Question 1

The Largest Component of National Income is

Accepted Answer

National Income is the total income value of the goods and services produced by the residents of a country, usually during the period of one year. National Income is categorized into 6 components. They are : 1. Compensation of Employees (Wages and Benefits) 2. Corporate Profits 3. Rental Income 4. Proprietors Income (Income of unincorporated business) 5. Net Interest The Largest Component of National Income is Compensation of Employees. The Largest component of National Income in India is Service Sector.

Question 2

Under the minimum reserve system, the Reserve Bank of India as the sole authority of note issuse is required to maintain assets worth not less than:

Accepted Answer

115 crore of rupees

Question 3

Total Output is a synonym for

Accepted Answer

Total Output is a synonym for Aggregate supply or Initial production.

Question 4

Who was appointed as Deputy Governor of RBI recently ?

Accepted Answer

The government on 28th December, 2016 appointed Viral Acharya as the Deputy Governor of the RBI. He will be joining the ranks of NS Vishwanathan, SS Mundra, R Gandhi as one of four Deputy Governors under RBI Governor Urjit Patel. Acharya has been serving as a Professor of Economics at the New York University Stern School of Business since 2008.

Question 5

India has emerged as the _______largest aviation market in the world with a passenger traffic of over 10 crore reported for 2016-17.

Accepted Answer

The central government has said that India has emerged as the 3rd largest aviation market in the world with a passenger traffic of over 10 crore reported for 2016-17. This was stated by minister of state for civil aviation Jayant Sinha at a media event on the achievements of the ministry of civil aviation on the completion of three years of the NDA government.

Question 6

States earn maximum revenue through

Accepted Answer

commercial taxes

Question 7

Which Bank has launched 'Project Nishchay' in partnership with The Boston Consulting Group (BCG) ?

Accepted Answer

IDBI Bank has launched 'Project Nishchay' in partnership with The Boston Consulting Group (BCG) to accelerate its turnaround programme and improve financial performance.

Question 8

NREGP is the abbreviated form of

Accepted Answer

National Rural Employment Guarantee Programme

Question 9

Who was appointed as Director General of Goods and Service Tax Intelligence (DG GSTI) ?

Accepted Answer

John Joseph

Question 10

Which of the following is an example of representative money?

Accepted Answer

Representative money is an item such as a token or piece of paper that has no intrinsic value but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper,... Hence, a Check is an example of representative money.

Question 11

National Income based on the

Accepted Answer

production of goods and services

Question 12

Which country has replaced China as the top retail destination in 2017 Global retail development index ?

Accepted Answer

India

Question 13

The most literate Union Territory in India is

Accepted Answer

Lakshadweep

Question 14

What is the longest irrigation canal India called

Accepted Answer

Indira Gandhi canal

Question 15

Gold Mines in India are located mainly at

Accepted Answer

Kolar

Question 16

Nature of unemployment in agriculture in India is

Accepted Answer

both ' a ' and ' b '

Question 17

The Government has renamed NREGA schme and the name associated with the scheme is that of

Accepted Answer

Mahatma Gandhi

Question 18

GST Council has decided to keep a total of ________ items in the 28% slab, which was earlier 227.

Accepted Answer

The GST Council on Nov 10th 2017 cut tax rates of over 175 products that were in the highest tax slab of 28% under the Goods and Services Tax (GST) regime. Currently only 50 items have been left in the 28% category out of a total of 227 items that were present earlier.

Question 19

The single-step income statement emphasizes

Accepted Answer

The single-step income statement emphasizes 1. total revenues and total expenses. 2. Revenues 3. Expenses 4. Net income The primary advantage of the single step fromat lies in its simple presentation and the absence of any implication that one type of revenue or expense item has priority over another.

Question 20

Which of the following is / are fund managers for National Pension System (NPS) in 2017 ?

Accepted Answer

At present in 2017, there are only seven NPS fund managers viz. HDFC Pension Fund, ICICI Prudential Pension, Kotak Pension Fund, LIC Pension Fund, Reliance Capital Pension, SBI Pension Fund and UTI Retirement Solutions.

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