Matric Part 1/9th Class General Math Chapter 4 Short Questions Test With Answer for Unit 4 Financial Mathematics

How long would Rs. 1250 to be deposited at 6% per year simple profit to gain Rs. 750 simple profit?

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Mr. Javeed brough an insurance policy against his car worth Rs. 8,50,000 @ 4.25% for 3 years. What total amount will he pay as premium, if he had not claimed and damages during the period? Where depreciation is 10%.

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What is Online Banking?

• Ans 1: Electronic based banking services provided by devices such as ATM ,.POSs,Automated Clearing House,Network,Internet or Wire.In other words, online banking is a system of transmitting and executing instruction for banking transtions in a real time through electronic telecommunications and computerized links between bank and customers via telephone line satelite or automated teller machines.

Define Types of Bank acounts?

• Ans 1: Current Acount : Very popular accounts with high degree of liquidity.
• Ans 2: Saving Acount : An important source of fund for the bank.
• Ans 3: Fixed Acount : An attractive source of funds for long term lending and investment purposes.

How many types of bank acounts?

• Ans 1: There are three major types of bank acounts which can be maintained with bank to keep the deposit or surplus fund.
  
  1. Current Acount
  2. Saving Acount
  3. Fixed Acount

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Mr. Adil bought a running business worth Rs. 10,00,000 and got a cliam of Rs. 500,000for actual damages. How much loss had he recovered through insurance?

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Mr. Adil bought a running business worth Rs. 10,00,000 and got a cliam of Rs. 500,000for actual damages. How much loss had he recovered through insurance?

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What is Foreign Currency Acounts?

• Ans 1: A foreign Currency acount is the acount maintained with the bank in foreign currency,like Dollars,Pounds,Euro etc.Foreign Currency acounts can be operated in Current Saving,Fixed accounts.Rate of profit in a foreign acount is very nomial as compared to local currency accounts.

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What is financial lease?

• Ans 1: It is long term lease which is non-cancelable contractual coomitment on the part of the part of leases to make a series of payment to the firm that actually own the asset,the losser,for use of the assets.

What is Fixed/Time Deposit Acount?

• Ans 1: Fixed or time deposit acount, as the name implies are deposits kept with a bank in an acount for a certain period of time ranging from 3month to 5 years.

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What is meant by Bill of Exchange?

• Ans 1: A bill of Exchange is an instrument in writing containing an unconditional order,signed by the maker ,directing a certain person to pay a certain amount only to or to the order of a certain person or the bearer of the instruments.

What is Online Banking?

• Ans 1: Electronic based banking services provided by devices such as ATM ,.POSs,Automated Clearing House,Network,Internet or Wire.In other words, online banking is a system of transmitting and executing instruction for banking transtions in a real time through electronic telecommunications and computerized links between bank and customers via telephone line satelite or automated teller machines.

What is Pay Order?

• Ans 1: Pay order is like a cheaque,issued by bank on the request of its customer or in payment of its own expenses or dues,drawn on itself,to pay a specified sum of money to the order of specfied person.Pay Orders are usually issued by the bank on receipt of full amount involved.which means it would not be retruned unpaid due to lack of funds.it is also called banker cheaque of cahseri's cheaque.

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Mr. Nadeem insured shop @ 3% for 3 years, the depreciation rate is 5% yearly. If he paid on amount of Rs. 21000 as the first premium, what is the worth of his shop. If he got a claim of Rs. 200,000 after two years, how much benfits did he get?

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What is Credit Card?

• Ans 1: A card indicating that the holder has been granting a line of credit.It enables the holder to make purchases or with draw cash up to prearranged ceiling.The credit granted can be settle in fully by the end of a specified periodor can be settled in parts.with the balance taken as extended credit.

In a certain years Javed puts Rs. 600 in a private bank at the end of March and Rs. 400 in the same bank at the end of June. The bank offers 3% per annum simple profit rate. Find the total amount Javed recieves from the bank at the end of December in the year.

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Find compound profit on Rs. 600 for 4 year at 6 percent per annum.

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What is Foreign Currency Acounts?

