PERSONAL FINANCE & INVESTMENT - MARCH 2014 (MCQS)

T.Y B.COM

SEMESTER - 6

PERSONAL FINANCE & INVESTMENT

(PFI)

MCQS - MARCH 2014

1. __________ is a systematic process that considers the important elements of an individual's financial affairs and is aimed at fulfilling his or her financial goals.

(a) Personal financial planning

(b) Corporate Planning

(c) Corporate social responsibility

(d) Cash Budget

2. Which of the following statement is correct for financial goals?

(a) Financial goals should be defined as specifically as possible.

(b) Financial goals should be realistic and attainable.

(c) Long term financial goals are set first, followed by a series of corresponding short-term and intermediate goals.

(d) All of the above

3. House hold furnishings and appliances are belonging to which of the following category of assets?

(a) Personal Property

(b) Liquid Assets

(c) Investment

(d) Real Property

4. Which of the following statement is not correct ?

(a) Net worth = Total Assets - Total Liabilities

(b) A Cash surplus (or deficit) is the difference between income and expenses.

(c) The income and Expense statement is prepared on an accrual basis.

(d) All assets are recorded in the balance sheet at their current fair market value.

5. The amount deductible under section 80GG is:

(a) Rs. 5000 per month

(b) 25% of total income

(c) the excess of actual rent paid over 10% of total income

(d) Least of the above

6. Exemption under section 54F is available to an individual if:

(a) Asset transferred is residential house property and new asset purchased/ constructed is Residential house property

(b) Asset transferred is Agricultural land and new asset purchased is Agricultural land

(c) Asset transferred is any Long term capital asset and new asset acquired is redeemable bonds of NHAI or RECL

(d) Asset transferred is any Long term capital asset not being residential house property and new asset purchased /acquired is residential house property

7. Match the following

Section	Deduction
(i) 80CCC	(A) Deduction in respect of payment of interest on loan  taken for higher education
(ii) 80D	(B) Deduction in respect of medical insurance premium
(iii) 80CCD	(C) Deduction in respect of contribution to National Pension Scheme
(iv) 80E	(D) Deduction in respect of Pension fund

(a) (i) - (D), (ii) - (B), (iii) - (C), (iv) - (A)

(b) (i) - (A), (ii) - (B), (iii) - (C), (iv) - (D)

(c) (i) - (D), (ii) - (C), (iii) - (B), (iv) - (A)

(d) (i) - (A), (ii) - (D), (iii) - (B), (iv) - (C)

8. A document deals with estimated cash receipts and cash expenses, including savings and investments, that are expected to occur in the coming year is known as:

(a) Balance Sheet

(b) income statement

(c) Cash Budget

(d) None of the above

9.  __________ are target points in the future when you expect to achieve or complete certain financial objectives, which may serve as progress check points toward some longer-term financial goals, or as deadlines for others.

(a) Financial statements 

(b) Budgets

(c) Financial plans

(d) Goal dates

10. The aggregate amount of deduction under section 80C, 80CCC and 80CCD cannot exceed:

(a) Rs.10,00,000

(b) Rs.1,00,000

(c) Rs.10,000

(d) None of the above

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