IC26 LIFE INSURANCE FINANCE -12
| Q1.Tax is deducted at the source of salary income. In accordance with Income Tax Act 1961, this is applicable to which of the following assets? |
| LIC |
| Partnership firm |
| Individual |
| Body corporate |
| HUF |
| Q2.Which of those listed below is a power or function of the IRDAI - |
| Guarantee very good returns on insurance policies |
| Foster healthy competition in the insurance sector |
| Detailing the form in which books of accounts shall be maintained by Insurance Companies |
| Both 1 and 2 |
| Both 2 and 3 |
| Q3.The most important feature of unit-linked pension plan is – |
| It provides one large payment on maturity |
| It provides a short term benefits after maturity |
| It provides a short term benefit after policy inception |
| The surrender value is attractive |
| The Policyholders are paid Guaranteed Maturity Value |
| Q4.How is 'Placement' done in money laundering? |
| hiring professionals who can do money laundering |
| purchasing various monetary instruments that are collected and deposited in another location |
| making many cash transfers |
| making many bank transfers |
| making wire transfers in various names in different accounts in many countries |
| Q5.From those listed below cases, under which case will a Single Premium Whole Life insurance be a good option? 1. Persons who have no heirs 2. A person below the age of 55 and who has a working horizon of 30 years 3. A person with no regular source of income |
| Only 1 |
| Only 2 |
| Only 3 |
| Both 1 and 2 |
| Both 2 and 3 |
| Q6.If there are doubtful assets then depending on the time period for which these assets have remained doubtful, ___ % of provision of the estimated realizable value of outstanding should be made. |
| 10-100% |
| 20-100% |
| 40-100% |
| 50-100% |
| 70-100% |
| Q7.Which of the listed options can be associated with 'identifying transactions' with regard to the accounting process? |
| Preparation of the primary books of accounts |
| Posting of journal entries to Ledger Accounts |
| Collecting Data Source |
| Preparation of Balance Sheet |
| Preparation of Trial Balance |
| Q8.Paresh is an accountant with a leading firm ABC Corp Ltd. While doing an accounting transaction he committed an Error of Principle. The stage at which Paresh committed this error is at the ____. |
| preparation of the trial balance |
| recording stage |
| pre-recording stage |
| posting stage |
| balancing stage |
| Q9.In money laundering, 'Layering' will consist of ____. |
| Gold smuggling |
| Currency smuggling |
| The blending of black and white funds |
| Smurfing |
| Making many deposits and withdrawals to change the amount of money in the accounts |
| Q10.Who has the obligation to sell an asset at a predetermined price? |
| A Call Writer |
| A Put Writer |
| A Call Buyer |
| A Put Buyer |
| A Put buyer and a Call writer both |