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Financial Planning & Wealth Management MCQ-2 Each question carries 2 marks Date: 27/02/2013 1.

How the amount of insurance cover is worked out under the EDLI scheme of the PF authorities? a. On the basis of the average salary of the employee over a period of preceding 12 months at the time of death. b. On the basis of average PF balance of the employee over a period of preceding 12 months at the time of death. c. On the basis of designation and average salary of the employee over a period of preceding 12 months at the time of death. d. None of the above 2. What is maximum amount of gratuity payable as per the act, for person retiring on 28.03.2012? a. Rs. 10,00,000 b. Rs. 3,00,000 c. Rs. 5,00,000 d. Rs. 2,50,000 3. A defined benefit plan is a qualified plan that provides specified benefit level at retirement. Which of the following is not a characteristic of defined benefit plans? a. Benefit levels are guaranteed b. Defined benefit plans are easy to design and explain to employees c. Actuarial assumption are necessary to determine actual contribution amounts d. All of the above 4. Tax exemption limit for the lump sum received towards Leave encashment on retirement is................ a. Rs.3.5 lacs b. Rs.3 lacs c. Rs. 2.4 lacs. d. Rs. 2 lacs 5. Maximum benefit payable under EDLI is a. Rs. 60,000 b. Rs. 35,000 c. Rs. 50,000 d. Rs. 1,00,000 6. Mr. Singh is employed with a FMCG company. His current annual income is Rs. 3, 00,000 which he expects to grow by 6%p.a. His current annual expenses are Rs.1, 80,000. He believes that he can meet his retirement expenses with 70% pre retirement expenses Inflation is 6% and he hopes to generate 10% on his portfolio. He wishes to retire at age of 60 years and hopes to survive for 20 years after that. Calculate the following: a. Annual income at retirement............ b. Retirement Corpus.................... c. Monthly saving required in building the retirement corpus.................... 7. Shayam opens his PPF account in the year 2001-02. When can he make his first withdrawal from this PPF account? a. After 31-03-2006 b. After 31-03-2008 c. After 31-03-2007 d. After 31-03-2016 8. Mr. Ram aged 45 years saves Rs. 2, 00,000 at 9%p.a. at the beginning of the year for the first 8 years and then stops saving on account of certain financial problems. On retirement at the age of 65 years, he intends to keep aside a sum of Rs.5, 00,000 out of the accumulated amount of the above savings as liquid money for emergencies and to invest the balance amount at 6% p.a. providing withdrawal of a fixed amount at the end of every year for 20 years. Find the amount of annual withdrawal. Answer: ...................... 9. A has invested Rs.1000 in a saving instrument maturing after 15 years. On its maturity, he receives a sum of Rs. 1750. What rate of interest is realized in this transaction? a. 3.92% b. 3.80% c. 3.56% d. 3.94% 10. Amit aged 30 years has estimated present expenses of Rs. 3, 60,000p.a. He wishes to retire at the age of 60. Inflation is 5% in first ten years, 6% in next ten years, & 6.5% in rest of the years. What would be household expense in first year after retirement if he wants to maintain standard of living with 80% post retirement. a. 11.5 lacs b. 15.77 lacs c. 16.31 lacs d. 8.53 lacs

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