T.Y. B.COM
SEMESTER - 6
PERSONAL FINANCIAL PLANNING
(PFP)
MCQS - 2019
1. Match the following:
|
a. Liquid Assets |
i. immovable, relatively long life, high cost, may appreciate in value |
|
b. Personal Property |
ii. Low risk financial assets |
|
c. Real Property |
iii. movable, may depreciate in value |
A (a - ii), (b - i), (c - iii)
B (a - ii), (b - iii), (c - i)
C (a - iii), (b - ii), (c - i)
D (a - i), (b - ii), (c - iii)
2. Under which section/s, only an individual can claim deduction for assessment year 2018-19?
A 80 EE
B 80 E
C 80 GG
D All of the Above
3. Find out the Tax Liability of Mr Pandya (resident individual) (Age 49 years) for the assessment year 2018-19. The Net Income of Mr Pandya is Rs.12,00,000.
A Rs. 1,77,675
B Rs. 1,72,500
C Rs. 1,79,400
D Rs. 1,75,475
4. From the following information, calculate Personal Property of Mr Joshi:
Refrigerator - Rs. 10,000, Microwave Oven - Rs. 5,000, Honda Brio car - Rs. 1,00,000, clothes - Rs. 10,000, Land - Rs. 5,00,000, House Property - Rs. 25,00,000, Cash Balance - Rs. 55,000, Balance of Savings a/c - Rs. 2,00,000, Investment in Gold ETF - Rs. 95,000.
A Rs.46,00,000
B. Rs.1,25,000
C Rs.2,80,000
D Rs.7,80,000
5. From the following transactions for the month of December, compute the balance of cash available on 31-12-2018:
1st Dec. Balance of cash Rs.90,000
5th Dec. Income received in cash Rs.60,000
6th Dec. Electricity bill paid by cash Rs.4,000
9th Dec. Interest received on investment by cheque Rs.10,000
11th Dec. Medical bills paid by (NEFT) Rs.6,000
20th Dec. Mobile purchased by using debit card Rs.9,000
A Rs. 1,46,000
B RS. 1,50,000
C Rs. 1,38,000
D Rs.1,54,000
6. In Personal Financial Statements, Assets of an individinal or family are recorded in Balance sheet at ________
A Historical cost
B Fair Market Value
C Both (A) and (B)
D Cast or Market Value whichever is low
7. The amount due for Electricity Bill of a house is a part of _______ in Personal Financial Statement.
A Expense
B Short Term Liability
C Both (A) and (B)
D Long Term Liability
8. Match the following
a. Financial plans i. actual financial results
b. Budgets ii. monitor and control income, living expenses, purchases, savings etc.
C. Financial Statements iii. Tax planning, Insurance planning, Retirement & Estate planning etc.
A (a - ii), (b - i), (c - iii)
B (a - iii), (b - i), (c - ii)
C (a - iii), (b - ii), (c - I)
D (a - i), (b - ii), (c - iii)
9. Which of the following can be shown as an asset, in Personal Financial Statement?
A Assets for which market value fluctuates
B Assets purchased for cash
C Assets financed by debt
D. All of the Above
10. Which of the following is not correct with reference to claim the deduction under section 80D for assessment year 2018-19?
A The taxpayer is an individual (may be resident/non-resident or Indian citizen /foreign Citizen) or Hindu undivided family (may be resident or non-resident)
B Parents include mother, father, mother in law & father in law
C Payment for Medical Insurance Premium should be made by any mode other than cash
D Payment should be made out of his income changeable to tax
11. Find out the Tax Liability of Mr Mansuri (resident individual) (Age 83 years) for the assessment year 2018 - 19. The Net Income of Mr Mansuri is Rs.19,00,000
A Rs. 3,32,000
B Rs. 3,81,100
C Rs. 3,92,000
D Rs. 3,70,000
12. Which of the following is true for rebate u/s 87A for assessment year 2018-19 for resident individuals?
A Amount of rebate u/s 87A cannot exceed Rs. 2,500
B Resident individual's total income or net income or taxable income does not exceed Rs. 3.5 Lakhs
C Both (A) and (B)
D None of the Above
13. Personal Financial Statements (i) show financial position as it actually exists and (ii) report on financial transactions that have actually occurred
B (i) is true and (ii) is false
C (i) is false and (ii) is true
D Both (i) and (ii) are false
14. Calculate Deduction available to Mr Modi (Age: 40 years) u/s 8OC for assessment year 2018-19:
All the payments are made out of income chargeable to tax in the previous year 2017-18:
i. Insurance premium paid for life of Mr. Modi Rs. 11,000, Sum Assured Rs. 2,00,000 (policy taken in 2011)
ii. Insuance premium paid in cash for life of Mrs. Modi Rs. 6,000, Sum Assured Rs. 1,00,000 (policy taken in 2014)
iii. Insurance premium paid for the life of dependent son Rs. 13,000, Sum Assured Rs. 1,20,000. (policy taken in 2016)
A Rs. 30,000
B Rs. 29,000
C Rs. 24,000
D Rs. 23,000
15. Calculate the Solvency Ratio from the given information:
Short Term Liability - Rs. - 10,000
Long term Liability - Rs. 4,40,000
Net Worth - Rs. 5,50,000
A 45 %
B 55 %
C 81.81 %
D 122.22%
16. Match the following:
|
a. Short Term Goals |
i. indicates wants and desires for a period covering about 6 years to
the next 30 or 40 years |
|
b. Goal dates |
ii. Set each year and cover a 12 - months period |
|
C. Long Term Goals |
iii. target points in the future when you expect to achieve or
complete certain financial objectives |
A (a - ii), (b - i), (c - iii)
B (a - ii), (b - iii), (c - i)
C (a - iii), (b - ii), (c - i)
D (a - i), (b - ii), (c - iii)
17. Deduction u/s 80TTA is available (i) upto Rs. 10,000 in respect of any income by way of interest on deposits in Savings account and
(ii) in respect of interest income received from deposits in savings accounts with a bank, co-operative bank and Post Office.
