ISC Commerce 12 Banking Latest Trends MCQs with Solved Answers

(Question 1 to 5)

1. A trader wants to make an electronic transfer of funds through NEFT. He does not have a bank account. What is the maximum amount he can transfer?
(a) 65,000
(b) 50,000
(c) 49,000
(d) 45,000

2. The financial instrument issued by the bank for remitting money and which cannot be dishonoured is a:
(a) Bank draft
(b) Bank overdraft
(c) Cheque
(d) Debit card

3. What are the operating hours of NEFT?
(a) 24x7x365 basis.
(b) 8x7x365 basis.
(c) 12x6x365 basis.
(d) 24x5x365 basis.
4. National Electronic Funds Transfer  is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI) is known as
(a) NEFT
(b) RTGS
(c) NFT
(d) NIFT

5. The minimum amount to be remitted through RTGS is ……..
(a)₹ 50,000
(b) ₹ 2,50,000
(c) ₹ 1,00,000
(d) ₹ 2,00,000

Note: Answers are given below at the end.

ISC Commerce 12 Sources of Finance MCQs with Solved Answers

ISC Commerce 12 Banking Latest Trends MCQs with Solved Answers

(Question 6 to 10)

6. RTGS is available 24x7x365 with effect from….

(a) December 10, 2020.
(b) December 11, 2020.
(c) December 14, 2020.
(d) December 15, 2020.

7.A fund transfer method through which money is sent in ‘real time’ basis without any delays is known as….
(a) NEFT
(b) RTGS
(c) NFT
(d) NIFT

8. Which of the following is not a  features RTGS? 
(a) Real-time online fund transfer
(b) Used for high-value transactions
(c) Safe and secure, with RBI’s backing
(d) Funds credited on a gross and one-on-one basis
(e) Maximum Limit for fund transfer  ₹ 5,00,000

9. The most appropriate statement with reference to the electronic fund transfer through NEFT is:
(a) The fund transfer in NEFT takes place on real time, without any waiting period.
(b) National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). 
(c) The NEFT transfer takes place from one person to another.
(d) The NEFT transfer takes place on gross settlement basis.

10. IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. It’s a 11-digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing ……

(a) The Branch
(b) Head Office
(c) RBI
(d) None of these

ISC Commerce 12 Banking Latest Trends MCQs with Solved Answers

(Question 11 to 15)

11. What are the essential details required for remitting funds through NEFT system?

(a) Beneficiary’s Name and Beneficiary’s Branch Name
(b) Beneficiary’s Bank Name
(c) Beneficiary’s Account Type and Beneficiary’s Account No.
(d) Beneficiary’s Branch IFSC
(e) All of these

12. A payment instrument which is drawn by a bank branch instructing another bank branch to pay the specified amount to the entity named in the draft is known as…….

(a) Demand Draft
(b) Cheque
(c) Bills Receivables
(d) None of these

13. Which of the following is wrong?

(a) NEFT- National Electronic Fund Transfer
(b) RTGS- Real Time Gross Settlements
(c) ATM- Automated Teller Machine
(d) EFT- Electric Fund Telly

14. Which of the following is not the feature of E-banking?

(a) E-Banking services can be used by those bank customers who have been authorised for this.
(b) Banking transaction are conducted through electronically connected devices.
(c) A bank customer may use either his own computer resource for conducting specified banking transaction or may use computer resource available at the cyber cafe.
(d) There is face to face contact.

15. The Full Form of CVV is?

(a) Credit Verification Value
(b) Crime Verification Value
(c) Card Verification Value
(d) Country Verification Value

Note: Answers are given below at the end.

Answers for ISC Commerce 12 Banking Latest Trends MCQs

ISC Commerce 12 Planning MCQs with Solved Answers

Answer – Question Number 1 To 5

1. Answer- (b) 50,000.

2. Answer-(a) Bank draft

3. Answer- (a) 24x7x365 basis. 

4. Answer- (a) NEFT

5. Answer- (d) ₹ 2,00,000

Answer – Question Number 6 To 10

6. Answer- (c) December 14, 2020.

7. Answer- (b) RTGS

8. Answer- (e) Maximum Limit for fund transfer  ₹ 5,00,000

9. Answer-b) National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). 

10. Answer- (a) The Branch

Answer – Question Number 11To 15

11. Answer-(e) All of these

12. Answer-(a) Demand Draft

13. Answer-(d) EFT- Electric Fund Telly

14. Answer-(d) There is face to face contact.

15. Answer-(c) Card Verification Value