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 Indian Economy Questions

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Q:

Demand is said to be elastic when the

A) change in quantity demanded is less than the change in price B) change in quantity demanded is greater than the change in price
C) percentage change in quantity demanded is greater than the percentage change in price D) percentage change in quantity demanded is less than the percentage change in price
 
Answer & Explanation Answer: B) change in quantity demanded is greater than the change in price

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Q:

Financial reports are used by

A) Investors B) Creditors
C) Market Analysts D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

Financial reports are used for monitoring and controlling the movement of cash into and out of a business. They are used to communicate relevant, reliable and understandable information about the business that can be used by managers, analysts, investors to make decisions. 

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Q:

A bank statement provided by the bank includes

A) The beginning and the ending balance of the depositor's account B) A list of outstanding check
C) A list of pretty cash amounts D) A listing of deposits in transit
 
Answer & Explanation Answer: A) The beginning and the ending balance of the depositor's account

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Q:

On 19 September 2017, Law Ministry approved Fugitive Economic Offenders Bill, 2017. It will empower government to _______ property of economic offenders and defaulters who flee from India.

 

A) Consolidate B) Confiscate
C) Combine D) Collect
 
Answer & Explanation Answer: B) Confiscate

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Q:

A good measure of the standard of living is

A) SGP B) GDP
C) Percapita income D) None
 
Answer & Explanation Answer: B) GDP

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Q:

The Central Government has launched which of the following app to verify the GST (Goods and Services Tax) Rates under the GST regime?

A) GST Rate Searcher B) GST Rate Explorer
C) GST Rate Finder D) GST Rate Google
 
Answer & Explanation Answer: C) GST Rate Finder

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Q:

The principles of internal control include

A) Maintain Records B) Segregate of Duties
C) Mandatory Employee Rotation D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:

The principles of internal control are the concepts management uses to establish the ways to protect company assets.


The main internal control principles include:

  • Establish Responsibilities
  • Maintain Records
  • Insure Assets by Bonding Key Employees
  • Segregate of Duties
  • Mandatory Employee Rotation
  • Split Related Party Responsibility
  • Use Technological Controls
  • Perform Regular Independent Reviews

 

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Q:

In which of the following is true for instruments of Monetary Policy?

A) Open market operations B) Bank rate policy
C) Selective credit controls D) All options are correct
 
Answer & Explanation Answer: D) All options are correct

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