JAIIB Daily Quiz: Quiz 13

20/04/2021

JAIIB Daily Quiz: Quiz 13

JAIIB Exam Quiz 2021: JAIIB exam is schedule for the 2021 by IIBF. here we are providing the JAIIB MCQ Based Quiz on a regular basis. You can Attempt the Quiz on a regular basis for upcoming JAIIB Exam. Quiz will be provided Module Wise and Unit Wise etc. You can attempt the JAIIB Quiz from the below and make improvement in your preparation by attempting JAIIB Quizzes provided by Ambitious Baba on a regular basis. This Quiz will help you to boost your score in jaiib exam and Provide you the way to clear your exam in 1st Attempt.

The MD of a Private Ltd company endorses a cheque payable to the company in his favour and wants you to collect the same in his personal account. What will you do:

(a) Allow after verifying the genuineness of endorsement

(b) Allow only after verifying the genuineness of the transaction

(d) Not allowed as cheque favouring a company cannot be endorsed

Answer & Explanation

Ans. c

Sol. Not allowed as the Bank may be liable for conversion

Abhinav Srivastav owns a Car showroom where the value of goods and stock is Rs. 4 Lakh. In a fire incidence, the stocks worth Rs. 1.5 Lakh are damaged. The value of insurance was 3 Lakh. What is the amount of claim, Mr. Abhinav Srivastav can expect from the insurance company?

(a) 4 Lakh

(b) 1.5 Lakh

(d) 3 Lakh

Answer & Explanation

Ans. c

Sol. 1.125 Lakh

Insurance claim amount= Loss suffered X Insured value/Total cost

Claim amount= 1.5 Lakh*3 Lakh/4 Lakh=1.125 Lakh

A customer got a DD for Rs160000 issued favouring Executive Engineer CPWD and submitted it with the tender. Drawee branch returned DD as it was signed by only one officer. The customer suffered a loss of rupees 3 lacs as the contract was not awarded to him. He lodged a claim for the amount under the circumstances

(a) The customer’s claim is not admissible as it was for him to see that DD was signed by two officers

(b) Bank may be called upon to meet reasonable claim of the customer

(d) Bank can only be asked to pay interest from the date of purchase of DD till the date of claim

Answer & Explanation

Ans. b

Sol. Bank may be called upon to meet reasonable claim of the customer

Mr. Abhinav is a financial manager who has discovered that her company is violating environmental regulations. If her immediate superior is involved, her appropriate action is to:

(a) Do nothing since she has a duty of loyalty to the organization.

(b) Consult the audit committee.

(d) Confront her immediate supervisor

Answer & Explanation

Ans. c

Sol. Present the matter to the next higher managerial level.

Rohan was recently tried and convicted in court for producing and selling illegal narcotic drugs. None of the activity occurred during work hours, and Rohan performed duties as a cashier without incident during the period of illegal activity. Rohan has argued that because the illegal activity was unrelated to Rohan’s service as a cashier, no ethical violation had been committed. Which provision of Ethical Professional Practice is most likely to apply to Rohan’s illegal actions?

(a) Competence

(b) Confidentiality

(d) Credibility

Answer & Explanation

Ans. c

Sol. Integrity

Bank receives a dividend warrant of Rs.665 in favour of one Mrs. Srivastav presented by PNB in clearing. On the back side of the dividend warrant, it is stated that payee’s discharge is needed but the payee has not signed the same in giving discharge.

(a) The dividend warrant will be returned unpaid as the requirement of discharge has not been met, which the drawer had imposed. Payment if made, will not be a payment in due course

(b) The dividend warrant will be returned as it has been presented by another bank which has not given its confirmation

(d) The dividend warrant will be paid after confirmation from the collecting bank

Answer & Explanation

Ans. a

Sol. The dividend warrant will be returned unpaid as the requirement of discharge has not been met, which the drawer had imposed. Payment if made, will not be a payment in due course

You receive a cheque in an overdraft account for Rs.32,000.00. The debit balance in the account is Rs. 35,000.00 and the Over Draft limit is Rs60,000.00. What reason you will state while returning:

(a) Refer to drawer

(b) Effects not cleared

(d) Endorsement not correct

Answer & Explanation

Ans. c

Sol. Exceeds arrangement

The Indian Government of India has introduced a new application to facilitate cashless banking, integrating multiple bank accounts through mobile number of the individual. This application named after a leader. Who is the leader?

(a) Dr. B. R. Ambedkar

(b) Dr. APJ Abdul Kalam

(d) Shri Atal Bihari Vajpayee

Answer & Explanation

Ans. a

Sol. Dr. B. R. Ambedkar

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