IASbaba Daily Prelims Quiz
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The Current Affairs questions are based on sources like ‘The Hindu’, ‘Indian Express’ and ‘PIB’, which are very important sources for UPSC Prelims Exam. The questions are focused on both the concepts and facts. The topics covered here are generally different from what is being covered under ‘Daily Current Affairs/Daily News Analysis (DNA) and Daily Static Quiz’ to avoid duplication. The questions would be published from Monday to Saturday before 2 PM. One should not spend more than 10 minutes on this initiative.
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Question 1 of 5
1. Question
Consider the following statements about Loss and Damage Fund (LDF)
- LDF was established at the 2023 UNFCCC Conference (COP28) in UAE.
- The World Bank serving as the interim trustee tasked with hosting the fund for four years.
Choose the incorrect statements:
Correct
Solution (a)
Statement Analysis
Statement 1 Statement 2 Incorrect Correct · LDF was established at the 2022 UNFCCC Conference (COP27) in Egypt. · Purpose: To provide financial support to regions suffering both economic and non-economic losses caused by climate change.
· Economic loss and damage are negative impacts that one can assign a monetary value to. These are things such as the costs of rebuilding infrastructure that has been damaged due to a flood, or the loss of revenue from agricultural crops that were destroyed due to drought.
· Non-economic loss and damage are negative impacts where it is difficult or infeasible to assign a monetary value. These are things such as trauma from experiencing a tropical cyclone, loss of community due to displacement of people, or loss of biodiversity,”
· It was designed to provide crucial support to vulnerable nations facing the brunt of climate-related challenges.
· The LDF is overseen by a Governing Board that determines how the fund’s resources are disbursed, with the World Bank serving as the interim trustee tasked with hosting the fund for four years. · Financial support will be provided in the form of grants, concessional financing that can be utilized by any eligible country.
· The fund encourages voluntary contributions from developed countries but invites developing countries to contribute to it too.
Context: A crucial conversation has recently emerged around whether subnational entities can seek compensation through the United Nations Framework Convention on Climate Change (UNFCCC)’s Loss and Damage Fund (LDF).
Incorrect
Solution (a)
Statement Analysis
Statement 1 Statement 2 Incorrect Correct · LDF was established at the 2022 UNFCCC Conference (COP27) in Egypt. · Purpose: To provide financial support to regions suffering both economic and non-economic losses caused by climate change.
· Economic loss and damage are negative impacts that one can assign a monetary value to. These are things such as the costs of rebuilding infrastructure that has been damaged due to a flood, or the loss of revenue from agricultural crops that were destroyed due to drought.
· Non-economic loss and damage are negative impacts where it is difficult or infeasible to assign a monetary value. These are things such as trauma from experiencing a tropical cyclone, loss of community due to displacement of people, or loss of biodiversity,”
· It was designed to provide crucial support to vulnerable nations facing the brunt of climate-related challenges.
· The LDF is overseen by a Governing Board that determines how the fund’s resources are disbursed, with the World Bank serving as the interim trustee tasked with hosting the fund for four years. · Financial support will be provided in the form of grants, concessional financing that can be utilized by any eligible country.
· The fund encourages voluntary contributions from developed countries but invites developing countries to contribute to it too.
Context: A crucial conversation has recently emerged around whether subnational entities can seek compensation through the United Nations Framework Convention on Climate Change (UNFCCC)’s Loss and Damage Fund (LDF).
-
Question 2 of 5
2. Question
Consider the following statements about SAMRIDH Scheme
- It is a flagship programme of the Ministry of Electronics & IT (MeitY) for startups acceleration under National Policy on Software Products.
- It is being implemented by Digital India Corporation.
- It aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.
How many of the statements given above are correct?
Correct
Solution (c)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Correct Correct · SAMRIDH is a flagship programme of the Ministry of Electronics & IT (MeitY) for startups acceleration under National Policy on Software Products – 2019. · It was launched in August 2021 and supports 300 software product startups with outlay of 99 crore over a period of 4 years.
