Finance Quiz (Set 2)

The five C's that banks need when approving a credit application are Character, Capacity, Capital, Collateral, and _______.

The Central Credit Reference Information System (CCRIS) is a platform that stores and contains credit information and history of _______ borrowers in Malaysia.

An individual is taxed on all income earned, whether from Malaysia or abroad.

• TRUE

• FALSE

The Income Tax Act of Malaysia was enacted in the year _______.

• 1987

• 1978

• 1976

• 1967

Donations to approved institutions can be deducted from aggregate income.

• TRUE

• FALSE

How many years should previous tax records be maintained?

• 5 years

• 7 years

• 10 years

• 3 years

Which of the following is NOT a type of consumer credit?

• Closed-End Credit

• Open-End Credit

• Overdraft

• Fixed-End Credit

Mr. Zahid, aged 60, has just retired with RM1,000,000 in his bank account and wants to invest it in AAA Bonds that pay 5% annually. Calculate his annual income if he chooses to leave the capital intact.

• RM50,500

• RM56,000

• RM50,000

• RM50,500

If En. Fariz needs RM50,000 per annum for 20 years after retirement and the rate of return is 8% while the inflation rate is 4%, calculate the amount he needs to save now.

• RM715,300

• RM715,360

• RM715,350

• RM715,300

Financial planning for retirement involves assessing your post retirement goals and income and plugging any ______ you find.