• Ans 1: A foreign Currency acount is the acount maintained with the bank in foreign currency,like Dollars,Pounds,Euro etc.Foreign Currency acounts can be operated in Current Saving,Fixed accounts.Rate of profit in a foreign acount is very nomial as compared to local currency accounts.

At what annual rate of profit would a sum of Rs.680 will increase to Rs. 850 in 3 years and 4 months?

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Mr. Ahmad Ali insured his house worth Rs. 75,00,000 @ 2% for 4 years, calculate the amount paid in 4 years. While the rate of depreciation is 10% yearly.

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Explain Life Insurance.

• Ans 1: Life insurance is a contract where in a maturity period is agreed between the parties to pay a sim equal is original amount and the profit,which is called bonus.Otherwise it is paid on death or in case of accident etc,whereever comes earlier.A person can also get an insurance policy against old age any disability,the amount of which may range from 10% to 50& of the income of the insurer.

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A bank increased the rate of profit from 3.5% to 4% per annum. Find how much more profit Saeed would recieve if he deposited Rs. 6400 in the bank for 6 months at the new profit rate.

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What is Down Payment?

• Ans 1: The customers is required to deposit the dwon payment with the bank aslong with application form.

What is Commercial Banking?

• Ans 1: A banking business which is related to the accepting of deposits,advancing and undertakes other services for its client is caled commercial banking.

What is Formula of Calculation of Profit?

• Ans 1: The rates of Profit are declared by bank on six month or on annual basic. Profit(simple)=Principle*time*rate/100

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What is Online Banking?

• Ans 1: Electronic based banking services provided by devices such as ATM ,.POSs,Automated Clearing House,Network,Internet or Wire.In other words, online banking is a system of transmitting and executing instruction for banking transtions in a real time through electronic telecommunications and computerized links between bank and customers via telephone line satelite or automated teller machines.

How many types of bank acounts?

• Ans 1: There are three major types of bank acounts which can be maintained with bank to keep the deposit or surplus fund.
  
  1. Current Acount
  2. Saving Acount
  3. Fixed Acount

What is meant by Bill of Exchange?

• Ans 1: A bill of Exchange is an instrument in writing containing an unconditional order,signed by the maker ,directing a certain person to pay a certain amount only to or to the order of a certain person or the bearer of the instruments.

Define Types of Bank acounts?

• Ans 1: Current Acount : Very popular accounts with high degree of liquidity.
• Ans 2: Saving Acount : An important source of fund for the bank.
• Ans 3: Fixed Acount : An attractive source of funds for long term lending and investment purposes.

What is processing Fee?

• Ans 1: Processing fee or charges are the amount deducted by the bank to process the request of the client for financing of vehicle.

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How many types of bank acounts?

• Ans 1: There are three major types of bank acounts which can be maintained with bank to keep the deposit or surplus fund.
  
  1. Current Acount
  2. Saving Acount
  3. Fixed Acount

Mr. Javeed brough an insurance policy against his car worth Rs. 8,50,000 @ 4.25% for 3 years. What total amount will he pay as premium, if he had not claimed and damages during the period? Where depreciation is 10%.

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Find compound profit on Rs. 600 for 4 year at 6 percent per annum.

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Mr. Ahmad Ali insured his house worth Rs. 75,00,000 @ 2% for 4 years, calculate the amount paid in 4 years. While the rate of depreciation is 10% yearly.

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A bank increased the rate of profit from 3.5% to 4% per annum. Find how much more profit Saeed would recieve if he deposited Rs. 6400 in the bank for 6 months at the new profit rate.

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Mrs. Javed invests in Saving Scheme Rs. 800 at 6% per annum and Rs. 1,200 at 7% per annum. What is her total amount of profit on these two investments?

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What is Leasing/Financing?

• Ans 1: Lease is a contract whereby the owner of an asset,the lessor,gives the hirer,the lesses.
  There are two types of lease avaible to the business firms.

Ms. Maria bought an insurance policy @ 3.25% for her car for 3 years. Her 1st premium is Rs. 26000. Tell price of her car. Also calculate the amounts of her 2nd and 3rd premium.

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