· It is being implemented through potential and established accelerators across India which provide services like making products market fit, business plan, investor connect and international expansion to startups plus matching funding upto ₹40 lakh by MeitY. · Implemented by: The scheme is being implemented by MeitY Start-up Hub (MSH),Digital India Corporation (DIC).
· It aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale. · Among others, the program focuses on accelerating the startups by providing customer connect, investors connect and connect to international markets
Context: Recently, the secretary of the union Ministry of Electronics & IT launched the 2nd Cohort of Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH) scheme.
Incorrect
Solution (c)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Correct Correct · SAMRIDH is a flagship programme of the Ministry of Electronics & IT (MeitY) for startups acceleration under National Policy on Software Products – 2019. · It was launched in August 2021 and supports 300 software product startups with outlay of 99 crore over a period of 4 years.
· It is being implemented through potential and established accelerators across India which provide services like making products market fit, business plan, investor connect and international expansion to startups plus matching funding upto ₹40 lakh by MeitY. · Implemented by: The scheme is being implemented by MeitY Start-up Hub (MSH),Digital India Corporation (DIC).
· It aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale. · Among others, the program focuses on accelerating the startups by providing customer connect, investors connect and connect to international markets
Context: Recently, the secretary of the union Ministry of Electronics & IT launched the 2nd Cohort of Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH) scheme.
-
Question 3 of 5
3. Question
Consider the following statements
- In a Horizontal Fiscal Imbalance, revenues and spending are mismatched for different government levels.
- In a Vertical Fiscal Imbalance revenue and spending are not balanced for different regions of the country.
Choose the correct statements:
Correct
Solution (d)
Statement Analysis
Statement 1 Statement 2 Incorrect Incorrect Vertical Fiscal Imbalance (VFI): · It is defined as the share of sub-national governments’ own spending not financed through their own revenues.
· A VFI describes a situation in which revenues do not match expenditures for different levels of government.
· In other words, VFI is the fiscal gap in the sub-national governments due to improper decentralization of public revenue and expenditure.
· This asymmetry in revenue and expenditure decentralization is called Vertical Fiscal Asymmetry (VFA).
· It is a structural issue that can be resolved if revenue and expenditure responsibilities can be reassigned.
· It can be corrected through the financial transfers from the Union to the state governments.
What’s the Difference Between Horizontal and Vertical Fiscal Imbalance?
· The simple difference between horizontal and vertical fiscal imbalances lies in who they affect.
· With a horizontal fiscal imbalance, revenues and spending are mismatched for different regions of the country.
· In a VFI, revenue and spending are not balanced for different government levels.
Context: There is the problem of Vertical Fiscal Imbalance (VFI) in Indian fiscal federalism, where expenditure decentralization overwhelms the revenue-raising powers of the States.
Incorrect
Solution (d)
Statement Analysis
Statement 1 Statement 2 Incorrect Incorrect Vertical Fiscal Imbalance (VFI): · It is defined as the share of sub-national governments’ own spending not financed through their own revenues.
· A VFI describes a situation in which revenues do not match expenditures for different levels of government.
· In other words, VFI is the fiscal gap in the sub-national governments due to improper decentralization of public revenue and expenditure.
· This asymmetry in revenue and expenditure decentralization is called Vertical Fiscal Asymmetry (VFA).
· It is a structural issue that can be resolved if revenue and expenditure responsibilities can be reassigned.
· It can be corrected through the financial transfers from the Union to the state governments.
What’s the Difference Between Horizontal and Vertical Fiscal Imbalance?
· The simple difference between horizontal and vertical fiscal imbalances lies in who they affect.
· With a horizontal fiscal imbalance, revenues and spending are mismatched for different regions of the country.
· In a VFI, revenue and spending are not balanced for different government levels.
