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10 PM Quiz: June 9, 2020
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- Question 1 of 10
1. Question
1 pointsWhich of the following correctly defines the Modern Monetary Theory?
Correct
The Modern Monetary Theory argues that that countries that issue their own currencies can never run out of money and are not are not operationally constrained by revenues (taxes) when it comes to government spending.
Monetarily sovereign governments do not need taxes or borrowing for spending since they can print as much as they need and are the monopoly issuers of the currency.
Incorrect
The Modern Monetary Theory argues that that countries that issue their own currencies can never run out of money and are not are not operationally constrained by revenues (taxes) when it comes to government spending.
Monetarily sovereign governments do not need taxes or borrowing for spending since they can print as much as they need and are the monopoly issuers of the currency.
- Question 2 of 10
2. Question
1 pointsConsider the following statements regarding the Fiscal Responsibility and Budget Management (FRBM) Act:
- It states that under no circumstances shall the Central Government borrow from Reserve Bank of India.
- It allows deviation from fiscal deficit target up to 0.5 percent on the grounds of structural reforms in the economy with unanticipated fiscal implications.
Which of the statements given above is/are correct?
Correct
Statement 1 is incorrect. Section 5(2) of the act states that Central Government may borrow from the Reserve Bank by way of advances to meet temporary excess of cash disbursement over cash receipts.
Section 5(3) states Reserve Bank may subscribe to the primary issues of Central Government Securities grounds of national security, act of war, national calamity, collapse of agriculture severely affecting farm output and incomes, structural reforms in the economy with unanticipated fiscal implications, decline in real output growth of a quarter by at least three per cent.
Under Section 5(4) Reserve Bank may buy and sell the Central Government securities in the secondary market.
Statement 2 is correct. Section 4(2) provides for the grounds of deviation from fiscal deficit targets, these are: national security, act of war, national calamity, collapse of agriculture severely affecting farm output and incomes, structural reforms in the economy with unanticipated fiscal implications, decline in real output growth of a quarter by at least three percent points below its average of the previous four quarters.
While section 4(3) states that any deviation from fiscal deficit target under sub-section (2) shall not exceed one-half percent of the gross domestic product in a year.
Incorrect
Statement 1 is incorrect. Section 5(2) of the act states that Central Government may borrow from the Reserve Bank by way of advances to meet temporary excess of cash disbursement over cash receipts.
Section 5(3) states Reserve Bank may subscribe to the primary issues of Central Government Securities grounds of national security, act of war, national calamity, collapse of agriculture severely affecting farm output and incomes, structural reforms in the economy with unanticipated fiscal implications, decline in real output growth of a quarter by at least three per cent.
Under Section 5(4) Reserve Bank may buy and sell the Central Government securities in the secondary market.
Statement 2 is correct. Section 4(2) provides for the grounds of deviation from fiscal deficit targets, these are: national security, act of war, national calamity, collapse of agriculture severely affecting farm output and incomes, structural reforms in the economy with unanticipated fiscal implications, decline in real output growth of a quarter by at least three percent points below its average of the previous four quarters.
While section 4(3) states that any deviation from fiscal deficit target under sub-section (2) shall not exceed one-half percent of the gross domestic product in a year.
- Question 3 of 10
3. Question
1 pointsConsider the following statements:
- Profession tax is an income tax levied by the Central government.
- The Legislature of a State may by law authorize a Panchayat to levy, collect and appropriate taxes.
Which of the statements given above is/are correct?
Correct
Statement 1 is incorrect. Article 276 empowers the Legislature of a State to make laws relating to taxes for the benefit of the State or of a municipality, district board, local board or other local authority therein in respect of professions, trades, callings or employments.
Statement 2 is correct. Article 243H of the constitution states that the Legislature of a State may, by law: (a) authorize a Panchayat to levy, collect and appropriate such taxes, duties, tolls and fees in accordance with such procedure and subject to such limits.
(b) assign to a Panchayat such taxes, duties, tolls and fees levied and collected by the State Government for such purposes and subject to such conditions and limits.
(c) provide for making such grants-in-aid to the Panchayats from the Consolidated Fund of the State; and
(d) provide for Constitution of such Funds for crediting all moneys received, respectively, by or on behalf of the Panchayats and also for the withdrawal of such moneys therefrom.
