Account and Finance Practice Question and Answer
8 Q: Which of the following documents is/are considered as officially valid document to satisfy KYC norms for opening a Bank account?
A. Passport
B. P A N
C. Aadhar number issued by Unique Identification Authority of India
1214 061d84b28498f632d55002414
61d84b28498f632d55002414A. Passport
B. P A N
C. Aadhar number issued by Unique Identification Authority of India
- 1Only (A)false
- 2Only (B)false
- 3Only (A) and (B)false
- 4All (A), (B) and (C)true
- 5Only (B) and (C)false
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Answer : 4. "All (A), (B) and (C) "
Q: The theory of distribution relates to which of the following?
1213 0638f0de39ebad6607ba13684
638f0de39ebad6607ba13684- 1The distribution of assetsfalse
- 2The distribution of incomefalse
- 3The distribution of factor paymentsfalse
- 4Equality in the distribution of the income and wealthtrue
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Answer : 4. "Equality in the distribution of the income and wealth"
Q: NACH is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors. What is the meaning of "H" in NACH?
1209 062d673d30c053665b696e362
62d673d30c053665b696e362- 1Housetrue
- 2Homefalse
- 3Handlefalse
- 4Hostfalse
- 5Honestfalse
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Answer : 1. "House"
Q: The FRBMA was enacted in 2003, which set targets for the government to reduce fiscal deficits. What does FRBMA stand for?
1203 063072d53e864816d0050c2bb
63072d53e864816d0050c2bb- 1Fiscal Relations and Budget Maintenance Actfalse
- 2Financial Relations and Budget Management Actfalse
- 3Financial Responsibility and Budget Maintenance Actfalse
- 4Fiscal Responsibility and Budget Management Acttrue
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Answer : 4. "Fiscal Responsibility and Budget Management Act"
Q: Personal Income produced in a country is not included in–
1201 06512906b7cef9d502469a1c2
6512906b7cef9d502469a1c2- 1Production income from NDPfalse
- 2Net Production Income from foreign.false
- 3Transfer Income from governmentfalse
- 4Current Payment on Foreign loans.true
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Answer : 4. "Current Payment on Foreign loans."
Explanation :
The Current payment on foreign loans are not included in personal Income. In economics, personal income refers to an individual’s total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes received by all the individuals or household during a given period.
Q: Goods whose demand is proportional to price are called
1200 062cd647031b6d201552ccc54
62cd647031b6d201552ccc54- 1normal goodsfalse
- 2exclusive goodsfalse
- 3inferior goodsfalse
- 4Veblen goodstrue
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Answer : 4. "Veblen goods"
Q: Fiscal policy is not a tool
1199 061b32d5b8b0b930f5301c85f
61b32d5b8b0b930f5301c85f- 1public expenditurefalse
- 2bank ratefalse
- 3SLRfalse
- 4public debtfalse
- 52 and 3true
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Answer : 5. "2 and 3"
Q: Which one of the following is the most appropriate reason for inequalities in income?
1194 06513d6c7cb11fc5036eb8684
6513d6c7cb11fc5036eb8684- 1Racial factorsfalse
- 2Lack of opportunitiestrue
- 3Inheritance from family environmentfalse
- 4Differences in abilityfalse
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Answer : 2. "Lack of opportunities"
Explanation :
In India, on the one hand, Per Capita Income is low and on the other hand, there is large inequality in the distribution of wealth and income, according to Human Development Reports. Lack of opportunity means that its most valuable assets its people is not being fully used. It is appropriate reason of income gap.