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SEMESTER - 6
PERSONAL FINANCIAL PLANNING
MCQS - 2020
(1) From the following information calculate Solvency ratio of Mr. Amitabh:
Liquidity assets - Rs. 5,00,000; Investment - 10,00,000; Real property - Rs. 20,00,000; Personal property - Rs. 5,00,000; Short term liabilities - Rs. 1,00,000; Long term liabilities - Rs. 4,00,000.
(A) 50 %
(B) 87.5 %
(C) 114.28 %
(D) 100 %
(2) Mr. Anil ( age 68 years ) has earned Interest of Rs 21,000 from saving account with a Bank and Rs 28,000 from Fixed Deposit. How, Much deduction shall be available to him U/S 80TTB for the AY 2019-20?
(A) Rs. 21,000
(B) Rs. 50,000
(C) Rs. 49,000
(D) Rs. 10,000
(3) Calculate the saving ratio of Mr Varun thom the following informatain :
Tax paid by Mr. Varun is Rs 12,000 during the year
Incorne before Tax - Rs 9,00,000
Cash surplus- Rs 6,45,000
(A) 75.09 %
(B) 66.77 %
(C) 73 %
(D) 72.63 %
(4) Mr Dev paid Rs. 3,000 and Rs. 5,000 for preventive health check up of his spouse and mother (Age 65 years) respectively during the previous year 2018-19. Find Deduction under section 80 D.
(A) Rs. 8,000
(B) Rs. 10,000
(C) Rs. 5,000
(D) Rs. 7000
(5) From the following infomation Calculate Liquidity Ratio of Mr Ayushman as on 31.12.2019:
Cash Balance - Rs. 1,00,000, Balance in Savings Account- Rs. 3,00,000, o/s Rent-Rs. 20,000, o/s Telephone Bil Rs. 5,000, Installment of Home Loan due within a year - Rs. 1,75,000, Telephone Expenses paid- Rs. 7,200
(A) 2.2%
(B) 2%
(C) 200%
(D) 20%
(6) Calculate the total long tem liability as on 31.12.2019 from the following infomation:
Particulars | Balanceas on 01.01.2019 | Balanceas on 31.12.2019 |
OutstandingEducationloan | 4,50,000 | 3,50,000 |
Outstandingcarloan | 50,000 | 20,000 |
Outstandinghomeloan | 1,20,000 | 80,000 |
OutstandingTelephoneBill | 10,000 | 20,000 |
OutstandingRent | 20,000 | 25,000 |
(A) Rs. 3,00,000
(B) Rs. 1,70,000
(C) Rs.4,50,000
(D) Rs. 4,95,000
(7) Which of the following statement is not correct for deduction in respect of interest on deposits in case of senior citizens (Sec. 80 TTB) for the ansessiment year 2019-20?
(A) The assessee is a senior citizen
(B) It may be interest on fixed deposits, interest on savings account or any other interest
(C) The assessee can claim deduction which is equal to Rs. 60,000 or the amount of aforesaid interest, whichever is lower.
(D) His income includes interest on deposits with banks/ co-operative bank/ Post Office
(8) What will be amount deductible u/s 80 GG for the Assessment Year 2019-20?
(A) Rs. 5,000 per month
(B) 25% of total income
(C) Least of A, B or C
(D) The excess of actual rent paid over 10% of total income
(9) Which of the following is/are plans to achieve financial goals?
(A) Liability and Insurance Planning
(B) Asset Acquisition planning
(C) Employee Benefit Planning
(D) All of the Above
(10) Mr. Sundaram (age 50 years) is resident individual. He annually deposits a sum of Rs. 20,000 with LIC for maintenance of his fully blind grandmother who is totally dependent upon him. A copy of certificate from medical authority is submitted. What will be the amount of deduction available u/s 80 DD for AY 2019-20?
