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Prelims Quiz 2014_Vol 4

1. 1

   With reference to coal production and its pricing in India, consider the following statements

   1. In India,  the basis of grading and pricing of thermal coals is based on Useful Heat Value (UHV) system
   2. UHV defines energy (kilo calorie) in every kilogram of coal after discounting the moisture and ash content

   Which of the above is/are correct?

   • 1 Only
   • 2 Only
   • Both
   • None
   Solution: b)

   http://pib.nic.in/newsite/erelease.aspx?relid=91302

   [ The basis of grading and pricing of thermal coals switched over to Gross Calorific Value (GCV) system in place of Useful Heat Value (UHV) system w.e.f. 1st Jan,2012.]

   http://www.thehindubusinessline.com/companies/cil-may-soon-price-coal-using-gross-calorific-value-metric/article2607124.ece

2. 2

   With reference to finance commissions, consider the following statements

   1. The chairman must be a retired judge of the Supreme Court of India
   2. The commission, which is a statutory body, is appointed every five years and consists of a chairman and four other members.

   Which of the above is/are incorrect?

   • 1 Only
   • 2 Only
   • Both
   • None
   Solution: Both are incorrect! FC is a Constitutional Body, not Statutory!

   http://pib.nic.in/newsite/erelease.aspx?relid=91309

   http://fincomindia.nic.in/ShowContentOne.aspx?id=8&Section=1

3. 3

   With reference to  the Member of Parliament Local Area Development Scheme (MPLADS), consider the following statements

   1. This scheme is applicable to nominated members of both the houses of Parliament
   2. They have to spend this fund only within their home state in any district
   3. The guidelines are issued by the Prime Minister’s Office

    

   Which of the above is / are incorrect?

   • 1 and 2 Only
   • 2 and 3 Only
   • 1 and 3 Only
   • None

   Solution: b)
   http://pib.nic.in/release/rel_print_page.asp?relid=91303
   http://mplads.nic.in/

   [Wiki says- Members of Parliament Local Area Development Scheme (MPLADS) is a scheme formulated by Government of India on 23 December 1993 that provides that each member of [parliament of India] has the choice to suggest to the Head of the District works to the tune of Rs.5 crore per year, to be taken up in his/her constituency. Initially, this scheme was administered by Ministry of Rural Development. Later, in October 1994, Ministry of Statistics and Programme Implementation (MOSPI) has been looking into its working. Elected Members of Rajya Sabha representing the whole of the State as they do, may select works for implementation in one or more district(s) as they may choose. Nominated Members of the Lok Sabha and Rajya Sabha may also select works for implementation in one or more districts, anywhere in the country. The allocation per MP per year stands increased to Rs.2 crores from the year 1998-1999 which has been further enhanced to Rs 5 crores from the year 2011. [1] It also allows MPs to spend up to 10 lacs in any other constituency in India.]

4. 4

   Consider the following statements

   1. Justice Usha Mehra commission was set-up to inquire into various aspect of the shocking incident of rape and brutal assault of a young woman in Delhi
   2. Justice Usha Mehra is a member of the Law Commission of India

   Which of the above is/are correct?

   • 1 Only
   • 2 Only
   • Both
   • None

   Solution: c)

   [The Usha Mehra Commission was constituted by the Union Government on 26 December 2012 to inquire into the different aspects of the brutal rape and assault incident of the girl on 16 December 2012 on the streets of Delhi. The commission was asked to submit the report within three months. Retired Delhi High Court Judge, Usha Mehra was the head of this commission.]

   http://pib.nic.in/newsite/erelease.aspx?relid=91295

   http://zeenews.india.com/news/nation/justice-usha-mehra-becomes-full-time-member-of-law-commission_854867.html

5. 5

   With reference to the National Literacy Mission, consider the following statements

   1. The mission aims to make India 100% literate by 2020
   2. This mission is a restructured and modified version of earlier Sakshar Bharat Mission

   Which of the above is/are correct?

   • 1 Only
   • 2 Only
   • Both
   • None

   Solution: d)

   http://pib.nic.in/newsite/erelease.aspx?relid=91291

   http://saaksharbharat.nic.in/saaksharbharat/aboutPage.action?reqToken=BRhx0iqVSCqJWByQ8hzEyuFK7

Prelims 2014_Finance and Economy Quiz_Vol 3

1.

A recent news in a business newspapers read: “Indirect tax collections grew by 6.2% in the April-December period of this fiscal“. Which among the following is / are indirect taxes?
1. Excise
2. Custom
3. Service Tax
4. Property Tax
Choose the correct option from the codes given below:
[A]Only 1 & 2
[B]Only 1, 2 & 3
[C]Only 3 & 4
[D]1, 2, 3 & 4

Only 1, 2 & 3

2.

