Muthoot Scholar Test - Co(N) - July, 2017
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Questions and Answers
- 1.
As per Reduction in rate of interest & rationalization of GL schemes, initial rate of interest in Muthoot High Value Loan scheme has been reduced to
- A.
16%
- B.
17%
- C.
15%
- D.
18%
Correct Answer
A. 16%Explanation
The given answer is 16% because the reduction in the rate of interest and rationalization of GL schemes has led to a decrease in the initial rate of interest for the Muthoot High Value Loan scheme. This means that the interest charged on the loan will be 16% of the principal amount.Rate this question:
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- 2.
As per Reduction in rate of interest & rationalization of GL schemes, maximum loan amount in Muthoot Super Loan scheme is
- A.
Rs. 2,00,000
- B.
Rs. 1,00,000
- C.
Rs. 99,900
- D.
Rs. 99,000
Correct Answer
C. Rs. 99,900Explanation
Due to the reduction in the rate of interest and rationalization of GL schemes, the maximum loan amount in the Muthoot Super Loan scheme is Rs. 99,900. This means that customers can borrow up to Rs. 99,900 under this scheme.Rate this question:
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- 3.
As per Reduction in rate of interest & rationalization of GL schemes, rate of interest in Muthoot Premier Loan scheme for up to 1 month is
- A.
21.50%
- B.
22.50%
- C.
20.50%
- D.
20.00%
Correct Answer
C. 20.50%Explanation
The correct answer is 20.50%. This is because the question mentions a reduction in the rate of interest and rationalization of GL schemes. Therefore, the rate of interest in the Muthoot Premier Loan scheme for up to 1 month has been reduced to 20.50%.Rate this question:
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- 4.
As per Reduction in rate of interest & rationalization of GL schemes, penal interest in Muthoot Great Value Loan scheme is
- A.
1%
- B.
2%
- C.
3%
- D.
0.15%
Correct Answer
C. 3%Explanation
The penal interest in Muthoot Great Value Loan scheme is 3%. This means that if a borrower fails to make timely repayments, they will be charged an additional 3% of the outstanding loan amount as a penalty. This is a measure taken by the company to discourage late payments and ensure that borrowers fulfill their repayment obligations on time.Rate this question:
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- 5.
As per Reduction in rate of interest & rationalization of GL schemes, administration/service charges in Muthoot Premier Loan scheme is
- A.
0.50%
- B.
0.15%
- C.
0.00%
- D.
1.00%
Correct Answer
C. 0.00%Explanation
The correct answer is 0.00%. This means that there are no administration/service charges in the Muthoot Premier Loan scheme. This could be due to the reduction in the rate of interest and the rationalization of GL schemes, which may have led to the elimination of these charges to make the loan scheme more attractive to customers.Rate this question:
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- 6.
As per Non-Performing Asset classification for Q1 2017-18, branches should get all their loan accounts, which have completed 9 months (5 months for MGL), closed before the term of the loan expires.
- A.
True
- B.
False
- C.
Not Compulsory
- D.
After 12 months
Correct Answer
B. FalseExplanation
As per the given statement, branches should get all their loan accounts, which have completed 9 months (5 months for MGL), closed before the term of the loan expires. However, the correct answer is False, which means that this statement is not correct. Therefore, branches are not required to close all loan accounts that have completed 9 months (5 months for MGL) before the term of the loan expires.Rate this question:
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- 7.
For collection of Interest & principal amount from the GL customer through POS machine, the charges to be levied is
- A.
Nil
- B.
1%
- C.
2%
- D.
0.15%
Correct Answer
B. 1%Explanation
The correct answer is 1% because when collecting the interest and principal amount from the GL customer through a POS machine, a charge of 1% will be levied. This means that the customer will be required to pay an additional 1% of the total amount being collected.Rate this question:
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- 8.
All types of MasterCard & Visa Debit & Credit cards are permitted for transaction through POS machines.
- A.
True
- B.
False
- C.
Forex cards are also permitted
- D.
