BNK601 Final Term Solved MCQs Set 2

BNK601 · Final Term MCQs · Mega File

Q1. of 15 ( Start time: 10:47:48 PM )

Which of the following may be cancelled or modified after its date of issue, by the issuing bank?

Revocable letter of credit

Irrevocable letter of credit Irrevocable confirmed letter of credit Revolving credit Revocable letter of credit A revocable letter of credit may be cancelled or modified after its date of issue, by the issuing bank. According to UCP-600, credit shall be irrevocable.

Q2. of 15 ( Start time: 10:48:22 PM )

According to Section 36 of Banking Companies Ordinance, 1962, the Federal Government can issue a certificate of Moratorium, upon an application of State Bank, for which of the following MAXIMUM periods?

Three Months

Six Months

Nine Months One Year The Federal Government, after considering the application made by the State Bank under subsection (1), may make an order of moratorium staying the commencement or continuance of all action and proceedings against the company for a fixed period of time on such terms and conditions as it thinks fit and proper and may from time to time extend the period so however that the total period of moratorium shall not exceed six months.

Q3. of 15 ( Start time: 10:49:51 PM )

An endorsement is said to be Full endorsement, if it satisfies which of the following conditions?

first option page 168

Q4. of 15 ( Start time: 10:51:23 PM )

Which of the following refers to “the transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability”?

Bailment

Mortgage

Lien Pledge Mortgage Defined: sec 58: (a) A mortgage is the transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability. Mortgagor: The transferor is called a mortgagor Mortgagee: The transferee a mortgagee Mortgage Money: The principal money and interest of which payment is secured for the time being are called the mortgage-money Mortgage Deed: the instrument (if any) by which the transfer is effected is called a mortgage deed.

Q5. of 15 ( Start time: 10:52:02 PM )

Which of the following represent individuals or companies?

Public Agents

Private Agents

General Agents Special Agents Private Agents—these agents represent individuals or companies

Q6. of 15 ( Start time: 10:52:43 PM )

Under Section 10 (Penalty) of the Co-operative Societies and Co-operative Banks (Repayment of Loans) Ordinance, 1966, if a person whoever contravenes any of the provisions of this Ordinance or the rules made shall be punishable with imprisonment of which of the following?

Penalty: Sec 10 Whoever contravenes any of the provisions of this Ordinance or the rules made there under shall be punishable with imprisonment for a term which may extend to seven years, or with fine, which, in the case of default in the repayment of a loan, shall not be less than onefourth of the amount of the loan outstanding against him, or with both.

Q7. of 15 ( Start time: 10:53:47 PM )

Which of the following refers to “a business in which a person participates with his money and another with his efforts or skill or both his efforts and skill and shall include unit, trust and mutual fund by whatever name called”? Musharika

Modaraba

Istisna Ijara Modaraba Company means a company engaged in the business of floating and managing modaraba. The definition of the modaraba is given hereunder. Modaraba means a business in which a person participates with his money and another with his efforts or skill or both his efforts and skill and shall include Unit, Trust and Mutual Fund by whatever name called.

Q8. of 15 ( Start time: 10:54:32 PM )

Which of the following countries adopted the model for the redressal of public grievances against agencies of state after Sweden?

Finland Denmark

New Zealand

France In 1919, more than a century after Sweden appointed an ombudsman, another Scandinavian country, Finland, adopted the Swedish model for the redressal of public grievances against agencies of state

Q9. of 15 ( Start time: 10:55:44 PM )

The letter of credit includes all of the following documents, EXCEPT:

A commercial invoice A transport document A certificate of origin

A certificate of investment

Documents requested in a Letter of Credit would often include: a commercial invoice; a transport document such as a Bill of lading or Airway bill; an insurance document; an inspection certificate; and/or a certificate of origin. Other documents could be required, depending on the underlying transaction.