Incorrect
Statement 1 is incorrect. Article 276 empowers the Legislature of a State to make laws relating to taxes for the benefit of the State or of a municipality, district board, local board or other local authority therein in respect of professions, trades, callings or employments.
Statement 2 is correct. Article 243H of the constitution states that the Legislature of a State may, by law: (a) authorize a Panchayat to levy, collect and appropriate such taxes, duties, tolls and fees in accordance with such procedure and subject to such limits.
(b) assign to a Panchayat such taxes, duties, tolls and fees levied and collected by the State Government for such purposes and subject to such conditions and limits.
(c) provide for making such grants-in-aid to the Panchayats from the Consolidated Fund of the State; and
(d) provide for Constitution of such Funds for crediting all moneys received, respectively, by or on behalf of the Panchayats and also for the withdrawal of such moneys therefrom.
- Question 4 of 10
4. Question
1 pointsWhich among the following is the first private company to have successfully launched a crewed space flight to International Space Station?
Correct
The first crewed launch by a private company rocket and spacecraft to take astronauts to the International Space Station was successfully launched on March 30, 2020 by Falcon 9 rocket of SpaceX. It was a part of commercial crew program of NASA. Boeing is another company that is part of NASA’s commercial crew program.
Antrix Corporation Limited, Bengaluru is a wholly owned Government of India Company under the administrative control of the Department of Space.
Incorrect
The first crewed launch by a private company rocket and spacecraft to take astronauts to the International Space Station was successfully launched on March 30, 2020 by Falcon 9 rocket of SpaceX. It was a part of commercial crew program of NASA. Boeing is another company that is part of NASA’s commercial crew program.
Antrix Corporation Limited, Bengaluru is a wholly owned Government of India Company under the administrative control of the Department of Space.
- Question 5 of 10
5. Question
1 pointsWhich of the following is/are levied under the Income Tax Act, 1961?
- Corporate Tax
- Personal Income Tax
- Minimum Alternative Tax
Select the correct answer using the code given below:
Correct
All are levied as per the provisions of Income Tax Act, 1961.
As per the act all income accruing or arising, whether directly or indirectly, through or from any business connection in India and income which falls under the head “Salaries”, if it is earned in India is deemed to be accrued in India under the act.
Minimum Alternate Tax (MAT) is a tax introduced in India by Section 115JB of the Income Tax Act, 1961 (IT Act), to tax those companies which show zero or negligible income to avoid tax.
Incorrect
All are levied as per the provisions of Income Tax Act, 1961.
As per the act all income accruing or arising, whether directly or indirectly, through or from any business connection in India and income which falls under the head “Salaries”, if it is earned in India is deemed to be accrued in India under the act.
Minimum Alternate Tax (MAT) is a tax introduced in India by Section 115JB of the Income Tax Act, 1961 (IT Act), to tax those companies which show zero or negligible income to avoid tax.
- Question 6 of 10
6. Question
1 pointsWhich among the following is/are aircraft carrier?
- INS Vikramaditya
- INS Arihant
- INS Vikrant
Select the correct answer using the code given below:
Correct
INS Vikramaditya is a modified Kiev class carrier (ex-Russian) in service with Indian Navy since 2013.
INS Vikrant, also known as Indigenous Aircraft Carrier-1, is an aircraft carrier under construction by Cochin Shipyard in Kochi, Kerala for the Indian Navy; it is expected to be delivered by 2022.
INS Arihant is the lead ship of India’s Arihant class of nuclear-powered ballistic missile submarines.
Incorrect
INS Vikramaditya is a modified Kiev class carrier (ex-Russian) in service with Indian Navy since 2013.
INS Vikrant, also known as Indigenous Aircraft Carrier-1, is an aircraft carrier under construction by Cochin Shipyard in Kochi, Kerala for the Indian Navy; it is expected to be delivered by 2022.
INS Arihant is the lead ship of India’s Arihant class of nuclear-powered ballistic missile submarines.
- Question 7 of 10
7. Question
1 pointsWhich of the following is/are correctly matched?