None of these
Correct Answer
B. FalseExplanation
The given statement is false. While it is true that most types of MasterCard and Visa Debit and Credit cards are permitted for transactions through POS machines, it is not accurate to say that all types are permitted. There may be certain restrictions or limitations depending on the specific card or issuer. Additionally, the statement does not mention anything about Forex cards, so it cannot be concluded that they are permitted for transactions through POS machines. Therefore, the correct answer is False.Rate this question:
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- 9.
As per Muthoot Delight Loan scheme, the maximum loan amount is
- A.
Rs. 2,00,000
- B.
Rs. 5,00,000
- C.
Rs. 50,00,000
- D.
Rs. 99,900
Correct Answer
A. Rs. 2,00,000Explanation
The maximum loan amount under the Muthoot Delight Loan scheme is Rs. 2,00,000. This means that individuals can borrow up to Rs. 2,00,000 under this scheme.Rate this question:
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- 10.
As per Muthoot Delight Loan scheme, the rate of interest for above 12 months cases is
- A.
23% + 3% penal
- B.
24% + 2% penal
- C.
25% + 3% penal
- D.
26% + 3% penal
Correct Answer
D. 26% + 3% penalExplanation
The correct answer is 26% + 3% penal. This means that for cases above 12 months, the rate of interest is 26% and an additional 3% penal interest will be charged.Rate this question:
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- 11.
Under Muthoot Delight Loan scheme, the rate per gram for financing will be Rs._____ less than the maximum permissible LTV rate.
- A.
Rs. 300
- B.
Rs. 900
- C.
Rs. 600
- D.
Rs. 450
Correct Answer
C. Rs. 600Explanation
Under the Muthoot Delight Loan scheme, the rate per gram for financing will be Rs. 600 less than the maximum permissible LTV rate. This means that customers will be able to avail a loan at a reduced rate of Rs. 600 per gram compared to the maximum rate allowed under the LTV rate. This scheme offers a more affordable financing option for customers, making it an attractive choice for those in need of financial assistance.Rate this question:
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- 12.
As per Change in the method of calculating interest on gold loans, a month is considered of ___ days & a year is considered of ____ days.
- A.
30 days & 365 days
- B.
30 days & 360 days
- C.
31 days & 365 days
- D.
30 days & 366 days
Correct Answer
B. 30 days & 360 daysExplanation
The given answer states that a month is considered to have 30 days and a year is considered to have 360 days when calculating interest on gold loans. This means that the interest on gold loans is calculated based on a 30-day month and a 360-day year, which is a common practice in financial calculations. This method assumes that each month has the same number of days and each year has the same number of months, making the calculations simpler and more standardized.Rate this question:
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- 13.
The maximum loan amount under Muthoot One Percent Loan scheme is
- A.
Rs. 1,00,000
- B.
Rs. 50,000
- C.
Rs. 2,00,000
- D.
Rs. 3,00,000
Correct Answer
B. Rs. 50,000Explanation
The maximum loan amount under the Muthoot One Percent Loan scheme is Rs. 50,000. This means that the scheme allows borrowers to borrow a maximum of Rs. 50,000 as a loan.Rate this question:
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- 14.
Under Muthoot One Percent Loan scheme, the rate per gram for financing will be Rs. ____ less than the maximum permissible LTV rate.
- A.
Rs. 800
- B.
Rs. 600
- C.
Rs. 700
- D.
Rs. 300
Correct Answer
A. Rs. 800Explanation
Under the Muthoot One Percent Loan scheme, the rate per gram for financing will be Rs. 800 less than the maximum permissible LTV rate. This means that the loan scheme offers a discount of Rs. 800 on the maximum LTV rate, making it more affordable for borrowers.Rate this question:
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- 15.
Under Muthoot One Percent Loan scheme, the rate of interest for up to 1 month is
- A.
15%
- B.
14%
- C.
12%
- D.
1%
Correct Answer
C. 12%Explanation
Under the Muthoot One Percent Loan scheme, the rate of interest for up to 1 month is 12%. This means that if someone borrows money under this scheme and repays it within a month, they will be charged an interest rate of 12%. This rate is lower compared to the other options provided, which indicates that it is the most favorable option for borrowers who need short-term loans.Rate this question:
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- 16.
