Economics (Part – VI) - Mock Test 365

Total Questions: 50

11. Public Sector Banks account for about__________ of market share in Indian banking as per the Economic Survey 2019-20. [S.S.C. Online CHSL (T-I) 5.08.2021 (Shift-II)]

(a) 40%
(b) 70%
(c) 50%
(d) 80%

Correct Answer: (b) 70%

Solution:Public Sector Banks account for about 70% of market share in Indian banking as per the Economic Survey 2019-20.

12. As per Economic Survey 2020-2021, during the first half of the financial year 2020-21, the services sector contracted by almost_________. [S.S.C. Online CGL (T-I) 20.04.2022 (Shift-III)]

(a) 11%
(b) 16%
(c) 21%
(d) 6%

Correct Answer: (b) 16%

Solution:According to economic survey 2020-21 during the first half of the financial year 2020-21, the services sector contracted by almost 16 percent. The services sector accounts for over 54% of of India's GVA and nearly four-fifth of the total FDI inflow in India.

13. Sam has an income of 29 lakh per annum. Which tax slab (new regime) of India is applicable to him? [S.S.C. Online MTS (T-I) 07.07.2022 (Shift-III)]

(a) 15%
(b) 10%
(c) 5%
(d) 20%

Correct Answer: (a) 15%

Solution:For the financial year 2022-23, Sam's income of ₹9 lakh per annum falls under the following tax slabs (new regime) of India:

Up to ₹2.5 lakh: No tax

From ₹2.5 lakh to ₹5 lakh: 5% tax

From ₹5 lakh to ₹7.5 lakh: 10% tax

From ₹7.5 lakh to ₹10 lakh: 15% tax

Since Sam's income of ₹9 lakh falls in the range of ₹7.5 lakh to ₹10 lakh, he falls under the tax slab of 15%.

14. Ministry of Finance introduced a new form called Form 26AS for: [S.S.C. Online CHSL (T-I) 6.08.2021 (Shift-III)]

(a) e-Visa application
(b) job application
(c) school admission application
(d) tax payers

Correct Answer: (d) tax payers

Solution:Form 26AS was initially introduced as a tax credit statement, containing details of taxes deducted froin the income of taxpayers (TDS/ TCS), advance tax or any self-assessment tax paid by the taxpayers or income tax refund received during the financial year.

15. As per the press release dated September 2020 of the Government of India, what is the payment made by the Government of India at Minimum Support Price (MSP) rates in the last 6 years? [S.S.C. Online CGL (T-I) 18.04.2022 (Shift-III)]

(a) 9 lakh crore
(b) 7 lakh crore
(c) 5 lakh crore
(d) 3 lakh crore

Correct Answer: (b) 7 lakh crore

Solution:In the last 6 years, the payment made through MSP rates is Rs. 7 lakh crore which is twice the income of the previous government. The Committee of Min-isters on Economic Affairs (CCEA) chaired by the Prime Minister Minister Shri Narendra Modi has approved the increase in Minimum Support Prices (MSP) for all authorized rabi crops for the 2021-22 marketing season.

16. What minimum support price per quintal of groundnut has been declared by the Government of India for the marketing season 2020-21? [S.S.C. Online CHSL (T-I) 04.08.2021 (Shift-II)]

(a) ₹6765
(b) ₹5275
(c) ₹6285
(d) ₹4795

Correct Answer: (b) ₹5275

Solution:

Rs. 5275 minimum support price per quintal of groundnut was declared by the Government of India for the marketing season 2020-21. The total increase in overall minimum support price was Rs. 274 per quintal. During 2017-18, the minimum support price was Rs. 4450 per quintal.

