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

Find the compound profit on Rs. 54000 for one year at 12% per annum.

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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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What is PLS Saving Acount?

• Ans 1: In Pakistan, the Profit and loss sharing (PLS) saving account was introduces in January,1982.PLS Saving account can be opened with small amount.

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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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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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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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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.

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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.

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

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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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A company borrowed Rs. 6,600 from Bank Alfalah at 8% simple markup per annum.How much did the company owe to the bank at the end of the 11 months?

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Ali rent to Abid Rs. 4800 for 7 months.At the end of this period Abid had to pay Ali profit of Rs. 119. What was the rate of simple profit per annum?

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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.

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 Down Payment?

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

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.

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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Mr. Rehman bought a vehicle worth Rs. 7,50,000. He got it insured @ 3.5% for 5 years. How much he paid in total of covering the risks, if he had got a claim of damage worth Rs. 100, 000 during the period?

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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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Find out the compound markup on Rs. 250,000 for one year @ 14% compounded annually.

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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

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.

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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 Operational False?

• Ans 1: It is short-term lease which is cancelable at the option of the firm leasing the assets.Such leases are commonly used for leasing such items as computer hardware,vahicles and eqiupment etc.

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A company borrowed Rs. 6,600 from Bank Alfalah at 8% simple markup per annum.How much did the company owe to the bank at the end of the 11 months?

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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

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 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.

• Ans 1:

What is PLS Saving Acount?

• Ans 1: In Pakistan, the Profit and loss sharing (PLS) saving account was introduces in January,1982.PLS Saving account can be opened with small amount.

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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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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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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Explain Bank Draft.

• Ans 1: An Order to pay money,draw by one branch of a bank upon another branch of the same bank for an amount of money payable to or order of payee or on demand.The bank draft has an important advantage over a cheque as it would not be dishonered for lack of funds since it is funded instument.

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.

Mr. Rehman bought a vehicle worth Rs. 7,50,000. He got it insured @ 3.5% for 5 years. How much he paid in total of covering the risks, if he had got a claim of damage worth Rs. 100, 000 during the period?

• Ans 1:

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