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FIN370 Chapter 3

Total questions: 18

Worksheet time: 25mins

Name
Class
Date
1.

Your Name Please

4 lines
2.

Generally, there are _ ways you can deposit your money into a bank.

3.

(a)   is the most basic type of account you can

Choose from the below words
Joint accounts
Saving Accounts
Current Accounts
Trust Accounts
4.

A ​​ (a)   is a written instruction given by a customer to his banker, instructing the latter that a named third party is duly authorized to do certain acts on behalf of the customer while a ​ (b)   is a document usually under seal which authorizes one person to act on behalf of another person.

Choose from the below words
mandate
power of attorney
5.

There is not many cases where a dishonest person has succeeded in opening an account in an assume name for the purpose of obtaining money to which he was not entitled. (a)  

Choose from the below words
True
False
6.

Current accounts are actually very similar to savings accounts, with the exception of allowing you to (a)  

Choose from the below words
write cheques
deposit your
withdraw funds
open an account with the bank
7.

The minimum transaction amount for third party payments in RENTAS (payments that originate from a non-RENTAS member or beneficiary) is set at (a)  

Choose from the below words
RM50,000
RM15,000
RM8,000
RM 10,000
8.

eSPICK is a national electronic cheque information clearing system. It enables customers receive funds (a)   .

Choose from the below words
immediately
within 2 business days
on the next business day
on the day itself
9.

Can siblings (adik beradik) open a joint account? (a)  

Choose from the below words
Yes
No
10.

Which statement is TRUE on partnership accounts?

a)

Owned by 2-30 owners

b)

All registrations are done through the Companies Commission of

Malaysia.

c)

A person with foreign nationality would not be able to register for a partnership account.

d)

The business’s name can be the same name as an owner’s name on their identity card.

11.

Reorder the following step by step guides to registering a partnership account in Malaysia :

a)

Gather what required before start

b)

Registering your business name

c)

Registering your business

d)

Receiving the certificate

1)
2)
3)
4)
12.

Only after a customer is dead, an executor and administration (a)  

Choose from the below words
True
False
13.

An ​ (a)   is someone who has been named in the will to manage your estate after you die while an ​ (b)   is someone who takes charge of your estate if you

die without a will.

Choose from the below words
executor
administrator
14.

A (a)   is made by an individual in order to circumvent any litigation amongst his heirs in respect of the distribution of his assets after his death.

15.

A ​ (a)   may be defined as the relationship which arises wherever a person is compelled in equity to hold property for the benefit of some persons or the beneficiaries.

Choose from the below words
trust
will
executor
administrator
16.

The four types of companies include

a)

COMPANY LIMITED

BY GUARANTEE

b)

UNLIMITED

COMPANY

c)

COMPANY LIMITED

BY SHARES

d)

COMPANY LIMITED

BY BOTH SHARES

AND GUARANTEE

17.

Which statement is TRUE on companies account?

a)

Business must be registered no later than 40 days from the date of commencement

of the business it is necessary to submit to Registrar/SSM business registration.

b)

Business owner / partner must be a citizen or permanent resident of Malaysia

c)

Not all applicants need

to register as Ezbiz users Online first

d)

For Partnership business, only one representative will receive notice of notification

regarding the registration of the new business, which needed to be verified on the

Ezbiz Online portal.

18.

Whish of the following is true about Club & Societies’ Account EXCEPT?

a)

It is opened by clubs and

associations that are for-profit organizations

b)

Must have Meeting Minute for Ahli JawatanKuasa Penaja Penubuhan Kelab

c)

Must have List of Registered Ahli JawatanKuasa Penaja Penubuhan Kelab

d)

Must have Club Rubber Stamp (With Club Registration Number)

e)

Must have Initial minimum deposit of RM2,000