Bankers’ Special Relationship: Quiz 6

26/03/2021

Bankers’ Special Relationship: Quiz 6

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1.Banker’s lien is not application in case of________

(a)Safe custody

(b)Debts not due

(c)Securities left negligently

(d)All of the above

Answer & Explanation

Ans:D

Exp: A banker’s lien is a legal right arise in many common law jurisdictions of a bank to exercise a lien over any property in the custody of the bank as security for the indebtedness of the customer to the bank.

2.Garneshee order is issued by a________

(a)Revenue office

(b) RBI

(d) Government of India

Answer & Explanation

Ans: C

Exp: A garnishee order is a common form of enforcing a judgment debt against a creditor to recover money. Put simply, the court directs a third party that owes money to the judgement debtor to instead pay the judgment creditor. The third party is called a ‘garnishee’.

Mandate is an/a _____ agreement.

(a)Unstamped

(b)Letter

(d)Stamped

Answer & Explanation

Ans: B

Exp: Letter

4.Power of attorney can be___________.

(a)Limited

(b) Calculated

(d) Both B and C

Answer & Explanation

Ans: D

Exp: A power of attorney (POA) is a legal document giving one person (the agent or attorney-in-fact) the power to act for another person (the principal). The agent can have broad legal authority or limited authority to make legal decisions about the principal’s property, finances or medical care.

Person to whom a power of attorney is given is called _________ and who gives it is called _______.

(a)Bailor- Bailee

(b)Doner- Donee

(d) None of these

Answer & Explanation

Ans: B

Exp: The person who gives the power of attorney is called the donor or the principal. The person who receives the power is called the attorney, donee or agent.

Under the consumer Protection act District forum has powers to deal with cases up to Rs_____ lakhs.

(a)50

(b)20

(d) 10

Answer & Explanation

Ans: B

Exp: 20 lakhs

How many Banking Ombudsmen have been appointed?

(a)10

(b)20

(d) 25

Answer & Explanation

Ans: C

Exp:15

The holding of various components of working capital such as stock or book debts when reflected in time period is known as.

(a) Holding for various assets

(b) Norms for various assets

(d) A and B

Answer & Explanation

Ans:B

Exp: Norms for various assets

Cost of sales is equal to.

(a) Cost of production plus other expenses for sale

(b) Cost of production reduced by other expenses

(d) None

Answer & Explanation

Ans: C

Exp: Cost of production plus opening finished goods stock reduced by closing finished goods stock

The recommendations of tendon committee relate to.

(a) Cash credit system

(b) Consortium advances

(d) None of the above

Answer & Explanation

Ans: A

Exp: Cash credit is a flexible system of lending under which the borrower has the option to withdraw the funds as and when required and to the extent of his needs. Under this arrangement the banker specifies a limit of loan for the customer (known as cash credit limit) up to which the customer is allowed to draw.

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