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Quiz 616: Current General Awareness for IBPS Bank PO 2012 Examination

1. Barak valley in Assam is famous for which among the following?
[A]Petroleum Production
[B]Tea Cultivation
[C]Bamboo Industry
[D]Cottage Industries

Tea Cultivation


2. Consider the following statements:
1. UN Democracy Fund (UNDEF) was launched in 2005
2. India is largest contributor to UN Democracy Fund (UNDEF)
Which among the above statements is / are correct?
[A]Only 1
[B]Only 2
[C]Both 1 & 2
[D]Neither 1 nor 2

Only 1
UNDEF was launched in 2005 by Indian PM Manmohan Singh, the then US President George Bush and former UN Secretary General Kofi Annan in New York in for furtherance of demo-cratic values. India is the second largest contributor to the UNDEF. At the origin of the fund, India had contributed US $10 million followed by contributions of US $ FIve million each in 2008, 2009 and 2011. Current Total Contribution is $ 30 Million


3. Which among the following was the last of the 5 satellites in the INSAT-2 series, which recently completed 13 years in service?
[A]INSAT 2D
[B]INSAT 2C
[C]INSAT 2B
[D]INSAT 2E

INSAT 2E


4. In which year Food Safety and Standards Act was enacted in India?
[A]2004
[B]2005
[C]2006
[D]2007

2006
The Food Safety and Standards Act, 2006 has come into forces across the country from August 2011. The aims to ensure improved quality of food for the consumers making it at par with the international standards. The Food Safety and Standards Act, 2006 comes into effective five year it was passed in parliament.


5. Consider the following statements:
1. Debentures are generally not backed by any collaterals
2. Non-Convertible Debentures generally carry higher rates of returns that convertible debentures
Which among the above statements is / are correct?
[A]Only 1 is correct
[B]Only 2 is correct
[C]Both 1 & 2 are correct
[D]Neither 1 nor 2 is correct

Both 1 & 2 are correct
Debentures are issued by big companies and the government with the intent of raising funds and these instruments are not backed by any collaterals. The debenture holders usually have the option of converting their debentures into shares of the company. Non-convertible debentures are those that do not have any such rights and privileges. As these debentures are non-convertible, they usually carry higher rates on interest. The debenture holder has no present or future stake in the company due to the non-convertibility element and therefore earns a higher rate of interest.


6. What is the name of the second Shivalik class frigate of the Indian navy, that was commissioned in second half of 2011?
[A]INS Vindya
[B]INS Satpura
[C]INS Aravalli
[D]INS Himalaya

INS Satpura
INS Satpura is India’s second indigenously stealth warship commissioned in August 2011. The first is INS Shivalik. INS Satpura is a Shivalik class frigate of the Indian navy, built at Mazgaon dock limited. INS Satpura is equipped with a mix of imported and indigenous weapon systems and sensors, including Barak surface-to-air missiles and Russian made klub cruise missiles, still air defence system, rapid fire guns, basic anti-submarine warfare weapons and two helicopters. The ship also has indigenous kavach chaff-dispensing system to counter incoming missiles and indigenous sonars and anti-sub-marine warfare system.


7. Which among the following organization was formed before commencement of the World War II?
[A]World Health Organization
[B]Food and Agriculture Organization
[C]International Atomic Energy Agency
[D]Bank for International Settlements

Bank for International Settlements
The BIS was formed in 1930. The main actors in its establishment were the then-Governor of The Bank of England, Montagu Norman, and his German counterpart Hjalmar Schacht, later Adolf Hitler’s finance minister. The Bank was originally intended to facilitate reparation payments imposed on Germany by the Treaty of Versailles after the First World War. The need for the bank was suggested in 1929 by the Young Committee, and was agreed to in August of that year at a conference at the Hague. A charter for the bank was drafted at the International Bankers Conference at Baden Baden in November. The charter was adopted at a second Hague Conference on January 20, 1930.


8. Consider the following information in context with RTI Act :
1. RTI Act is applicable to all states of India including Jammu & Kashmir
2. All NGO’s come under the purview of the RTI Act 2005.
Which among the above statements is / are correct ?
[A]Only 1
[B]Only 2
[C]Both 1 & 2
[D]Neither 1 nor 2

Neither 1 nor 2
The Right to Information Act, 2005 came into force all over India on October 12th 2005 (120th day of enactment on 15th June 2005), the RTI act extends to the whole of India (except the state of Jammu and Kashmir), all bodies which come under government notification come under RTI. Only those NGOs, which are owned, controlled or are substantially financed by the government come under RTI.


9. Consider the following:
1. Waste products
2. Hormones
3. Ions
Circulation of blood is responsible for transport of which among the above in our bodies?
[A]Only 1
[B]1 & 2
[C]2 & 3
[D]1, 2 & 3

1, 2 & 3


10. What is the share of Government of India in NABARD?
[A]50%
[B]51%
[C]75%
[D]99%

99%
The National Bank for Agriculture and Rural Development (NABARD) was established in 1982. RBI had sold its stake and now the Government of India (GOI) has 99 percent in it. It was established to provide credit for the promotion of the agriculture, SSI and Cottage and village industry. It is an apex bank for agriculture. Its finances are available to SLDBs, SCBs (state cooperative banks), scheduled commercial banks, and RRBs. It can take loans for GOI, World Bank, and Asian development bank (ADB).


11. Round tripping is used as a ___?
[A]Policy to boost FDI in country
[B]Means of tax evasion
[C]Policy of export promotion
[D]Calculation of National Income

Means of tax evasion
Round Tripping


12. Latin motto, “fiat panis” is of which among the following organizations?
[A]Food and Agriculture Organization
[B]World Food Programme
[C]World Health Organization
[D]World Meteorological Organization

Food and Agriculture Organization
FAO is also a source of knowledge and information, and helps developing countries and countries in transition modernize and improve agriculture, forestry and fisheries practices, ensuring good nutrition and food security for all. Its Latin motto, fiat panis, translates into English as “let there be bread”


13. The core philosophy of BIMSTEC is ____?
[A]Defense Cooperation
[B]Economic Cooperation
[C]Cultural Cooperation
[D]Political Cooperation

Economic Cooperation
BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation)


14. In context with GATT consider the following statements:
1. It was an ad-hoc body
2. It involved generally a bilateral agreements
3. The decisions taken at GATT were generally mandatory
Which among the above statements is / are correct?
[A]Only 1
[B]1 & 2
[C]1, 2 & 3
[D]2 & 3

1 & 2
GATT was ad-hoc and provisional and not really an organization. Instead, the WTO is a permanent body. GATT was mainly bilateral where as WTO is multilateral. There was provision of veto in GATT where as there is no provision of veto in WTO and decision of veto in WTO and decision is taken on the basis of majority. The decisions were voluntary in nature in case of GATT where as they are compulsory and mandatory in the case of WTO and if adopted sanctions could be imposed


15. Devaluation of currency can correct a Balance of Payments deficit because___
[A]It lowers price of exports in foreign currency and rises price of imports in home currency
[B]It raises price of exports in foreign currency and lowers price of imports in home currency
[C]It raises price of exports and imports in foreign currency
[D]It lowers price of exports and imports in home currency

It lowers price of exports in foreign currency and rises price of imports in home currency
Devaluation refers to fall in the fixed exchange rate between one currency and other. Devaluation is used to correct the balance of payment (BoP) deficit but only as a last resort as it has major repercussions on the domestic economy. Devaluation can correct a BoP deficit because it lowers the price of experts in terms foreign currencies and raise the price of imports on the home market.