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Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

The minimum amount required to open a savings bank account is ____

  1. Rs. $500$
  2. Rs. $1000$
  3. Rs. $2000$
  4. Rs. $3000$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In India, where most people are able to save lesser amount of money every month, none of them wants to get penalised for not maintaining a defined amount of minimum balance in his/her account by their respective banks. 

People prefer to have low or no restrictions on them, be it financial or any other. 
Most banks ask account holders to retain a certain amount of money in their account. 
If people fail to maintain this minimum balance, some fine is imposed on them and the bank deducts that amount from their account.
The minimum amount required to open a savings bank account is Rs. $500$

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

Banks do not pay any interest on __________accounts. Rather, banks impose service charges for running these accounts.

  1. Current Account Deposits or Demand Deposits

  2. Savings deposits

  3. Fixed deposits

  4. Demand Loans
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Banks do not pay any interest on Current Account Deposits or Demand deposits accounts. Rather, banks impose service charges for running these accounts.

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

The given table shows the bank transaction of Ram.

Month June July August
Deposit (Rs.)Withdrawal(Rs.) 2x - y + zx-y - z x + by + 3zx- by + 3z x + 4z2x - 3z

His balance for the month of September is

  1. $2(3y + 4z)$
  2. $3(4y + 3z)$
  3. $2(3x + by)$
  4. $8x + zz$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

$ Ram's\quad total\quad deposit\quad in\quad 3\quad months\quad is-\ (2x-y+z)+(x+6y+3z)+(x+4z)\ =4x+5y+8z----(a)\ His\quad total\quad withdrawal\quad is-\ (x-y-z)+(x-6y+3z)+2x-3z\ =4x-7y-z----(b)\ \therefore \quad His\quad balance\quad is\quad a-b\ \quad \quad =12y+9z\ \quad \quad =3(4y+3z)\ \ \  $

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

Ajit opens a bank account by depositing Rs $20,000$. At the end of each year, he withdraws a sum of money that makes the balance exactly half of what it was in the beginning of the year. If the bank pays $10\%$ interest, what is the total amount withdrawn by Ajit at the end of three years?

  1. Rs $17,856$
  2. Rs $20,377$
  3. Rs $18,330$
  4. Rs $19,400$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

$Depositing\quad amount=Rs20000,\ Amount\quad after\quad 1\quad year=1.1*20000=Rs22000,\ Amount\quad withdrawn=amount\quad left=0.5*22000=Rs11000\ Amount\quad after\quad 2\quad year=1.1*11000=Rs12100,\ Amount\quad withdrawn=amount\quad left=0.5*12100=Rs6050\ Amount\quad after\quad 3\quad year=1.1*6050=Rs6655,\ Amount\quad withdrawn=amount\quad left=0.5*6655=Rs3327.5\ Total\quad amount\quad withdrawn=Rs3327.5+6050+11000=Rs20377.5 $

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

A man saves $Rs.200$ in each of the first three months of his service. In each of the subsequent months his saving increases by $Rs.40$ more than the saving of immediately previous month. After how many months his total savings from the start of service will be $Rs.11040$. 

  1. $18$ months
  2. $19$ months
  3. $20$ months
  4. $21$ months
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Savings are:

$200,200,200,240,280,.......\text{up to n terms}$

But $200,240,280,......(n-2)$ terms forms an A.P

Since, sum of n terms of an AP $=S _n=\dfrac n2[2a+(n-1)d]$, where first term is $a$ and common difference $d$

$\therefore $ According to question

$400+\dfrac {n-2}{2}[2(200)+(n-2-1)40]=11040$  ...... Sum $=11040$

$\Rightarrow 400+(n-2)[200+(n-3)20]=11040$

$\Rightarrow (n-2)[200+20n-60]=10640$

$\Rightarrow (n-2)(20n+140)=10640$

$\Rightarrow 20(n+7)(n-2)=10640$

$\Rightarrow n^2+5n-14=532$

$\Rightarrow n^2+5n-546=0$

$\Rightarrow (n+26)(n-21)=0$

$\Rightarrow n=21$

So, total time $=21$ months.

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

The profit on interest charged on the hire purchase should appear in the profit and loss account in what manner?

  1. The total interest levied should be divided equally over the total period the for purchase agreement

  2. The interest charged in that period only should be included

  3. Final instalment is paid

  4. Interest should be apportioned in proportion to the repayment totals
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The profit on interest charged on the hire purchase should appear in the profit and loss account. when the interest charged in that period only should be included.

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

The deposit is fixed and is repayable only after a specific period is over is called

  1. current account

  2. fixed deposit account

  3. recurring deposit account

  4. savings account
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The deposit is fixed and is repayable only after a specific period is over is called fixed deposit account.