A Both (i) and (ii) are true
B (i) is false and (ii) is true
C (i) is true and (ii) is false
D Both (i) and (ii) are false
18. Which of the following is/are the goal/s of Personal Financial Management ?
A Accumulating Wealth
B improving standard of living
C Spending Money Wisely
D All of the Above
19. Which of the following statement/s is/are true?
A Financial goals should be defined as specifically as possible
B Financial goals should be realistic and attainable
C Long term goals are set first followed by a series of corresponding short term and intermediate goals
D All of the Above
20. Which of the following sentence/s is/are correct?
A A resident individual or resident HUF can claim deduction u/s 80DDB
B The aggregate amount of deduction u/s 80C, 80CCC and 80CCD(1) cannot exceed Rs. 1,50,000
C The maximum amount deductible u/s 80C is Rs. 1,50,000
D All of the Above
21. Calculate the Liquidity Ratio from the following information:
Cash on hand - Rs. 40,000
Savings Account balance - Rs. 60,000
Short Term Liabilities - Rs. 20,000
Loan Installments paid during the year:
Instalment of Home Loan - Rs.2,00,000
instalment of Car Loan - Rs.50,000
Instalment of Education han - Rs.1,00,000
A 28.57%
B 13.51 %
C 14.29%
D 27.03 %
22. From the following information, Find out the amount of deduction under section 80DDB for assessment year 2018-19:
a. Tax Payer (Age 59 years) and His dependent mother (Age 89 years) are Resident.
b. His mother is suffering from the disease which is specified under the rule made by the board.
c. Expenditure of Rs. 90,000 incurred on medical treatment of dependent mother in a hospital recognized by chief commissioner.
d. Amount Received from insurance company is Rs. 4,000.
e. Amount Received from employer of taxpayer is Rs. 2,000.
A Rs. 84,000
B Rs. 74,000
C Rs. 36,000
D Rs. 64,000
23. Average Propensity to Consume refers to ________
A % of each rupee of income kept for saving
B %of each rupee of income spent for investment
C % of each rupee of income spent for current needs
D All of the Above
24. Find out the amount of Rebate u/s 87A for Mr Patel (resident individual) (Age 55 years) for the assessment year 2018-19. The Net Income of Mr Patel is Rs.2,60,000
A Rs. 515
B Rs.2,500
C Rs. 500
D Ni
25. Estate Planning is planning of _________
A Disposition of one's asset to have liquidity
B Disposition of one's asset after death
C Planning of purchase of Land & Building
D None of the above
26. Match the following :
|
a. 80D |
i. Deduction in respect of medical treatment of a specified disease |
|
b. 80DD |
ii. Deduction in respect of maintenance including medical treatment of
a dependent being a person with disability |
|
c. 80 DDB |
iii. Deduction in respect of medical insurance premium |
A (a - i), (b - ii), (c - iii)
B (a - ii), (b - iii), (c - i)
C (a - iii), (b - i), (c - ii)
D (a - iii), (b - ii), (c - i)
27. Mr Soni pays Medical Insurance Premium of Rs. 7,000 (Sum Assured Rs.1,00,000, policy taken in 2010), for his dependent brother (being person with 50% disabilty). Determine the amount of Deduction available to Mr. Soni u/s 80D for the assessment year 2018-19.
A Rs.75,000
B Rs.7,000
C Rs.1,25,000
D None of the above
28. Mr. Agrawal is suffering from low vision. His medical certificate shows that he is suffering from 50%% disability.
Calculate the amount of deduction available to Mr. Agrawal for assessment year 2018-19. He has spent total Rs. 25,000 for improving his disability.
A Deduction u/s 80DD, Rs. 1,25,000
B Deduction u/s 80 U, Rs. 75,000
C Both (A) and (B)
D Deduction u/s 80U, Rs. 50,000
29. Match the following:
|
a. 80E |
i. Deduction in respect of interest on loan taken for Residential
House Property |
|
b. 80EE |
ii. Deduction in respect of payment of interest on loan taken for
higher education |
|
c. 80TTA |
iii. Deduction in respect of interest on deposits in Savings Accounts |
A (a - i), (b - ii), (c - iii)
B (a - ii), (b - iii), (c - i)
C (a - ii), (b - i), (c - iii)
D (a - iii), (b - ii), (c - i)
30. Calculate Income After Tax from the following information:
Cash Surplus - Rs. 40,000
Savings Ratio - 8%
A 6,25,000
B 5,20,000
C 5,00,000
D 4,80,000
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