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WorksheetsFIN360_QUIZ 1
Total questions: 25
Worksheet time: 19mins
Definition of bank according to Section 2 of FSA 2013: A bank means a person which carryout banking business of.........................EXCEPT
Receiving deposit (money) in any currency account or deposit account.
Paying cheques drawn and paid by customers.
Providing loan and advances to customers.
Any provisions as allowed by the MOF, examples are REIT and Sukuk
Which laws to govern banks and financial institution is NOT true?
FSA 2013
Islamic Banking Act 1983
Insurance Act 1996
BAFIA 1987
In Malaysia, no person is permitted to carry on business of banking unless it is a _________ company and it holds a valid ______ from Ministry of Finance.
Private limited, grant
Private limited, license
Public listed, lisence
Public listed, certificate
A person is a customer only if he/she has an account with the bank. This definition is similar to the case of.....
Woods vs Martin (1959)
Great Western Railway vs London & Country Banking (1901)
Hedley Byrne vs Heller (1963)
Oriental Bank vs Rubber Industry (1957)
Which of the following is the DUTY of a banker?
Duty to charge reasonable interest
Duty to expect customer to take due care when issuing cheques
Duty to use money in appropriate ways
Secrecy of customer accounts
Which of the following is RIGHTS OF A BANKER?
Right to send regular statement
Right to collect money
Right to be indemnified
Right to exercise care and skill when dealing with customers
5 types of customer-bank relationship EXCEPT.....
Contractual relationship
Trustee-creditor relationship
Special relationship
Debtor-creditor relationship
"It is a legal right due to a banker to take into account the sum immediately owing to the bank by customer as credit or when determining the net sum due to customer". This statement is relate to.....
Standing order
Set-Off
Appropriation of payment
Limitation of Action
The following are Rights of a customer, EXCEPT:
Right to notify bank of any forgery
Right to be supplied with statement/passbook
Right to be repaid the balance standing to the credit of customer's account
Right for appropriate payments
Bank should not reveal details of customer's account. According to FSA 2013, a maximum penalty for breach of banking secrecy are......
3 years imprisonment or 3 millions fine
2 years imprisonment or 3 millions fine
3 years imprisonment or 2 millions fine
2 years imprisonment and 1 million fine
Consideration (s) of bank when giving banker opinion are, EXCEPT:
The reply must be general and specific
Any debentures must always be mentioned
Records of all enquiries received should be maintained.
Bank is no duty to obtain information from outside source
Bank must close the customer's account, EXCEPT:
Transferable instrument with endorsement
Transferable debt instrument
Non-transferable debt instrument
A debt instrument is close for modification
Which are NOT three (3) types of endorsement?
Blank endorsement
Bearer endorsement
Special endorsement
Restrictive endorsement
A bill is dishonoured by non-payment when:
The bill is complete and free from alteration
The payment is excused and the bill is overdue and unpaid
The bill is presented before the due
The payment is obtainable
A holder for value is the holder of a bill for which value was given sometime previously. So he is a person who purchased the bill from payee or endorsee.
TRUE
FALSE
A bill of exchange must be presented for payment and if it is not presented, the drawer and endorsers are charge from liability.
TRUE
FALSE
A cheque is a written order instructing a bank to pay someone on demand that is pay them when the cheque is paid in or a request for cash is made.
TRUE
FALSE
The following are advantages of cheque, EXCEPT:
Can be stop if loss
More secured than cash
Easily send through post and e-mail
Easily transferred between parties
What is negotiable instrument?
A debt instrument is close for modification
Transferable debt instrument
Non-transferable debt instrument
Transferable instrument with endorsement
The effect of general crossing is to make the cheque payable only to a banker.
TRUE
FALSE
A cheque that have a date before date of issue is ante-dated cheque.
TRUE
FALSE
Customer can countermand payment if........
Change of mind
Success of contract
Event of loss, stolen and failed contract
The bank will not responsible if the countermand instruction reaches the bank after the payment have been made eventhough the delay was caused by the bank negligence.
TRUE
FALSE
Section 60 BEA 1949 states that the bank can pay on the cheques through the presenter unknown to the bank as long as the bank takes all the necessary steps in examining the cheque and identify the presenter.
FALSE
TRUE
Section 95 BOE Act 1949 provides that a thing is deemed to be done in Good Faith where it is in fact done honestly whether it is done negligently or not.
TRUE
FALSE
