Question # 1 of 15 ( Start time: 10:53:53 PM ) Total Marks: 1
Which of the following is NOT the essential requirement for the endorsement as per Negotiable Instrument Act, 1881?
Select correct option:

It should be on the instrument

It should be made by the holder or the maker

Signatures should be in ink and not by pencil or rubber stamp

It should contain unconditional order

Question # 2 of 15 ( Start time: 10:55:19 PM ) Total Marks: 1
All of the following are included in the financial intermediaries, EXCEPT:
Select correct option:

Mutual Funds
Pension Funds
Stock Exchange
Credit Union


Question # 3 of 15 ( Start time: 10:56:21 PM ) Total Marks: 1
Which of the following terms is NOT defined by the Companies Ordinance, 1984?
Select correct option:

Paid-up capital
Debenture
Dividend
Preference share


Question # 4 of 15 ( Start time: 10:57:53 PM ) Total Marks: 1
What is the bailment of goods as security for payment of a debt or performance of a promise called?
Select correct option:

Hypothecation
Mortgage
Lien
Pledge

Question # 5 of 15 ( Start time: 10:58:20 PM ) Total Marks: 1
According to Section 4 of State Bank of Pakistan Act, 1956, which of the following should be the original Capital of the Bank?
Select correct option:

Rs. 20 Millions

Rs. 30 Millions

Rs. 40 Millions

Rs. 50 Millions

Question # 6 of 15 ( Start time: 10:58:39 PM ) Total Marks: 1
Which of the following is NOT a legal requirement for opening a bank account of a limited company?
Select correct option:

Copy of Memorandum of Association

Copy of Articles of Association

Certificate of Incorporation

Specimen signatures of all the directors

Question # 7 of 15 ( Start time: 10:59:15 PM ) Total Marks: 1
Which of the following is also called the Legal Mortgage?
Select correct option:

Equitable Mortgage

Registered Mortgage

Un-registered Mortgage

Non-equitable Mortgage


Question # 9 of 15 ( Start time: 11:00:54 PM ) Total Marks: 1
Which of the following refers to “the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them”?
Select correct option:

Bailment

Mortgage

Lien

Pledge


Question # 10 of 15 ( Start time: 11:01:50 PM ) Total Marks: 1
According to Section 23 of Banking Companies Ordinance, 1962, a subsidiary to banking company can perform which of the following function(s)?
Select correct option:



To carry on of banking business strictly in conformity with Islam

To carry on business of modaraba

Such other purposes as are incidental to the business of banking

All of the given options

Question # 11 of 15 ( Start time: 11:02:33 PM ) Total Marks: 1
According to URR525, which of the following is a request for reimbursement from the Claiming Bank to the Reimbursing Bank?
Select correct option:



Reimbursement authorizations

Reimbursement amendment

Reimbursement claim

Reimbursement undertaking

Question # 12 of 15 ( Start time: 11:03:29 PM ) Total Marks: 1
Which of the following has defined the banker as “Any person carrying on a bonafide banking business in the United Kingdom is a banker”?
Select correct option:



American Version

United Kingdom’s Version

Finance Act, 1915

Negotiable Instruments Act, 1881

Question # 13 of 15 ( Start time: 11:04:17 PM ) Total Marks: 1
According to UCP 600, which of the following refers to any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a complying presentation?
Select correct option:



Credit

Letter of credit

Confirmation

Honor

Question # 15 of 15 ( Start time: 11:06:03 PM ) Total Marks: 1
In which of the following years, “Wafaqi Mohtasib” was established?
Select correct option:



1983

1995

2000

2005

Another Quiz:-

Question # 1 of 15 ( Start time: 11:08:04 PM ) Total Marks: 1
According to Section 16 of Banking Companies Ordinance, 1962, which of the following is the MAXIMUM commission, brokerage, discount or remuneration paid by banking company on issue of share capital?
Select correct option:



2% of the paid up value of the issued shares

2.5% of the paid up value of the issued shares

3% of the paid up value of the issued shares

3.5% of the paid up value of the issued shares

Question # 2 of 15 ( Start time: 11:09:36 PM ) Total Marks: 1
Of the following who make the contract void?
Select correct option:



Minor

Insolvent

Lunatic

All of the given options

Question # 3 of 15 ( Start time: 11:10:52 PM ) Total Marks: 1
Which of the following refers to “the transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability”?
Select correct option:



