LIC AAO 2019 – Financial Awareness Questions (Day – 03)

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 -03

maximum of 10 points
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1) Ministry of Housing & Urban Affairs has extended the Credit-Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG) Scheme by another 12 months till _____

a) March 31, 2020

b) April 30, 2020

c) June 30, 2020

d) January 1, 2020

e) None of these

2) Which state government launched ‘The Krushak Assistance for Livelihood and Income Augmentation (KALIA)’ scheme worth Rs 10,180-crore, for overall development of small, marginal and landless farmers?

a) Telangana

b) Kerala

c) Odisha

d) Bihar

e) None of these

3) Union Government has allocated _____ rupees for the development of 40 satellite launch vehicles in the next 4 years, as announced by Dr K Sivan, Chairman of Indian Space Research Organisation (ISRO)

a) Rs 12,540 crore

b) Rs 10,900 crore

c) Rs 13,678 crore

d) Rs 15,243 crore

e) None of these

4) Reserve Bank of India has agreed to disburse Sri Lanka’s loan amount of _____ to boost the nation’s reserve

a) USD 100 million

b) USD 400 million

c) USD 300 million

d) USD 200 million

e) None of these

5) 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

6) Indian Financial System Code consists of how many alphanumeric digit?

a) 12

b) 11

c) 10

d) 9

e) 8

7) ‘Financial Inclusion’ is the powerful tool adopted by the Reserve Bank of India to fulfil the basic objective of

a) Upliftment of population lying Below Poverty Line

b) Connecting every Indian to the Country’s Banking System

c) Ensuring bank finance to all the landless agriculturists

d) Overall financial growth backed by inflation control

e) Inclusion of latest technology in Financial Sector of the country

8) In how many languages, the amount of a bank note is written on it?

a) 15

b) 17

c) 22

d) 24

e) None of these

9) When the prices of commodities, goods and services start declining consistently the phenomena is known as ________

a) Deflation

b) Market capitalization

c) Negative growth

d) Discount yield

e) None of these

10) Which of the following is not a component of India’s Foreign Exchange Reserves?

a) Gold

b) Special Drawing Rights (SDRs)

c) International Monetary Fund (IMF) reserve position

d) GOI Bonds issued overseas

e) Foreign Currency assets

Answers :

1) Answer: a)

The Ministry of Housing & Urban Affairs headed by Minister of State Hardeep S. Puri, extended the Credit-Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG) Scheme by another 12 months till March 31, 2020. The scheme covers two income segments in the MIG viz. Rs 6,00,001 to Rs 12,00,000 per annum for MIG-I and Rs 12,00,001 to Rs 18,00,000 per annum for MIG-II.

2) Answer: c)

Chief Minister of Odisha, Naveen Patnaik, launched a Rs 10,180-crore scheme, for overall development of small, marginal and landless farmers, dubbed as ‘The Krushak Assistance for Livelihood and Income Augmentation (KALIA)’ scheme in Odisha. This scheme consists of a life insurance of Rs.2 lakh for 57 lakh farmers and would grant them crop loans at zero per cent interest. Also, financial assistance of Rs 10,000 per farmer family per annum to around 30 lakh small and marginal farmers’ families.

3) Answer: b)

Dr K Sivan, Chairman, Indian Space Research Organisation (ISRO) announced at a ceremony organized by St Joseph’s College, Trichy, Tamil Nadu which is celebrating its 175 anniversary that the Union Government has allocated 10,900 crore rupees for the development of 40 satellite launch vehicles in the next four years. He also informed that the Chandrayan-2 Mission will be launched within three months and It will land in one of those part of the Moon which is still unexplored.

4) Answer: b)

The Reserve bank of India has agreed to disbursed Sri Lanka’s loan amount of USD 400 million to boost the nation’s reserve. RBI has agreed to issue the fund under the SARRC SWAP facility system. It is also said that another request of currency swap USD 1 billion is under process . RBI’ S assistance is appreciated by the Sri Lanka government and it will help the nation to recover and build itself from the political and constitutional crisis that is prevailing in the nation.

5) Answer: a)

Finance Minister Arun Jaitley 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.

6) Answer: b)

IFSC is an 11-character codewith the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

The Indian Financial System Code (IFS Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India.

7) Answer: b)

Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. The one of the basic objectives of financial inclusion is to connect every Indian to the Country’s Banking System.

8) Answer: b)

The Indian Currency has a “Language Panel” with the denomination of the note in 15 different regional languages. Besides these 15 languages, the other 2 languages are “HINDI”, the national language, and “ENGLISH”. So that makes it to 17 languages. The languages are Hindi, English, Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

9) Answer: a)

When the prices of commodities, goods and services start declining consistently the phenomena is known as Deflation. Deflation occurs when the inflation rate falls below 0%.

10) Answer: d)

The Foreign exchange reserves of India consists of below four categories;

1) Foreign Currency Assets

2) Gold

3) Special Drawing Rights (SDRs)

4) Reserve Tranche Position in the IMF

 

Online Mock Tests 2019: