indian majority act, 1875.
Option C. Transfer of Property Act, 1882.
Option D. Indian contract act, 1872.
The correct answer is Option B. Indian majority act, 1875.
2. A
minor is a person who has.
Option A. has not attained the 18 years age.
Option B. not attained the age of 18 years and is able
to comprehend banking transactions.
Option C. not attained the age of 21 years if he is a
person of foreign domicile.
Option D. either Option A. or Option C. above.
The correct answer is Option D. either Option A. or Option C. above.
3. Which of the following accounts should not
be opened for a minor?
Option A. a term deposit account.
Option B. a current account.
Option C. a savings account.
Option D. a recurring deposit account.
The correct answer is Option B. a current account.
4. we
can open savings account of a minor under guardianship of his/her father/mother
he / she is at least.
Option A. 10 years old.
Option B. 15 years old.
Option C. 12 years old.
Option D. none of the above as minor ‘s age is not
considered in such a case.
The correct answer is Option D. none of the above as minor ‘s age is not
considered in such a case.
5.
While opening deposit account of a minor under guardianship of his
father/mother we record minor ‘s date of birth.
For this purpose, we have to.
Option A. insist on school certificate.
Option B. insist on certificate issued by the Registrar
of Births and Deaths.
Option C. get declaration from the natural guardian.
Option D. none of the above.
The correct answer is Option C. get declaration from the natural guardian.
6. A
literate minor can be allowed: to open and operate his independent savings
account when.
Option A. 10 years.
Option B. 12 years.
Option C. 14 years.
Option D. any one of the above in bank ‘s discretion.
The correct answer is Option A. 10 years.
7. A
savings account was opened in the name of a minor under guardianship of his
father course open to the bank will be to.
Option A. close the old account and pay the amount to
the minor now major and not allow him to continue the account.
Option B. delete the name of the guardian and continue
the minor now turned major.
Option C. close the old account and transfer the sum to
an account opened in the single name.
Option D. either Option B. or Option C. above.
The correct answer is Option D. either Option B. or Option C. above.
8. Which of the following is not correct?
Option A. An individual may open a PPF account in is’s
own name.
Option B. An Individual can maintain Only one PPF
account.
Option C. PPF account may be opened on behalf of a minor.
Option D. PPF account may be opened by NRI.
The correct answer is Option D. PPF account may be opened by NRI.
9. In case of Hindu minor boy or an unmarried
girl his/her father is the natural guardian.
After the death of the father the natural guardian as per law is.
Option A. grand-father.
Option B. mother.
Option C. guardian appointed by the court.
Option D. guardian named in the will of father I. e.
Testamentary guardian.
The correct answer is Option B. mother.
10. In
case of a minor Muslim boy whose father has expired without leaving behind a
will, the guardian will be.
Option A. mother.
Option B. maternal grand-father.
Option C. Paternal grand-father.
Option D. guardian appointed by the court.
The correct answer is Option C. Paternal grand-father.
11. A
testamentary guardian appointed by a Hindu father can act after the death of
Option A. the father.
Option B. both father and mother.
Option C. father, mother and grand-father.
Option D. father, mother, grand-father and
grand-mother.
The correct answer is Option D. father, mother, grand-father and
grand-mother.
12. As
per provisions of section 30 of Indian partnership Act, 1932, a minor.
Option A. can be full-fledged partner in a partnership
firm.
Option B. can be admitted to enjoy the benefits of a
partnership firm.
Option C. cannot in any way be associated with a
partnership firm.
Option D. cannot be manager of a firm.
The correct answer is Option B. can be admitted to enjoy the benefits of a
partnership firm.
13. An
agreement entered into with a minor is.
Option A. valid if witnessed by natural guardian.
Option B. voidable.
Option C. void ab-initio.
Option D. legally binding on him.
The correct answer is Option C. void ab-initio.
14. A
savings account is in the name of Shri S.
K. Verma who wants to give power
of attorney to his minor brother to operate the bank account. In this case.
Option A. the account holder ‘s request can ‘t be
acceded to as his brother is a minor.
Option B. we may accede to his request as minor can be
agent.
Option C. we may insist on indemnity from the account
holder for the purpose.
Option D. we should consult our legal advisor and act
accordingly.
The correct answer is Option B. we may accede to his request as minor can be
agent.
15. A
savings account holder Master Dinesh aged 14 years wants to give power of
attorney to his brother Mahesh aged 19 years.
In this case we.
Option A. cannot accede to his request as a minor is
not competent to appoint an agent.
Option B. may accede to the minor ‘s request as the
proposed attorney is a major.
