ELEMENTS OF BANKING – Page 3

EOB – OCT 2022 – L1 – Q8 – True or False Statements

State True or False for 10 statements on various banking concepts

Question

1. A Credit Card holder must always have sufficient balance in in his or her account before can withdraw funds from their bank accounts.

2. The Ministry of Finance in Ghana issues operating licences to all Universal Banks before they commence their operations.

3. A Credit Union is among the number of financial institutions issued with licences to participate in cheque clearing or as a member of the Clearing house.

4. When the Incoterm is ex-warehouse, the seller or exporter is responsible for all the expenses incurred on the goods until the goods get to their destination.

5. In Ghana, the law that defines a cheque as a Bill of Exchange drawn on a banker payable on demand is the Bill of Exchange Act 1882.

6. When the Bank of Ghana decreases the bank rate from $27 %$ to $25 %$, the likely impact on the money market is to make the banks become more illiquid.

7. A commercial paper is a short-term debt instrument issued by a bank on behalf of the Central Bank.

8. When a bank and a customer sign facility agreement regarding an overdraft limit, it is known as an anticipatory limit.

9. It is a legal requirement in Ghana that syndicated lending involves a maximum of only three lending institutions.

10. When the Incoterm is delivered duty paid, the seller or exporter is responsible for all the expenses incurred on the goods until the goods get to their destination. (2 marks each,

Answer

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Tags: bank rate, Cheque Law, Commercial Paper, Credit Card, Credit Union, Incoterm, Licences, Overdraft, Syndicated Lending, True False
Level: Level 1

Topic: International Trade for Exporters and Importers
Series: OCT 2022

EOB – OCT 2022 – L1 – Q7 – Importance of KYC

State and explain five reasons why Know Your Customer is important in banking operations.

Question

State and explain any five reasons why Know Your Customer ( ( 20) ( 20 marks) and banking operations. ( 20 marks)

Answer

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Tags: Banking Operations, importance, Know Your Customer, KYC, reasons
Level: Level 1

Topic: Bankers and Customers Relationship
Series: OCT 2022

EOB – OCT 2022 – L1 – Q6 – Short Notes on Banking Terms

Write short notes on Bill of Lading, Mandate, Set Off, and Power of Attorney.

Question

Write short notes on the following: to the following::

Bill of of Lading ( 5 marks)

Mandate ( 5 marks)

Set of Off ( 5 marks)

Power of Attorney ( 2000)

Answer

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Tags: Bill of Lading, Mandate, Power of Attorney, Set-off, short notes
Level: Level 1

Topic: BANKING LAW 1989
Series: OCT 2022

EOB – OCT 2022 – L1 – Q5 – Bank Support for Trade

As branch manager, explain five ways banks support domestic and international trade.

Question

the Branch manager of your bank, state and As the the Branch of the Bank and state and explain any five ways by which the Banks and other deposit taking institutions support both domestic and international trade. ( 20 marks)

Answer

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Tags: Branch Manager, Deposit Institutions, Domestic Trade, International trade, Trade Support
Level: Level 1

Topic: BANKING SERVICES
Series: OCT 2022

EOB – OCT 2022 – L1 – Q4 – Loan Application Documents and Risks

Loan Documents, Facility Request, Risks, Personal Customers, Corporate Lending

Question

i.. MMMMM Limited ( (a grocery dealer) has applied for a loan One Million Ghana Cedis from Axis Bank Limited. State any five documents that the bank is likely to ask the company to provide in support of their facility request. (10 marks)

ii. State and explain any two risks a bank faces when it gives loan facilities to personal customers. (10 marks)

Answer

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Tags: Corporate Lending, Facility Request, Loan Documents, Personal Customers, Risks
Level: Level 1

Topic: REVIEW AND CONTROL OF ACCOUNTS
Series: OCT 2022

EOB – OCT 2022 – L1 – Q3 – Tax on Mobile Money Services

State and explain three advantages and two disadvantages of introducing a tax on mobile money services.

Question

As a financial consultant of the banks in West Africa, state and explain any three advantages and two disadvantages of the introduction of a tax on mobile money services. (20 marks)

Answer

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Tags: Advantages, Disadvantages, Financial Consulting, Mobile Money, Taxation, West Africa
Level: Level 1

Topic: Electronic Banking
Series: OCT 2022

EOB – OCT 2022 – L1 – Q2 – Challenges in Rural Finance Access

Explain five challenges rural dwellers face in accessing finance from universal banks.

Question

State and explain any five challenges faced by Rural dwellers in accessing finance from Universal banks.

(20 marks)

Answer

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Tags: Challenges, Finance Access, Ghanaian Banking, Rural Banking, universal banks
Level: Level 1

Topic: Development and the Banking System
Series: OCT 2022

EOB – APR 2023 – L1 – Q8 – Revocation of Customer Mandate, Set-Off Definition and Instances

Five instances of mandate revocation; define set-off; three automatic set-off instances.