Context: There is the problem of Vertical Fiscal Imbalance (VFI) in Indian fiscal federalism, where expenditure decentralization overwhelms the revenue-raising powers of the States.
-
Question 4 of 5
4. Question
Consider the following statements
- Semiconductors are made from pure elements, typically silicon or germanium, or compounds such as gallium arsenide.
- At zero Kelvin, a semiconductor serves as an insulator.
- As the temperature increases, the resistance of semiconductor materials decreases, and vice versa.
How many of the statements given above are correct?
Correct
Solution (c)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Correct Correct · Semiconductors, sometimes referred to as integrated circuits (ICs) or microchips, are made from pure elements, typically silicon or germanium, or compounds such as gallium arsenide. · In a process called doping, small amounts of impurities are added to these pure elements, causing large changes in the conductivity of the material.
· They are an essential component of electronic devices, enabling advances in communications, computing, healthcare, military systems, transportation, clean energy, and countless other applications.
· Due to their role in the fabrication of electronic devices, semiconductors are an important part of our lives.
· Properties – At zero Kelvin, a semiconductor serves as an insulator and it functions as a conductor as the temperature increases.
· They have higher resistivity than conductors but a lower resistivity than insulators.
· As the temperature increases, the resistance of semiconductor materials decreases, and vice versa.
Context: India and Singapore inked agreements on semiconductor and digital technology recently.
Incorrect
Solution (c)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Correct Correct · Semiconductors, sometimes referred to as integrated circuits (ICs) or microchips, are made from pure elements, typically silicon or germanium, or compounds such as gallium arsenide. · In a process called doping, small amounts of impurities are added to these pure elements, causing large changes in the conductivity of the material.
· They are an essential component of electronic devices, enabling advances in communications, computing, healthcare, military systems, transportation, clean energy, and countless other applications.
· Due to their role in the fabrication of electronic devices, semiconductors are an important part of our lives.
· Properties – At zero Kelvin, a semiconductor serves as an insulator and it functions as a conductor as the temperature increases.
· They have higher resistivity than conductors but a lower resistivity than insulators.
· As the temperature increases, the resistance of semiconductor materials decreases, and vice versa.
Context: India and Singapore inked agreements on semiconductor and digital technology recently.
-
Question 5 of 5
5. Question
Which of the following statement about Public Accounts Committee (PAC) is not correct?
Correct
Solution (d)
Option d Correct Public Accounts Committee (PAC): · It is a committee of selected members of parliament, constituted by the Parliament of India, for the purpose of auditing the revenue and expenditure of the Government of India.
· It serves as a check on the government, especially with respect to its expenditure bill, and its primary function is to examine the audit report of the Comptroller and Auditor General (C&AG) after it is laid in Parliament.
· C&AG assists the committee during the course of the investigation.
· The main function of the committee is to ascertain whether the money granted by parliament has been spent by the government within the scope of the demand.
Genesis of the Committee:
· It is one of the oldest Parliamentary Committees in India.
· From its inception in the year 1921 till early 1950, the Finance Member was appointed as the Chairperson of the Committee, and its secretarial functions were looked after by the Finance Department (later Ministry of Finance).
· With the coming into force of the Constitution of India on 26 January, 1950, the Committee became a Parliamentary Committee under the control of the Speaker.
· Its secretarial functions were transferred to the Parliament Secretariat (now Lok Sabha Secretariat).
Membership:
· PAC consists of not more than twenty-two members, fifteen elected by Lok Sabha, and not more than seven members of Rajya Sabha.
· The members are elected every year from amongst its members of respective houses according to the principle of proportional representation by means of a single transferable vote.
· The term of office of the members is one year.
· The Chairperson of the Committee is appointed by the Speaker from amongst the members of the Committee from Lok Sabha.
· The Speaker, for the first time, appointed a Member of the Opposition as the Chairperson of the Committee for 1967-68. This practice has been continuing since then.
