Question 1

Which is called Bank of India
A)SBI
B)SBT
C)ADB
D)RBI

Accepted Answer

RBI (Reserve Bank of India) is often referred to as the Bank of India because it acts as the central banking institution of India, controlling the monetary policy of the Indian rupee and overseeing the Indian banking system.

Question 2

An organization which accepts deposit that can be withdrawn as demark is known as_______
A)A firm
B)An institution
C)A bank
D)None of these

Accepted Answer

A bank is an organization that accepts deposits from the public and creates credit. Deposits can be withdrawn on demand, making "C) A bank" the correct answer.

Question 3

Who is an employee of a bank who deals directly with most customers
A)Teller
B)Mick
C)ATM
D)None of these

Accepted Answer

A teller is an employee of a bank who deals directly with customers, handling tasks such as cashing checks, accepting deposits, and processing loan payments.

Question 4

The rate at which the RBI lends short term money to the banks
A)Bank Rate
B)Repo rate
C)Credit rate
D)Reverse repo rate

Accepted Answer

The Repo rate is the rate at which the Reserve Bank of India (RBI) lends short-term money to banks.

Question 5

The rate at which banks park their short term excess liquidity with the RBI is known as
A)Repo rate
B)Reverse repo rate
C)Bank Rate
D)None of these

Accepted Answer

The reverse repo rate is the rate at which the Reserve Bank of India (RBI) borrows money from commercial banks within the country. It is a monetary policy instrument which can be used to control the money supply in the country.

Question 6

Bank rate is also known as ______________________
A)Discount rate
B)Credit rate
C)Repo rate
D)None of these

Accepted Answer

Bank rate is often referred to as the discount rate, which is the rate at which a country's central bank lends money to domestic banks, influencing monetary policy and the overall economy.

Question 7

An ATM card is a ________________card?
A)Credit Card
B)Debit Card
C)Bank card
D)None of these

Accepted Answer

An ATM card is typically a debit card, which allows users to access their bank accounts to withdraw cash or perform other transactions at an ATM.

Question 8

Expand PIN
A)Printing Identity Number
B)Personal Identification Number
C)Personal Identity Number
D)None of these

Accepted Answer

PIN stands for Personal Identification Number, which is a numeric code used in various security systems to verify the identity of the user.

Question 9

Which device sorts and counts coins at the same time
A)Coin Counter
B)Coin sorter
C)Micro fiche
D)None of thes

Accepted Answer

Coin counters are devices that sort and count coins at the same time.

Question 10

Which device sorts random collection of coins into separate bins for different dinominations
A)Coin sorter
B)Coin Counter
C)ATM
D)PIN

Accepted Answer

A coin sorter is specifically designed to sort a random collection of coins into separate bins for different denominations, making it the correct choice.

Question 11

Break - even analysis is a technique of ____________________
A)Credit Planning
B)Profit Planning
C)Social Planning
D)None of these

Accepted Answer

Break-even analysis is a technique used in profit planning to determine the point at which revenue received equals the costs associated with receiving the revenue.

Question 12

In the long-run total cost is equal to ______________
A)TFC
B)TVC
C)MC
D)AFC

Accepted Answer

In the long run, all costs are variable, so total cost is equal to total variable cost (TVC).

Question 13

Which costs are made once and for all and cannot be altered by varying the rate of output
A)Sunk cost
B)Book cost
C)Long-run cost
D)Explicit cost

Accepted Answer

Sunk costs are expenses that have already been incurred and cannot be recovered or changed, regardless of future actions or the rate of output. These are typically one-time investments or costs that do not vary with the level of production.

Question 14

Break-even analysis is also known as ______________
A)Profit analysis
B)Profit contribution analysis
C)Planning Analysis
D)None of these

Accepted Answer

Break-even analysis is often referred to as profit contribution analysis because it helps in determining the point at which sales will cover all fixed and variable costs, thus contributing to profit.

Question 15

All material things which posses utility are called ________________
A)Services
B)Goods
C)Cost
D)None of these

Accepted Answer

Goods are material items that possess utility, meaning they can satisfy wants or needs. Services, on the other hand, are intangible and do not qualify as material things.

Question 16

Those goods which posses utility,scarcity and transferability are called __________
A)Tangible Goods
B)Economic goods
C)Consumer Gods
D)None of these

Accepted Answer

Economic goods are defined by their possession of utility (usefulness), scarcity (limited supply), and transferability (the ability to be exchanged or transferred from one entity to another). These characteristics differentiate economic goods from free goods, which are abundant and do not possess a price.

Question 17

Capital goods are also known as ______________________
A)Producer's goods
B)Consumer's goods
C)Duable Goods
D)None of these

Accepted Answer

Capital goods are referred to as producer's goods because they are used by businesses to produce other goods or services, rather than being consumed directly by consumers.

Question 18

At the point where MC is equal to AC, average cost is ________________
A)Maximum
B)Minimum
C)Peak Level
D)None of these

Accepted Answer

When Marginal Cost (MC) equals Average Cost (AC), it indicates the point of minimum average cost. This is because the MC curve typically intersects the AC curve at its lowest point, reflecting the most efficient scale of production.

Question 19

When the marginal ccost is rising the total cost is ______________
A)Increasing
B)Stagnant
C)Decreasing
D)None of these

Accepted Answer

When the marginal cost is rising, it means the cost to produce one additional unit is increasing. This implies that the total cost of production is also increasing, as each additional unit costs more to produce than the previous one.

Question 20

An example for variable cost is
A)Rent of land
B)Muncipal Taxes
C)Insurance charge
D)Wages to casual laboures

Accepted Answer

Variable costs are expenses that change in proportion to the activity of a business. Wages to casual laborers vary with the level of production or business activity, making them a variable cost. Rent, municipal taxes, and insurance charges are typically fixed costs, as they do not change with the level of production or business activity.

Quiz 3: Banking and Financial Terminology and Cost Analysis

Which is called Bank of India

An organization which accepts deposit that can be withdrawn as demark is known as_______

Who is an employee of a bank who deals directly with most customers

The rate at which the RBI lends short term money to the banks

The rate at which banks park their short term excess liquidity with the RBI is known as

Bank rate is also known as ______________________

An ATM card is a ________________card?

Expand PIN

Which device sorts and counts coins at the same time

Which device sorts random collection of coins into separate bins for different dinominations

Break - even analysis is a technique of ____________________

In the long-run total cost is equal to ______________

Which costs are made once and for all and cannot be altered by varying the rate of output

Break-even analysis is also known as ______________

All material things which posses utility are called ________________

Those goods which posses utility,scarcity and transferability are called __________

Capital goods are also known as ______________________

At the point where MC is equal to AC, average cost is ________________

When the marginal ccost is rising the total cost is ______________

An example for variable cost is