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Unit – 9 – Quiz

by Operation AAFM

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  1. Question 1 of 25
    1. Question

    In life cycle investing, a person’s total wealth is defined as the sum of their current financial wealth and the present value of their

    Correct
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  2. Question 2 of 25
    2. Question

    Contribution to EPF Scheme by employer is ________ and employee is ________ of Salary.

    Correct
    Incorrect
  3. Question 3 of 25
    3. Question

    Is Pension a statutory benefit in India and if so, for which segment of employees?

    Correct
    Incorrect
  4. Question 4 of 25
    4. Question

    Short-term employee benefits do not include:

    Correct
    Incorrect
  5. Question 5 of 25
    5. Question

    For the purpose of calculation of average salary in case of exemption of leave encashment the average salary drawn during the period of 10 months immediately preceding the

    Correct
    Incorrect
  6. Question 6 of 25
    6. Question

    Under Employees Provident Funds and Miscellaneous Provisions Act, 1952, “Insurance Fund” means?

    Correct
    Incorrect
  7. Question 7 of 25
    7. Question

    The following statements regarding National Pension System are true Except

    Correct
    Incorrect
  8. Question 8 of 25
    8. Question

    When the government adjusts economic policy through central budget, it is exercising

    Correct
    Incorrect
  9. Question 9 of 25
    9. Question

    Money kept in Savings Account actually

    Correct
    Incorrect
  10. Question 10 of 25
    10. Question

    Which means the service rendered by the member for which contributions have been received or are receivable?

    Correct
    Incorrect
  11. Question 11 of 25
    11. Question

    This theory does not require reference to objective probabilities, personalistic consequences or counterfactual acts and it allows for state dependence of utility and unobservable background risk. This is

    Correct
    Incorrect
  12. Question 12 of 25
    12. Question

    Mr. Anmol will start receiving a pension of Rs. 12000 p.a., exactly 10 years from now. He will receive this pension for 20 years every year end. If interest rate is 12% , What is present worth of his pension

    Correct
    Incorrect
  13. Question 13 of 25
    13. Question

    An employee wants to decide between contributing a sum of Rs. 4500 p.m. either to the provident fund or the public provident fund. The Tax benefit in the two cases for the employee will be

    Correct
    Incorrect
  14. Question 14 of 25
    14. Question

    All of the following statements regarding characteristics of defined contribution plans are TRUE, EXCEPT:

    Correct
    Incorrect
  15. Question 15 of 25
    15. Question

    Virat is an employee of X Ltd. He retired on 17th Nov. 2016 after rendering service of 38 years, 6 month and 1 day. Calculate the number of completed years if Saurabh is covered under the Payment of Gratuity Act.

    Correct
    Incorrect
  16. Question 16 of 25
    16. Question

    The accounts of the Central Board is audited annually by

    Correct
    Incorrect
  17. Question 17 of 25
    17. Question

    For defined benefit plans, which of the following changes in actuarial assumption would not increase plan costs to an employer?

    Correct
    Incorrect
  18. Question 18 of 25
    18. Question

    To get the Pension Benefits on Death, the member should complete at least

    Correct
    Incorrect
  19. Question 19 of 25
    19. Question

    Monetary policy affects the ___________and _______

    Correct
    Incorrect
  20. Question 20 of 25
    20. Question

    Economic development refers to

    Correct
    Incorrect
  21. Question 21 of 25
    21. Question

    The following are some client needs for which stage 1. Protection need – life cover against death for both spouses.
    2. To provide for the children’s future – education, marriage etc.
    3. A family floater health insurance plan covering the couple and children
    4.Small contributions towards a retirement plan, which can be stepped up later.

    Correct
    Incorrect
  22. Question 22 of 25
    22. Question

    Mr. Akash has worked with a company from 1/01/1980 to 31/12/2009. His last drawn salary was Rs.85,000/- and his average salary for the last 10 months was Rs.80,000. According to the service rules he is entitled for 38 days leave for each year of completed service. During his service he has availed leave of 350 days during his employment and the employer paid him leave encashment of Rs. 2,50,000/- on the date of retirement. Calculate his tax free amount of leave encashment

    Correct
    Incorrect
  23. Question 23 of 25
    23. Question

    Mr. Amit Bansal was employed with a company for the past 24 years. He opted for VRS 8 months before the actual retirement date. His last drawn salary details are as follows
    Basic : Rs.14,500
    DA : Rs.2,500
    Bonus : Rs.10,000
    HRA : Rs.3,500
    Overtime : Rs.2,500
    Commission based on fixed percentage of turnover : Rs.3,500
    The company gave him Rs. 14,76,000/- as VRS benefits.
    Calculate the tax free amount of VRS received by him

    Correct
    Incorrect
  24. Question 24 of 25
    24. Question

    Mr. Shiva was employed in ABC & Associates. After completing 40 years and 7 months of service he retired on 31″October 20l6. The particulars are as under
    (i) Salary at the time of retirement – Rs. 10,000 p.m.,
    (ii) Average monthly salary for 10 months ending on 31st October 2016 – Rs. 9,500 p.m.
    (iii) Leave entitlement – 1.5 months for each completed year of service.
    (iv) Leave encashment received for 25 months on basis of salary at the time of retirement -Rs. 2,50,000. The amount of Leave encashment exempt will be

    Correct
    Incorrect
  25. Question 25 of 25
    25. Question

    Meena is 31 years old and plans to retire at 53. Her life expectancy is 75 years. Ajith, her wealth planner , estimates that Meena will require Rs. 60,000 in today’s terms at the end of first month after retirement. She wishes to leave behind an estate of Rs. 10,00,000 for her legal heirs. Inflation rate is 5% p.a. The ROI is 13% p.a. What amount she shall save at the end of every year till her retirement to accumulate the required corpus?

    Correct
    Incorrect

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