17. The Minimum Support Price (MSP) for which of the following Rabi crops was increased by 250 per quintal over the previous year, in the marketing season 2021-22? [S.S.C. Online CGL (T-I) 13.04.2022 (Shift-I)]

(a) Wheat
(b) Safflower
(c) Barley
(d) Gram

Correct Answer: (a) Wheat

Solution:The minimum support price (MSP) for wheat crops has been increased by 50/quintal from the previous year, for the 2021-22 marketing season. Government has increased the MSP of Rabi crops for marketing season 2023-24. The absolute highest increase in MSP has been approved for lentil (masur) at Rs. 500 per quintal followed by rapeseed and mustard at Rs. 400 per quintal. For safflower, an increase. of Rs. 209 per quintal has been approved. For wheat, gram and barley an increase of Rs. 110 per quintal, Rs. 100 per quintal respectively.

18. In the central budget 2020-21 the eligibility limit for NBFCs for debt recovery under the SARFAESI Act was proposed to be reduced to an asset size of: [S.S.C. Online CHSL (T-I) 05.08.2021 (Shift-III)]

(a) Rs. 100 crores
(b) Rs. 400 crores
(c) Rs. 200 crores
(d) Rs. 300 crores

Correct Answer: (a) Rs. 100 crores

Solution:Sitharaman brought down the value of loans that can be introduced for debt recovery under the SARFAESI Act to Rs 20 lakh from Rs 50 lakh for NBFCs having a minimum asset size of Rs 100 crore.

19. As per the Union Budget of 2021-22, how many regional national institutes of virology will be set up? [S.S.C. Online CGL (T-I) 13.08.2021 (Shift-I)]

(a) Six
(b) Three
(c) Two
(d) Four

Correct Answer: (d) Four

Solution:

As per the Union Budget of 2021-22. The central government has announced the setting up of four re-gional institutes of virology, Regional NIV will help in efficiently countering the threats of viral pandemics/epidemics in the future.

20. Minimum Support Price (MSP) is recommended by________. [S.S.C. Online C.G.L. (T-I) 6.06.2019(Shift-III)]

(a) The Farmers' Welfare Society
(b) The Food Safety and Standards Authority of India
(c) The Commission for Agricultural Costs and Prices
(d) The Commission for Weights and Measures

Correct Answer: (c) The Commission for Agricultural Costs and Prices

Solution:

Minimum Support Price (MSP) is recommended by the Commission for Agricultural Costs and Prices.

« Previous 123 4 5 Next »

Economics (Part – VI)

11. Public Sector Banks account for about__________ of market share in Indian banking as per the Economic Survey 2019-20. [S.S.C. Online CHSL (T-I) 5.08.2021 (Shift-II)]

12. As per Economic Survey 2020-2021, during the first half of the financial year 2020-21, the services sector contracted by almost_________. [S.S.C. Online CGL (T-I) 20.04.2022 (Shift-III)]

13. Sam has an income of 29 lakh per annum. Which tax slab (new regime) of India is applicable to him? [S.S.C. Online MTS (T-I) 07.07.2022 (Shift-III)]

14. Ministry of Finance introduced a new form called Form 26AS for: [S.S.C. Online CHSL (T-I) 6.08.2021 (Shift-III)]

15. As per the press release dated September 2020 of the Government of India, what is the payment made by the Government of India at Minimum Support Price (MSP) rates in the last 6 years? [S.S.C. Online CGL (T-I) 18.04.2022 (Shift-III)]

16. What minimum support price per quintal of groundnut has been declared by the Government of India for the marketing season 2020-21? [S.S.C. Online CHSL (T-I) 04.08.2021 (Shift-II)]

17. The Minimum Support Price (MSP) for which of the following Rabi crops was increased by 250 per quintal over the previous year, in the marketing season 2021-22? [S.S.C. Online CGL (T-I) 13.04.2022 (Shift-I)]

18. In the central budget 2020-21 the eligibility limit for NBFCs for debt recovery under the SARFAESI Act was proposed to be reduced to an asset size of: [S.S.C. Online CHSL (T-I) 05.08.2021 (Shift-III)]

19. As per the Union Budget of 2021-22, how many regional national institutes of virology will be set up? [S.S.C. Online CGL (T-I) 13.08.2021 (Shift-I)]

20. Minimum Support Price (MSP) is recommended by________. [S.S.C. Online C.G.L. (T-I) 6.06.2019(Shift-III)]

Related Posts