Which of the following Loan scheme’s limits falls under sanctioning power of Branch Heads?
- A.
Muthoot One Percent Loan
- B.
Muthoot Super Loan
- C.
Muthoot Delight Loan
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above." This means that all three loan schemes mentioned (Muthoot One Percent Loan, Muthoot Super Loan, and Muthoot Delight Loan) fall under the sanctioning power of Branch Heads. In other words, Branch Heads have the authority to approve and grant loans for all of these schemes.Rate this question:
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- 17.
Loan Eligibility Chart generated from CBS is a mandatory document, which is to be attached with Loan Application form
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The Loan Eligibility Chart generated from CBS is a mandatory document that needs to be attached with the Loan Application form. This suggests that without this document, the loan application may be considered incomplete or invalid. The Loan Eligibility Chart provides essential information about the borrower's eligibility for the loan, including details about their credit history, income, and other relevant factors. Therefore, it is crucial to include this document to ensure that the loan application is processed correctly.Rate this question:
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- 18.
A separate register to be maintained in branches for Gold Loan cases where Gold ornaments being pledged are weighing ___ gms. or more
- A.
20 gms.
- B.
40 gms.
- C.
100 gms.
- D.
50 gms.
Correct Answer
A. 20 gms.Explanation
A separate register is to be maintained in branches for Gold Loan cases where Gold ornaments being pledged are weighing 20 gms. or more. This means that any gold ornaments weighing 20 gms. or more that are being pledged as collateral for a loan will be recorded in a separate register. This helps the bank keep track of the gold ornaments being pledged and ensures that the proper procedures are followed for gold loans.Rate this question:
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- 19.
In Gold Loan accounts where the ornaments are stolen & seized by the police, a deduction of ___ percent of the loan amount is made from the ________ payable to the staff of concerned branch.
- A.
25% & incentives
- B.
25% & salary
- C.
75% & incentives
- D.
75% & salary
Correct Answer
A. 25% & incentivesExplanation
In Gold Loan accounts where the ornaments are stolen & seized by the police, a deduction of 25% of the loan amount is made from the incentives payable to the staff of concerned branch.Rate this question:
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- 20.
With a view to concrete the procedure of bank reconciliation, all branches should complete and save the BRS on or before every _______ up to previous __________.
- A.
Wednesday & Saturday
- B.
Wednesday & Monday
- C.
Monday & Saturday
- D.
Tuesday & Friday
Correct Answer
A. Wednesday & SaturdayExplanation
To ensure an accurate bank reconciliation process, all branches should complete and save the Bank Reconciliation Statement (BRS) on or before every Wednesday and Saturday, covering transactions up to the previous week. This regular and consistent schedule allows for the timely identification and resolution of any discrepancies between the bank statement and the company's records. By reconciling the accounts on these specific days, the branches can maintain an up-to-date and accurate financial picture, enabling effective financial management and decision-making.Rate this question:
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- 21.
For POS transactions, all branches are required to initiate the settlement of funds on a daily basis & central office entry also to be passed with correct reference number & central office code; failing which will attract a penalty of Rs. ____ per day for each delayed day.
- A.
Rs. 100
- B.
Rs. 500
- C.
Rs. 200
- D.
Rs. 250
Correct Answer
A. Rs. 100Explanation
The correct answer is Rs. 100. This means that if a branch fails to initiate the settlement of funds on a daily basis and pass the central office entry with the correct reference number and central office code, they will be charged a penalty of Rs. 100 per day for each delayed day.Rate this question:
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- 22.
An application attached in our CRM Next software, which enables our staff to make calls to our customers directly by clicking “Click to Call” is known as
- A.
Inbound Call Management System
- B.
Outbound Call Management System
- C.
Outbound Click to Call
- D.
