Money and Banking (part – II)

Total Questions: 268

241. 'Smart Money' is a term used for : [U.P. Lower Sub. (Pre) 2008]

(a) Internet Banking
(b) Credit Card
(c) Saving Account in the Bank
(d) Current Account in the Bank

Correct Answer: (b) Credit Card

Solution:'Smart Money' is a term used for credit card.

242. What is called 'Plastic Money'? [Uttarakhand U.D.A./L.D.A. (Pre) 2007]

(a) Paper currency
(b) Credit Card
(c) Discount coupon
(d) Share

Correct Answer: (b) Credit Card

Solution:'Plastic money' refers to hard plastic card we use every day in place of actual bank notes. They can be in many different forms such as credit cards, debit cards, prepaid cash card, smart cards and store cards etc.

243. The term 'Plastic money' applies to : [U.P.P.C.S. (Mains) 2006]

(a) Bank draft made of plastic coated paper
(b) Currency notes printed on plastic coated paper
(c) Currency notes impregnated with plastic thread
(d) Credit Cards mainly issued by the banks

Correct Answer: (d) Credit Cards mainly issued by the banks

244. PIN in banking transaction is known as : [U.P.R.O./A.R.O. (Pre) 2023]

(a) Postal Index Number
(b) Permanent Identification Number
(c) Personal Identification Number
(d) None of the above

Correct Answer: (c) Personal Identification Number

Solution:In banking transactions, personal identification number (PIN) is numerical code issued with a payment card that is required to be entered to complete various financial transactions. The core purpose of a personal identification number (PIN) is to provide and additional layer of security to the electronic transaction process.

245. Which one of the following is not a prepaid payment instrument ? [U.P.P.C.S. (Mains) 2014]

(a) Delhi Metro Rail Card
(b) Electronic Wallet
(c) Credit Card of a Nationalized Bank
(d) Airtel Money

Correct Answer: (c) Credit Card of a Nationalized Bank

Solution:Credit card of a nationalized bank is not a prepaid payment instrument, and rest of the options are prepaid payment instrument .

246. For the existence of a market which is indispensable ? [M.P.P.C.S. (Pre) 1997]

(a) Banks
(b) Economics Laws
(c) Prices
(d) Trade Unions

Correct Answer: (c) Prices

Solution:Market is the place, where commodities and services are purchased and sold. The buying selling of commodities and service are occured on the basis of production costs, which is called commodities or service price. So, for the existence of a market, prices are indispensable.

247. Market is an economic tendency, which leads to which of the following trends ? [U.P. Lower Sub. (Pre) 2013]

(b) Consumerism
(a) Individualism
(c) Holism
(d) Capitalism

Correct Answer: (b) Consumerism

Solution:Market is an economic tendency, which leads to consumerism.

248. The buyer's market is known where : [U.P.P.C.S. (Mains) 2010]

(a) Supply is more than the demand
(b) demand is more than the supply
(c) demand is equal to the supply
(d) None of the above

Correct Answer: (a) Supply is more than the demand

Solution:A buyer's market refers to a situation where supply exceeds demand, and purchasers have an advantage over sellers in price negotiations.

249. Given below are two statements. One is labelled as Assertion (A) and the other as Reason (R) : [U.P.R.O./A.R.O. (Pre) 2023]

Assertion (A) : Accounting is the language of business.

Reason (R) : Accounting provides all information needed by a businessman.

Select the correct answer using the codes given below :

(a) Both (A) and (A) are true and (R) is the correct explanation of (A).
(b) (A) is false but (R) is true.
(c) (A) is true but (R) is false.
(d) Bothe (A) and (R) are true but (R) is not the correct explanation of (A).

Correct Answer: (a) Both (A) and (A) are true and (R) is the correct explanation of (A).

Solution:Accounting is often referred to as the 'language of business' because it serves to communicate financial information about a company or organization. This vital function enables stakeholders, such as investors, creditors, and management, to understand a company's financial performance and position. Accounting plays a vital role in running a business as it provides all information needed by a businessman. It helps to track income and expenditure, ensure statutory compliance and provide investors, management, and government with quantitative financial information which can be used in making business decisions. Hence, both (A) and (R) are true and (R) is the correct explanation of (A).

250. Given below are two statements, in which one is labelled as Assertion (A) and the other as Reason (R) : [U.P.R.O./A.R.O. (Pre) 2023]

Assertion (A): A condition is a stipulation which is essential to the main purpose of the contract.

Reason (R) : A breach of condition gives a right to claim damages and not a right to repudiate the contract.

Select the correct answer using the code given below :

Code :

(a) (A) is false but (R) is true.
(b) Both (A) and (R) are true and (R) is correct explanation of (A).
(c) Both (A) and (R) are true but (R) is not the correct explanation of (A).
(d) (A) is true but (R) is false.

Correct Answer: (d) (A) is true but (R) is false.

Solution:A stipulation in a contract of sale with reference to goods which are the subject thereof may be a condition or a warranty. A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. A warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated. Hence, (A) is true but (R) is false.

« Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 242526 27 Next »