Pledge

Hypothecation

Mortgage

Lien


Question # 4 of 15 ( Start time: 11:11:30 PM ) Total Marks: 1
All of the following are requirements of the Memorandum, under Banking Companies Ordinance, 1962, EXCEPT:
Select correct option:



Required to be printed

Issue of shares and allotment of shares

Should be divided into paragraphs

Paragraphs to be consecutively numbered


Question # 5 of 15 ( Start time: 11:12:21 PM ) Total Marks: 1
Which of the following condition(s) may lead to cancellation of license of a banking company?
Select correct option:



If the company ceases to carry on banking business in Pakistan

If the company at any time fails to comply with any of the conditions imposed upon it under sub-section (1)

If at any time, any of the conditions referred to in sub-section (3) ceases to be fulfilled

All of the given options

Question # 6 of 15 ( Start time: 11:12:39 PM ) Total Marks: 1
According to Section 4 of State Bank of Pakistan Act, 1956, which of the following should be the original Capital of the Bank?
Select correct option:



Rs. 20 Millions

Rs. 30 Millions

Rs. 40 Millions

Rs. 50 Millions

Question # 8 of 15 ( Start time: 11:13:05 PM ) Total Marks: 1
Which of the following refers to “the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them”?
Select correct option:



Bailment

Mortgage

Lien

Pledge

Question # 9 of 15 ( Start time: 11:13:16 PM ) Total Marks: 1
A banking company can engage itself in which of the following businesses under section 7 of Banking Companies Ordinance, 1962?
Select correct option:



Borrowing, raising, or taking up of money

The lending or advancing of money either upon or without security

The granting and issuing of letters of credit

All of the given options



Question # 10 of 15 ( Start time: 11:13:41 PM ) Total Marks: 1
Under Section 10 (Penalty) of the Co-operative Societies and Co-operative Banks (Repayment of Loans) Ordinance, 1966, if a person whoever contravenes any of the provisions of this Ordinance or the rules made shall be punishable with imprisonment of which of the following?
Select correct option:



Term which may extend to five years

Term which may extend to six years

Term which may extend to seven years

Term which may extend to eight years


Question # 12 of 15 ( Start time: 11:16:04 PM ) Total Marks: 1
According to Section 36 of Banking Companies Ordinance, 1962, the banking company should submit its financial statements and the audit report to the State bank within which of the following periods?
Select correct option:



2 Months

3 Months

4 Months

6 Months
11) Bank word derived from………………………A)BANCUS ….. FORGET OTHERS.


Question # 13 of 15 ( Start time: 11:17:30 PM ) Total Marks: 1
According to URR525, which of the following is a bank that has issued a Credit and the Reimbursement Authorization under that Credit?
Select correct option:



Issuing bank

Paying bank

Advising bank

Confirming bank

Question # 14 of 15 ( Start time: 11:17:54 PM ) Total Marks: 1
Who among the following is appointed by a court to look after the estate of a person who died without leaving a WILL?
Select correct option:



Agent

Lawyer

Lawyer

Administrator


Question # 15 of 15 ( Start time: 11:18:32 PM ) Total Marks: 1
------Studies history of law and evolution of law over a period of time and also amendments, introduction of new principles of law.
Select correct option:



Analytical Jurisprudence.

Social Jurisprudence.

Historical Jurisprudence.

Ethical Jurisprudence.

Question # 1 of 15 ( Start time: 06:37:44 PM ) Total Marks: 1

Valuation of stock is computes by the formula:
Select correct option:
A+B-C
A-B-C
A-B+CA+B+C

Valuation of Stock:

Cost of stock-in-trade disposed of (consumed) during the year shall be computed as under.

A+B-C

A: Opening stock

B: Stock acquired during the year

C: Closing stock.

Question # 2 of 15 ( Start time: 06:39:13 PM ) Total Marks: 1
Formula to compute the tax rate applies on gratuity received, “B” stands for;
Select correct option:
The total tax paid or payable by the employee for the three preceding tax years
The employee’s total taxable income for the three preceding tax yearsThe gratuity received by the employee
None of the given options


Question # 3 of 15 ( Start time: 06:40:07 PM ) Total Marks: 1
Non-Agricultural income includes which one of the following?
Select correct option:
Income from sale of wild grass
Income from fisheries
Royalty income of minesAll of the given options P19



Question # 4 of 15 ( Start time: 06:40:45 PM ) Total Marks: 1
Profit earned on debts is chargeable under
Select correct option:
Income from salary
Income from other sourcesIncome from business
Income from capital gains

