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EPFO Officer Banking Awareness — practice questions

Explore 3 free Banking Awareness questions in EPFO Officer Banking Awareness. Open each question or exercise to read its content, reference answers and available explanation.

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Banking Awareness questions and exercises with answers

Showing questions 1–3 of 3.

Match each bank service to its meaningRead the answer and worked solution →True or false: dealing with a bankRead the answer and worked solution →Match the abbreviation to its full formRead the answer and worked solution →

Worked practice questions

Match each bank service to its meaning

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Matching pairs
  1. Left
    Discounting
    Right
    Pays cash on a note before its due date
  2. Left
    Overdraft
    Right
    Lets a good customer pay beyond the balance
  3. Left
    Term loan
    Right
    Lends for a fixed period such as a year
  4. Left
    Deposit
    Right
    Holds money the customer may withdraw
Instructions
Tap a service on the left, then tap what the bank does.
_Source: ICAI CA Foundation Accounting Ch3 Bank Reconciliation, 1. INTRODUCTION_

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True or false: dealing with a bank

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Questions
  1. Statement is true
    Yes
    Statement
    A bank charges a small amount called discount for paying a note early.
  2. Statement is true
    No
    Statement
    An overdraft never has to be cleared later.
  3. Statement is true
    Yes
    Statement
    A bank lends out money that would otherwise sit idle.
  4. Statement is true
    Yes
    Statement
    A regular reconciliation discourages embezzlement by the bank's accountant.
Instructions
Decide whether each statement about bank dealings is true or false.
_Source: ICAI CA Foundation Accounting Ch3 Bank Reconciliation, 1. INTRODUCTION_

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Match the abbreviation to its full form

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Matching pairs
  1. A
    RBI
    B
    Reserve Bank of India
  2. A
    CRR
    B
    Cash Reserve Ratio
  3. A
    SLR
    B
    Statutory Liquidity Ratio
  4. A
    OMO
    B
    Open Market Operations
  5. A
    SBI
    B
    State Bank of India
  6. A
    NFS
    B
    National Financial Switch
Instructions
Flip two cards at a time to find each abbreviation and its full form.
_Source: syllabus Macroeconomics XII Ch3 Money and Banking, 3.4 POLICY TOOLS TO CONTROL MONEY SUPPLY_

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More Banking Awareness topics

Negotiable Instruments ActAbbreviationsAlphanumeric SeriesAwardsBanker-Customer RelationshipBasel Norms & CapitalBooks & AuthorsColonial India