- Chumar – Ladakh
- Gairsain – Uttarakhand
- Depsang La – Himachal Pradesh
Select the correct answer using the code given below:
Correct
Chumar and Depsang La are in Union territory of Ladakh.
Gairsain in Uttarakhand has been declared its Summer Capital by the State government.
Incorrect
Chumar and Depsang La are in Union territory of Ladakh.
Gairsain in Uttarakhand has been declared its Summer Capital by the State government.
- Question 8 of 10
8. Question
1 pointsConsider the following statements regarding the Coalition for Disaster Resilient Infrastructure (CDRI):
- It was launched at the UN Climate Action Summit 2019 held in New York City, USA.
- Its secretariat is in New Delhi, India.
- CDRI will support countries to upgrade their systems for ensuring disaster and climate resilience.
Which of the statements given above is/are correct?
Correct
All statements are correct.
India launched global Coalition for Disaster Resilient Infrastructure (CDRI), at the UN Climate Action Summit 2019 held in New York City, USA, on September 23, 2019.
CDRI will support countries to upgrade their systems for ensuring disaster and climate resilience of existing and future infrastructure. It seeks to rapidly expand the development of and retrofit resilient infrastructure to respond to the SDGs objectives of expanding universal access to basic services, enabling prosperity, and decent work.
The CDRI Secretariat located in New Delhi, India will anchor and coordinate these functions.
Incorrect
All statements are correct.
India launched global Coalition for Disaster Resilient Infrastructure (CDRI), at the UN Climate Action Summit 2019 held in New York City, USA, on September 23, 2019.
CDRI will support countries to upgrade their systems for ensuring disaster and climate resilience of existing and future infrastructure. It seeks to rapidly expand the development of and retrofit resilient infrastructure to respond to the SDGs objectives of expanding universal access to basic services, enabling prosperity, and decent work.
The CDRI Secretariat located in New Delhi, India will anchor and coordinate these functions.
- Question 9 of 10
9. Question
1 pointsWhich of the following releases the Global Economic Prospects report?
Correct
Global Economic Prospects is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies. It is issued twice a year, in January and June.
As per the June 2020 report the global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to COVID-19 pandemic. The advanced economies are expected to shrink 7.0 percent and the Emerging Markets and Developing Economies (EMDEs) are expected to shrink by 2.5 per cent this year, their first contraction as a group in at least 60 years.
Incorrect
Global Economic Prospects is a World Bank Group flagship report that examines global economic developments and prospects, with a special focus on emerging market and developing economies. It is issued twice a year, in January and June.
As per the June 2020 report the global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to COVID-19 pandemic. The advanced economies are expected to shrink 7.0 percent and the Emerging Markets and Developing Economies (EMDEs) are expected to shrink by 2.5 per cent this year, their first contraction as a group in at least 60 years.
- Question 10 of 10
10. Question
1 pointsConsider the following statements regarding the Inter-Parliamentary Alliance on China:
- It is an international cross-party group of legislators.
- India is a founding member of the alliance.
Which of the statements given above is/are correct?
Correct
Statement 1 is correct. The Inter-Parliamentary Alliance on China is an international cross-party group of legislators working towards reform on how democratic countries approach China.
It is made up of global legislators and led by a group of co-chairs, who are senior politicians drawn from a representative cross-section of the world’s major political parties.
Statement 2 is incorrect. Australia, Canada, Czech Republic, European Parliament, Germany, Japan, Lithuania, Netherlands, Norway, Sweden, United Kingdom and the U.S. representatives launched the alliance on June 4, 2020, the anniversary of the 1989 Tiananmen Square protests.
Incorrect
Statement 1 is correct. The Inter-Parliamentary Alliance on China is an international cross-party group of legislators working towards reform on how democratic countries approach China.
It is made up of global legislators and led by a group of co-chairs, who are senior politicians drawn from a representative cross-section of the world’s major political parties.
Statement 2 is incorrect. Australia, Canada, Czech Republic, European Parliament, Germany, Japan, Lithuania, Netherlands, Norway, Sweden, United Kingdom and the U.S. representatives launched the alliance on June 4, 2020, the anniversary of the 1989 Tiananmen Square protests.
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