Most modern Banking Systems are based on

Correct Answer: ?Bill Discount? is a settlement of the bill, where your electricity bill or gas bill is sold to a bank for early payment at less than the face value and the bank will recover the full amount of the bill from you before bill due date For example, electricity bill for XYZ is $1000; the electricity bill company will sell the bill to the bank for 10% to 20% discount to the face value Here, the bank will buy the electricity bill for $900 whose face value is $1000, now the bank will recover, full amount of bill from the customer ie $1000 If the customer fails to pay the bill, the bank will put interest on the outstanding bill and ask the customer for the payment

Correct Answer: CRR or Cash Reverse Ratio is the amount of money that a commercial bank has to keep with the Reserve Bank of India If the bank increase CRR then the amount with RBI comes down and vice-versa

Correct Answer: You might initially think that if you haven?t done a degree in finance or economics you haven?t got very much to offer an investment bank, but you?d be wrong Any numerate discipline will have given you a mathematical toolkit that will come in useful in technical banking work, and any good degree proves that you?re intelligent, hardworking, and effective under pressure Extra-curricular activities may have given you a wealth of other skills that are valuable at an investment bank, such as being able to juggle a number of commitments and work with others

Correct Answer: A cheque is basically issued by an individual but a draft is issued by a bank In a demand draft you have to pay before issuing while a check is withdrawn from the account

Correct Answer: Accounts Receivable

Explanation:

The journal entry to record a credit sale is Accounts Receivable. Credit sale is nothing butthe customers pay at the time of buying.

Correct Answer: Budgetary Control is establishment of budgets and the continuous comparison of actual results with the planned results It computes the variances and after that management takes necessary actions to maintain favorable variations, through revision of the budgets

Correct Answer: 1770

Explanation:

Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829-32.

Correct Answer: 4 : 2 : 1

Explanation:

As per the provisions of Section 12 of the Banking Regulation Act, 1949, the minimum ratio should be 4:2:1.

Correct Answer: 6 months

Explanation:

6 months after graduating or quitting school when you have to start paying back the loans.

 

A grace period is one term that?s provided for student loans that allow you to delay payments up to a certain length of time, without penalty. During a grace period no late charges would apply, and the loan would not risk falling into default for missed payments. The grace period allows you time to find financial stability prior to having to make payments on your student loans.

 

Many students use student loans to help pay for their college expenses, including tuition, books, room and board, and other living expenses. Students are expected to repay these loans when they graduate.

Correct Answer: Tally Solutions

Explanation:

Tally package is developed by Tally Solutions. 

 

Tally Solutions, then known as Peutronics, was co-founded in 1986 by Shyam Sunder Goenka and his son Bharat Goenka.