IC26 LIFE INSURANCE FINANCE -13
| Q 1.Which of the following can be categorized under internal users for an organization - |
| The employees |
| The investors |
| The Customers |
| The Creditors |
| The Government |
| Q2.As per Section 44, the AB Tax audit provision applies to a person carrying on a profession if the gross receipts in the profession for an accounting year exceed ____. |
| Rs 10 lakhs |
| Rs 25 lakhs |
| Rs 50 lakhs |
| Rs 100 lakhs |
| Rs 200 lakhs |
| Q3.In the Accrual basis of accounting, the transactions related to Revenues, Costs, Assets, and Liabilities are recorded __ . |
| in the succeeding period of accrual |
| in the period in which are actually received or paid |
| in the period in which they accrue |
| either 2 or 3 |
| None of the above |
| Q4.Calculate the value of Ravi’s purchases in the year 2016 based on the given facts • The sales for the year were Rs 500000 • All his sales were made at a mark up of 25% • His opening inventory value was Rs 46500 and his closing inventory value was Rs 31800 |
| Rs. 374600 |
| Rs. 519500 |
| Rs. 439320 |
| Rs. 319400 |
| Rs. 414700 |
| Q5.What is the sum of money called in consideration for which the insurer agrees to compensate the insured? |
| Maturity sum |
| Insurance |
| Contract |
| Policy |
| Premium |
| Q6.Based on the ALM technique in risk management, which of the given statements hold true? |
| The main objective of ALM is interest rate risk management |
| Helps to meet the companies need of cash flow and capital |
| It helps to remove risk and improve operation efficiency |
| Both 1 and 2 |
| All of the above |
| Q7.In case a working partner of a firm receives Salary, Commission, or Remuneration, the same is taxable under the head __. |
| Income from business |
| Income from other sources |
| Income from business and profession |
| Income from salaries |
| Income from house property |
| Q8.Leave travel concession enjoys the benefits of a tax prerequisite or exemption from tax for __. |
| Three journeys |
| Two journeys |
| One journey |
| One journey in a block of 4 years |
| Two journeys in a block of 4 years |
| Q9.The cost of replacing the set of services needed of any incumbent in a defined position is known as __ |
| Expected replacement Cost |
| Group replacement cost |
| Individual replacement cost |
| Positional replacement cost |
| Expected conditional value |
| Q10.Among those listed below which is one of the prime features of ULIPs? |
| ULIPs are for short periods say 1 to 2 years |
| ULIPs give many choices to the policyholder such as debt, balanced, growth, etc. as per his risk appetite |
| There are no tax benefits in ULIPs |
| There is no lock in period in ULIPs |
| ULIPs offer limited choices to the investors |