As of 2014, the number of public sector banks in India is__?
[A]25
[B]27
[C]29
[D]22

27
As of 2014 (January) India has 27 public sector banks, 22 private sector banks and 56 regional rural banks.

3.

A Non-Performing Asset of a non-agricultural loan book shall be a loan or advance where___:
[A]Interest and/or installment of principal remain overdue for 90 days in respect of term loan
[B]The debtor is declared insolvent
[C]Payment of interest/installment of principal has been irregular
[D]All of the above

 (A)

Interest and/or installment of principal remain overdue for 90 days in respect of term loan

Explanation

4.

Which one of the following is the new sub-category of the commercial real estate sector (CRE) as per the latest RBI directive?
[A]Residential projects
[B]Commercial projects
[C]Industrial projects
[D]SEZ projects

Residential projects

Explanation

5.

Though ULIPs (Unit Linked Insurance Plan) are considered to be a better investment vehicle it has failed to capture the imagination of the retail investors in India because of which of the following reasons?
[A]Regulatory jurisdictional fight between SEBI and IRDA
[B]They don’t offer better tax benefits
[C]They offer lesser returns compared to traditional insurance policies
[D]All of the above

Regulatory jurisdictional fight between SEBI and IRDA

Explanation

6.

The Shome committee which was appointed to look into the guidelines of General Anti Avoidance Rules (GAAR) has recommended retrospective application of tax law only in rarest of rare cases. Which of the following recommendation/s is/are made by this panel?
1.To correct anomalies in the statues of Tax laws,
2.To protect the tax base from abusive tax planning schemes with a purpose to avoid tax
3.To correct technical/procedural defects that impairs a substantive law
Choose the correct option from the codes given below:
[A]1 only
[B]2 only
[C]3 only
[D]1, 2 and 3

1, 2 and 3

Explanation

7.

Recently the Cabinet Committee on Economic Affairs (CCEA) has deferred its decision on Accelerated Irrigation Benefit Programme (AIBP) for the 12th five year plan (FYP), because of which of the following reasons?
[A]Because of non-approval by Planning commission
[B]Reports suggesting underutilisation of full potential of irrigation projects created under 10th FYP
[C]To readdress changing nature of irrigation requirements
[D]All of the above

All of the above

Explanation

8.

What is the current share of manufacturing sector in GDP?
[A]14.5%
[B]16%
[C]18%
[D]21%

16%

Explanation

9.

Which one of the following was the purpose of appointment of Rangachary committee?
[A]Taxation of software Development Centres & IT Sector
[B]Taxation of Biotechnology and Pharmacy sector
[C]Taxation of MSME sector
[D]None of the above

Taxation of software Development Centres & IT Sector

Explanation

10.

Which of the following best defines a floating-rate bond?
[A]A bond with a fixed interest rate and has better yield than varying interest rate bond
[B]A bond with a fixed interest rate and has lower yield than varying interest rate bond
[C]A bond with a varying interest rate and has better yield than fixed interest rate bond
[D]A bond with a varying interest rate and has lower yield than fixed interest rate bond

A bond with a varying interest rate and has lower yield than fixed interest rate bond

Daily Quiz for Prelims 2014_Vol 2

1

With reference to Asian Development Bank (ADB), consider the following statements

The United States of America is the largest shareholder in ADB along with Japan
Iran, Iraq and Saudi Arabia are its prominent members from the West Asia region
Among its 67 members, no country from European continent is represented
Till now, its Presidents are all from Japan since its inception

Which of the above statements is/are correct?

1, 3 and 4 Only
2, 3 and 4 Only
2 and 3 Only
1 and 4 Only

Solution: d)

http://pib.nic.in/newsite/erelease.aspx?relid=103496

http://en.wikipedia.org/wiki/Asian_Development_Bank#Members

2

With reference to National Mission on Food Processing (NMFP) and food processing sector, consider the following statements

The basic objective of NMFP is decentralization of implementation of Ministry of Food Processing Industries’ (MOFPI) schemes, which will lead to substantial participation of State Governments / UTs.
Processing of grains and cereals is also part of food processing Industry
Food and beverages sector employs more people than in textile or leather sectors which are also labour intensive sectors

Which of the above statements is/are correct?

1 and 2 Only
2 and 3 Only
1 and 3 Only
All

Solution: d)

http://www.ficci.com/spdocument/20312/Feeding-a-Billion_Role-of-the-Food-Processing-Industry.pdf (pages 12 to 16)

http://pib.nic.in/newsite/erelease.aspx?relid=103498

http://pib.nic.in/newsite/erelease.aspx?relid=86644

3

Consider the following statements

Siddha system of medicine is based on the ‘Humoral Theory’, which presupposes the presence of four Humors – blood, phlegm, yellow bile and black bile – in the body.
Regimental therapy (Ilaj-bit-Tadbeer), dietotherapy (Ilaj-bit-ghiza), pharmacotherapy (Ilaj-bit-Dawa) and surgery (Jarahat) are part of Unani system of medicine

Which of the above statements is/are correct?

