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Daily-static-mcqs 16 May 2024
Q1:
In the context of the money market, what is used to repair the word "Convertibility" 1. Freedom to exchange postures like objects for international commerce. 2. Freedom to remove currency outside the country. 3. Freedom to invest in various countries. How many of the statements are correct?
A: Only one
B: Only two
C: All three
D: None
Answer: a
Explanation:
The currency of a country can be converted into gold or any other posture by currency convertibility. Currency variability is important for international commerce because the sources globally sourced are paid in an agreed currency that cannot be a buyer's domestic currency. Hence, option (a) is correct.
Q2:
Consider the following statements: 1. Stagflation is a condition in which the rate of inflation is high and the economic growth rate remains high. 2. Deflation refers to a decrease in the normal value level of goods and services, but the rate of inflation persists above zero. Which of the statements given above is/are correct?
A: 1 only
B: 2 only
C: Both 1 and 2
D: Neither 1 nor 2
Answer: d
Explanation:
Stagflation is accompanied by rising prices or inflation with slow economic growth and relatively high unemployment or economic stagnation. Hence, statement 1 is incorrect.
Deflation refers to a decrease in the normal value level of goods and services as well as the rate of inflation falling below zero. Hence, statement 2 is incorrect.
Q3:
Stressed assets are an important indicator of the health of the banking system. These include- 1. Non-executed asset 2. Restructured loan 3. Right of assets How many of the statements given above are correct?
A: Only one
B: Only two
C: All three
D: None
Answer: c
Explanation:
The most important measure of asset quality is a non-executed asset (NPA). But NPA does not display poor assets of loans given by banks alone. Therefore a new classification is made in the form of pressure-hit assets that include restructured loans and right of assets in addition to NPA.
Retuition asset or debt is the asset that is obtained from an extended repayment period, reducing the interest rate, converting a part of the loan into equity, providing additional funding, or some combination of these measures.
When the bank assumes that the value of a loan account on its book is very low or has ended, then it is right off. The bank's financial statements will show that the right to the loan will be compensated in some other way.
Hence, option (c) is correct.
Q4:
Consider the following statements regarding "Human Development Index (HDI)": 1. It is published by the United Nations Development Program. 2. Sexual equality is one of the four indicators of HDI. Which of the statements given above is/are correct?
A: 1 only
B: 2 only
C: Both 1 and 2
D: Neither 1 nor 2
Answer: a
Explanation:
Human Development Index (HDI) is a holistic index that measures average achievement in human development. It is published by the United Nations Development Program. Hence statement 1 is correct.
HDI takes into account four indicators:
Life expectancy at birth (Sustainable Development Target 3),
Expected year of school education (Sustainable Development Target 4.3),
The average year of school education (Sustainable Development Target 4.4),
Gross National Income (GNI) (Sustainable Development Target 8.5). Hence, statement 2 is incorrect.
Q5:
Often, the 'minimum alternative tax (MAT) is popular in the news:
A: A form of direct tax.
B: Bypassed on high net worth individuals (HNIS).
C: Imposed on goods imported and exported to foreign trade.
D: Tax imposed on crypto-currency.
Answer: a
Explanation:
Income tax is paid according to the provisions of the Income Tax Act (IT Act), but companies calculate their profit (through a profit and loss account) as per the provisions of the Companies Act. The IT Act allows several types of discounts and other incentives from total income with a deduction on gross income.
As a result of these exemptions, cuts, and other incentives under the IT Act, companies show their taxable income as 'zero' or 'negative' and thus, 'zero tax' promotes companies and huge dividends to shareholders (company Despite providing under the Act), they do not pay taxes.
MAT was imposed accordingly to bring such companies under the purview of income tax.
Hence, option (a) is correct.
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