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Page 1 CPT Section C General Economics Chapter 8 Unit 2 Commercial Banks. CA .Shweta Poojari Page 2 CPT Section C General Economics Chapter 8 Unit 2 Commercial Banks. CA .Shweta Poojari MCQ’s Page 3 CPT Section C General Economics Chapter 8 Unit 2 Commercial Banks. CA .Shweta Poojari MCQ’s a. Commercial banks b. RBI c. Private banks d. Foreign banks Answer: A Explanation: It is one of the Functions of Commercial Banks. Page 4 CPT Section C General Economics Chapter 8 Unit 2 Commercial Banks. CA .Shweta Poojari MCQ’s a. Commercial banks b. RBI c. Private banks d. Foreign banks Answer: A Explanation: It is one of the Functions of Commercial Banks. a. Demand deposit b. Fixed deposit c. Saving deposit d. All of the above Answer.: D Explanation: Deposits are of two types: Demand Deposits(Saving & Current Deposits) Time Deposits (Fixed / Term Deposits) Page 5 CPT Section C General Economics Chapter 8 Unit 2 Commercial Banks. CA .Shweta Poojari MCQ’s a. Commercial banks b. RBI c. Private banks d. Foreign banks Answer: A Explanation: It is one of the Functions of Commercial Banks. a. Demand deposit b. Fixed deposit c. Saving deposit d. All of the above Answer.: D Explanation: Deposits are of two types: Demand Deposits(Saving & Current Deposits) Time Deposits (Fixed / Term Deposits) a. Purchase and sale of shares and securities b. making regular payments such as insurance premium c. collection of cheques and bills d. All of the above Answer:dRead More
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FAQs on MCQ - Commercial Banks - Business Economics for CA Foundation
| 1. What is a commercial bank? |  |
Ans. A commercial bank is a financial institution that provides various banking services to individuals, businesses, and government entities. These services include accepting deposits, granting loans, issuing credit cards, facilitating international trade, and offering investment and insurance products.
| 2. How do commercial banks make money? | |
Ans. Commercial banks make money through various sources. They earn interest income by lending out the deposits they receive from customers at a higher interest rate than they pay on the deposits. They also generate fee income from services such as account maintenance fees, transaction fees, and charges for loans and credit cards. Additionally, commercial banks invest in various financial instruments and earn income through capital gains and dividends.
| 3. What is the role of commercial banks in the economy? | |
Ans. Commercial banks play a crucial role in the economy by facilitating the flow of funds between savers and borrowers. They provide a safe place for individuals and businesses to deposit their money, which can then be used for productive purposes such as loans for businesses, mortgages for homebuyers, and financing for infrastructure projects. Commercial banks also help in the creation of money through the process of credit creation.
| 4. Are commercial banks safe for depositing money? | |
Ans. Commercial banks are generally considered safe for depositing money. They are regulated by central banks and other regulatory authorities, which enforce strict regulations to ensure the stability and safety of the banking system. Additionally, deposits in commercial banks are often insured by deposit insurance schemes, which provide protection to depositors in case of bank failures. However, it is always advisable to choose well-established and reputable banks for depositing money.
| 5. How can one open an account with a commercial bank? | |
Ans. Opening an account with a commercial bank typically requires the following steps:
1. Choose a bank: Research and select a commercial bank that meets your requirements.
2. Visit the bank: Visit the bank branch in person and inquire about the account opening process.
3. Provide required documents: Provide the necessary documents, such as identification proof, address proof, and photographs.
4. Fill out application forms: Fill out the account opening application forms provided by the bank.
5. Deposit initial amount: Deposit the initial amount required to open the account.
6. Complete the KYC process: Fulfill the Know Your Customer (KYC) requirements by providing additional documents if needed.
7. Receive account details: Once the account is opened, you will receive the account details, including the account number and any associated cards or checkbooks.
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