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DAILY STATIC QUIZ (PYQs)
It will cover PYQs all the topics of static subjects – Polity, History, Geography, Economics, Environment and Science and technology.
Daily 5 questions (Monday to Saturday) will be posted from static topics (PYQs)
The questions will be in the quiz format so you will be able to answer them directly on the portal.
Schedule
Same cycle will be repeated from Week 6.
Make the best use of the initiative. All the best!
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Which one of the following statements correctly describes the meaning of legal tender money?
Solution (b)
Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country. A creditor is legally obligated to accept legal tender toward repayment of a debt.
Solution (b)
Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country. A creditor is legally obligated to accept legal tender toward repayment of a debt.
Which one of the following is not a sub-index of the World Bank’s ‘Ease of Doing Business Index’?
Solution (a)
Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year’s ranking.
Solution (a)
Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year’s ranking.
The economic cost of food grains to the Food Corporation of India is Minimum Support Price and bonus (if any) paid to the farmers plus
Solution (c)
The economic cost comprises the procurement price of costs related to procurement (such as statutory taxes, labour costs, mandi fees, and so on), food grains, and costs of distribution (including freight, storage and administration).
Solution (c)
The economic cost comprises the procurement price of costs related to procurement (such as statutory taxes, labour costs, mandi fees, and so on), food grains, and costs of distribution (including freight, storage and administration).
The Service Area Approach was implemented under the purview of
Solution (b)
The Service Area Approach (SAA) was introduced in April 1989 in order to bring about an orderly and planned development of rural and semi- urban areas of the country. It was extended to all Indian scheduled commercial banks including Regional Rural Banks (RRBs).
Service area approach is an alternative and improved method of Lead Bank Scheme for deployment of bank credit for rural development.
Solution (b)
The Service Area Approach (SAA) was introduced in April 1989 in order to bring about an orderly and planned development of rural and semi- urban areas of the country. It was extended to all Indian scheduled commercial banks including Regional Rural Banks (RRBs).
Service area approach is an alternative and improved method of Lead Bank Scheme for deployment of bank credit for rural development.
Which of the following is not included in the assets of a commercial bank in India?
Solution (b)
Deposits are a liability on a commercial bank, since it must return its lenders the amount it owes them. A bank places its funds in assets to earn profits. The assets include investments, loans and advances, money at call and short notice, bills discounted and purchased. It also includes the cash in hand with the banks and also the cash held with the RBI.
The liabilities include deposits (both time and demand) and borrowings
Solution (b)
Deposits are a liability on a commercial bank, since it must return its lenders the amount it owes them. A bank places its funds in assets to earn profits. The assets include investments, loans and advances, money at call and short notice, bills discounted and purchased. It also includes the cash in hand with the banks and also the cash held with the RBI.
The liabilities include deposits (both time and demand) and borrowings
