CFP: Certified Financial Planner

CFP: Certified Financial Planner practice questions, page 12 of 12, with answer review and explanations.

Question 56

Donations to a notified temple attract a deduction of ________, u/s 80 G of IT Act.

  1. 50% for any purpose
  2. NIL
  3. 50% only if it is for renovation or repairs
  4. 100%

Question 57

Computing 'salary' for the purpose of 'Rent free accommodation' includes ____________.

  1. bonus
  2. advance salary
  3. both bonus and advance salary
  4. None of the above

Question 58

Mr. Parmar is an NRI and 70 years of age. In his case, the maximum income not chargeable to tax in India for AY 2008-09 would be ________.

  1. Rs. 1,85,000
  2. Rs. 1,10,000
  3. Rs. 50,000
  4. None of the above

Question 59

A share holder who has paid for the first call, in a limited company, is liable for _______.

  1. his share in the total liabilities of the company
  2. partially paid-up amount of the shares allotted to him
  3. fully paid-up value of the shares allotted to him
  4. only the secured debt of the company

Question 60

Which of the following benefits are available in an Endowment Policy?

  1. A bulk of the premium is invested and a small portion is used to provide life cover.
  2. An Endowment Policy provides larger life cover than a Whole Life Policy, at lower premium due to its cash value.
  3. An Endowment Policy is similar to PPF in terms of returns but gives extra benefit of insurance cover.
  4. An Endowment Policy is usually less expensive than a Whole Life Policy due to the fixed nature of the term.