The Daily Current Affairs Quiz questions are based on various national and regional newspapers including government news sources.
The questions are framed on happenings around you to enhance your competitiveness for news based concepts and facts
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Question 1 of 5
1. Question
Providing which of the following services is among the objectives of financial inclusion?
1. A basic no-frills banking account for making and receiving payments
2. Pension system
3. Access to formal source of financing
4. Remittance, or money transfer facilities
5. Life Insurance
Select the correct answer using the code given below:
Correct
Correct Answer: Option (d) is correct.
Explanation:
The objectives of financial inclusion are to provide the following:
A basic no-frills banking account for making and receiving payments
Saving products (including investment and pension)
Simple credit products and overdrafts linked with no-frills accounts
Remittance, or money transfer facilities
Micro insurance (life) and non-micro insurance (life and non-life)
Micro pension
Incorrect
Correct Answer: Option (d) is correct.
Explanation:
The objectives of financial inclusion are to provide the following:
A basic no-frills banking account for making and receiving payments
Saving products (including investment and pension)
Simple credit products and overdrafts linked with no-frills accounts
Remittance, or money transfer facilities
Micro insurance (life) and non-micro insurance (life and non-life)
Micro pension
Question 2 of 5
2. Question
With reference to Human Capital and Human Development, consider the following statements:
1. Human capital is a tangible wealth.
2. Human capital includes assets like education, health, and other things employers’ value such as loyalty and punctuality.
3. Seventh Five Year Plan specially focused on Human Development.
Which of the statements given above is/are correct?
Correct
Correct Answer: Option (a) 2 and 3 only
Explanation:
Statement 1 is incorrect: Human capital is an intangible asset or quality not listed on a company’s balance sheet. It can be classified as the economic value of a worker’s experience and skills.
Statement 2 is correct: This includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.
Statement 3 is correct: Whereas human development considers human beings as ends in themselves and thus education, health etc. as their rights. It is from the 7th Five Year Plan onward that we began to focus on Human Development. To quote the Plan document, “Human resources development has necessarily to be assigned a key role in any development strategy, particularly in a country with a large population. Trained and educated on sound lines, a large population can itself become an asset in accelerating economic growth and ensuring a social change in desired directions “
Incorrect
Correct Answer: Option (a) 2 and 3 only
Explanation:
Statement 1 is incorrect: Human capital is an intangible asset or quality not listed on a company’s balance sheet. It can be classified as the economic value of a worker’s experience and skills.
Statement 2 is correct: This includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.
Statement 3 is correct: Whereas human development considers human beings as ends in themselves and thus education, health etc. as their rights. It is from the 7th Five Year Plan onward that we began to focus on Human Development. To quote the Plan document, “Human resources development has necessarily to be assigned a key role in any development strategy, particularly in a country with a large population. Trained and educated on sound lines, a large population can itself become an asset in accelerating economic growth and ensuring a social change in desired directions “
Question 3 of 5
3. Question
Which of the following are examples of Capital Goods?
1. Iron ore
2. Electric arc Furnaces
3. Truck
Select the correct answer using the code given below:
Correct
Option (b) is correct:
Explanation:
Capital goods are of durable character which are used in the production process.
While they make production of other commodities feasible, they themselves don’t get transformed in the production process.
Capital goods include buildings, machinery, equipment (like Electric Arc Furnaces), vehicles (like truck), and tools. Capital goods are not finished goods, instead, they are used to make finished goods.
Iron ore itself get transformed in the process. It is not a Capital Good.
Incorrect
Option (b) is correct:
Explanation:
Capital goods are of durable character which are used in the production process.
While they make production of other commodities feasible, they themselves don’t get transformed in the production process.
Capital goods include buildings, machinery, equipment (like Electric Arc Furnaces), vehicles (like truck), and tools. Capital goods are not finished goods, instead, they are used to make finished goods.
Iron ore itself get transformed in the process. It is not a Capital Good.
Question 4 of 5
4. Question
Consider the following statements regarding Forex Reserve:
1. It contains treasury bills and corporate bonds denominated in domestic currency.
2. These reserves are usually used for backing the exchange rate of domestic currency.
Which of the statements given above is/are correct?
Correct
Option (b) is correct:
Explanation:
Statement 1 is incorrect: Foreign exchange reserves are assets denominated in a foreign currency that are held by a nation’s central bank. Foreign Currency Assets includes Gold reserves, Special Drawing Rights, Reserve position with the International Monetary Fund (IMF).
Statement 2 is correct: They are usually used for backing the exchange rate and influencing monetary policy.
Incorrect
Option (b) is correct:
Explanation:
Statement 1 is incorrect: Foreign exchange reserves are assets denominated in a foreign currency that are held by a nation’s central bank. Foreign Currency Assets includes Gold reserves, Special Drawing Rights, Reserve position with the International Monetary Fund (IMF).
Statement 2 is correct: They are usually used for backing the exchange rate and influencing monetary policy.
Question 5 of 5
5. Question
With reference to Mutual Funds, consider the following statements:
1. Mutual Funds can operate only in capital market and not money market.
2. They are under dual regulation of SEBI and RBI.
Which of the statements given above is/are correct?
Correct
Option (b) is correct:
Explanation:
Statement 1 is incorrect and statement 2 is correct: Mutual funds, first of all came in the money market (regulated by the RBI), but they have the freedom to operate in the capital market, too. This is why they have provision of dual regulator—the RBI and SEBI. Mutual funds are compulsorily registered with the Securities and Exchange Board of India (SEBI), which also acts as the first wall of defence for all investors in these funds. For those who do not understand how mutual funds operate but are willing to invest, the move by SEBI is seen as a big relief.
Incorrect
Option (b) is correct:
Explanation:
Statement 1 is incorrect and statement 2 is correct: Mutual funds, first of all came in the money market (regulated by the RBI), but they have the freedom to operate in the capital market, too. This is why they have provision of dual regulator—the RBI and SEBI. Mutual funds are compulsorily registered with the Securities and Exchange Board of India (SEBI), which also acts as the first wall of defence for all investors in these funds. For those who do not understand how mutual funds operate but are willing to invest, the move by SEBI is seen as a big relief.
