Banking Awareness Quiz for IBPS Clerk Mains

Q1. Which among the following is correct about the 'Parties to Cheque':
a) Drawer - The person who signs the cheque and order for payment
b) Drawee - It is always bank on which cheque is drawn and is ordered to pay the amount of cheque
c) Payee - The person to whom the cheque is payable
d) All of The Above 
e) None of The Above


Q2.  _____Cheque is an uncrossed cheque which is payable at counter of the bank:
a) Bearer Cheque
b) Cross Cheque 
c) Open Cheque
d) All of The Above
e) None of The Above

Q3. When a cheque is payable to person named in the cheque or to his order is called ______. It can be transferred only by endorsement and delivery:
a) Cross Cheque
b) Bearer Cheque
c) Order Cheque
d) Blank Cheque
e) None of The Above 

Q4. Which among the following characteristics is wrong about the 'Crossed Cheque':
a)  It can only be credited to the account of the payee
b) It can't be encashed at the counter of the bank
c) It is the cheque on which two parallel transverse lines are drawn across the top left, with or without the word - & Co, Not Negotiable, A/c Payee
d) All of The Above 
e) None of The Above 

Q5. The validity of Stale Cheque is for _____months. If cheque is not presented within the _____months, it got expired and becomes the Stale Cheque:
a) 3.5 months 
b) 3 months 
c) 4 months 
d) 6 months 
e) None of The Above


Q6. Stale cheque is also known as:
a) Matured Cheque
b) Outdated Cheque
c) Old Cheque
d) Sleepery Cheque
e) None of The Above


Q7. Which among the following definitions is correct :
a) Ante Dated Cheque - A cheque contains the date on which it is drawn. If ti bears a prior date or back date, it is called Ante - Dated Cheque. Bank will honor this cheque until it exceed the three months i.e. stale period of cheque.
b) Post Dated Cheque - If the cheque bears the date later than the date on which it is drawn, is called Post Dated Cheque. This cheque can't be honored before the date written on it.
c) Multilated Cheque - A cheque which is torn into pieces is called Multilated cheque.
d) All of The Above
e) None of The Above


Q8.  ______are debt instruments which allow the companies or government to raise funds only by incurring debt and lender is guaranteed of a fixed repayment (Principle and Interest):
a) Bonds 
b) Debentures 
c) Shares 
d) All of The Above
e) None of The Above 


Q9.  NRE Account stands for:
a) Non Resident External Account  
b) Non Reliable External Account
c) Non Relational External Account 
d) Non Recurring External Account 
e) None of The Above

Q10. Which among the following is correct about the NRE Account:
a) The Non Resident External Account (NRE Account) is a Savings/Current.
b) Such accounts can be opened only by the NRI. 
c) Balance held in NRE account are fully repatriable.
d) With effect from March 1, 2014 interest rates offered by banks on NRE deposits can't be higher than those offered by them on comparable domestic rupee deposits.
e) All of Th Above
f) None of The Above

Q11. Which among the following is correct about 'White Label ATM':
a) These ATMs are set up, owned  and operated by non - bank entities
b) These ATMs have been incorporated under Companies Act, 1956
c) RBI's approval is must for setting up of these types of ATMs.
d) All of The Above
e) None of The Above

Q12. _______ATMs are owned and maintained by service provider whereas bank whose brand is used on ATM takes care of cash management and network connectivity:
a) White Label 
b) Brown Label
c) Online ATM
d) Stand Alone ATM
e) None of The Above 

Q13. ______ATMs are not connect with any ATM network hence their transactions are restricted to the ATM's branch and link branches only:
a) White Level ATM
b) Brown Level ATM
c) Off Line ATM
d) Stand Alone ATM
e) None of The Above

Q14. Off - site ATMs could be installed in:
a) Shopping Malls and Shopping Markets Only 
b) Airports 
c) Hospitals and Business Areas Only 
d) All of The Above 
e) None of The Above


Q15. If an organization is unable to pay debt then this condition is known as:
a) Liquidation 
b) Bankruptcy 
c) Fraud 
d) Depression 
e) None of The Above


Q16. ______is a rate at which RBI lends money to commercial banks without any security. It is used for Long Term Borrowing and this rate is not the main tool to control money supply:
a) Bank Rate
b) CRR 
c) Repo Rate 
d) Reverse Repo Rate 
e) None of The Above


Q17. _____rate is the main tool to Control Money Supply:
a) Repo Rate 
b) Bank Rate 
c) Reverse Repo 
d) MSF 
e) None of The Above 


Q18. CTS stands for:
a) Cheque Traveller System
b) Cheque Transfer System
c) Cheque Truncation System
d) Cheque Teminology System 
e) None of The Above


Q19. Acquiring of the properties of person after his death by the government, in case there is no legal heir or nominee of that person then this type of property is termed as:
a) Goverment Acquisition 
b) Escheat 
c) Custody 
d) Open Property 
e) None of The Above


Q20. A person who receives a document for value, before it was due and in good faith, without notice of any defect in it, he is called:
a) Guarantor 
b) Holder in Due Course
c) Nominee Party 
d) Subrogating Party 
e) None of The Above


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