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- 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
CorrectIncorrect - Question 2 of 25
2. Question
Contribution to EPF Scheme by employer is ________ and employee is ________ of Salary.
CorrectIncorrect - Question 3 of 25
3. Question
Is Pension a statutory benefit in India and if so, for which segment of employees?
CorrectIncorrect - Question 4 of 25
4. Question
Short-term employee benefits do not include:
CorrectIncorrect - 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
CorrectIncorrect - Question 6 of 25
6. Question
Under Employees Provident Funds and Miscellaneous Provisions Act, 1952, “Insurance Fund” means?
CorrectIncorrect - Question 7 of 25
7. Question
The following statements regarding National Pension System are true Except
CorrectIncorrect - Question 8 of 25
8. Question
When the government adjusts economic policy through central budget, it is exercising
CorrectIncorrect - Question 9 of 25
9. Question
Money kept in Savings Account actually
CorrectIncorrect - Question 10 of 25
10. Question
Which means the service rendered by the member for which contributions have been received or are receivable?
CorrectIncorrect - 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
CorrectIncorrect - 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
CorrectIncorrect - 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
CorrectIncorrect - Question 14 of 25
14. Question
All of the following statements regarding characteristics of defined contribution plans are TRUE, EXCEPT:
CorrectIncorrect - 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.
CorrectIncorrect - Question 16 of 25
16. Question
The accounts of the Central Board is audited annually by
CorrectIncorrect - 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?
CorrectIncorrect - Question 18 of 25
18. Question
To get the Pension Benefits on Death, the member should complete at least
CorrectIncorrect - Question 19 of 25
19. Question
Monetary policy affects the ___________and _______
CorrectIncorrect - Question 20 of 25
20. Question
Economic development refers to
CorrectIncorrect - 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.CorrectIncorrect - 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
CorrectIncorrect - 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 himCorrectIncorrect - 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 beCorrectIncorrect - 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?
CorrectIncorrect