1 Only
2 Only
Both
None

Solution: b)

http://www.dsir.gov.in/reports/ittp_tedo/ism/ISM_USM_Intro.pdf

http://pib.nic.in/newsite/erelease.aspx?relid=103430

4

With reference to Accredited Social Health Activist (ASHA), consider the following statements

These are community workers who work as part of National Rural Health Mission (NRHM)
They are given monthly salary by the state governments recognising them as employees of the state
Married, widowed or divorced women from villages who have at least completed class 12 education are selected as ASHAs
Over and above monthly salary, they are given incentives based on their performance such as success in ensuring objectives of NRHM

Which of the above statements is/are correct?

1 Only
1 and 3 Only
1, 2 and 3 Only
1, 3 and 4 Only

Solution: a)

http://en.wikipedia.org/wiki/Accredited_Social_Health_Activist

http://nrhm.gov.in/communitisation/asha/about-asha.html

http://pib.nic.in/newsite/erelease.aspx?relid=103429

5

With reference to Eye Donations, consider the following statements

Only corneal blinds can be benefited through this eye donation process, not other Blinds
In eye donations, only Cornea, the clear tissue covering the front of the eye is removed
Cornea can be removed from a deceased person within twenty four hours of death for the use of cornea replacement of a damaged eye

Which of the above statements is/are incorrect?

2 Only
3 Only
1 and 3 Only
2 and 3 Only

Solution: c)

http://pib.nic.in/newsite/PrintRelease.aspx?relid=103479

Solution: b)

http://donateeyes.org/what-is-eye-donation/

http://pib.nic.in/newsite/erelease.aspx?relid=103426

Prelims 2014 Quiz_Vol 1

1. 1

   Consider the following statements

   1. In India, Small Pox is completely eradicated but Guniea Worm disease continues to persist in some pockets
   2. Guniea Worm Disease spreads through contaminated air

   Which of the above statements is/are correct?

   • 
     1 Only
   • 
     2 Only
   • 
     Both
   • 
     None
   Solution: d)http://pib.nic.in/newsite/erelease.aspx?relid=103442

   http://www.who.int/dracunculiasis/disease/en/

2. 
   

   2

   With reference to The Disaster Management Act, 2005, consider the following statements

   1. As per this act, all states in India have prepared State Disaster Management Plans (SDMP)
   2. The Act mandates creation of new institutions and assignment of specific roles for Central, State and Local Governments.

   Which of the above statements is/are incorrect?

   • 1 Only
   • 2 Only
   • Both
   • None
   Solution: a)http://pib.nic.in/newsite/erelease.aspx?relid=103488

   http://pib.nic.in/newsite/erelease.aspx?relid=53359

3. 
   

   3

   With reference to Shale Gas, consider the following statements

   1. Shale gas is a natural gas that is trapped in the shale formations, a form of metamorphic rocks
   2. Shale gas is extracted by a technique called hydraulic fracturing
   3. Unlike other natural gas found elsewhere, shale gas is not formed by the remnant of living beings

   Which of the above statements is/are correct?

   • 1 and 2 Only
   • 2 Only
   • 1 and 3 Only
   • All
   Solution: b)http://www.shale-gas-information-platform.org/what-is-shale-gas.html

   http://pib.nic.in/newsite/erelease.aspx?relid=103495

   http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2014/6/19/1403189441686/Frackingthefactsandfaultsgr.jpg?guni=Graphic:in%20body%20link

4. 
   

   4

   With reference to the “Vocationalisation of Secondary and Higher Secondary Education” scheme, consider the following statements

   1. One of its objectives is to  decrease pressure on academic higher education among school going children
   2. It aims to enhance skills and employability of the youth will be enhanced through industry and demand driven vocational courses.
   3. It is a state-sponsored scheme

   Which of the above statements is/are incorrect?

   • 1 Only
   • 2 Only
   • 3 Only
   • None
   Solution: c)http://pib.nic.in/newsite/erelease.aspx?relid=103633

5. 
   

   5

   Consider the following statements

   1. India has signed Comprehensive Economic Partnership Agreement (CEPA) with only one Developed country so far
   2. India has signed Free Trade agreement with ASEAN in both goods and services

   Which of the above statements is/are correct?

   • 1 Only
   • 2 Only
   • Both
   • None
   Solution: d)

6. http://pib.nic.in/newsite/erelease.aspx?relid=73596

   http://pib.nic.in/newsite/erelease.aspx?relid=103581