Profit earned on debts in course business shall be chargeable to ‘income from business’.p66


Question # 5 of 15 ( Start time: 06:41:22 PM ) Total Marks: 1
If a business carried on by Non-resident person in Pakistan through permanent establishment what will be the tax treatment of the traveling expenditures born by the non-resident for spending his holidays in his home land?
Select correct option:Wholly taxable due to PE
Wholly taxable as no concerned with PE in Pakistan
Not permissible as deduction from the income of Non-resident
None of the given options


Question # 6 of 15 ( Start time: 06:42:21 PM ) Total Marks: 1
MTS stands for which of the following?
Select correct option:Minimum time scale
Minimum transfer Salary
Maximum time scale
Maximum transfer Salary

Concept of MTS (Minimum of Time Scale):

This is the starting point or minimum amount which is available to an employee under a time

Which one of the following sections defines minimum tax on resident companies?
Select correct option:
Section 110
Section 111Section 113
Section 115

Taxation of Companies

Minimum Tax on Resident Companies Sec. 113

Resident Company is subjected to minimum tax . 0.50% of its turnover for a tax year, even in cases where the company sustains loss.p73

Question # 8 of 15 ( Start time: 06:43:42 PM ) Total Marks: 1
Which of the following is the main tool of Fiscal Policy?
Select correct option:Taxes
Deficit Financing
Subsidies
Transfer Payments

Taxes are important instrument of Fiscal Policy

Question # 9 of 15 ( Start time: 06:44:16 PM ) Total Marks: 1
The Fiscal year is a period of ____ months arbitrarily chosen for tax purposes.
Select correct option:
3
612
18

Question # 10 of 15 ( Start time: 06:44:47 PM ) Total Marks: 1
If a depreciable asset disposes of with in a tax year than:
Select correct option:
Total depreciation deductions allowedNo depreciation deductions allowed
25% of depreciation deduction allowed
None of the given options

Deductions---Special Provisions

Depreciation (Sec. 22)

Deduction for depreciation allowed to a person if depreciable assets used in the person’s business in a tax year. Rate of depreciations shall be applied as specified in part 1 of 3rd schedule.

Written down value of a depreciable asset of a person as at the beginning of the tax year shall be;

a) where the asset was acquired in the tax year, the cost of the asset to the person as reduced by any

initial allowance under sec 23
b) in any other case, the cost of the asset to the person as reduced by the total depreciation

deductions ( including any initial allowance under sec 23 ) allowed to the person in respect to the

asset in previous tax years.

• No depreciation deductions allowed where in a tax year a person disposes of a depreciable

asset;


Which of the following is the Tax Treatment of utilities for the year 2009?
Select correct option:Wholly taxable
Wholly exempted
Exempt up to 10% of MTS
Exempt up to 45% of MTS

Utilities were exempt up to 10% of MTS or Basic salary till 30th June, 2006, vide clause 38 of part 1 of

Second Schedule. This clause has been omitted by Finance Act, 2006. Hence no exemption is available for tax year 2009.

Question # 12 of 15 ( Start time: 06:46:25 PM ) Total Marks: 1
In the normal circumstances on which of the following tax is charged?
Select correct option:
Gross Receipt
Total IncomeTaxable Income
All of the given options



Question # 13 of 15 ( Start time: 06:47:17 PM ) Total Marks: 1
As per clause 13(iii) of the part 1 of second schedule, if gratuity fund is approved by CBR, the amount of fund exempted up to Rs. 200,000 and any amount exceeding it will be taxed in which of the following way?
Select correct option:Salary Income
Income from Business
Capital gain
Other Income



Question # 14 of 15 ( Start time: 06:48:20 PM ) Total Marks: 1
Which of the following is the deductible allowance from the income of an individual?
Select correct option:
Zakat
Worker’s Welfare Fund
Work’s Participation FundAll of the given options

Deductible Allowance:

The person shall be entitled to a deductible allowance for any Zakat paid by the person in a tax year

according to provisions of sec.60, for the amount of any Workers’ Welfare Fund paid by the person in a tax year under Sec 60-A, for the amount of any Workers’ Participation Fund paid by the person in a tax year under section 60-B.

Question # 15 of 15 ( Start time: 06:49:09 PM ) Total Marks: 1
Any gain arising on the disposal of shares in a resident company belongs to which of the following?
Select correct option:
Foreign source of incomePakistan source income
Both Pakistan and foreign source of income
None of the given option


Any gain arising on the disposal of shares in a resident company shall be Pakistan- source income.P29