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

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