Inbound Calling System
Correct Answer
B. Outbound Call Management SystemExplanation
The application mentioned in the question allows staff members to make calls to customers directly by clicking on a "Click to Call" button. This suggests that the application is designed for making outbound calls to customers. Therefore, the correct answer is Outbound Call Management System, as it accurately describes the purpose of the application.Rate this question:
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- 23.
For Gold Loan growth, our 3 main growth levers are –
- A.
New KYC, Winback, Additional Loans/enhancements from existing customers
- B.
New KYC, Winback, OFP
- C.
New KYC, Winback, NPA reduction
- D.
New KYC, Winback, Incremental Interest Collection
Correct Answer
A. New KYC, Winback, Additional Loans/enhancements from existing customersExplanation
The correct answer is New KYC, Winback, Additional Loans/enhancements from existing customers. This answer indicates that the three main growth levers for Gold Loan growth are acquiring new customers through KYC (Know Your Customer) processes, winning back previous customers, and providing additional loans or enhancements to existing customers. These strategies focus on expanding the customer base and increasing loan amounts to drive growth in the Gold Loan business.Rate this question:
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- 24.
Who is the approving authority for the request for closure of Gold Loan accounts above Rs. 1.00 Lakh but up to Rs 3.00 lakhs?
- A.
RM/ARM of the region
- B.
ZM of the zone
- C.
Branch Head
- D.
Credit Dept. CO(N)
Correct Answer
A. RM/ARM of the regionExplanation
The approving authority for the request for closure of Gold Loan accounts above Rs. 1.00 Lakh but up to Rs 3.00 lakhs is the RM/ARM of the region.Rate this question:
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- 25.
As per IOM No. CO/OPN/143/17, Branch Head is responsible for ________ growth & effective _________ of the branch.
- A.
Business; Internal control
- B.
Gold Loan; OFP
- C.
Gold Loan; Interest Collection
- D.
Business; Audit
Correct Answer
A. Business; Internal controlExplanation
As per IOM No. CO/OPN/143/17, the Branch Head is responsible for the growth of the business and ensuring effective internal control of the branch. This means that the Branch Head is in charge of driving the branch's business activities and ensuring that proper procedures and controls are in place to safeguard the branch's operations and assets.Rate this question:
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- 26.
As per the Advisory on “Muthoot Gold Standard – Customer Service Experience”, which of the below step is not appropriate:i.Wishing & Welcoming the customers with folded hands & Smileii.Detailed profiling of the customersiii.Product offering & cross-selling mandatoryiv.Convert in to business & take 2 referencesv.Enter the details in to CRMNext
- A.
Sentence (i)
- B.
Sentence (ii)
- C.
Sentence (iii)
- D.
Sentence (iv)
Correct Answer
C. Sentence (iii) -
- 27.
As per IOM No. CO/VIG/109/17, following precaution is to be taken during opening of branches in the morning.
- A.
Branch is opened with minimum of 2 staff & 1 guard
- B.
Branch is opened with minimum of 2 staff & BH
- C.
Branch is opened with minimum of 1 staff & 1 guard
- D.
Branch is opened by BH
Correct Answer
A. Branch is opened with minimum of 2 staff & 1 guardExplanation
As per IOM No. CO/VIG/109/17, the correct answer is "Branch is opened with a minimum of 2 staff & 1 guard." This means that when opening a branch in the morning, it is necessary to have at least two staff members and one guard present. This precaution ensures that there are enough personnel to handle any potential security or operational issues that may arise during the opening of the branch.Rate this question:
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- 28.
Muthoot Forex Ltd. has introduced Education Loan facility in association with ______.
- A.
Avanse Education Loans
- B.
Muthoot Education Loan
- C.
DHFL
- D.
International Financial Organization
Correct Answer
A. Avanse Education LoansExplanation
Muthoot Forex Ltd. has introduced Education Loan facility in association with Avanse Education Loans. This suggests that Muthoot Forex Ltd. has partnered with Avanse Education Loans to provide education loans to their customers. This partnership allows Muthoot Forex Ltd. to offer a specialized loan product specifically designed for educational purposes, enhancing their range of services and catering to the needs of individuals seeking financial assistance for education.Rate this question:
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- 29.
