IASbaba's Daily Static Quiz
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UPSC Static Quiz - 2020 : IASbaba's Daily Static Quiz - ECONOMY [Day 34]
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Question 1 of 10
1. Question
Consider the following statements:
- Navratna Central Public Sector Enterprises (CPSEs) are more in number when compared to Maharatna CPSEs.
- A CPSE which is already a Navratna CPSE would only be considered for granting Maharatna Status.
Which of the statements given above is/are NOT correct?
Correct
Solution (d)
There are 14 Navratna CPSE’s and 10 Maharatna CPSE’s.
Hence Statement 1 is correct.
A CPSE which is already a Navratna CPSE would only be considered for granting Maharatna Status.
Hence Statement 2 is correct.
Incorrect
Solution (d)
There are 14 Navratna CPSE’s and 10 Maharatna CPSE’s.
Hence Statement 1 is correct.
A CPSE which is already a Navratna CPSE would only be considered for granting Maharatna Status.
Hence Statement 2 is correct.
-
Question 2 of 10
2. Question
Consider the following statements:
- Salary paid by the companies to the employees, who render their services for Corporate Social Responsibility (CSR) will not be considered as a part of the expenditure earmarked for CSR.
- The amount spent by a company towards CSR cannot be claimed as business expenditure.
Which of the statements given above is/are correct?
Correct
Solution (b)
Salary paid by the companies to regular CSR staff as well as employees, who render their services for CSR will be part of Administrative overheads and should not exceed 5% of the total CSR expenditure as per rule 4(6) of CSR Policy, Rules 2014.
Hence Statement 1 is incorrect.
The amount spent by a company towards CSR cannot be claimed as business expenditure.
Hence Statement 2 is correct.
Incorrect
Solution (b)
Salary paid by the companies to regular CSR staff as well as employees, who render their services for CSR will be part of Administrative overheads and should not exceed 5% of the total CSR expenditure as per rule 4(6) of CSR Policy, Rules 2014.
Hence Statement 1 is incorrect.
The amount spent by a company towards CSR cannot be claimed as business expenditure.
Hence Statement 2 is correct.
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Question 3 of 10
3. Question
Consider the following statements
- A medium enterprise is the one, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
- A small enterprise is the one, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees.
Which of the statements given above is/are correct?
Correct
Solution (a)
A medium enterprise is the one, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Hence Statement 1 is correct.
A small enterprise is the one, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees.
A micro enterprise is the one, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees.
Hence Statement 2 is incorrect.
Incorrect
Solution (a)
A medium enterprise is the one, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Hence Statement 1 is correct.
A small enterprise is the one, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees.
A micro enterprise is the one, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees.
Hence Statement 2 is incorrect.
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Question 4 of 10
4. Question
Consider the following statements:
- Co-operative Societies can register online using Udyam Registration Portal.
- Contribution of any amount directly to any political party can be considered as a CSR activity.
Which of the statements given above is/are NOT correct?
Correct
Solution (c)
Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal.
Hence Statement 1 is incorrect.
Contribution of any amount directly or indirectly to any political party shall not be considered as a CSR activity.
Hence Statement 2 is incorrect.
Incorrect
Solution (c)
Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal.
Hence Statement 1 is incorrect.
Contribution of any amount directly or indirectly to any political party shall not be considered as a CSR activity.
Hence Statement 2 is incorrect.
-
Question 5 of 10
5. Question
Consider the following statements regarding Companies Act 2013:
- A company may be formed for any lawful purpose by two or more persons, where the company to be formed is to be a public company.
- Under this Act, there is no provision that a company can be formed by a single person.
Which of the statements given above is/are correct?
Correct
Solution (d)
A company may be formed for any lawful purpose by seven or more persons, where the company to be formed is to be a public company.
Hence Statement 1 is incorrect.
A company may be formed for any lawful purpose by one person, where the company to be formed is to be One Person Company that is to say, a private company.
Hence Statement 2 is incorrect.
Incorrect
Solution (d)
A company may be formed for any lawful purpose by seven or more persons, where the company to be formed is to be a public company.
Hence Statement 1 is incorrect.
A company may be formed for any lawful purpose by one person, where the company to be formed is to be One Person Company that is to say, a private company.
Hence Statement 2 is incorrect.
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Question 6 of 10
6. Question
Consider the following statements with reference to the evolution of Public Sector Undertakings (PSU’s) in India:
- PSU’s were developed as an instrument for self-reliant economic growth.
