Question # 1

An instrument for payment issued by a bank on the request of its customer is calle

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pay order

cheque

bank draft

bill of exchange

An attractive source of fund for long term lending and investment purpose is:

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Fixed account

saving account

current account

both (B) and (C)

The major types of accounts which can be maintained with banks to keep the deposits or surplus fund are.

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1

2

3

4

an order to pay money drawn by one branch of a bank upon another branch of the same bank for an amount of money payable to or order of payee or on demand is called

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pay order

bank

bank order

none of these

If Rs.1000 is deposited in saving account @ 10% p.a profit how much profit would a person get after one year?

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Rs.1,100

Rs.10,000

Rs. 11,000

Rs 100,000

In Pakistan the current account can be opened with minimum amount of

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Rs.100 to Rs.500

Rs.1000 to 5000

Rs.5000 to 10000

Both (b) and (c)

The person who draws,s the bill of exchange is called

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drawee

drawer

payee

lessee

The person to whom the payment is made

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payee

drawee

lessee

insured

A machine installed by the bank to dispense cash to customer is called

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computer

scanner

ATM

card reader

For withdrawal of large amount from saving account, a prior notice is required from

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1 to 7 days

7 to 15 days

15 to 20 days

without any notice

Every year profit on profit along with principal amount is called:

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compound profit

simple profit

permium

markup

The person or entity whose insurance is being done is called

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insurer

insured

drawer

lessee

The percentage of profit or markup charged is

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principal

time

interest

rate

if borrows Rs 100,000 for 3 year at rate of 16% p.a. What is mark up to pay?

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Rs.480

Rs.4,800

Rs.48,000

Rs.50,000

The person in whose favour the bill of exchange is drawn is called

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drawer

payee

drawee

lessee

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