Q1.
Which of the following is/are retirement benefit plans provided by the employers?
Q2.
Arrange the following steps of retirement planning process in a sequence: 1. Fill the gap by creation of an asset allocation through one’s savings and a basket of retirement products that would generate regular income and capital protection over a period of time. 2. Identify your future financial needs/goals/requirements. 3. Monitor the retirement plan at regular intervals 4. Compute the gap between your current financial position and future financial requirements. 5. Analyse your current financial situation
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Q3.
Which of the following are the methods of approximating one’s retirement needs?
Q4.
Which of the following statements is incorrect about expense protection method?
Q5.
_________is a slightly cumbersome method due to the detailed listing out of expenses as many people do not keep a tab/record of each and every expense incurred, lack of which would make the determination of retirement corpus inaccurate.
Q6.
Which of the following is not a step for calculating retirement needs through expense protection method?
Q7.
Which method of estimating one’s retirement needs is based on the income just before retirement?
Q8.
________ is based on the premise that a certain percentage of the ‘income just before retirement’ will be sufficient for rest of the person’s retired life.
Q9.
Which of the following is not a source of post retirement income?
Q10.
Rate at which the purchasing power of an investment increases is:
Q11.
General rise in the prices of goods and services over a period of time is:
Q12.
Periodic rate of return on an investment after adjustment for inflation is:
Q13.
For government employees, _______ is revised upwards from time to time to compensate for decrease in purchasing power due to general inflation.
Q14.
Which of the following investments should be included in one’s portfolio to tackle inflation?
Q15.
______ is a part of salary that is received by an employee from his/her employer in gratitude for the services offered by the employee in the company.
Q16.
How many years of full time service with the employer is required under section 10(10) of Income Tax Act 1961 for receiving the gratuity?
Q17.
Which of the following statements about gratuity is incorrect?
Q18.
Gratuity received by the employee is taxable under:
Q19.
Gratuity received by the legal heirs of the employee is taxable under:
Q20.
Which of the following employees is fully exempt from income tax arising on from receipt of gratuity?
Q21.
In case of non-government employees covered under the Payment of Gratuity Act, 1972 – Maximum exemption from tax is least of: I. Actual gratuity received; or II. Rs. 10,00,000; or III. 15 days’ salary for each completed year of service and no part thereof
Q22.
In case of non-government employees not covered under the Payment of Gratuity Act, 1972 – Maximum exemption from tax is least of: I. Actual gratuity received; II. Rs 10,00,000 III. Half-month’s average salary for each completed year of service and part thereof
Q23.
In case gratuity is received from more than one employer during the previous year, maximum exemption allowed is up to _____
Q24.
In case of an employee who is employed in a seasonal establishment, the gratuity exemption shall be for _____ days wages for each season.
Q25.
Which of the following has been the primary investment vehicle for saving for an individual’s retirement?
Q26.
Which of the following does an individual receive on maturity of PF?
Q27.
Which of the following is a type of PF set up under the provisions of the Provident Fund Act, 1925?
Q28.
Which of the following types of PF is maintained by the Central, state governments and their establishments?
Q29.
Which of the following is a type of PF recognized by the Commissioner of Income Tax?
Q30.
Which of the following provisions apply for recognized provident fund?
Q31.
Which of the following is a type of PF not recognized by the Commissioner of Income Tax?
Q32.
PF covered under PPF act, 1968 is:
Q33.
Which Provident fund covers any establishment that employs more than 20 persons?
Q34.
Which type of PF covers all individuals?
Q35.
Which of the following type of PF does not have the employer’s contribution?
Q36.
Which provident fund (Employee’s contribution) is not eligible for deduction under section 80C of Income tax Act, 1961?
Q37.
Interest earned on employer’s contribution in unrecognized PF is taxable as:
Q38.
Which of the following is not a way to overcome projected income chortfall during retirement?
Q39.
Annuities are popularly known as pension plans.
Q40.
