Banking and Finance Quiz

What is the main purpose of a savings account?

• To buy a car

• To travel the world

• To start a business

• To meet a certain expenditure

What is the main purpose of a current account?

• To invest in stocks

• To earn high interest

• To make regular payments using cheques

• To save money for the future

What is a cheque in the context of a current account?

• A savings account

• A written order to pay a certain sum of money

• A loan agreement

• A fixed deposit

What is the main purpose of a fixed account?

• To invest in stocks

• To save money for the future

• To make regular payments using cheques

• To earn high interest

What is the main characteristic of Negotiable Instruments of Deposits (NIDS)?

• Interest given is based on market rate

• Can be sold before maturity date at a fixed price

• Nominal value denominated in multiples of RM100,000

• Interest payment on maturity date only

Which Islamic banking contract involves buying goods on credit with a predetermined profit margin?

• Musharakah

• Murabahah

• Tawarruq

• Ijarah

What is Tawarruq also known as in Islamic finance?

• Commodity Murabahah

• Profit-sharing

• Interest-bearing

• Reverse Mudarabah

In Musharakah, partners share:

• Only profits

• Both gains and losses

• Only losses

• Fixed returns

What criteria does a bank consider for opening a Current Account?

• Age and gender

• Credit score and income level

• Proper registration with relevant authorities and mental/physical capacity

• Employment status and educational background

What is the main purpose of a current account in the context of Shari'ah contract?

• To invest in stocks

• To earn high interest

• To make regular payments using cheques

• To save money for the future