MCQ Bank
Following are the rights of the agent Except:
- A) To pass on any benefits to the principal derived by him
- B) To be indemnified against consequences of lawful acts
- C) To get compensation for any injury caused by principal’s neglect
- D) To receive remuneration when due
Followings can be the holder of promissory note except______________________.
- A) Payee
- B) Endorsee
- C) Drawer
- D) Mere Bearer
Holder of a promissory note is a person who ________________________.
- A) All of the given options
- B) Bearer of the instrument
- C) Possesses the instrument
- D) Entitled to possess the instrument
Which one of the following negotiable instrument is drawn on a specified banker?
- A) Bill of exchange
- B) Cheque
- C) None of the given options
- D) Promissory note
Mr.Aslam draws a cheque of Rs: 10,000 and gives it to Mr.Akram for encashment. Who is the drawee in this case?
- A) Mr.Aslam
- B) All of the given options
- C) Mr.Akram
- D) Bank
A cheque bearing two traversed line on its face is called __________________________.
- A) Order cheque
- B) Crossed cheque
- C) Bearer cheque
- D) Blank cheque
In running Musharakah, the share of client’s capital is determined through:
- A) Actual amount utilized by the client
- B) Amount disbursed by the bank
- C) Total limit assigned to the client
- D) Average sale proceeds of client
The most popular mode of financing for working capital is:
- A) Murabaha
- B) Istisna
- C) Mudarabah
- D) Ijarah
When did Islamic banking started in Pakistan?
- A) 1998
- B) 2002
- C) 2006
- D) 2000
Which of the following cannot be the part of capital in Musharakah?
- A) Commodities
- B) Debts
- C) Liquid assets
- D) Fixed assets
L/Cs for business purpose is opened by Islamic banks using:
- A) Murabaha
- B) Mudarabah
- C) Salam
- D) Istisna
In Mudarabah, which of the followings party has no right to participate in management?
- A) Mudarib
- B) None of the given options
- C) Neither Mudarib nor Rabb ul Maal
- D) Rabb ul Maal
Which of the following is not true regarding partners of Musharakah?
- A) Partners should be mature
- B) Partners should not be a minor
- C) Partners should be sound mind
- D) Partners should only be natural person
Which of the following needs cannot be fulfilled using Salam contract?
- A) Hiring tractor for farming
- B) Paying salaries to labor
- C) Paying the electricity bill
- D) Purchasing seeds and fertilizers
Identify the situation(s) where the negligence of the partners are proven
- A) All of the given option
- B) Partner works against the norms of the business
- C) Partner does not abide by the terms and conditions
- D) Established wrong intention of a partner
The term Musha’ can be defined as:
- A) The dividable ownership of the asset by the partners
- B) The separated ownership of the asset by the partners
- C) The undivided ownership of the asset by the partners
- D) None of the given
Which of the following is not considered as the role of mudarib in Mudaraba contract?
- A) Principal
- B) Partner
- C) Trustee
- D) Agent
Which of the following party will be appointed as an agent of bank in Import financing through Murabaha?
- A) Correspondent bank
- B) Exporter
- C) Importer
- D) Exporter’s bank
Islamic banks can use diminishing Musharakah for financing the:
- A) Fixed assets
- B) Liquid assets
- C) Working capital requirements
- D) Intangible assets
Standard No. 2 of AAOIFI provides the guidelines regarding:
- A) Letter of guarantee
- B) Letter of credit
- C) Murabaha process flow
- D) Electronic money