Question

a. State any five instances by which a customer mandate can be revoked. (10 marks)

b. With regard to account operations, what is set-off? (4 marks)

c. Mention any three instances where set-off is automatic. (6 marks)

(Total: 20 marks)

Answer

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Tags: account operations, automatic set-off, Customer mandate revocation, Set-off
Level: Level 1

Topic: MANDATES
Series: APR 2023

EOB – APR 2023 – L1 – Q7 – Challenges in Electronic Banking

Discuss four challenges banks face with electronic banking.

Question

State and discuss any four challenges or drawbacks banks face with electronic banking.

(20 marks)

Answer

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Tags: Challenges, Digital Banking, Drawbacks, Electronic Banking, Ghana, Risks
Level: Level 1

Topic: FRAUDS IN E-BANKING ENVIRONMENT
Series: APR 2023

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

Question

a. State any five differences between a cheque and a bill of exchange. (10 marks)

b. Define a cheque and state the difference between a cheque and a payment order. (4 marks)

c. State any three instances when a cheque is said to be payable to a bearer. (6 marks)

(Total: 20 marks)

Answer

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Tags: Bearer Cheque, Cheque Definition, Cheque vs bill of exchange, payment order
Level: Level 1

Topic: Bankers and Customers Relationship
Series: APR 2023

EOB – APR 2024 – L1 – Q3 – Features of Negotiable Instruments, Indemnity vs Counter Indemnity, Definitions from Act 930

List features of negotiable instruments; explain difference between indemnity and counter indemnity; define bank and deposit-taking business per Act 930.

Question

As a student of Banking, list any six (6) features/characteristics of Negotiable Instruments. (6 marks)

b. Explain the main difference between an Indemnity and a Counter Indemnity Agreement. (6 Marks)

c.WithWith reference to the Banks and Specialized Taking Institutions Act ( ActAct 930), define the following:

i. Bank (4 marks) ii. Deposit Taking Business (Total: 20 marks)

Answer

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Tags: Act 930, Bank Definition, Counter Indemnity, Deposit Taking Business, Indemnity, Negotiable Instruments
Level: Level 1

Topic: Banking Law 1989 (PNDC Law 225) – Main Features
Series: APR 2024

EOB – APR 2024 – L1 – Q2 – Challenges Affecting Banking in Rural Areas

State and explain five challenges that affect banking in rural areas of Ghana, as part of a talk to a rural community.

Question

You have been invited by the Chief of As,000pyoua, a rural farming community in the Ashanti Region of Ghana to give a talk on Challenges that affect Banking in the Rural Areas.

Required: Briefly state and explain any five (5) challenges that affect banking in the rural areas of the country.

(20 marks)

Answer

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Tags: Challenges, Economic Factors, Infrastructure, Literacy, Rural Banking, Security
Level: Level 1

Topic: Financial Institutions Overview
Series: APR 2024

EOB – APR 2024 – L1 – Q1 – Fill in the Blanks on Key Banking Concepts and Instruments

Fill in the blanks for various banking terms related to negotiable instruments, liabilities, AML processes, financial markets, instruments, central bank roles, and customer-bank relationships in lending scenarios.

Question

Fill in the blank spaces with the correct answersDuring the staff orientation ceremony, there were so many questions about the Banking System. One of them relates to a document that is a Negotiable Instrument issued from a creditor to a debtor, but it is not channelled through the Clearing System, however, it can be discounted. This is known as………..a………… Kojo was amazed to be told that one can assume a Secondary Liability for a debt, default and miscarriage of another person and he is known as…………b…………. As part of the Anti-Money Laundering processes, …………c…………. is the process of identifying your clients and checking they are who they say they are. It was stated that Financial Instruments to be sold could either be for a shortH term or long term and the market for Short Term Securities is called……………d…………. Whereas the market where the instruments are initially traded before they can be re-sold is also known as…………..e………… It is also refreshing to note that there exist a Financial Instrument which is also short term in nature under which credit worthy borrowers are able to borrow directly from corporate bodies. It is known as…………f…………. During. During the discussion it came to light that as a Lender of Last Resort the………..g…………. decided to increase the rates at which it provided loans to the other banks.One of the customers exclaimed that as a…………..h……….., he has deposited his land document at the bank for Safe Keeping, and should he decide to use it to secure a business Loan Facility he will be known as………….i……….. and the bank will beand………j…………..

Answer

Find Related Questions by Tags, levels, etc.

Tags: Anti-Money Laundering, Commercial Paper, Lender of Last Resort, Money market, Mortgagee, Mortgagor, Negotiable Instruments, Primary Market, Safe Keeping
Level: Level 1

Topic: Securities for Advances
Series: APR 2024

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EOB – OCT 2022 – L1 – Q8 – True or False Statements

State True or False for 10 statements on various banking concepts

EOB – OCT 2022 – L1 – Q7 – Importance of KYC

State and explain five reasons why Know Your Customer is important in banking operations.

EOB – OCT 2022 – L1 – Q6 – Short Notes on Banking Terms

Write short notes on Bill of Lading, Mandate, Set Off, and Power of Attorney.

EOB – OCT 2022 – L1 – Q5 – Bank Support for Trade

As branch manager, explain five ways banks support domestic and international trade.