· A Minister is not elected a member of the Committee, and if a member, after his election to the Committee, is appointed a Minister, he ceases to be a member of the Committee from the date of such appointment.
Functions:
· The functions of the Committee include examination of accounts showing the appropriation of sums granted by Parliament for the expenditure of the Government of India, the annual finance accounts of the Government, and such other accounts laid before the House as the Committee may think fit.
· In scrutinising the appropriation accounts of the Government of India and the report of the C&AG thereon, the Committee has to satisfy:
· that the moneys shown in the accounts as having been disbursed were legally available for, and applicable to, the service or purpose to which they have been applied or charged;
· that the expenditure conforms to the authority which governs it; and
· that every re-appropriation has been made in accordance with the provisions made in this behalf under rules framed by competent authority.
· The functions of the Committee extend, however, “beyond, the formality of expenditure to its wisdom, faithfulness, and economy”.
· The Committee thus examines cases involving losses, nugatory expenditures, and financial irregularities.
Context: The Public Accounts Committee (PAC) will hold a performance review of “regulatory bodies established by Act of Parliament”, such as the Securities and Exchange Board of India (SEBI).
Incorrect
Solution (d)
Option d Correct Public Accounts Committee (PAC): · It is a committee of selected members of parliament, constituted by the Parliament of India, for the purpose of auditing the revenue and expenditure of the Government of India.
· It serves as a check on the government, especially with respect to its expenditure bill, and its primary function is to examine the audit report of the Comptroller and Auditor General (C&AG) after it is laid in Parliament.
· C&AG assists the committee during the course of the investigation.
· The main function of the committee is to ascertain whether the money granted by parliament has been spent by the government within the scope of the demand.
Genesis of the Committee:
· It is one of the oldest Parliamentary Committees in India.
· From its inception in the year 1921 till early 1950, the Finance Member was appointed as the Chairperson of the Committee, and its secretarial functions were looked after by the Finance Department (later Ministry of Finance).
· With the coming into force of the Constitution of India on 26 January, 1950, the Committee became a Parliamentary Committee under the control of the Speaker.
· Its secretarial functions were transferred to the Parliament Secretariat (now Lok Sabha Secretariat).
Membership:
· PAC consists of not more than twenty-two members, fifteen elected by Lok Sabha, and not more than seven members of Rajya Sabha.
· The members are elected every year from amongst its members of respective houses according to the principle of proportional representation by means of a single transferable vote.
· The term of office of the members is one year.
· The Chairperson of the Committee is appointed by the Speaker from amongst the members of the Committee from Lok Sabha.
· The Speaker, for the first time, appointed a Member of the Opposition as the Chairperson of the Committee for 1967-68. This practice has been continuing since then.
· A Minister is not elected a member of the Committee, and if a member, after his election to the Committee, is appointed a Minister, he ceases to be a member of the Committee from the date of such appointment.
Functions:
· The functions of the Committee include examination of accounts showing the appropriation of sums granted by Parliament for the expenditure of the Government of India, the annual finance accounts of the Government, and such other accounts laid before the House as the Committee may think fit.
· In scrutinising the appropriation accounts of the Government of India and the report of the C&AG thereon, the Committee has to satisfy:
· that the moneys shown in the accounts as having been disbursed were legally available for, and applicable to, the service or purpose to which they have been applied or charged;
· that the expenditure conforms to the authority which governs it; and
· that every re-appropriation has been made in accordance with the provisions made in this behalf under rules framed by competent authority.
· The functions of the Committee extend, however, “beyond, the formality of expenditure to its wisdom, faithfulness, and economy”.
· The Committee thus examines cases involving losses, nugatory expenditures, and financial irregularities.
Context: The Public Accounts Committee (PAC) will hold a performance review of “regulatory bodies established by Act of Parliament”, such as the Securities and Exchange Board of India (SEBI).
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