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
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Consider the following two statements:
Statement 1 (S1): Stablecoins are often promoted as a solution to volatility in the crypto ecosystem, making them more suitable for payments and remittances.
Statement 2 (S2): Stablecoins derive their value entirely from algorithmic supply adjustments, without the need for collateral reserves.
Which of the following is correct?
Correct
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Solution: (c)
Explanation:
- Statement 1: Stablecoins are indeed intended to reduce volatility and make crypto usable for transactions. This statement is correct
Statement 2: Not all stablecoins are algorithmic. The most common stablecoins (USDT, USDC) are backed by fiat reserves. Algorithmic stablecoins (like TerraUSD, which collapsed in 2022) are only one category, and they carry higher risk. This statement is incorrect
Incorrect
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Solution: (c)
Explanation:
- Statement 1: Stablecoins are indeed intended to reduce volatility and make crypto usable for transactions. This statement is correct
Statement 2: Not all stablecoins are algorithmic. The most common stablecoins (USDT, USDC) are backed by fiat reserves. Algorithmic stablecoins (like TerraUSD, which collapsed in 2022) are only one category, and they carry higher risk. This statement is incorrect
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Question 2 of 5
2. Question
The “Banni Festival”, also known as Karrala Samaram, observed in Andhra Pradesh, is primarily characterised by:
Correct
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Solution: (d)
Explanation:
- Location: Celebrated at Devaragattu village, Kurnool district, Andhra Pradesh (near Karnataka border).
- Occasion: Observed on Dussehra night (Vijayadashami).
- Main Ritual: Thousands of villagers, divided into groups, engage in a ritualistic stick-fight (called Karrala Samaram) to “capture” the idols of Mala Malleswara Swamy and Parvati Ammavaru from the temple.
- Belief/Origin: It commemorates the victory of Lord Mala Malleswara Swamy (Shiva) over demons. The fight symbolizes divine triumph.
Significance: Seen as an act of devotion; injuries are considered auspicious. Despite government efforts to regulate, the traditional practice continues.
Incorrect
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Solution: (d)
Explanation:
- Location: Celebrated at Devaragattu village, Kurnool district, Andhra Pradesh (near Karnataka border).
- Occasion: Observed on Dussehra night (Vijayadashami).
- Main Ritual: Thousands of villagers, divided into groups, engage in a ritualistic stick-fight (called Karrala Samaram) to “capture” the idols of Mala Malleswara Swamy and Parvati Ammavaru from the temple.
- Belief/Origin: It commemorates the victory of Lord Mala Malleswara Swamy (Shiva) over demons. The fight symbolizes divine triumph.
Significance: Seen as an act of devotion; injuries are considered auspicious. Despite government efforts to regulate, the traditional practice continues.
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Question 3 of 5
3. Question
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With reference to the Presumptive Taxation Scheme in India, consider the following statements:
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It allows small taxpayers to declare income at a prescribed percentage of their gross receipts or turnover, thereby avoiding the need to maintain detailed books of accounts.
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Under the Income Tax Act, 1961, presumptive taxation provisions are available only for small businesses and do not cover professionals.
Which of the above statements is/are correct?
Correct
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Solution: (a)
Explanation:
- Statement 1: Presumptive taxation simplifies compliance for small taxpayers (Sections 44AD, 44ADA, 44AE), letting them declare income at a fixed rate of turnover and avoid detailed accounting. This statement is correct
Statement 2: It is not restricted only to small businesses. Professionals (like doctors, engineers, architects, etc.) can also opt for presumptive taxation under Section 44ADA, and transporters under Section 44AE. This statement is incorrect
Incorrect
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Solution: (a)
Explanation:
- Statement 1: Presumptive taxation simplifies compliance for small taxpayers (Sections 44AD, 44ADA, 44AE), letting them declare income at a fixed rate of turnover and avoid detailed accounting. This statement is correct
Statement 2: It is not restricted only to small businesses. Professionals (like doctors, engineers, architects, etc.) can also opt for presumptive taxation under Section 44ADA, and transporters under Section 44AE. This statement is incorrect
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Question 4 of 5
4. Question
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With reference to the membership of NATO (North Atlantic Treaty Organization), consider the following countries:
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Albania
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Montenegro
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Moldova
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North Macedonia
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Georgia
How many of the above are NATO members?
Correct
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Solution: (c)
Explanation:
- Albania → NATO member since 2009. This is correct
- Montenegro → NATO member since 2017. This is correct
- Moldova → Neutral under its Constitution, not a NATO member. This is incorrect
- North Macedonia → NATO member since 2020. This is correct
Georgia → Aspiring NATO member, but not yet admitted. This is incorrect
Incorrect
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Solution: (c)
Explanation:
- Albania → NATO member since 2009. This is correct
- Montenegro → NATO member since 2017. This is correct
- Moldova → Neutral under its Constitution, not a NATO member. This is incorrect
- North Macedonia → NATO member since 2020. This is correct
Georgia → Aspiring NATO member, but not yet admitted. This is incorrect
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Question 5 of 5
5. Question
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With reference to the World Food Programme (WFP), consider the following statements:
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The WFP is the food-assistance branch of the United Nations and was awarded the Nobel Peace Prize in 2020 for combating hunger.
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Its headquarters is located in Rome, Italy, which it shares with the Food and Agriculture Organization (FAO) and the International Fund for Agricultural Development (IFAD).
Which of the above statements is/are correct?
Correct
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Solution: (c)
Explanation:
- Statement 1: WFP, established in 1961, is the UN’s largest humanitarian organization addressing hunger and food security. It received the Nobel Peace Prize 2020 for efforts in combating hunger and improving peace in conflict-affected areas. This statement is correct
Statement 2: WFP is headquartered in Rome, Italy, along with FAO and IFAD, making the city a hub for UN food and agriculture agencies. This statement is correct
Incorrect
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Solution: (c)
Explanation:
- Statement 1: WFP, established in 1961, is the UN’s largest humanitarian organization addressing hunger and food security. It received the Nobel Peace Prize 2020 for efforts in combating hunger and improving peace in conflict-affected areas. This statement is correct
Statement 2: WFP is headquartered in Rome, Italy, along with FAO and IFAD, making the city a hub for UN food and agriculture agencies. This statement is correct
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