Can a customer redeem his/her Loyalty Points to purchase our Other Financial Product?
- A.
Yes
- B.
No
- C.
Loyalty Points can only be redeemed for Gold Loan transactions
- D.
None of these
Correct Answer
A. YesExplanation
Yes, a customer can redeem their Loyalty Points to purchase our Other Financial Product. This suggests that the Loyalty Points program is not limited to just Gold Loan transactions and can be used for various financial products offered by the company.Rate this question:
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- 30.
As an Additional Security Feature, following concept was introduced in Indo-Nepal Remittance service.
- A.
Maker-Checker
- B.
Maker-Sanctioner
- C.
Maker-Approver
- D.
Checker-Approver
Correct Answer
A. Maker-CheckerExplanation
The correct answer is Maker-Checker. Maker-Checker is a concept introduced in the Indo-Nepal Remittance service as an additional security feature. This concept involves the separation of roles between a maker and a checker. The maker is responsible for creating or initiating a transaction, while the checker is responsible for reviewing and approving the transaction. This ensures that there is a system of checks and balances in place, reducing the risk of errors or fraudulent activities.Rate this question:
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- 31.
Muthoot Life Guard (MLG) has been reintroduced with ____ Insurance cover option and in association with which Insurance company?
- A.
Rs. 50,000; Shriram Life Insurance
- B.
Rs. 50,000; Kotak Life Insurance
- C.
Rs. 50,000; ICICI Prudential Life Insurance
- D.
Rs. 50,000; Bharti Axa Life Insurance
Correct Answer
B. Rs. 50,000; Kotak Life InsuranceExplanation
Muthoot Life Guard (MLG) has been reintroduced with an insurance cover option of Rs. 50,000 in association with Kotak Life Insurance.Rate this question:
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- 32.
We have provided “Muthoot i-will” online portal with the assistance of Legal Professionals of which company?
- A.
WillJini Succession Services Pvt. Ltd.
- B.
WillJini Legal Services
- C.
WillJini Associates
- D.
Www.muthootiwill.com
Correct Answer
A. WillJini Succession Services Pvt. Ltd.Explanation
The correct answer is WillJini Succession Services Pvt. Ltd. This company provided the assistance of legal professionals for the development of the "Muthoot i-will" online portal.Rate this question:
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- 33.
In accordance with the directions of RBI, each cross border transactions under Indo-Nepal Remittance need to have _______ of respective sender with effect from 3rd April 2017.
- A.
Sender ID & KYC
- B.
Receiver ID & KYC
- C.
No such restrictions
- D.
Both of these
Correct Answer
A. Sender ID & KYCExplanation
In accordance with the directions of RBI, each cross-border transaction under Indo-Nepal Remittance needs to have the Sender ID and KYC (Know Your Customer) of the respective sender with effect from 3rd April 2017. This means that the sender's identification and KYC documents are required to be provided for these transactions.Rate this question:
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- 34.
Our Spot Vehicle Insurance Service Portal associate partner is _______.
- A.
Aditya Birla Spot Insurance Portal
- B.
Aditya Birla Vehicle Insurance Services
- C.
Muthoot Securities & Trading Limited (MSTL)
- D.
Www.mymuthoot.com
Correct Answer
A. Aditya Birla Spot Insurance PortalExplanation
The correct answer is Aditya Birla Spot Insurance Portal. This is the correct answer because the question is asking for the associate partner of the Spot Vehicle Insurance Service Portal, and Aditya Birla Spot Insurance Portal is the only option that matches this description. Aditya Birla Vehicle Insurance Services is not the correct answer because it does not mention the Spot Insurance Service Portal. Muthoot Securities & Trading Limited and www.mymuthoot.com are also not the correct answers as they are not related to the Spot Vehicle Insurance Service Portal.Rate this question:
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- 35.
Our Vehicle Insurance USP’s (Unique Selling Proposition) is:
- A.
Up to maximum 50% discount on OD premium
- B.
Up to maximum 50% discount on Total premium
- C.
Discount as per NCB details submitted by customer
- D.