(A) A fixed deduction of Rs.75,000
(B) A fixed deduction of Rs.1,25,000
(C) Nill
(D) Rs. 20,000
(11) Mr. A is resident individual, his total income in the previous year 2018-19 is Rs. 75 lakh, the rate of surcharge applicable on income tax is :
(A) 4 %
(B) 10 %
(C) 15 %
(D) 2 %
(12) Calculate the balance of Saving A/c as on 31-12-2019:
1st December : Balance in saving a/c Rs 70,000
2nd December : Salary deposited in bank Rs 45,000
3rd December : Interest received on investment by cheque Rs 10,000
15th December : Light bill paid by cash Rs 5,000
17th December : Electricity bill paid by PayTM Rs 4,000 (PayTM account is recharged through saving account)
25th December : Purchase of freeze by debit card Rs 20,000
(A) Rs. 96,000
(B) Rs. 1,01,000
(C) Rs. 85,000
(D) Rs. 59,000
(13) From the following information calculate debt service ratio of Ms alia bhatt :
(A) 30%
(B) 50%
(C) 40%
(D) 20%
(14) The arrangement of financial affairs of a person in such a way that the tax liabilities can be reduced in a legal way is :
(A) Tax evasion
(B) Tax planning
(C) Tax avoidance
(D) None of the above
(15) Budgets are :
(A) Allow you to monitor and control spending
(B) Based on expected income and expenses
(C) Forward looking
(D) All of the above
(16) Calculate the tax liability of Mr Akshay (Age: 88 years) for the Assessment Year 2019-20. His Net Income is Rs. 17,50,000:
(A) Rs. 3,25,000
(B) Rs. 4.35,000
(C) Rs. 3,38,000
(D) Rs. 2,23,000
(17) In preparation of Personal Financial Statements, which one of the following cannot be classified in the category of Investments in Balance sheet:
(A) Residential House Property
(B) Pension Fund
(C) Shares
(D) Bonds
(18) State the order of the following statements as True (T) or False (F):
i. Financial planning is a dynamic process
ii. income and Expense Statement in Personal Financial Management is prepared on cash basis
Iii. One of the goal of Personal Financial Planning is accumulation of wealth
(A) (i - T), (ii - T), (iii - F)
(B) (i - T), (ii - T), (iii - T)
(C) (i - T), (ii - F), (iii - F)
(D) (i - T), (ii - F), (iii - T)
(19) Match the following:
i. 80E | a. Deduction in respect of Interest on deposits in Savings Accounts |
ii. 80EE | b. Deduction in the case of a person with disability |
iii - 80TTA | c. Deduction in respect of Interest on Loan taken for ResidentialHouse Property |
iv. - 80U | d. Deduction in respect of payment of Interest on Loan taken forHigher Education |
A (i - d), (ii - c), (iii - b), (iv - a)
B (i - d), (ii - b), (iii - a), (iv - c)
C (i - d), (ii - c), (iii - a), (iv - b)
D (i - d), (ii - a), (iii - c), (iv - b)
(20) Which of the following is not correct for the rebate u/s 87A for the Assessment year 2019-20?
(A) A resident individual (whose net income does not exceed Rs. 3,50,000) can avail rebate.
(B) It is deductible from income tax before calculating health and education cess.
(C) The amount of rebate is 100% of income tax or Rs. 2,500, whichever is less.
(D) None of the Above
(21) In case of an individual, Life insurance premium paid for ________ is not allowed as deduction, u/s 80C for the Assessment Year 2019-20.
(A) Dependent Parents
(B) His/Her Spouse
(C) Independent son
(D) Dependent daughter
(22) Mr.Shahrukh (Age 33 years) has paid medical insurance premium for:
Himself (by cheque): Rs. 22,000
His wife (Age 32 years) (by cheque): Rs.5,000
Son (Not dependent) (by cheque) Rs. 1,000,
Daughter (Dependent) (by cash): Rs. 2,500
Grandparents-(by cheque ) : Rs.5,000
How much Deduction he can claim u/s 80D for Assessment Year 2019-20?
(A) Rs. 1,50,000
(B) Rs. 1,25,000
(C) Rs. 25,000
(D) Rs. 27,000
(23) The ratio that shows the percentage of an individual's degree of exposure to insolvency and how much cushion he has as a protection against insolvency
(A) Savings ratio
(B) Debt service coverage ratio
(C) Liquidity ratio
(D) Solvency ratio
(24) Mr. X is resident individual (Age 62 years) and his net income is Rs. 5,00,000. Calculate the tax liability of Mr. X for Assessment Year 2019-20.
(A) Rs. 10,400
(B) Rs. 13,000
(C) Rs. 12,500
(D) Rs. 10,000
(25) For the Assessment Year 2019-20, additional deduction u/s 80CCD (1B) in respect of contribution made by any Individual assessesunder National Pension System is available to the extent of:
(A) Rs. 1,50,000
(B) Rs. 1,25,000
(C) Rs. 40,000
(D) Rs. 50,000
(26) Which of the following statements is/are true?
(A) Long term goals are set first followed by a series of corresponding short term and intermediate goals
(B) Financial goals are more effective when set with goal dates
(C) Goal dates are target points in the future when you expect to achieve or complete certain financial objectives
(D) All of the Above
(27) Mr Kabil is totally blind. How much deduction he can claim under which section for the Assessment year 2019-20?
(A) Rs. 1,25,000, u/s 80DD
(B) Rs. 1,25,000, u/s 80U
(C) Rs. 75,000, u/s 80DD
(D) Rs. 75,000, u/s 80U
(28) From the following information calculate Real Property of Mr Hrithik:
Television-Rs. 20,000, Washing Machine - Rs.25,000, Two wheeler Activa - Rs. 40,000, Land- Rs. 25,00,000, Cash Balance - Rs.25,000, Balance in Savings Account - Rs. 3,00,000, Residential House - Rs.20,00,000
(A) Rs. 4,10,000
(B) Rs. 20,00,000
(C) Rs. 45,00,000
(D) Rs. 49,10,000
(29) Match the following:
i. Cash Balance | a. Real Property |
ii. Residential Property | b. Personal Property |
iii. Pension Fund | c. Investments |
iv. Cloths | d. Liquid Assets |
(A) (i - d), (ii - b), (iii - c), (iv - a)
(B) (i - d), (ii - c), (iii - a), (iv - b)
(C) (i - d), (ii - a), (iii - b), (iv - c)
(D) (i - d), (ii - a), (iii - c), (iv - b)
(30) The amount of money you'd have left after selling all your owned assets at their estimated fair market values and paying off all your liabilities is
(A) Debt
(B) Net Worth
(C) Investments
(D) Savings
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