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Home AAFM India CWM_LEVEL_1

AAFM India CWM_LEVEL_1 Exam Practice Questions (P. 3)

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Question #11
Vishwajeet wishes to have a lump sum Retirement Fund of Rs. 25,00,000/- in 30 years time. Assuming that he can get 12% returns per annum, compounded annually, what amount he should save every year to reach his target?
  1. A
    Rs. 11,254.24
  2. B
    Rs. 15,432.12
  3. C
    Rs. 10,359.14
  4. D
    Rs. 9,845.47

Correct Answer:
D

Question #12
Shweta joins a private limited company covered under the PF Act. The employer contributes for all employees up to the specified salary limit. Her monthly salary consists of Rs. 18,000 as basic, Rs. 5,000 as DA and 10% of the basic as HRA What would be the deduction from her monthly salary towards the statutory PF benefits?
  1. A
    Rs. 780
  2. B
    Rs. 1,200
  3. C
    Rs. 1,800
  4. D
    Rs. 1920

Correct Answer:
A

Question #13
As per rule 69 of doubling, what is the doubling period if rate of interest is 9%?
  1. A
    8.5 years
  2. B
    8 years
  3. C
    8.4 years
  4. D
    8.1 years

Correct Answer:
B

Question #14
Which of the following is / are demand liabilities?
  1. A
    Cash Certificates
  2. B
    Gold deposits
  3. C
    Current deposits
  4. D
    All of the above

Correct Answer:
C

Question #15
What will be the taxable amount if tea and snacks are provided in the office after office hours?
  1. A
    Nil
  2. B
    Nil, if it is up to Rs. 50 per meal
  3. C
    Actual amount spent by the employer
  4. D
    Nil, if it is up to Rs. 75 per meal

Correct Answer:
B

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