1. What is Balance of Payments (BoP) ?
a) It is a statistical statement that summarises economic transactions between residents and non-residents during a specific time period.
b) payments made to hotels
c) payments made to drivers
d) payments made to bus owners
e) None of these

2. The BoP includes which transactions ?
a) transactions in goods, services and income between an economy and the rest of the world
b) changes of ownership and other changes in that economy’s monetary gold, special drawing rights (SDRs), and financial claims on and liabilities to the rest of the world
c) unrequited transfers
d) All the above
e) None of these

3. These BoP transactions are categorised into how many types ?
a) the “current account” including “goods and services”, the “primary income”, and the “secondary income”
b) the “capital account”
c) the “financial account
d) All the above
e) None of these

4. The current account includes which of the following? They constitute an important segment of BoP ?
a) flows of goods
b) services
c) primary income,
d) secondary income between residents and non-residents
e) All the above

5. CIF include which of the following ?
a) cost
b) insurance
c) freight
d) All the above
e) None of these

6. The current account in India’s BoP statistics distinguishes between merchandise and non-merchandise transactions and, accordingly, comprises two major heads — a “visible” (merchandise) account and an “invisibles” (non-merchandise) account. Invisibles, in turn, have three sub-categories. What are they ?
a) services
b) transfers
c) income
d) All the above
e) None of these

7. What is Direct Investment ?
a) Direct Investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy
b) deposits in banks
c) insurance policies
d) brokers commission
e) None of these

8. SDRs are what ?
a) International reserve assets which are created by the IMF and are periodically allocated to members of the IMF in proportion to their quotas
b) Given by UNO
c) Loan from World Bank
d) Loan from ADB
e) None of these

9. Who is a Banking Ombudsman?
a) The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
b) Business man
c) Lawyer
d) Minister
e) None of these

10. Is there any cost involved in filing complaints with Banking Ombudsman?
a) No. The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.
b) Rs.1000/-
c) Rs.2000/-
d) Rs.5000/-
e) None of these

11. Where can one lodge his/her complaint about banking services ?
a) One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.
b) President
c) Prime Minister
d) Finance Minister
e) None of these

12. Presently, who is appellate authority on BOS ?
a) S. S. Mundra, Deputy Governor & Appellate Authority (BOS)
b) R Gandhi
c) Ashok Chawla
d) Aravind Panagaria
e) None of these

13. “Coin” means what ?
a) any coin which is made of any metal or any other material stamped by the Government or any other authority empowered by the Government in this behalf and which is a legal tender including commemorative coin and Government of India one rupee note
b) Gold coin
c) Silver coin
d) Bronze coin
e) None of these

14. Introduction of GST would have economy-wide ramifications in terms of which of the following ?
a) growth.
b) inflation
c) government finances
d) external competitiveness over the medium-term
e) All the above

15. GST implementation challenges should be addressed through a robust dispute resolution mechanism; with the goods and services tax network (GSTN) expected to provide __________
a) the necessary information technology (IT) infrastructure to all stakeholders.
b) money exchnage
c) bullion exchange
d) foreign exchange
e) None of these

16. What are the long term gains of implementing GST ?
a) broadening the tax base by switching from an income-based to a consumptionbased tax; (ii)
b) reducing compliance cost
c) enhancing export competitiveness;
d) promoting a conducive investment climate in the economy; and triggering positive sentiments of foreign investors
e) All the above

17. The existing legal framework for these indirect taxes pose several challenges 
a) multiplicity of rates
b) cascading effect of taxes
c) excessive compliance/procedures
d) fractured flow of import credits
e) All the above

18. What is RNR ?
a) Revenue Neutral Rate
b) “RNR refer to a single rate, which preserves revenue at desired (current) levels
c) The RNR is different from the “Standard Rate” which is defined as the rate applicable
d) on goods and services, taxation is not clearly stated. Hence, it is.
e) All the above

19. The GST is a destination-based single tax on the supply of goods and services from the manufacturer to the consumer and is one indirect tax for the entire country. GST will replace which of the following multiple taxes ?
a) central value added tax (CENVAT)
b) central sales tax c) state sales tax
d) octroi
e) All the above

20. While the VAT is imposed at different stages of production of goods and services, the GST is levied at which level ?
a) the national level……i.e., on consumption of goods and services
b) street level
c) municipalities only
d) gram panchayats only
e) None of these

21. Which country first introduced GST in 1986 ?
a) Australia
b) New Zealand introduced GST in 1986 as part of a comprehensive tax and welfare reform when the economy was in crisis
c) India
d) Pakistan
e) Bangladesh

22. The integrated goods and services tax (IGST) Act, 2017 applies to movements of goods and services from what ?
a) only central government
b) one state to another
c) only union territories
d) only J&K
e) None of these

23. Finance Commission XIV recommended that the fiscal deficit of all states will be anchored to an annual limit of ____ per cent of GSDP for the award period (2015-16 to 2019-20)
a) 6
b) 3
c) 8
d) 9
e) 10

24. Goods and Services Tax Network (GSTN) – a nongovernment private limited company – has been set up under what ?
a) BRAct
b) erstwhile Section 25 of the Companies Act, 1956 primarily to establish a uniform interface for the tax payer
c) SBI Act
d) NI Act
e) None of these

25. What is Electronic Clearing Service (ECS)?
a) Locker facility
b) ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature.
c) only currency chest
d) share market
e) None of these

26. How many variants of ECS are there?
a) Only five
b) Primarily, there are two variants of ECS – ECS Credit and ECS Debit
c) only six
d) only nine
e) None of these

27. At how many places in India is ECS Scheme available?
a) Based on the geographical location of branches covered, there are three broad categories of ECS Schemes – Local ECS, Regional ECS and National ECS.
b) only villages
c) only towns
d) only cities
e) None of these

28. Where the MICR Code allotted to a bank branch is printed ?
a) White papers
b) on MICR band of cheques issued by bank branches
c) Colour papers
d) Xerox papers
e) None of these

29. “Mutilated security” means what ?
a) Gold
b) a security which has been destroyed, torn or damaged in material parts thereof
c) Silver
d) Copper
e) None of these

30. What is Bearer bond ?
a) It shall be transferable by delivery and the person in possession of the bond shall be deemed to be the holder of the bond;
b) Share certificate
c) currency note
d) calender
e) None of these

31. What is Stock certificate ?
a) Stock for which stock certificate has been issued shall be transferable before maturity either wholly or in part by execution of an instrument of transfer in Form – III and the transferor shall continue
to be the holder thereof until the Bank registers the name of the transferee as the holder of the stock
b) Currency Note
c) White Paper
d) Bill
e) None of these

32. Overnight money market in India comprises of what ?
a) inter-bank call money
b) collateralised borrowing and lending obligation (CBLO)
c) market repo
d) All the above
e) None of these

General Awareness Questions for Bank Exams

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