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Smart Foundation
GS Test Series 3
Number of Questions: 100
Stipulated Time: 2 hours
Q1 The report of the comptroller & Auditor General is laid before each house of the parliament. Which of the following committee examines this report ?
a. Committee on Estimates
b. Committee on Public Account
c. Business advisory committee
d. Departmentally related standing Committee
Q2 Consider the following statement
1. The Railway Convention Committee, 1949 was the first Committee after independence.
2. By convention the Minister of Finance and the Minister of Railways are members of the Committee. Besides this, Ministers of State in the Ministry of Finance and Ministry of Railways respectively are also its members
Choose the correct one
a. Only 1 is correct
b. Only 2 is correct
c. Both 1& 2 are correct
d. None of the above is correct
Q3 With reference to Committee on the empowerment of the women consider the following statements
1. This Committee came into being on 29th April, 2010, as a consequence of identical Resolutions adopted by both the Houses of Parliament on the occasion of International Womens’ Day on 8th March, 2010
2. The Committee would also suggest necessary correctives for improving the status/condition of women in respect of matters within the purview of the Union & state government.
Choose the correct one
a. Only 1 is correct
b. Only 2 is correct
c. Both 1& 2 are correct
d. None of the above is correct
Q4 Choose the correct one
International Group Next summit to be held at
1. G-20 Cannes
2. BRICS New Delhi
3. CoP 17 Durban
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q5 With reference to recently held BRICS summit held at Sanya (Hainan, China ), Consider the following statement
1. It is the first BRICS summit to be held in Asia
2. The decision in principle was taken to establish payment of credits in local currencies instead of the dollar
3. New proposals for cooperation pertaining to culture, sports, green economy and pharmaceutical industry were adopted during the summit
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q6 Match the following
Sport Event To be held at
1. 31st Olympic Rio de jeniero:
2. 22nd winter Olympics Innsbruck
3. Second Summer youth Olympic Nanjing:
4. First winter youth Olympics Sochi
Q7 Which of the following Bills does not attracts the provision of Joint sitting
1. Financial bill type 1
2. Financial Bill type 2
3. Constitutional Amendment Bill
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. 3 only
Q8 With reference to the office of Comptroller & Auditor general consider the following statement
1. In India Comptroller & Auditor General exercises the function of Auditor only
2. It is the duty of CAG to see that nothing is paid out of Consolidated Fund of India without legal authority
3. The administrative powers of the Comptroller and Auditor-General shall be such as may be prescribed by rules made by the President after consultation with the Comptroller and Auditor-General
Choose the correct one
a. Only 1 & 3
b. Only 2&3
c. Only 3
d. All of the above
Q9 Consider the following statements
1. As Prime Minister is the Leader of the House to which he belongs.
2. The Prime Minister has traditionally been the Minister-in-charge of the Departments of Space, Atomic Energy, and Ministry of Personnel, Public Grievances and Pensions
3. The PMO includes the anti-corruption unit and the public wing dealing with grievances
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q10 With reference to Prime Minister’s National Relief Fund. Consider the following statement
1. The PMNRF is audited by an independent auditor outside the Government
2. PSU cannot made contributions to PMNRF
3. The Fund is administered by an Executive Committee, with PM as Chairperson, and Defence, Finance and Home Ministers as Members. Finance Minister is the Treasurer of the Fund and the Joint Secretary, PMO dealing with the subject is Secretary of the Executive Committee
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q11 With reference to the accounts of the government consider the following statement
1. All loans raised by the Government by issue of Public notifications, treasury bills (internal debt) comes under consolidated Fund of India
2. Contingency Fund of India is held on behalf of President by the Secretary of Department of Economic Affairs.
3. Parliamentary authorization for payments from the Public Account is not required.
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q12 With reference to Government Budget consider the following statement
1. Under the Constitution, Annual Financial Statement distinguishes expenditure on revenue account from other expenditure
2. Revenue budget incorporates all grants given to State Governments/Union Territories and other parties by the Central Government
3. Capital Budget incorporates loans and advances granted by Central Government to State and Union Territory Governments
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q13 Who among the following can preside at the Joint sitting of the parliament.
