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SOLVED SET - 1

1) Banking is defined in section 5 (b) of______:
a) BR Act 1949                       b) RBI act 1934
b) Companies act 1956              d) All of the above

2) Banking Companies cannot hold immovable property except for their own use for a period of not more than ___ years from the date of acquisition of the property: 
a) 2                  b) 4                  c) 5                  d) 7

3) The essential features of a Contract include______:
a) Consideration      b)  Free consent
c) Capacity to Contract for all the parties involved
d)   All of the above

4) A contract that arises out of certain circumstances and not made by a regular offer and acceptance such as is known as –:
a) Void contract.             b)   Valid contract
c) Quasi contract            d)   Semi Contract

5) Banks extend cash credit limits to borrowers against third party guarantees. Here the guarantee can said to be a ------------:
a) Continuous guarantee     b)  Limit guarantee
c) Performance guarantee   d) Credit guarantees

6) In a contract of guarantee, the liability of the surety covers any sum owed by the principal debtor. Therefore, the liability includes -------- also:
a) Interest                      b)   Costs
c) Charges                      d)   All of the above

7)   A contract of insurance is a contract of:
a)   Guarantee             b) Indemnity
c)   Indemnity & Guarantee
d)   None of the above

8) If the due date of the bill falls on a holiday, the bill should be retired,
a)   On  previous working day
b)   On succeeding working day
c)   Either

9)   Rights of an unpaid seller are:
a)   Lien                            b) Stoppage in transit
c) Lien & stoppage in transit   d) None of the above

10) Apart from its central board, RBI has local boards in------------------.
a) Mumbai, Delhi, Kolkata, Chennai
b) Kolkata, Delhi
c) Chennai, Mumbai              
d) Delhi & Kolkata

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