Quiz 239 : Economic Awareness For Bank Examinations

1.A number of factors are responsible for poverty in India. Which among the following is not the economic factor contributing to poverty?
(A)Inequalities of Income
(B)Mass illiteracy
(C)Low productivity in Agriculture
(D)Fast Rise in Population
(E)all are factors contributing to poverty

2.Which among the following sentences is / are correct ?
(A)The Union Levies, collects and distributes the proceeds of income tax between itself and states
(B)The Union Levies, collects and distributes the proceeds of income tax between states
(C)The Union Levies, collects and keeps the proceeds of income tax
(D)The Union Levies, collects and distributes the proceeds of income tax & Surcharge and only surcharge is distributed among states
(E)none of them is correct

3.In which of the following situations the "Investment" will increase?
(A)Increase in output and decrease in capital stock
(B)decrease in output and increase in capital stock
(C)Increase in output and increase in capital stock
(D)decrease in output and decrease in capital stock
(E)none of the above

4.which among the following is a direct tax?
(A)Excise Duty
(B)Sales Tax
(C)Value Added tax
(D)Income Tax
(E)Custom Duty

5.Which among the following is a Progressive Tax?
(A)Customs duty
(B)Development Surcharge
(C)Income tax
(D)Sales tax
(E)Value added tax

6.Which among the following is not a function of the Finance Corporation? (To make recommendation to the president)
(A)To determine the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them and the allocation between the States of the respective shares of such proceeds;
(B)To seek loans from foreign governments
(C)To Take measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats in the State on the basis of the recommendations made by the Finance Commission of the State;
(D)To take measures needed to augment the Consolidated Fund of a State to supplement the resources of the Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State
(E)To the principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India;

7.The following recommendations will cover the five year period commencing from 1st April, 2010?
(A)12th Finance Commission
(B)13th Finance commission
(C)11th finance commission
(D)10th Finance commission
(E)none of the above

8.Which among the following is not a power of RBI?
(A)inspection of banks
(B)Nationalization of Banks
(C)Call of returns
(D)Control the lending policies of the banks
(E)all of the above

9.All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. What is the full form of DICGC?
(A)Deposit Insurance And Credit Guarantee Company
(B)Deposit Insurance And Credit Guarantee Corporation
(C)Direct Insurance And Credit Guarantee Corporation
(D)Direct Insurance And Credit Guarantee Company
(E)none of them

10.According to the Reserve Bank’s Instructions on Banking Matters, the banks can accept interest free deposits in which of the following accounts?
(A)Savings accounts only
(B)Current Accounts only
(C)Saving & Current Accounts
(D)Saving, Current and RD Accounts
(E)none of the above

11.Which among the following is correct regarding 'Currency Chests"?
(A)Storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank
(B)Store houses where foreign currencies are stocked on behalf of the RBI
(C)Companies which are authorized to store and deal in Foreign currencies
(D)Banks authorized by Reserve Bank of India for Currency Exchange
(E)none of the above

12.Rs. 100 notes are printed in which of the following?
(A)The Indian Security Press Nasik
(B)The Security Printing Press Hyderabad
(C)The bank Note Press, Dewas
(D)A & B
(E)all A, B & C

13.Which among the following taxes is levied by state government only?
(A)Wealth Tax
(B)Estate Duty
(C)Corporation tax
(D)Entertainment Tax
(E)all of above are levied only by state government

14.As we know that RBI has discontinued the printing and circulation of Re.1, Rs.2, Rs.5 banknotes. Which among the following is a main reason behind this?
(A)Short life of these notes
(B)Short value of these notes
(C)Short volume of these notes in circulation
(D)High volume of these notes in circulation
(E)none of them

15.In which year NHB Residex was launched?
(A)2004
(B)2006
(C)2007
(D)2008
(E)2005

16.In which of the following years 'Ad hoc Treasury bill System' of meeting budget deficit in India was replaced by ways and Means Advances System?
(A)1995
(B)1997
(C)1999
(D)2000
(E)2001

17.To avail the benefits under the 'mahila sammriddhi Yojna' a women has to open an account with which of the following?
(A)Rural Cooperative bank
(B)Rural Post Office
(C)Commercial bank
(D)Private Bank
(E)all of above

18.Which among the following programme was related to training of youths?
(A)CAPART
(B)TRYSEM
(C)NREGA
(D)ASHA
(E)SGSY

19.Which among the following committees recommended the 'elimination of Standard deduction" ?
(A)Jankiramanan Committee
(B)Nadkarni Committee
(C)Vijay Kelkar Committee
(D)Raja Chelliah Committee
(E)none of the above

20.Which among the following is the first multipurpose river valley project of independent India?
(A)Damodar Valley Project
(B)Sutlej Valley Project
(C)Bhakhra Nagal Project
(D)Indira Gandhi Canal Project
(E)Narmada Valley Project