1. Chairman of the Rajya sabha
2. Deputy speaker of Lok Sabha
3. Deputy Chairman of the Rajya Sabha
Choose the correct one
a. Only 2
b. Only 2&3
c. Only 1&2
d. All of the above
Q14 Which of the following is included in the Appropriation Act .
1. Expenditure charged upon Consolidated fund of India
2. Expenditure proposed to be made from Consolidated fund of India
3. Taxing proposals of the budget
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q15 Recently RBI constituted a committee to give recommendations to revive the crisis-ridden Micro Finance sector. The committee is headed by
a. U.K. Sinha
b. Percy Mistry
c. U.R.Rao
d. Y.H.Malegam
Q16 Consider the following statements
1. L&T –MHI Hazira plant is the country's first private sector facilities for the manufacture of supercritical boilers and turbine generators.
2. L&T –MHI Hazira plant second local ‘power plant manufacturing' unit in the country enabling the country to meet its enhanced requirement of the power generation equipment and move towards self sufficiency. ‘.
Choose the correct one
a. Only 1
b. Only 2
c. Both 1&2
d. Neither 1 nor 2
Q17 The large cross border capital flow has following effect on the country’s economy
1. The appreciation of domestic currency
2. The depreciation of Domestic currency
3. Gain in Export competitiveness
4. Loss in Export competitiveness
Choose the correct one
a. Only 1
b. Only 1&3
c. only 2 & 4
d. only 2&3
Q18 which of the following transaction comes under Capital Account
1. Yearly profit derived from FDI, reinvested in the country it self
2. Income derived from portfolio investment
3. Foreign aid
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q19 Consider the following statements
1. India has followed a measured approach to full convertibility of the rupee but so far desisted from imposing short-term controls on volatile capital.
2. The BOP summarizes international transactions for a specific period, usually a year, and is prepared in a single currency
3. Investments are recorded in the capital account but income from investments is recorded in the current account
Choose the correct one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q20 Match the following
1. Rally A brisk rise in the general price level of the market or price of a stock.
2. Beta A measurement of the relationship between the price of a stock and the movement of the whole market.
3. Downtick when the last trade occurred at a price lower than the previous one.
Q21Consider the following statement
1. Indian investors can do trade in derivatives contracts in global indices,
2. The National Stock Exchange (NSE) has entered into cross-listing agreements with Chicago Mercantile Exchange (CME) and the London Stock Exchange (LSE)
Choose the correct one
a. Only 1
b. Only 2
c. Both 1&2
d. None of the above
Q22 Consider the following statement
1. The subject of futures trading is placed in the Concurrent list
2. Future trading can be done in all commodities except bullion
3. In Commodity exchange all financial & non financial products can be traded
Choose the incorrect one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q23 Consider the following statement
1. It will provide farmers with the choice of hedging themselves against price fluctuations
2. It will improve the liquidity and price discovery in the underlying spot markets
3. It will check inflation
Which of the above can be considered as the benefits of the commodities futures markets ?
Choose the incorrect one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q24Consider the following statements
1. India has attained high savings and investment rates
2. The country's growth is largely driven by domestic demand
3. The country's infrastructure mission will be a major opportunity for global business
Which of the following can be considered as a positive factor which will drive India’s Economic growth
Choose the incorrect one
a. Only 1 & 2
b. Only 2&3
c. Only 1&3
d. All of the above
Q25 Consider the following statements
1. The rate of telephony penetration in rural areas has crossed 21 % in India
2. India has one of the youngest populations in the world with a median age of 23 against the global average of 33
Choose the incorrect one
a. Only 1
b. Only 2
c. Both 1&2
d. None of the above
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