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Banking Info - Level 2 Quiz Form
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Links
  List of banking institutions in Malaysia
  Bank Negara Malaysia
  BNM LINK
  Insuranceinfo
  Duitsaku
  FMB
  AKPK
  Credit Bureau
  ABM
  PIDM

 
 
HOUSING LOANS
 
1) Your banking institution will impose a penalty called "early settlement penalty" if you repay your loan in full before the expiry of the mandatory period. Why?
 
  A) To pay for whatever administrative fees incurred
  B) Compensate your banking institution for any losses incurred due to your premature exit
  C) Penalise you for terminating the agreement
  D) Pay for the legal fees in terminating the loan
  E) As withholding sum to settle any amount due from you later
 
2) If you take a joint housing loan with your spouse, who is responsible for the repayment?
 
  A) You and your spouse are each responsible for the repayment of half the loan
  B) You and your spouse are responsible for the entire loan
  C) You are responsible as your name appears first in the loan agreement
  D) You are responsible as you are earning more than your spouse
  E) Your spouse as her/his name appear first in the loan agreement
 
3) Which of the following are factors you should consider when shopping for a housing loan?
 
  A) Housing loan rates offered
  B) Fees and charges on the loan
  C)  Service quality of the banking institution
  D) Your ability to service the loan
  E) All of the above
 
HIRE PURCHASE
 
4) Below are payments you need to make to  your banking institution when you take back possession of the repossessed motor vehicle except:
 
  A) Outstanding arrears due to your banking institution
  B) Late payment charges on the outstanding amount due
  C) Out of pocket expenses such as storage, repair or maintenance costs
  D) Cost of repossession and redelivery
  E) Outstanding balance of the loan
 
5) Your banking institution can repossess the vehicle hired to you under the Hire Purchase Act 1967 if you default in ________.
 
  A) 1 instalment
  B) 2 successive instalments or the final instalment
  C) 6 successful instalments or the final instalment
  D) 12 successive instalments
 
6) Which of the following is incorrect about the Fourth Schedule notice sent pursuant to the Hire Purchase Act 1967:
 
  A) It is a notice to indicate your banking institution's intention to repossess the vehicle hired to you
  B) The notice can be sent by personal delivery or by registered mail
  C) The notice can be ignored if it was sent to your previous address based on your banking institution's record
  D) Your banking institution can repossess the motor vehicle anytime after 21 days from the date of the Fourth Schedule notice was served if the overdue payments remained unpaid
  E) Your banking institution cannot repossessed your motor vehicle if it has not sent the Fourth Schedule to you
 
CREDIT CARD
 
7) Which of these should be practiced when using a credit card?
 
  A) Pay only the minimum balance since it is allowed
  B) Taking advance from credit card since it is faster and less hassle
  C) Memorise your PIN number and do not leave your PIN number in your wallet
  D) Maintain as many cards as possible for convenience
  E) Throw away the receipt signed by you immediately after receiving from the cashier
 
8) The following are consequences of paying only the minimum amount of repayment for credit card balances except:
 
  A) You will receive cash rebate from your card issuer
  B) You will incur more interest charges
  C) It will take a longer time for you to repay your balance
  D) Your outstanding balance will increase rapidly because of the interest charged
  E) You are likely to have financial problems if you continue to service your debt in this manner
 
9) Which of the following relating to credit card fees and charges is incorrect?
 
  A)  A late payment fee is imposed when you fail to pay at least the minimum monthly payment by the due date. 
  B) Finance charges are charges imposed on the outstanding balances which you have not settled after the payment due date.
  C) Annual fee is a flat fee which is payable only when you use the card
  D)  Cash advance fee is imposed on the amount of cash withdrawn from the transaction date or when the amount is posted to your credit card.
  E) All payment outstanding including late payment fee which is not paid by due date will be subject to finance charges
 
DEPOSIT ACCOUNTS
 
10) What are the consequences of issuing cheques if you do not have enough funds in your account?
 
