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Question 1 of 10
1. Question
The Organisation for Economic Co‐operation and Development (OECD) estimates that the implementation of Basel III will decrease annual GDP growth by 0.05 to:
Correct
The Organisation for Economic Co‐operation and Development (OECD) estimates that the implementation of Basel III will decrease annual GDP growth by 0.05 to 0.15 percent per annum in the medium term
Incorrect
The Organisation for Economic Co‐operation and Development (OECD) estimates that the implementation of Basel III will decrease annual GDP growth by 0.05 to 0.15 percent per annum in the medium term
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Question 2 of 10
2. Question
Select TWO effective ways to reduce bank charges:
Correct
Reducing bank charges
– understand the charging methods
– review types of payment and method of submission
– use better cash management techniques
– review existing arrangements
– bank fees checklistIncorrect
Reducing bank charges
– understand the charging methods
– review types of payment and method of submission
– use better cash management techniques
– review existing arrangements
– bank fees checklist -
Question 3 of 10
3. Question
Which statement best describes Debits?
Correct
Debits are payments (or ‘disbursements’) made from an account.
Incorrect
Debits are payments (or ‘disbursements’) made from an account.
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Question 4 of 10
4. Question
What is the most basic medium of exchange and was in use long before the commercial banking system existed?
Correct
Cash is the most basic medium of exchange and was in use long before the commercial banking system existed.
Incorrect
Cash is the most basic medium of exchange and was in use long before the commercial banking system existed.
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Question 5 of 10
5. Question
What happens when banks fail to maintain sufficient liquidity?
Correct
When banks fail to maintain sufficient liquidity (i.e. having enough funds to meet all current, foreseen and unforeseen obligations), a financial crisis normally ensues.
Incorrect
When banks fail to maintain sufficient liquidity (i.e. having enough funds to meet all current, foreseen and unforeseen obligations), a financial crisis normally ensues.
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Question 6 of 10
6. Question
Select TWO most usual physical, paper‐based instruments used to make domestic payments:
Correct
The following are the most usual physical, paper‐based instruments used to make domestic payments:
• cash • cheques • paper giros • bills of exchange • promissory notes • banker’s draftsIncorrect
The following are the most usual physical, paper‐based instruments used to make domestic payments:
• cash • cheques • paper giros • bills of exchange • promissory notes • banker’s drafts -
Question 7 of 10
7. Question
Basel III specifically requires banks to maintain enough liquidity to cover:
Correct
Basel III specifically requires banks to maintain enough liquidity to cover 30 days of outflows.
Incorrect
Basel III specifically requires banks to maintain enough liquidity to cover 30 days of outflows.
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Question 8 of 10
8. Question
Which element of a cheque is usually encoded in the MICR line for the clearing/sorting process?
Correct
Account number: The customer’s individual account number. This is usually encoded in the MICR line for the clearing/sorting process.
Incorrect
Account number: The customer’s individual account number. This is usually encoded in the MICR line for the clearing/sorting process.
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Question 9 of 10
9. Question
What is the basic purpose of endorsing a Bank sort code/routing code on a cheque?
Correct
Bank sort code/routing code: Identifies the bank and the branch so that bank clearing departments can sort and deliver the cheque to the correct bank, branch, and account. The bank and branch code is encoded onto the cheque on the MICR line at the bottom of the cheque.
Incorrect
Bank sort code/routing code: Identifies the bank and the branch so that bank clearing departments can sort and deliver the cheque to the correct bank, branch, and account. The bank and branch code is encoded onto the cheque on the MICR line at the bottom of the cheque.
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Question 10 of 10
10. Question
The bank accepting the cheque for deposit is known as:
Correct
The bank accepting the cheque for deposit is known as the ‘collecting bank’ or the depository bank.
Incorrect
The bank accepting the cheque for deposit is known as the ‘collecting bank’ or the depository bank.