EOB – OCT 2022 – L1 – Q4 – Loan Application Documents and Risks

Loan Documents, Facility Request, Risks, Personal Customers, Corporate Lending

EOB – OCT 2022 – L1 – Q3 – Tax on Mobile Money Services

State and explain three advantages and two disadvantages of introducing a tax on mobile money services.

EOB – OCT 2022 – L1 – Q2 – Challenges in Rural Finance Access

Explain five challenges rural dwellers face in accessing finance from universal banks.

EOB – APR 2023 – L1 – Q8 – Revocation of Customer Mandate, Set-Off Definition and Instances

Five instances of mandate revocation; define set-off; three automatic set-off instances.

EOB – APR 2023 – L1 – Q7 – Challenges in Electronic Banking

Discuss four challenges banks face with electronic banking.

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

EOB – APR 2024 – L1 – Q3 – Features of Negotiable Instruments, Indemnity vs Counter Indemnity, Definitions from Act 930

List features of negotiable instruments; explain difference between indemnity and counter indemnity; define bank and deposit-taking business per Act 930.

EOB – APR 2024 – L1 – Q2 – Challenges Affecting Banking in Rural Areas

State and explain five challenges that affect banking in rural areas of Ghana, as part of a talk to a rural community.

EOB – APR 2024 – L1 – Q1 – Fill in the Blanks on Key Banking Concepts and Instruments

Fill in the blanks for various banking terms related to negotiable instruments, liabilities, AML processes, financial markets, instruments, central bank roles, and customer-bank relationships in lending scenarios.

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EOB – OCT 2022 – L1 – Q8 – True or False Statements

State True or False for 10 statements on various banking concepts

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EOB – OCT 2022 – L1 – Q7 – Importance of KYC

State and explain five reasons why Know Your Customer is important in banking operations.

You're reporting an error for "EOB – OCT 2022 – L1 – Q7 – Importance of KYC"

EOB – OCT 2022 – L1 – Q6 – Short Notes on Banking Terms

Write short notes on Bill of Lading, Mandate, Set Off, and Power of Attorney.

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EOB – OCT 2022 – L1 – Q5 – Bank Support for Trade

As branch manager, explain five ways banks support domestic and international trade.

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EOB – OCT 2022 – L1 – Q4 – Loan Application Documents and Risks

Loan Documents, Facility Request, Risks, Personal Customers, Corporate Lending

You're reporting an error for "EOB – OCT 2022 – L1 – Q4 – Loan Application Documents and Risks"

EOB – OCT 2022 – L1 – Q3 – Tax on Mobile Money Services

State and explain three advantages and two disadvantages of introducing a tax on mobile money services.

You're reporting an error for "EOB – OCT 2022 – L1 – Q3 – Tax on Mobile Money Services"

EOB – OCT 2022 – L1 – Q2 – Challenges in Rural Finance Access

Explain five challenges rural dwellers face in accessing finance from universal banks.

You're reporting an error for "EOB – OCT 2022 – L1 – Q2 – Challenges in Rural Finance Access"

EOB – APR 2023 – L1 – Q8 – Revocation of Customer Mandate, Set-Off Definition and Instances

Five instances of mandate revocation; define set-off; three automatic set-off instances.

You're reporting an error for "EOB – APR 2023 – L1 – Q8 – Revocation of Customer Mandate, Set-Off Definition and Instances"

EOB – APR 2023 – L1 – Q7 – Challenges in Electronic Banking

Discuss four challenges banks face with electronic banking.

You're reporting an error for "EOB – APR 2023 – L1 – Q7 – Challenges in Electronic Banking"

EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques

Five differences between cheque and bill of exchange; define cheque and difference from payment order; three instances of bearer cheques.

You're reporting an error for "EOB – APR 2023 – L1 – Q6 – Differences Between Cheque and Bill of Exchange, Cheque Definition, Bearer Cheques"

EOB – APR 2024 – L1 – Q3 – Features of Negotiable Instruments, Indemnity vs Counter Indemnity, Definitions from Act 930

List features of negotiable instruments; explain difference between indemnity and counter indemnity; define bank and deposit-taking business per Act 930.

You're reporting an error for "EOB – APR 2024 – L1 – Q3 – Features of Negotiable Instruments, Indemnity vs Counter Indemnity, Definitions from Act 930"

EOB – APR 2024 – L1 – Q2 – Challenges Affecting Banking in Rural Areas

State and explain five challenges that affect banking in rural areas of Ghana, as part of a talk to a rural community.

You're reporting an error for "EOB – APR 2024 – L1 – Q2 – Challenges Affecting Banking in Rural Areas"

EOB – APR 2024 – L1 – Q1 – Fill in the Blanks on Key Banking Concepts and Instruments

Fill in the blanks for various banking terms related to negotiable instruments, liabilities, AML processes, financial markets, instruments, central bank roles, and customer-bank relationships in lending scenarios.

You're reporting an error for "EOB – APR 2024 – L1 – Q1 – Fill in the Blanks on Key Banking Concepts and Instruments"

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