CHAPTER 2 FINANCIALL AFFAIIRS
1. In Budget 2020-21, How much percentage is raised for Customs duty on auto and auto parts?
(a) 25%
(b) 10%
(c) 12.5%
(d) 15%
2. How much amount is announced for National Infrastructure pipeline projects, In Budget 2020-
21?
(a) 110 lakh crore
(b) 123 lakh crore
(c) 95 lakh crore
(d) 103 lakh crore
3. How many higher education institutes will have apprenticeship programs by March 2021 ?
(a) 100
(b) 150
(c) 121
(d) 110
4. As per latest Budget 2020-21, Where does the tribal museum is going to set up?
(a) Assam
(b) Rajasthan
(c) Uttar Pradesh
(d) Jharkhand
5. As per Budget 2020-21, By which year Milk Processing Capacity to be doubled? ‘
(a) 2022
(b) 2023
(c) 2025
(d) 2024
6. Which of the following bank’s stake is sold to Private Investors?
(a) PNB
(b) IDBI
(c) SBI
(d) BOB
7. How many tax payers have been added in GST?
(a) 6 million
(b) 8 million
(c) 9 million
(d) 4 million
8. Which is not among the 3 themes of budget 2020-21 ?
(a) Spirational India
(b) Economic Development
(c) Growing India
(d) Caring Society
9. Which scheme has been launched for women self-help group in the Budget?
(a) Vidya Laxmi scheme
(b) Maha Laxmi scheme
(c) Nari Laxmi scheme
(d) Dhanya Laxmi scheme
10. How many empaneled hospitals are there currently in Ayushman Bharat Scheme?
(a) 5,000
(b) 20,000
(c) 30,000
(d) 50,000
11. For faster claims settlement of Exporters, which scheme has been launched?
(a) Nirvik
(b) Daivik
(c) Vaishvik
(d) Navik
12. Five archaeological sites will be set up with museums. Which is not one of the site?
(a) RakhiGadi in Haryana
(b) Ellora in Maharashtra
(c) Hastinapur in UP
(d) Dholavira in Gujarat
13. Deposit insurance cover has been hiked from Rs. 1 lakh to what amount?
(a) Rs. 2 lakh
(b) Rs. 3 lakh
(c) Rs. 5 lakh
(d) Rs. 7 lakh
14. Government has decided to raise capital in LIC. It will done through which method?
(a) IPO
(b) FRO
(c) Issuing Bonds
(d) None of the above
15. Which scheme has been launched to clear 4.83 direct tax cases pending in various forums?
(a) Vivad se Vishwaas Scheme
(b) Vishwaas se Vivad Scheme
(c) Vishwaas Scheme
(d) Vivad Scheme
16. ICICI Bank announced expansion of its retail network in the country by adding how many new
branches in FY’20?
(a) 500
(b) 400 (C) 450
(d) 550
17. NEFT stands for
(a) National Electronic Funds Transfer
(b) Nodal Electronic Funds Transfer
(c) National Electronic Finance Transmission
(d) National Electronic Funds Transmission
18. Banning of Unregulated Deposit Schemes Bill. 2019, will ammend which of the following laws
(a) Reserve Bank of India Act, 1934
(b) Securities and Exchange Board of India Act, 1992
(c) Multi-State Co-operative Societies Act, 2002
(d) All of the above
19. Who presented the first Union Budget of Independent India?
(a) Morarji Desai
(b) Yashwant Sinha
(c) C.D. Deshmukh
(d) R.K. Shanmukham Chetty
20. Which of the following tax has been abolished In Budget for FY 2020-21 ?
(a) Tax on Petroleum Products (b) Dividend Distribution Tax
(c) Corporate Tax
(d) Tax on Gold
21. In Union Budget 2020-21, The Union Government is set to launch ‘Vivaad Se Vishwas’ Scheme.
What is the main agenda of the scheme?
(a) Reduction of tax litigation
(b) GST Coordination between Center-State
(c) Recovery of NPAs
(d) Loan Waiver provision for prospective farmers
22. Which document will be issued instantly based on AADHAR details?
(a) MNREGA card
(b) Passport
(c) PAN Card
(d) Driving Ration
23. Which of the followinq is not a component of Aspirational India in Budqet 2020-21?
(a) Renewable energy
(b) Irrigation
(c) Agriculture
(d) Education & Skills
24. What is the new income tax percentage for Income Bracket 12.5-15 lakh?
(a) 30%
(b) 25%
(c) 20%
(d) 15%
25. Which of the following Archaelogical sites will be given iconic status?
(a) Dholavira
(b) Shivsagar
(c) Hastinapur
(d) All of the above
26. In Budget 2020-21, The Turnover threshold for audit of MSMEs has been increased from 1
crore to —
(a) 20 crore
(b) 15 crore
(c) 5 crore
(d) 2 crore
27. The initiative for inclusive growth i.e. “Sabka Saath, Sabka Vikas, Sabka Vishwas” with focus on
–
(a) Clean energy: Ujjawala and Solar Power
(b) Healthcare: Ayushman Bharat
(c) Affordable Housing
(d) All of the Above
28. As per the Budget 2020, India is set to become S5 trillion economy by the end of?
(a) 2024
(b) 2025
(c) 2022
(d) 2028
29. DICGC stands for
(a) Deposit Insurance and Credit Guarantee Corporations
(b) Deposit Income and Cash Guaranteed Company
(c) Deposit Insurance and Credit Guarantee Corporates
(d) Dividend Insurance and Credit Guarantee Corporations
30. Deposit Insurance Coverage for a depositor, is now increased from Rs. _____ to Rs. _____ per
depositor.