Issuance of policy takes 15 days
Correct Answer
A. Up to maximum 50% discount on OD premiumExplanation
The unique selling proposition of the Vehicle Insurance is that it offers a maximum discount of 50% on the Own Damage (OD) premium. This means that customers can save a significant amount on their insurance premium for damages to their own vehicle. This discount is a key selling point of the insurance policy and can attract customers who are looking for cost-effective coverage for their vehicles.Rate this question:
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- 36.
Muthoot Health Care (MHC) has been reintroduced in association with which Insurance company?
- A.
Aditya Birla Health Insurance
- B.
Aditya Birla Spot Insurance
- C.
MaxBupa Health Insurance
- D.
Star Health & Allied Insurance
Correct Answer
A. Aditya Birla Health InsuranceExplanation
Muthoot Health Care (MHC) has been reintroduced in association with Aditya Birla Health Insurance.Rate this question:
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- 37.
Revised Premium in Muthoot Home Protector (Basic Plan) post GST implementation is:
- A.
Rs. 500
- B.
Rs. 600
- C.
Rs. 550
- D.
Rs. 750
Correct Answer
B. Rs. 600Explanation
The correct answer is Rs. 600. This suggests that the revised premium in Muthoot Home Protector (Basic Plan) after the implementation of GST is Rs. 600.Rate this question:
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- 38.
Revised Premium in Muthoot Health Care post GST implementation is:
- A.
Rs. 2500
- B.
Rs. 3000
- C.
Rs. 3500
- D.
Rs. 2750
Correct Answer
B. Rs. 3000Explanation
The revised premium in Muthoot Health Care post GST implementation is Rs. 3000.Rate this question:
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- 39.
Revised charges in PANCARD services by our organization, post GST implementation is:
- A.
Rs. 275
- B.
Rs. 265
- C.
Rs. 280
- D.
Rs. 230
Correct Answer
A. Rs. 275Explanation
The revised charges for PANCARD services by the organization after the implementation of GST is Rs. 275.Rate this question:
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- 40.
Which one of the following is the newly joined associate partner in International Money Transfer business?
- A.
Ria Money Transfer
- B.
Muthoot Global Money Transfer
- C.
Instant Cash Money Transfer
- D.
Ez-remit Money Transfer
Correct Answer
A. Ria Money TransferExplanation
Ria Money Transfer is the newly joined associate partner in the International Money Transfer business.Rate this question:
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- 41.
Muthoot Finance branches having franchise arrangement with Muthoot Forex Ltd. should remit the purchased foreign currencies to the identified pooling branches of MFIN/Forex AD II branches on _______ day of purchase if the amount involved is Rs. 50,000 or more.
- A.
Next day
- B.
Third day
- C.
Second day
- D.
Same day
Correct Answer
A. Next dayExplanation
Muthoot Finance branches that have a franchise arrangement with Muthoot Forex Ltd. are required to remit the purchased foreign currencies to the identified pooling branches of MFIN/Forex AD II branches on the next day of purchase if the amount involved is Rs. 50,000 or more. This means that they need to transfer the funds within 24 hours after the purchase is made.Rate this question:
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- 42.
“Coffee with Muthoot” concept was introduced to increase our _______ business.
- A.
Traditional Insurance
- B.
Muthoot Life Guard
- C.
Travel business
- D.
Plantation business
Correct Answer
A. Traditional InsuranceExplanation
The concept of "Coffee with Muthoot" was introduced to increase our traditional insurance business.Rate this question:
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- 43.
Under Direct Credit facility in Gold Loan, which of the following process was introduced to enable branches to complete the transaction of up to Rs. 2,00,000 gold loan?
- A.
Maker-Checker
- B.
Checker-Auditor
- C.
Checker-Approver
- D.
Maker-Approver
Correct Answer
A. Maker-CheckerExplanation
The Maker-Checker process was introduced to enable branches to complete the transaction of up to Rs. 2,00,000 gold loan under the Direct Credit facility. In this process, the Maker creates the transaction and enters the necessary details, while the Checker verifies and approves the transaction. This two-step verification ensures accuracy and reduces the risk of errors or fraud.Rate this question:
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- 44.
