T.Y B.COM
SEMESTER - 6
PERSONAL FINANCE & INVESTMENT
(PFI)
1. Personal finance refers to financial decision of
Ans : Individual / family
2. Checking, saving account, credit card and consumer loan must be includes
Ans : Banking Product
3. Investment in which range include
Ans : Stock market, mutual funds, bonds
4. Stock market, mutual funds, bonds are parts of
Ans : Investment
5. How many key area of personal financing planning?
Ans : Six
6. Tax planning is key area of
Ans : Personal finance
7. ........... is Concern with understanding the personal resource available examining net worth and house hold cash flow
Ans : Financial position
8. Which is refers to the analysis of how to protect a house hold from unforeseen risk
Ans : Adequate Protection
9. .........Is the single large expense in house hold
Ans : Tax Planning
10. .........Is not a question of if you will pay taxes but when and how much
Ans : Managing tax
11. It is process of understanding how much it costs to live
Ans : Retirement Planning
12. Personal financial management allow with achieve personal finance goals
Ans : Individual or family
13. Financial principle are required in order to facilitate
Ans : Goal achievement
14. The three section which follow contain a general discussion of personal goals as they related
Ans : quality of life, consumption and wealth accumulation.
15. How many decisions of financial action
Ans : 5 action
16. NPS stands for
Ans : National Pension Scheme
17. U/S 80C the deduction available for payment of tuition fees for full time education is available up to
Ans : Two children
18. ............... plays a critical role in the accumulation of wealth by helping to direct our financial resource to most of product areas
Ans : personal financing planning
19. ............. is a function of the total value of all items he or owns.
Ans : Wealth
20. ........... are result that an individual wants to attain such as buying a home, building a college fund or achieving financial independence.
Ans : Financial goals
21. Long term financial gold should indicate wants and desire for period covering about
Ans : 6 years
22. Short term financial goal are set each year and cover a period
Ans : 12 month
23. Short term planning should also include establishing an emergency fund with .......... worth of income
Ans : 3 to 6 month
24. Financial planning ............
Ans : Dynamic process
25. Cash saving account and money market funds includes
Ans : Liquid Assets
26. Stock, bonds and mutual fund part of
Ans : Investment
27. Movable property such as automobiles, household, furnishing, appliances, clothing etc must be include
Ans : Person property
28. Real property means
Ans : Immovable property i.e. land and fixed assets.
29. There are planning tools that provide up to date evaluation of financial well being, potential financial problem help and better information of financial decision
Ans : Financial statement
30. Personal finance statements are essential to developing and monitoring personal financial plan.
Ans : Income expense and Balance sheet
31. ........... statement measure financial performance overtime
Ans : Income and expense
32. They are types of financial report based on expected income and expense
Ans : Budget
33. Personal financial planning a network of .......... that like future goal and plan with actual result
Ans : Financial report
34. Personal financial planning a network must be provides
Ans : Direction, control and feedback
35. Estimate saving and investment retirement programme include in ............
Ans : Financial plan
36. Total liability + total worth = ...........
Ans : Total assets
37. Worth = .........
Ans : Assets - liabilities
38. Cash on hand, saving account, money market deposits and fund must be part of
Ans : Liquid assets
39. Low risk financial assets field in the cash as investments that readily be converted to cash with little or not loss in value known as
Ans : Liquid assets
40. Personal property refers to
Ans : Movable property
41. All assets are recorded on the balance sheet at their
Ans : Current fair market value
42. Fair market value is ..........
Ans : Actual value of assets or price of assets can be expected in open market
43. Liability represent an ........ Assets.
Ans : Individual and Family
44. Any debt currently own and due within 1 year of date of balance sheet known as
Ans : Current or short term liability
45. Outstanding medical bills
Ans : Short term liabilities
46. Outstanding education loan is
Ans : Long term liabilities
47. Bonus and commission received is ......
Ans : Income
48. Purchase the car by cheque so, bank account .........
Ans : Deducted
49. Solvency ratio indicates
Ans : Available amount of net worth out of total assets
50. Solvency ratio =
Ans : 
51. The ratios shows the ability to pay the installment of loan from gross income
Ans : debt service ratio
52. Which ratio is higher it includes a person's liquidity position is sound
Ans : Liquity ratio
53.
is ...........Ans : Saving ratio
54. Debt service ratio =
Ans : 
55. Land at village has been sold out during the year for Rs.10,00,000 must on
Ans : increase income and amount increase in bank balance
56. Mr. A received the education loan for the Rs.10,00,000 in 2013-14 but year 2014-15. Mr. A paid Rs.10,00,000 of giver so, these amount transfer in balance sheet?