- Initially the PSU’s were focused on manufacturing of Consumer Goods.
- The second phase of PSU was confined to core and strategic industries.
Which of the above statements is/are correct?
Correct
Solution (b)
Public Sector was developed as an instrument for self-reliant economic growth.
Hence Statement 1 is correct
Initially, the public sector was confined to core and strategic industries.
Hence Statement 2 is incorrect
The second phase witnessed nationalization of industries, takeover of sick units from the private sector, and entry of the public sector into new fields like manufacturing consumer goods, consultancy, contracting and transportation etc.
Hence Statement 3 is incorrect
Incorrect
Solution (b)
Public Sector was developed as an instrument for self-reliant economic growth.
Hence Statement 1 is correct
Initially, the public sector was confined to core and strategic industries.
Hence Statement 2 is incorrect
The second phase witnessed nationalization of industries, takeover of sick units from the private sector, and entry of the public sector into new fields like manufacturing consumer goods, consultancy, contracting and transportation etc.
Hence Statement 3 is incorrect
-
Question 7 of 10
7. Question
Consider the following statements with reference to the Public Sector Undertakings (PSUs)?
- The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India.
- In a PSU, majority (51% or more) of the paid up share capital should be held only by Central Government.
- In respect of government companies, CAG has the power to appoint the Auditor and to direct the manner in which the Auditor shall audit the company’s accounts.
Which of the abve statements is/are correct?
Correct
Solution (c)
The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India.
Hence Statement 1 is correct
In a PSU majority (51% or more) of the paid up share capital is held by central government or by any state government or partly by the central governments and partly by one or more state governments.
Hence Statement 2 is incorrect
In respect of government companies, CAG has the power to appoint the Auditor and to direct the manner in which the Auditor shall audit the company’s accounts.
Hence Statement 3 is correct
Incorrect
Solution (c)
The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India.
Hence Statement 1 is correct
In a PSU majority (51% or more) of the paid up share capital is held by central government or by any state government or partly by the central governments and partly by one or more state governments.
Hence Statement 2 is incorrect
In respect of government companies, CAG has the power to appoint the Auditor and to direct the manner in which the Auditor shall audit the company’s accounts.
Hence Statement 3 is correct
-
Question 8 of 10
8. Question
Which of the following are Maharatnas?
- Bharat Heavy Electricals Limited
- Coal India Limited
- GAIL (India) Limited
- Indian Oil Corporation Limited
- Bharat Electronics Limited
- Hindustan Aeronautics Limited
- Steel Authority of India Limited
Select the correct answer using the code given below:
Correct
Solution (a)
Bharat Electronics Limited, Hindustan Aeronautics Limited are Navratna CPSEs.
Incorrect
Solution (a)
Bharat Electronics Limited, Hindustan Aeronautics Limited are Navratna CPSEs.
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Question 9 of 10
9. Question
Consider the following statements about the Criteria for grant of Maharatna status to PSUs:
- It should be listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
- It should have an average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
- It should have significant global presence/international operations.
Which of the above statements are correct?
Correct
Solution (d)
The CPSEs fulfilling the following criteria are eligible to be considered for grant of Maharatna status.
- Having Navratna status.
- Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
- Average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
- Average annual net worth of more than Rs. 15,000 crore, during the last 3 years.
- Average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.
- Should have significant global presence/international operations.
Incorrect
Solution (d)
The CPSEs fulfilling the following criteria are eligible to be considered for grant of Maharatna status.
- Having Navratna status.
- Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.
- Average annual turnover of more than Rs. 25,000 crore, during the last 3 years.
- Average annual net worth of more than Rs. 15,000 crore, during the last 3 years.
- Average annual net profit after tax of more than Rs. 5,000 crore, during the last 3 years.
- Should have significant global presence/international operations.
-
Question 10 of 10
10. Question
Consider the following statements about National Financial Reporting Authority:
- It can monitor but cannot enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed.
- It can make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies.
Which of the statements given above is/are correct?
Correct
Solution (b)
National Financial Reporting Authority shall monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed.
Hence Statement 1 is incorrect
National Financial Reporting Authority shall make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors.
Hence Statement 2 is correct
Incorrect
Solution (b)
National Financial Reporting Authority shall monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed.
Hence Statement 1 is incorrect
National Financial Reporting Authority shall make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors.
Hence Statement 2 is correct