(a) Five Lakh, Ten Lakh
(b) One Lakh, Ten Lakh
(c) One Lakh, Five Lakh
(d) Two Lakh, Five Lakh
31. Which of the following banks will merge together to form the country’s second-largest lender.
(a) Andhra Bank and Corporation Bank’s with Union Bank of India
(b) Syndicate Bank with Canara Bank
(c) Punjab National Bank, Oriental Bank of Commerce and United Bank of India
(d) Allahabad Bank with Indian Bank
32. Which of the following banks will merge together to create the fourth largest public sector
bank
(a) Andhra Bank and Corporation Bank’s with Union Bank of India
(b) Syndicate Bank with Canara Bank
(c) Punjab National Bank, Oriental Bank of Commerce and United Bank of India
(d) Allahabad Bank with Indian Bank
33. In order to promote growth and investment, a new provision has been inserted in the Incometax Act with effect from FY 2019-20 which allows any domestic company an option to pay incometax at the rate of _____ subject to condition that they will not avail any exemption/ incentive.
(a) 10%
(b) 15%
(c) 22%
(d) 25%
34. In order to attract fresh investment in manufacturing and thereby provide boost to ‘Make-inlndia’ initiative of the Government, another new provision has been inserted in the Income- tax
Act with effect from FY 2019-20 which allows any new domestic company incorporated on or
after 1st October 2019 making fresh investment in manufacturing, an option to pay income-tax at
the rate of _____
(a) 10%
(b) 15%
(c) 22%
(d) 25%
35. Which bank has revised the service charges for deposits, cash withdrawals, non-maintenance
in Average Monthly Balance (AMB) from October 1,2019?
(a) ICICI Bank
(b) State Bank of India
(c) Canara Bank
(d) HDFC Bank
(c) Punjab National Bank, Oriental Bank of Commerce and United Bank of India
(d) Allahabad Bank with Indian Bank
33. In order to promote growth and investment, a new provision has been inserted in the Incometax Act with effect from FY 2019-20 which allows any domestic company an option to pay incometax at the rate of _____ subject to condition that they will not avail any exemption/ incentive.
(a) 10%
(b) 15%
(c) 22%
(d) 25%
34. In order to attract fresh investment in manufacturing and thereby provide boost to ‘Make-inlndia’ initiative of the Government, another new provision has been inserted in the Income- tax
Act with effect from FY 2019-20 which allows any new domestic company incorporated on or
after 1st October 2019 making fresh investment in manufacturing, an option to pay income-tax at
the rate of _____
(a) 10%
(b) 15%
(c) 22%
(d) 25%
35. Which bank has revised the service charges for deposits, cash withdrawals, non-maintenance
in Average Monthly Balance (AMB) from October 1,2019?
(a) ICICI Bank
(b) State Bank of India
(c) Canara Bank
(d) HDFC Bank
36. Who was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of
Federal Bank?
(a) Shyam Srinivasan
(b) Shubhalakshmi Panse
(c) Balakrishnan Krishnamurthy
(d) Siddhartha Sengupta
37. Chalasani Venkat Nageswar has been given the additional charge of deputy MD and CFO of
which leading bank?
(a) HDFC
(b) SB I
(c) PNB
(d) BOB
38. The Union Government has proposed to create how many Self Help Groups by 2022 to support
women to earn livelihood?
(a) 50 lakh
(b) 30 lakh
(c) 75 lakh
(d) 80 lakh
39. The RBI has issued a withdrawal limit of Rs. 50,000 for the account holders of which bank?
(a) AXIS
(b) HDFC
(c) Yes Bank
(d) Induslnd Bank
40. Rajeev Suri has announced his resignation as the CEO and President of which multinational
telecommunications and information technology company?
(a) Nokia
(b) Motorola
(c) Samsung
(d) Sony
41. Which court lifted RBI’s ban on trading in virtual currencies?
(a) Supreme Court
(b) Delhi HC
(c) Allahabad HC
(d) Bombay HC
42. According to the RBI notification, who will sign the new one Rupee currency note?
(a) RBI Governor fb) Finance Minister
(c) Finance Secretary
(d) President of India
ANSWER-SHEET
1 (b) 2 (d) 3 (b) 4 (d) 5 (c) 6 (b)
7 (a) 8 (c) 9 (d) 10 (b) 11 (a) 12 (b)
13 (c) 14 (a) 15 (a) 16 (c) 17 (a) 18 (d)
19 (d) 20 (b) 21 (a) 22 (c) 23 (a) 24 (b)
25 (d) 26 (c) 27 (d) 28 (a) 29 (a) 30 (c)
31 (c) 32 (b) 33 (c) 34 (b) 35 (b) 36 (a)
37 (b) 38 (c) 39 (c) 40 (a) 41 (a) 42 (c)