For which of the following GL schemes, Online Gold Loan (OGL) Top-up facility is available?
- A.
Muthoot Overdraft Scheme (MOS)
- B.
Muthoot High Value Loan (MHL)
- C.
Muthoot Great Value Loan (MGL)
- D.
All of these
Correct Answer
D. All of theseExplanation
The correct answer is All of these. This means that the Online Gold Loan (OGL) Top-up facility is available for all of the mentioned GL schemes, including Muthoot Overdraft Scheme (MOS), Muthoot High Value Loan (MHL), and Muthoot Great Value Loan (MGL).Rate this question:
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- 45.
Aiming at more perfection in KYC documentation, which of the following module has been introduced exclusively in CBS exclusively?
- A.
Online Audit
- B.
Online KYC
- C.
CRM-Next
- D.
E-KYC
Correct Answer
A. Online AuditExplanation
Online Audit has been introduced exclusively in CBS to aim for more perfection in KYC documentation. This module allows for a comprehensive and real-time review of the KYC process, ensuring that all necessary documents and information are accurately collected and recorded. It helps in identifying any discrepancies or errors in the KYC documentation, enabling prompt corrections and updates. By incorporating an online audit module, the CBS system enhances the efficiency and accuracy of the KYC process, ultimately leading to improved compliance and risk management.Rate this question:
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- 46.
What is the full-form of GST?
- A.
Goods & Services Tax
- B.
Goods & State Tax
- C.
Good System of Tax
- D.
Gold & Systems Tax
Correct Answer
A. Goods & Services TaxExplanation
The correct answer is Goods & Services Tax. GST is a comprehensive indirect tax levied on the supply of goods and services. It is a single tax that replaces multiple indirect taxes like excise duty, service tax, and VAT. The purpose of GST is to create a unified and simplified tax structure, promoting ease of doing business and eliminating cascading effects of taxes. It is implemented in many countries worldwide, including India, to streamline the taxation system and ensure transparency and efficiency in tax administration.Rate this question:
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- 47.
GST is implemented w.e.f. ______.
- A.
1st July 2017
- B.
1st June 2017
- C.
15th June 2017
- D.
1st April 2017
Correct Answer
A. 1st July 2017Explanation
GST, which stands for Goods and Services Tax, was implemented in India on 1st July 2017. This tax reform aimed to simplify the indirect tax system by replacing multiple taxes with a single tax. The implementation of GST brought significant changes to the taxation structure in India and had a profound impact on businesses and consumers alike.Rate this question:
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- 48.
While Transferring goods/services to any other state, which form is used under GST?
- A.
Delivery Challan
- B.
Tax Invoice
- C.
Form F
- D.
Form C
Correct Answer
B. Tax InvoiceExplanation
When transferring goods or services to another state under the Goods and Services Tax (GST) system, the form that is used is the Tax Invoice. This document serves as proof of the transaction and includes details such as the seller's and buyer's information, the description and quantity of the goods or services, the value of the transaction, and the applicable GST rate. The Tax Invoice is essential for maintaining accurate records and ensuring compliance with GST regulations.Rate this question:
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- 49.
Loan Eligibility Chart generated from CBS indicates various slabs of Only Rate of Interest applicable in each individual scheme
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. The Loan Eligibility Chart generated from CBS does not indicate various slabs of Only Rate of Interest applicable in each individual scheme.Rate this question:
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- 50.
As per GST, we are supposed to deal only with .................vendor.
- A.
Registered Vendor
- B.
Unregistered Vendor
- C.
Local Vendor
- D.
Centralized Vendor
Correct Answer
A. Registered VendorExplanation
As per GST (Goods and Services Tax), businesses are required to deal only with registered vendors. This means that businesses can only purchase goods or services from vendors who have registered under the GST system. Dealing with registered vendors ensures compliance with tax regulations and allows for the proper claiming of input tax credits. It also helps in maintaining transparency and accountability in the supply chain.Rate this question:
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