The period when an annuitant is investing is known as:
Q41.
The period when the annuitant receives the payments is:
Q42.
Which of the following is not an advantage of an annuity?
Q43.
One can reap the benefit of rupee cost averaging during the accumulation phase in an annuity.
Q44.
Annuity serves as a replacement to retirement products, such as PPF (Public Provident Fund) and private pension plans.
Q45.
Annuity where money is invested for a specified period of time until one can begin taking withdrawals is:
Q46.
Annuity where the annuitant begins to receive the payments from the insurer immediately is:
Q48.
_______ Annuities are essentially debt instruments issued by the issuer.
Q49.
Which of the following statements about fixed annuity is incorrect?
Q50.
Which of the following annuities do not guarantee a specific amount?
Q51.
In which of the following annuities, the beneficiary will receive the balance annuity payments if the investor passes away before the end of the period?
Q52.
Which of the following statements about life certain annuity is incorrect?
Q53.
The main purpose of life certain annuity is that it provides protection against outliving one’s retirement money.
Q54.
Annuity where an investor receives a guaranteed payout-either for the rest of his life or until a specified period; whichever is early is:
Q55.
Mr. A passed away two a year back. However, Mrs. A continues to receive payouts from the insurer. In which annuity would Mr. A have invested?
Q56.
_________ is a combination of fixed and variable annuity.
Q57.
In which of the following annuities, one gets to enjoy the upside of a stock market bull run and also protect oneself against the downside as the investment earns a guaranteed minimum return even if stock prices fall?
Q58.
Which of the following is/are drawbacks of an equity indexed annuity?
Q59.
To what extent deduction u/s 80 ccc of IT Act, 1962 is allowed on account of investment during payment of premium?
Q60.
The commuted value of pension received from a life insurance plan is taxable.
Q61.
Uncommuted pension amount received is taxable in the hands of the pensioner/investor.
Q62.
Annuity received from present employer is taxable as:
Q63.
Annuity received from former employer is taxable as:
Q64.
Annuity received from mutual funds is taxable as:
Q65.
Annuity received by the nominee is taxable as:
Q66.
Which of the following is true about annuity?
Q67.
Which of the following is an annuity?
Q68.
Which of the following is a type of pension plan?
Q69.
In _______ plan, the benefit to be paid to the employee is defined or fixed at the beginning of the plan.
Q70.
Which of the following statements is true about a defined benefit plan?
Q71.
Which of the following is known as money purchase plan?
Q72.
Under which of the following plans, the contribution to the pension plan by the employee is fixed and the same is matched by the employer?
Q73.
Unlike a defined-benefit plan, where the employee knows exactly what his or her benefits will be upon retirement, there is no such certainty regarding investments in a defined-contribution plan.
Q74.
Which of the following statements is incorrect about a traditional pension plan from life insurer?
Q75.
Which of the following statements is not true about mutual fund pension plans?
Q76.
Under the _______ pension plan, the corpus built till the date of death is given out to the nominees in case of an eventuality, with no sum assured.
Q77.
Who is not covered under New Pension scheme?
Q78.
Which of the following statements about PPAN is untrue?
Q79.
One can freely withdraw savings from
Q80.
Which of the following is not an advantage of New Pension Scheme?
Q81.
Scheme B of NPS will invest mainly in equity and partly in government bonds as well as corporate bonds.
Q82.
Which scheme of NPS will invest mainly in Government bonds?
Q83.
Which scheme of NPS will mainly invest in equity?
Q84.
In NPS, the subscriber is free to switch his savings from one scheme to another.
Q85.
Which of the following statements is/are true about Tier I accounts of NPS?
Q86.
Which of the following is not a defined contribution scheme?
Q87.
Maximum tenure of a reverse mortgage loan is _________
Q88.
Which of the following statement is incorrect?
Q89.
An RML will become due and payable only when the last surviving borrower dies or permanently moves out of the house.
Q90.
Which of the following statements about reverse mortgage is untrue?
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