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Chapter 11 – Correspondence with Banks.

05 Dec 2020 7:56 am

Chapter 11, Correspondence with Banks, fyjc, 11th std, sp, secretarial practice, maharashtra board,

Select the correct answer from the options given below and rewrite the statement.

1.A company usually opens _____________ account in a bank.

Options
  • Current
  • Saving
  • Recurring

2.Bank is a _______  institution

Options
  • financial
  • social
  • cultural

3.The appointment of banker is usually made by the _______.

Options
  • Board of Directors
  • Secretary
  • Chairman

4.Resolution for opening Bank Account is passed in the _________  meeting.

Options
  • Board
  • Statutory
  • Annual General

5.Bank provides overdraft facility to ___________ account holder.

Options
  • Current
  • Saving
  • Fixed Deposit

6.__________ is used for depositing cash into a bank account.

Options
  • Pay-in-slip
  • Withdrawal slip
  • Cheque

7.Borrowing/Accepting and lending money are considered as _______  functions of bank.

Options
  • Primary
  • Secondary
  • Agency

8.Withdrawals are not permitted from the ____________ deposit account.

Options
  • Fixed
  • Current
  • Savings

9.__________ account is suitable to salaried people.

Options
  • Savings
  • Current
  • Fixed

10.Generally Interest is not paid on ___________ deposit account

Options
  1. Current
  2. Saving
  3. Fixed

Match the pairs.

Group ‘A’Group ‘B’
a) Lost cheque1) Board of Directors
b) Appointment of Banker2) Higher rate of interest
c) Cash credit3) Used for depositing cash and cheque
d) Fixed Deposit Account4) Stop Payment
e) Savings Account5) Restrictions on withdrawals
f) Pay-in-slip6) Separate Account
g) Overdraft facility7) Current Account
 8) Recurring Account
 9) Shareholders
 10) No interest is paid
 11) Used for withdrawing amount from account
 12) Long term credit facility
 13) Certain restrictions on withdrawals
 14) Dealing in foreign exchange

SOLUTION

Group ‘A’Group ‘B’
a) Lost cheque4) Stop Payment
b) Appointment of Banker1) Board of Directors
c) Cash credit6) Separate Account
d) Fixed Deposit Account2) Higher rate of interest
e) Savings account5) Restrictions on withdrawals
f) Pay-in-slip3) Used for depositing cash and cheque
g) Overdraft facility7) Current Account

Write a word or a term or a phase which can substitute the following statement:

1.A slip used for depositing cash and cheque in the Bank account.

SOLUTION

Pay-in-slip

2.Permission to withdraw excess amount from Current Account.

SOLUTION

Overdraft

3.Separate loan account under which the short term loan facility given by bank to the business

SOLUTION

Cash credit

4.The short term credit facility given by bank to current account holder.

SOLUTION

Overdraft

5.The account which is generally opened by business organization.

SOLUTION

Current account

6.Request of Secretary to the bank not to make the payment of cheque.

SOLUTION

Stop payment request

7.The type of account for which higher rate of interest is paid to bank depositors..

SOLUTION

 Fixed deposits account

8.The slip which is used for withdrawing money from Savings Account.

SOLUTION

Withdrawals slip

9.Negotiable Instrument which can be discounted with the bank.

SOLUTION

bill of exchange


State whether the following statement is true or false :

1.Joint Stock Company opens Current Account.

Options
  • True
  • False

2.Generally no interest is paid by bank on Current Account.

Options
  • True
  • False

3.In cash credit, customers account is credited by bank with sanctioned amount

Options
  • True
  • False

4.Board resolution is not required to open the Current Account with the bank.

Options
  • True
  • False

5.Bank account of company is operated by shareholder.

Options
  • True
  • False

6.Overdraft facility is granted to Savings account holders.

Options
  • True
  • False

7.Bank correspondence should be brief and to the point.

Options
  • True
  • False

8.Bank overdraft facility is a long term facility.

Options
  • True
  • False

9. Banks grant long term loans only.

Options
  • True
  • False

10.It is necessary to instruct the bank to stop payment of a cheque which is lost.

Options
  • True
  • False

1.Find the odd one:

Options
  • Saving Deposit
  • Recurring Deposit
  • Cash Credit
  • Fixed Deposit

2.Find the odd one:

Options
  • Overdraft
  • Fixed Deposit
  • Discounting of Bills
  • Cash Credit.

Complete the sentence:

1.A financial institution which receives deposits and lends money is called as __________

SOLUTION

A financial institution which receives deposits and lends money is called as Bank


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