Financial Institutions 

In which country was the central bank established at first?

Ans: The central bank was established at first in Sweden.

 

When was the Citizen Investment Trust established?

Ans: The Citizen Investment Trust was established on 4th Chaitra, 2047 under Citizen Investment Fund Act, 2047.

 

When was the Nepal Central Bank ‘Nepal Rastra Bank’ established?

Ans: The Nepal Central Bank “Nepal Rastra Bank” was established on 14 Baishakh, 2013 B.S. under the Nepal Rastra Bank Act, 2012

 

What is a cheque?

Ans: A cheque is a written order issued by a bank, a person or a firm having a deposit in the bank to pay on demand the mentioned the sum of money to the person or party named therein.

 

Name the parties involved in a cheque.

Ans: The parties Involved in a cheque are Drawer, Drawee and the Payee.

 

What is an order cheque?

Ans: An order cheque is a cheque that is made payable to a person or a party named in the cheque on presentation at the bank.

 

What is crossed cheque?

Ans: When a cheque is crossed across its face with two parallel lines to ensure that the payment reaches the concerned party is known as crossed cheque.

 

What is dishonour of cheque?

Ans: Refusal to make the payment of a cheque to the payee by the bank when presented to the bank counter is called dishonour of cheque

 

Give any two reasons for dishonour of a cheque.

Ans: The two reasons for dishonour of a cheque are if the cheque is presented with a future date or after the expiry of three months period of time from the date of issue of a cheque and if the bank receives a notice about the insolvency of the drawer.

 

Write any two primary functions of insurance.

Ans: The two primary functions of insurance are to provide assurance and distribute the risk exposed to the assured to a large number of people who contribute to the insurance.

 

In which country was Central Bank established first?

Ans: Riks Bank of Sweden is the first Central Bank which was established in Sweden in 1656 AD

 

Who appoints the Governer of Nepal Rastra Bank?

Ans: The Government of Nepal appoints the Governor of Nepal Rastra Bank.

 

Name the different types of cheques.

Ans: The different types of cheques are bearer cheques, order cheques and cross cheques.

 

What is a bearer cheque?

Ans: A bearer cheque is a cheque which is made payable to the bearer of the same on a presentation at the bank cash counter.

 

Name the types of non-life insurance.

Ans: The types of non-life insurance are marine insurance, fire insurance, motor insurance, fidelity guarantee insurance, employee’s liability insurance and aviation insurance.

 

Write any two types of financial institutions.

Ans: The two types of financial institutions are bank and insurance companies.

 

Name any two types of the life insurance policy.

Ans: The types of life insurance policies are endowment life insurance, whole life insurance policy, children’s education and marriage endowment life insurance, term life Insurance and anticipated endowment life insurance.

 

Name the non-banking financial institutions

Ans: The non-banking financial institutions are finance companies, employees provident fund, capital market, insurance companies, citizen investment fund (Trust)

 

Name the types of financial institution.

Ans: There are two types financial institution. They are (a) Banking financial institution and (b) Non-banking financial institutions

 

By Ghising

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