IC26 LIFE INSURANCE FINANCE - 04

Que. 1 : Q1) Paramar Group of Industries, which has a calender year accounting period, purchased a new machine for Rs.1,20,000 on I Apr'06. At that time, Parmer Group Assuming Straight-line depreciation, no depreciation in the year of acquisition, and a full year of depreciation in the year of withdrawal, the gain to be recognized at the time of sale would be: Assuming Straight-line depreciation, no depreciation in the year of acquisition, and a full year of depreciation in the year of withdrawal, the gain to beof Industries expected to use the machine for 9 years and then sell it for Rs.12,000. The Machine was sold for Rs.66,000 on 30th Sep'11.

   1.  a) Rs.12,000

   2.  b) Rs.9,000

   3.  c) Rs.6,000

   4.  d) NIL

Que. 2 : Q2) Which one of the following best explains the term Shell Bank?

   1.  a) A Bank, which is incorporated in a country where it has no physical presence.

   2.  b) A bank which is incorporated to take deposits only and invests in 100% secured Govt securities only.

   3.  c) A bank which is having 100% of its branches in a country in which it has been incorporated i.e. no foreign branch.

   4.  d) Banks which are normally present in Switzerland & other small European countries.

Que. 3 : Q3) Which Of the following is true for Unit Linked Health Insurance Policies (ULHIP) ? A. In case of death of life assured before maturity, no sum assured is payable to nominee or legal heir by insurance company B. In case of death of life assured before maturity, sum assured is payable to the nominee or legal heir by insurance company. C. In case of death of life assured before maturity, sum assured and fund value is payable to the nominee or legal heir by insurance company. D. In case of death of life assured before maturity, no fund value value is payable to the nominee or legal heir by insurance company.

   1.  a) A

   2.  b) B

   3.  c) C

   4.  d) D

Que. 4 : Q4) In which category of transaction(s) PAN Number should be quoted?

   1.  a) Payment in cash to purchase bank draft or bankers cheque for an amount aggregating Rs.50,000 or more during any one day

   2.  b) Deposit in cash aggregating Rs.50,000 or more during any one day

   3.  c) A time deposit exceeding Rs.50,000

   4.  d) All of the above

Que. 5 : Q5) What two methods are used by organisation to maintain the minimum and maximum level of inventory?

   1.  a) A. LIFO and FIFO

   2.  b) B. Weighted Average Cost and LIFO

   3.  c) C. FIFO and Weighted Average Cost

   4.  d) D. None of the above