Ans : Rs.9,00,000
57. Purchase microwave own must be part of
Ans : Personal property
58. If Mr. Anil current balance of Rs.5,00,000 in honda city car at past balance Rs.7,00,000. How much installment amount paid
Ans : Rs.2,00,000
59. Sold investment in stock and bonds so, increase in ...............
Ans : income
60. A resident individual can avail rebate under section
Ans : 87 A
61. Education cases of income tax is
Ans : 2%
62. How much percentage of surcharge in income tax exceed Rs.1 crore
Ans : 12%
63. Rebate under section 87 A exemption amount
Ans : 2000
64. Under Sec 87 A the dedication is available if taxable income is
Ans : 5,00,000 or less
65. Short term capital gain taxable under section
Ans : 111A
66. Sec. 80 CCC .........
Ans : Pension fund
67. The maximum amount deductible under section 80 CCC.
Ans : Rs.1,00,000
68. National pension system deduction under section
Ans : 80 CCD
69. Who can join NPS
Ans : Individual and Government employees
70. The aggregate amount of dedication under section 80C, 80 CCC and 80 CCD cannot exceed
Ans : Rs.1,50,000
71. Dedication on account of employees contribution to NPS is limited to
Ans : 10% of salary
72. Additional deduction under section 80 CCD
Ans : Rs.50,000
73. Medical insurance premium under section
Ans : 80 D
74. Mr. A manager with XY LTD company in 2014-15 Mr. A salary 90,000 but November
month increase Rs.5,000 and tax payable Rs.10,000 p.m. So, how much amount of
income received in month of March 2015
Ans : Rs 85,000
75. Who can claim deduction under section 80 DD
Ans : Individual/HUF
76. How much is a fix deduction under section 80 DD
Ans : Rs.75,000
77. Who can claim deduction U/S 80E
Ans : Only an individual
78. Undersection 80 EE the value of residential house property does not exceed ........ to give deduction
Ans : Rs. 50 lakh
79. National foundation for communal harmony qualified limit under sec 80 G
Ans : 100% deduction
80. How much percentage deduction any other fund or institution which satisfies the condition of sec 80 G(5)
Ans : 50%
81. Indira Gandhi Memorial Trust must be dedication U/S 80 G
Ans : 50%
82. Sec. 80 GG deduction
Ans : Rent Paid
83. Who can claim Deucalion U/S 80 GG
Ans : Only Individual
84. Section 80U dedication in case of
Ans : A person with disability
85. Who can claim exemption U/S 54
Ans : Individual or HUF
86. What is time limit for acquiring construction residential house of the new assets
Ans : 3 years
87. Investment in the new assets and/or capital gain. Which ever lower exempt U/s ..........
Ans : 54
88. Capital gain arising from the transfer of land used for agriculture purpose U/S
Ans : 54(B)
89. Which assets the taxpayer should acquired to get benefit of exemption U/S 54 (B)
Ans : Agricultural land
90. Who can claim exemption U/S 54 EC
Ans : Any taxpayer
91. Which specific assets is eligible for exemption U/S 54 EC
Ans : Any long term assets
92. Match the following
(a) Section 80 E | 1. Individual/HUF |
(b) Section 80 DD | 2. Education loan |
(c) Section 80 CCD | 3. Medical Insurance |
(d) Section 80 D | 4. NPS |
5. Only individual |
Ans : (a-5), (b-1), (c-4), (d-3)
93. Match the following
(a) Section 80 CCC | 1. deduction in respect of payment of interest on loan taken for higher education |
(b) Section 80 D | 2. deduction in respect of medical insurance premium |
(c) Section 80 CCD | 3. deduction in respect NPS |
(d) Section 80 E | 4. deduction in respect pension fund |
A. (a-4), (b-2), (c-3), (d-1)
94. Match the following