  A) Your reputation may be affected among your suppliers.
  B) Your banking institution may impose a penalty on you for issuing a dishonoured cheque.
  C) Your banking institution may close your account maintained with them.
  D) Your may have difficulties in opening a current account with another banking institution.
  E) All of the above.
 
11) Which of the following activities cannot be carried out by you if you have a savings account?
 
  A) Deposit cash and cheques.
  B) Withdraw using ATM.
  C) Apply for internet banking facilities.
  D) Issue a cheque.
  E) Apply for a standing instruction.
 
12) Which of the following statements is incorrect  regarding a basic current account?
 
  A) Initial amount to open the account is not more than RM500
  B)  The maximum amount of service charge that can be imposed on a basic current account with an average  balance of less than RM1,000 during the half year is RM10.
  C) All residents and Malaysians are eligible to open a basic current account
  D) You need an introducer before you can open the account
  E) An application to open a basic current account will not be subject to the normal processing by your banking institution
 
CREDIT BUREAU
 
13) What is the role of the Credit Bureau?
 
  A) Blacklist borrowers with bad credit record.
  B) Collects credit information on borrowers and supplies the information back to lenders
  C) Gives credit assessment of borrowers
  D) Dictates credit decisions of financial institutions
  E) Reports to Bank Negara Malaysia the status of your loan
 
14) Which of the following about Credit Bureau is correct?
 
  A) The Credit Bureau is legally empowered to collect credit information about borrowers
  B) The Credit Bureau collects information on guarantors
  C) The Credit Bureau will furnish borrowers information to any applicant
  D) The Credit Bureau has the power to amend incorrect data in its database
  E) The Credit Bureau does not allow the public to check their credit record with Credit Bureau
 
MONEY MANAGEMENT
 
15) Which of the following statements is incorrect?
 
  A) You should start to save early to benefit from the effect of compound interest.
  B) An investment with higher returns will also have higher risks
  C) Short term fluctuations in market value can be expected even with good investments
  D) You may still invest in the share market even if you foresee that you may need the funds in a month's time
  E) Financial planning is one of the important process in managing your money
 
16) Which of the following will not help you in reducing your budget deficit?
 
  A) Trimming of unnecessary expenses
  B) Create a spending plan and monitor the expenses
  C) Borrow from friends to meet daily expenses
  D) Taking a money management course
  E) Buy in bulk or during sale season
 
17) Which of the following investments should be avoided as it is too good to be true?
 
  A) Investment  in a bond with normal return and potential risk where the income is tax free
  B) Investment in a scheme that offers return well above the market rate with no risk
  C) Investment in a principal guaranteed structured investment with potential risks
  D) Investment in a government guaranteed bond
  E) Investment in Bank Negara Malaysia savings bond
 
18) Which of the above will affect your chances of getting a loan?
 
  A) Asking your banking institution for additional loans
  B) Refinancing your housing loan
  C) Having overdue loan instalment exceeding 60 days
  D) Having more than one banking account
  E) Having complained to the banking institution about its customer service previously.
 
19) Below are places where you can get help to deal with your banking problems except:
 
  A) Financial Mediation Bureau
  B) Agensi Kaunselling dan Pengurusan Kredit
  C) Laman Informasi Kidmat Dan Nasihat Bank Negara Malaysia (BNM LINK)
  D) Complaint unit of banking institutions
  E) Perbadanan Insurans Deposit Malaysia
 
20) Which of these formed the basic principles of Islamic banking?
 
  A) Profit/loss sharing and interest payment
  B) Profit/loss sharing and penalty
  C) Profit/loss sharing and prohibition of interest
  D) Lending and prohibition of interest
  E) Savings and profit/loss sharing
 
 
Your Name : *
 
 
Related Information

Managing your money

investing your money

Housing loans

Hire purchase

Credit cards

Current accounts
 
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