LIC AAO 2019 – Financial Awareness Questions (Day – 16)

Dear Aspirants, LIC AAO is one the most important exam in the competitive examination. LIC AAO mains exam consists of four sections i.e. Reasoning ability, Data Analysis & Interpretation, General knowledge & Current affairs and Insurance & Financial Market Awareness. Insurance & Financial Market Awareness section comprises of 30 questions.  Insurance & Financial Market Awareness questions plays an important role in boosting up the score in mains examination and also helps in interview. Here we are providing new series of Practice Questions on Financial awareness. Aspirants can make use of it, to improve score in Insurance & Financial Market Awareness section.

LIC AAO Financial Awareness Questions Day -16

maximum of 10 points
Table is loading

1) What is the duration(years) after which a savings account will be treated as inoperative/dormant if there are no transactions in the account?

a) One

b) Two

c) Three

d) Four

e) Five

2) The European Central Bank has launched a new system aimed at letting banks settle payments instantly across Europe. What is the name of that system?

a) SWIFT

b) TIPS

c) NEFT

d) MPIJ

e) RTGS

3) The web platform PAiSA has been designed and developed by which of the following banks?

a) Allahabad Bank

b) UCO Bank

c) ICICI

d) HDFC

e) State Bank of India

4) ________ is the flow of funds (or capital) from one country to another in order to earn a short-term profit.

a) Soft Currency

b) Hard Currency

c) Hot Money

d) Cheap Money

e) None of these

5) ____ is a type of charge that gives a bank automatic claim over a borrower’s property or assets.

a) Pledge

b) Hypothecation

c) Mortgage

d) Lien

d) All of these

6) India’s GDP would grow at what percent in 2018-19, as per the first advance estimates of National Income at Constant (2011-12) and Current Prices, for the financial year 2018-2019, released by Central Statistics Office (CSO)?

a) 7.6 %

b) 7.2 %

c) 7.4 %

d) 7.7 %

e) None of these

7) World Bank has projected India’s Gross domestic product (GDP) to grow at what percent in the fiscal year 2018-19, and 7.5% in the following two years?

a) 7.3 %

b) 7.2 %

c) 7.6 %

d) 7.7 %

e) None of these

8) GST Council approved doubling of exemption threshold under Goods and Services Tax (GST) regime to Rs 40 lakh along with raising the turnover limit under composition scheme to ______ with effect from April 1, 2019?

a) Rs. 1.5 crore

b) Rs. 2 crore

c) Rs. 2.5 crore

d) Rs. 3 crore

e) None of these

9) Which will be the first Indian state to roll out Universal Basic Income (UBI) and implement the scheme by 2022?

a) Telangana

b) Gujarat

c) Sikkim

d) Arunachal Pradesh

e) None of these

10) Prime Minister NarendraModi released a commemorative coin of _____ rupees on Guru Govind Singh ji in New Delhi on his 352nd birth anniversary, on 13th January 2019?

a) Rs. 250

b) Rs. 150

c) Rs. 350

d) Rs. 200

e) None of these

Answers :

1) Answer: b)

If a savings or current account has not had any transactions/activity for over one year, the account is rendered inactive by the bank. Once this inactivity exceeds two years, banks declare such an account as dormant or inoperative.

2) Answer: b)

The European Central Bank launched a new system aimed at letting banks settle payments instantly across Europe, helping them to compete with PayPal and other global tech giants. The ECB’s TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds.

3) Answer: a)

The PAiSA – Portal for Affordable Credit and Interest Subvention Access web platform has been designed and developed by Allahabad Bank which is the Nodal bank.

4) Answer: c)

Hot Money is the flow of funds (or capital) from one country to another in order to earn a short-term profit.

5) Answer: d)

Lien is a type of charge that gives a bank automatic claim over a borrower’s property or assets.

6) Answer: b)

The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation has released the first advance estimates of National Income at Constant (2011-12) and Current Prices, for the financial year 2018-2019. India’s GDP would grow at 7.2% in 2018-19, showing acceleration from 6.7% growth in 2017-18 because of push from agriculture and manufacturing sectors.

7) Answer: a)

World Bank projected India’s GDP to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years. The Bank said India will continue to be the fastest growing major economy in the world. In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report.

8) Answer: a)

Finance Minister ArunJaitley raised the annual turnover for availing composition scheme to Rs. 1.5 crore from Rs. 1 crore effective from April 1, 2019 to provide relief to small businesses under Goods and Services (GST) regime. The Goods and Services (GST) exemption limit has been doubled to Rs. 40 lakh annual turnover and Rs 20 lakh for northeastern states.

9) Answer: c)

Sikkim,though being a smallest state have set a initiative to introduce UBI in the entire nation.Sikkim’s long lasting chief minister and head of sikkim’s ruling party(Sikkim democratic front) Pawankumarchamling, quoted that if everything goes right then Sikkim would be the first state to implement Universal Basic Income (UBI) system and execute it by 2022.This scheme is also regarded as an alternative to social welfare programmes with benefits towards reducing poverty.

10) Answer: c)

The 352nd birth anniversary of the 10th Sikh Guru, Guru Govind Singh ji, was celebrated as Prakashutsav at Patna Sahib, in Bihar, the birth place of Guruji. On January 13, 2019, Prime Minister NarendraModi released a commemorative coin of 350 rupees on Guru Govind Singh ji in New Delhi on the eve of 352nd birth anniversary of the 10th Sikh Guru.

 

/ 5. Reviews

Online Mock Tests 2019:

Subscribe and get Unlimited Free Videos