(a) NPS | 1. Rural electrification corporation |
(b) NHAI | 2. Jawaharlal Nehru Memorial Fund |
(c) REC | 3. National Pension system |
(d) JNMF | 4. national highway authority of India |
Ans : (a-3), (b-4), (c-1), (d-2)
95. Match the following
(a) Short term capital gain | 1. Rs.2,000 |
(b) Rebate | 2. Sec 80 CCD |
(c) Maximum taxable income Rs.5 lakhs less | 3. Sec. 80D |
(d) Medical insurance premium | 4. Sec 87 A |
5. Sec 111A |
Ans : (a-5), (b-1), (c-4), (d-3)
96. The amount of deduction U/S 80 C, 80 CC and 80 CCD cannot exceed
Ans : Rs.10,00,000
97. Mr. A rent paid during the year Rs.22,000 by cash and outstanding on 31/12/16 was 2000 financial year 2016 so, effect of balance sheet in current liatbility
Ans : Rs.2,000, Outstanding rent
98. Current liabilities + loan payment = .........
Ans : Current rent
99. Monthly income = ..........
Ans : Total Income / 12
100. Maximum amount available under sec. 80TTA is
Ans : Rs.10,000
.
101. If net worth Rs.20,00,000 and total assets 75,00,000 that solvency ratio.
Ans : 26.67%
102. Mr. Anand in 31st March 15 cash in hand Rs.1,20,000 with following cash expense like utility and groceries Rs.77,000, Tax paid Rs.15,000, Rent recieve cash Rs.50,000, purchase clothes using cash Rs.13,000 how much amount available of closing balance or in the date of 31st March 16.
Ans : Rs.65,000
103. Mr. A manager of HDFC Bank the current salary in 2014-15 Rs.20,000 per month but first half of year from the 1st Oct.2016 there will be an increment of Rs.2,000 and HDFC take for which monthly installment Rs.5,000 payable from salary so, month of January Mr. A how much salary received.
Ans : Rs.17,000
104. Monitor and Control income, living expense, purchase and saving on monthly basis of estimated know as
Ans : Budget
105. Find out cash surplus. If saving ratio 32.7% and gross income of Mr.A Rs.7,15,000 without deducted tax Rs.2,500
Ans : Rs.2,33,151
T.Y B.COM
SEMESTER - 6
PERSONAL FINANCE & INVESTMENT
(PFI)
MCQS - FEBRUARY 2015
1. Personal finance refers to the financial decisions of ___________
(a) Company
(b) Friends
(c) Relatives
(d) An individual / family
2. Areas of personal financial planning include.
(a) Tax planning only
(b) investment and accumulation goal only
(c) retirement planning only
(d) All of a, b and c
3. __________ and ____________ are essential to develop and monitor personal financial plans.
(a) income - expense account and balance sheet
(b) fund flow and balance sheet
(c) directors report and balance sheet
(d) annual reports and balance sheet
4. Outstanding telephone bill is
(a) long-term liability
(b) Poor liabilities
(c) short term liability
(d) fixed liability
5. Net worth = ________
(a) Assets - Liability
(b) assets + assets
(c) liabilities - liabilities
(d) liabilities + liabilities
6. The maximum amount deductible for the A.Y 2014-15 under section 80 C is Rs. __________
(a) 3,00,000
(b) 1,50,000
(c) 5,000
(d) 1,00,000
7. The payment of medical insurance premium is deductible under section
(a) 80 A
(b) 80 L
(c) 80 D
(d) 80 B
8. Maximum amount available under section 80 TTA is
(a) Rs. 10,000
(b) Rs. 15,000
(c) Rs. 20,000
(d) entire amount
9. Under section 87A the deduction is available if taxable income is
(a) Rs. 7,00,000 or less
(b) Rs. 5,00,000 or less
(c) Rs. 8,00,000 or less
(d) Rs. 4,00,000 or less
10. Deduction under section 80 CCC is available to
(a) Only company
(b) Only individual
(c) Individual and H.U.F
(d) Only H.U.F
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