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1) As per CBDT: Any offence connected to undisclosed foreign bank account or assets in any manner cannot be compounded. What does ‘D’ in CBDT stand for?
2) Cheque Truncation System (CTS) is an Image-based Clearing System (ICS), in India. It is regulated by _____________________.
e) None of the above
3) ‘The inflation takes place when the supply falls drastically and the demand remains at the same level’ refers to__________.
a) Core inflation
b) Bottleneck inflation
4) Which among the following is the correct explanation of “Operating cash flow ratio”?
a) The operating cash flow ratio is a measure of the number of times a company can pay off current liabilities with the cash generated in a given period
b) The operating cash flow ratio is a measure of the efficiency of a firm to do production 24 hours in a day
c) The operating cash flow ratio is a measure of firm’s credibility to take capital loan of more than 25 crore from a bank
d) The operating cash flow ratio is a measure of firm’s credibility to take capital loan of more than 50 crore
e) None of these
5) ___________ is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
6) Among the following, who is the only Indian Economist to receive a Nobel Prize?
a) Manmohan Singh
b) Subramaniam Swamy
c) Amartya Sen
d) Raghuram Rajan
e) P C Mahalanobis
7) What is the currency of Barbados?
8) Where is Jamnagar refinery situated in India?
c) West Bengal
9) Sattriya is a classical dance form of which state?
c) Madhya Pradesh
e) Tamil Nadu
10) In which of the following city, the Indian Government Mint is not located?
1) Answer: B
According to CBDT: Any offence connected to undisclosed foreign bank account or assets in any manner cannot be compounded. The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.
2) Answer: D
Cheque Truncation System (CTS) is an Image-based Clearing System (ICS) in India, regulated by Reserve Bank of India (RBI), commencing in 2010, for faster clearing of cheques. It is a process of stopping flow of physical cheque in which an electronic image of the instrument is presented when it comes for clearing.
3) Answer: B
The bottle neck inflation takes place when the supply falls drastically and the demand remains at the same level. Such situations arise due to supply-side accidents, hazards or mismanagement which is also known as ‘structural inflation’. This could be put in the ‘demand-pull inflation’ category.
4) Answer: A
The operating cash flow ratio is a measure of the number of times a company can pay off current liabilities with the cash generated in a given period. It also measures how well current liabilities are covered by the cash flows generated from a company’s operations.
The operating cash flow ratio is calculated by dividing operating cash flow by current liabilities. The cash flow from operations is equal to net income + non – cash expenses + changes in working capital.
5) Answer: A
National Electronics Funds Transfer (NEFT) is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
6) Answer: C
Amartya Kumar Sen is an Indian economist and philosopher and was awarded the Nobel Memorial Prize in Economic Sciences in 1998 and Bharat Ratna in 1999 for his work in welfare economics. In 2004, Sen was ranked number 14 in BBC’s poll of the Greatest Bengali of all time.
7) Answer: C
Dollar is the currency of Barbados.
North Korea – Krone
Belgium – Euro
Bhutan – Ngultrum
Angola – Kwanza
8) Answer: E
Reliance Industries’ Jamnagar manufacturing division situated in Gujarat is the world’s largest refining hub.
Essar Refinery – Gujarat
Mangalore Refinery – Karnataka
Chennai Refinery – Tamil Nadu
Paradip Refinery – Odisha
9) Answer: A
Sattriya is a classical Indian dance that originated in its eastern state of Assam.
Kathakali – Andhra Pradesh
Odissi – Odisha
Bharatanatyam – Tamil Nadu
10) Answer: D
There are four mints in the country that produce coins for use of the public. These are located at Mumbai, Kolkata, Hyderabad and NOIDA.
Currency notes are printed at the Currency Note Press in Nashik, the Bank Note Press in Dewas, the Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore and at the Watermark Paper Manufacturing Mill in Hoshangabad.