Option C. may accede to the minor ‘s request after
obtaining consent of natural guardian.
Option D. shall get legal opinion and act accordingly.
The correct answer is Option A. cannot accede to his request as a minor is
not competent to appoint an agent.
16. A
minor who was admitted to the benefits of partnership, on becoming major and electing
not to be a partner, may repudiate liabilities incurred during his minority
within a period of.
Option A. one year of attaining majority.
Option B. 6 months of attaining majority.
Option C. 6 months after he comes to know that he was
admitted to benefits of partnership.
Option D. later of Option B. or Option C. above.
The correct answer is Option D. later of Option B. or Option C. above.
17. A
minor who has attained majority and has elected to be a full-fledged partner in
a partnership firm.
Option A. liable only for fresh debts of the firm after
his electing to be a partner.
Option B. liable for past debts of the firm from the
date he was admitted to the benefits of partnership until he repudiates his
past liability within six months of attaining.
Option C. entitled to the same share in the property
and profits of the firm as he was earlier as a minor unless otherwise agreed.
Option D. both Option B. and Option C. above.
The correct answer is Option D. both Option B. and Option C. above.
18.
While opening account of a sole proprietorship concern, banks should
obtain declaration of sole proprietorship signed.
Option A. in individual capacity.
Option B. as sole proprietor.
Option C. either Option A. or Option B.
Option D. both Option A. and Option B.
The correct answer is Option A. in individual capacity.
19. A
partnership concern can be created by.
Option A. oral agreement.
Option B. written agreement.
Option C. either Option A. or Option B.
Option D. only after registration with Registrar of Firms.
The correct answer is Option C. either Option A. or Option B.
20. Law
relating to partnership firms is given In.
Option A. Indian Partnership Act, 1932.
Option B. Companies Act, 2013.
Option C. Banking Regulation Act, 1949.
Option D. Transfer of property Act, 1882.
The correct answer is Option A. Indian Partnership Act, 1932.
21. The
details of the written agreement between the partners are contained in.
Option A. mandate submitted to the banker.
Option B. memorandum of association.
Option C. articles of association.
Option D. partnership deed.
The correct answer is Option D. partnership deed.
20 MCQs | Priority Sector Guidelines| (Set 2) | Bank
Promotion Exam | Including Recalled Questions
22. Under the present law, maximum number of
partners in a partnership firm doing business other than banking can be.
Option A. 5.
Option B. 100.
Option C. 20.
Option D. 15.
The correct answer is Option B. 100.
23. Under the present law, maximum number of
partners in a partnership firm doing business of banking can be.
Option A. 10.
Option B. 20.
Option C. 100.
Option D. 15.
The correct answer is Option A. 10.
24. The provisions relating to maximum number
of partners in partnership firm are contained in.
Option A. Section 11 of Partnership Act, 1932.
Option B. Section 464 of Companies Act, 2013.
Option C. Section 11 of Companies Act, 1956.
Option D. Section 30 of the Partnership Act, 1932.
The correct answer is Option B. Section 464 of Companies Act, 2013.
25. The
document referred to as Charter of a partnership firm is.
Option A. memorandum of agreement.
Option B. certificate of registration.
Option C. partnership deed.
Option D. Power of attorney to a partner of the firm.
The correct answer is Option C. partnership deed.
26. Two
persons aged 21 years and 16 years approach you for opening account under the
title of Rohit & co. of which they declare themselves to be partners, there
are no other partners ln the Firm. In
this case we.
Option A. should open the account as minor can be
admitted to the benefits of partnership.
Option B. can ‘t open the account as minimum number of
partners, excluding minor admitted to benefits of partnership, should be two.
Option C. can open the account If the minor declares
that after attaining majority he will become a full-fledged partner.
Option D. can open the account if minor’s natural
guardian undertakes to indemnify the bank against any loss.
The correct answer is Option B. can ‘t open the account as minimum number of
partners, excluding minor admitted to benefits of partnership, should be two.
27.
While opening account of a partnership concern to which a minor has been
admitted for benefits, we should.
Option A. obtain the signatures of all persons
including the minor.
Option B. obtain the signatures of all partners and
guardian of the minor.
Option C. obtain the signatures of only major persons
who are partners.
Option D. none of the above.
The correct answer is Option C. obtain the signatures of only major persons
who are partners.
28. A
firm has Ram, Hari and shyam as partners of which either Ram or Hari alone are
authorized to operate the bank account.
Ram issues a cheque and Hari instructs the bank to stop payment of the
same. we can.
Option A. not stop payment unless all the three
partners give in writing.
