Al Maha Travel Services Company, Nizwa has shown a loss in their balance sheet for the year ended 31st December 2020 and they availed a business loan of RO 55000 from Al Ahili Bank in January, 2019 but the company did not repay the instalment of loan from June, 2020. When the bank officials approached the company about the non-payment of loan, the manager of Al Maha Travel Services Company replied and declared that the company is Bankrupt. So, the bank has filed a case against the company. In this situation, what is the meaning of the term Bankrupt?

a.

A person or company is unable to pay bank charges in time

b.

A person or company is able to pay debts in time

c.

A person or company is unable to pay debts in time

d.

A person or company is able to discount bills with a bank

Mr. Kareem has a current account in a bank with a credit balance of RO 48,500. He has withdrawn cash of RO 500 through ATM machine and paid RO 12,200 to his creditor by cheque. After these transactions his current account balance will be:

a.

RO 25,800

b.

RO 10,800

c.

RO 71,600

d.

RO 35,800

Mr. Sohel purchased a fire insurance policy with a Sum Assured RO. 9,000. The value of his house is RO 9,000. A fire happened in his house and 75% of his house was damaged by fire. How much Mr. Sohel can claim from the insurance company?

a.

RO 4,500

b.

RO 6,750

c.

RO 2,250

d.

RO 3,250

Mr. Said purchased a fire insurance policy with a Sum Assured RO. 5,000. The value of his house is RO 10,000. A fire happened in his house and the estimated loss is RO 7,500. How much Mr. Said can claim from the insurance company?

a.

RO 10,000

b.

RO 2,500

c.

RO 5,000

d.

RO 7,500

Mr. Ali insured his car for a RO 60,000 with Al Ahlia Insurance and the same car he insured for a RO 90,000 with Takaful insurance. An accident happened and the estimated loss is RO 48,000. How much Mr. Ali can claim from each insurance company?

a.

Mr. Ali can claim RO 30,000 from Takaful insurance and RO 18,000 from Vision insurance

b.

Mr. Ali can claim RO 27,000 from Takaful insurance and RO 21,000 from Vision insurance

c.

Mr. Ali can claim RO 28,800 from Takaful insurance and RO 19,200 from Vision insurance

d.

Mr. Ali can claim RO 24,000 from Takaful insurance and RO 24,000 from Vision insurance