Option B. not stop payment till both Ram and Hari give
in writing.
Option C. comply with his order as any one partner can
stop payment of a cheque issued by him or any other partner.
Option D. none of the above.
The correct answer is Option C. comply with his order as any one partner can
stop payment of a cheque issued by him or any other partner.
29. A
sleeping partner of a firm issues stop payment instructions. In this case.
Option A. we cannot comply with his request as he is
not competent to issue or stop payment of cheque.
Option B. we must comply with his order.
Option C. we can act upon his instructions provided one
of the operating partners joins him.
Option D. we should not allow any further operations
till the matter is sorted out.
The correct answer is Option B. we must comply with his order.
30. A
firm has A, B and C as its partners. A
want that on his behalf his son D, should be allowed to operate the
account. In this case we can.
Option A. allow D to operate the account.
Option B. allow D to operate the account if either B or
C agrees to such a proposition.
Option C. not allow as a partner can ‘t delegate his
authority to a third party.
Option D. allow only after other two partners also
agree to the proposal.
The correct answer is Option D. allow only after other two partners also
agree to the proposal.
31. A
partnership firm has approached your branch with a proposal that Rahul, aged 12
years be allowed to operate the account of the firm. Under the circumstances, we may.
Option A. not agree to the proposal as Vishal is a
minor.
Option B. agree to the proposal if the partners give an
indemnity that they will be liable for the acts of the minor.
Option C. agree to the proposal as minor can act as an
agent.
Option D. agree provided Rahul is closely related to
one of the partners.
The correct answer is Option C. agree to the proposal as minor can act as an
agent.
32.
Your branch has sanctioned credit facilities to a party on the guarantee
of a partnership concern which manufactures exhaust fans. The guarantee letter can be signed by.
Option A. any partner.
Option B. all the partners jointly, as giving
guarantees is not the normal business of the firm.
Option C. any partner, if he is authorized by all other
partners for this.
Option D. either Option B. or Option C. above.
The correct answer is Option D. either Option B. or Option C. above.
33. While opening current account of a
partnership firm we should.
Option A. obtain a copy of the partnership deed.
Option B. ensure that the firm is registered one.
Option C. obtain a partnership letter declaration from
all partners in their individual capacity and not as partners.
Option D. obtain partnership letter on stamped paper
signed as partners of the firm.
The correct answer is Option C. obtain a partnership letter declaration from
all partners in their individual capacity and not as partners.
34. A
partnership firm stands dissolved on.
Option A. death of a partner.
Option B. retirement of a partner.
Option C. insolvency of a partner.
Option D. all above.
The correct answer is Option D. all above.
35. Banks usually require loan documents to be
executed both as partners and individuals while granting credit facilities to a
partnership firm. This is done so that.
Option A. they are jointly and severally liable.
Option B. bank can recover their dues from all assets of
the firm.
Option C. bank can recover their dues from all assets
of the firm and individual assets of partners after meeting claims of their
individual creditors.
Option D. bank can recover their dues from personal
assets of the partners also ratably.
The correct answer is Option D. bank can recover their dues from personal
assets of the partners also ratably.
36. Which of the following entities can be a
partner in a partnership concern?
Option A. a minor.
Option B. another partnership firm.
Option C. a public limited company.
Option D. a trust.
The correct answer is Option C. a public limited company.
37. as per RBI guidelines banks should not
open account of a firm where………..is one of the partners.
Option A. insurance company.
Option B. NBFC.
Option C. minor.
Option D. Trust.
The correct answer is Option B. NBFC.
38. on
receipt of notice of death of a partner when the account of the firm shows a
debit balance, we should.
Option A. continues the operations by the
surviving partners for the purpose of winding up the business of the firm.
Option B. close the account.
Option C. stop operations on the account to avoid
application of Rule in clayton ‘s case.
Option D. refer the matter to Registrar of Firms and in
the meantime continue operations in the account.
The correct answer is Option C. stop operations on the account to avoid
application of Rule in clayton ‘s case.
39. A
partner of a firm has implied authority for.
Option A. admission of any liability in a suit against
the firm.
Option B. withdrawing any suit filed on behalf of the
firm.
Option C. acquiring immovable property on behalf of the
firm.
Option D. none of the above.
The correct answer is Option D. none of the above.
40. A
Partnership firm needn‘t compulsorily be registered. If required to be registered it is registered
with.
Option A. Charity Commissioner.
Option B. Registrar of Companies.
Option C. Registrar of Firms.
Option D. Registrar of Assurances.
The correct answer is Option C. Registrar of Firms.
