C4: Public Finance for CPD2

1. In which of the following type of economy, the revenue from taxation is likely to be

the least?

A. Free market economy

B. Keynesian Economy

C. Mixed Economy

D. Socialist Economy

2. The net proceeds of any tax or duty or of any part of any tax or duty, in or

attributable to any area shall be ascertained and certified by the Comptroller and

Auditor-General of India, whose certificate shall be final. The power of the CAG

with regard to the certification of the net proceeds is derived from which of the

following?

A. Section 16 of the CAGs DPC Act

B. Article 279 of the Constitution of India

C. Article 150 of the Constitution of India

D. Regulations of Audit and Accounts 2007

3. The 'Principle of Maximum Social Advantage' was introduced by

A. Hugh Dalton

B. Adam Smith

C. Franco Modigliani

D. Sir Arthur Lewis

4. The Indian Government Accounting Standards are formulated and recommended

by the

A. Institute of Chartered Accountants of India

B. Institute of Cost Accountants of India

C. Government Accounting Standards Advisory Board
 D. Indian Financial Accounting Board

5. Which of the following is NOT a type of economic system followed by the

countries?

A. Free Market Economy

B. Command Economy

C. Mixed Economy

D. Macro Economy

6. Which of the following statement would describe the term "Public Finance"?

A. It is a study of economic efficiency, distribution of resources and

government policies and its effects

B. It is a study of the public sector banking system in a country

C. It is a study of the finances of the general public and their pattern of

spending

D. It is a study of the direct and indirect taxes in an economy

7. The organization of society under the two central tenets of private ownership rights

and voluntary trade is the hallmark of:

A. Mixed Economic System

B. Capitalist System

C. Socialist System

D. Fascist System

8. Which one of the following would best describe the study of “Public Finance”?

A. It is the social science that describes the factors that determine the

production, distribution and consumption of goods and services

B. It is the study of the role of the government in the economy. It is

the branch of economics which assesses the government revenue

and government expenditure of the public authorities and the
 adjustment of one or the other to achieve desirable effects and

avoid undesirable ones.

C. It is the application of statistical and mathematical theories to economics

for the purpose of testing hypotheses and forecasting future trends

D. It is a branch of economics that studies the behavior of individuals and firms

in making decisions regarding the allocation of limited resources.

9. A form of political association in which two or more states constitute a political

unity with a common government, but in which the member states retain a

measures of internal autonomy is generally referred to as:

A. A Union

B. A Federation

C. A Democracy

D. An Autonomous Region

10. According to Prof. Seligman, Which of the following are the three main principles

on the basis of which revenue sources (such as taxes) should be divided between

the different layers of government?

A. Principles of Efficiency, Effectiveness and Economy

B. Principles of Economy, Decentralisation and Necessity

C. Principles of Autonomy, Necessity and Surplus

D. Principles of Efficiency, Suitability, and Adequacy

11. Maximum Social Advantage is achieved,

A. at the point where the marginal social benefit of public

expenditure and the marginal social sacrifice of taxation are

equated

B. at the point where the marginal social benefit of public expenditure is higher
than the marginal social sacrifice of taxation
 C. at the point where the marginal social benefit of public expenditure is lower

than the marginal social sacrifice of taxation

D. at the point where the marginal social benefit of public expenditure and the

marginal social sacrifice of taxation are zero

12. An economic system where the state owns the means of production and attempts

to direct economic activity towards politically identified goals are generally

referred to as:

A. Capitalist Economy

B. Federal Economy

C. Socialist Economy

D. Free Economy

13. The horizontal fiscal imbalance that arises in a fiscal federation is also called:

A. Problem of Equalisation

B. Problem of Efficiency

C. Problem of Effectiveness

D. Problem of Economy

14. Which one of the following economists introduced the principle of “Maximum

Social Advantage”?

A. Alfred Marshall

B. John Maynard Keynes

C. Karl Marx

D. Hugh Dalton

15. Tax revenue sharing between the federal and sub-national governments is aimed

at correcting which of the following type of imbalances?

A. Vertical imbalances
B. Horizontal imbalances

C. Diagonal imbalances
 D. Criss-cross imbalances

16. In a free market economy, self-interested individuals operate through a system of

mutual interdependence to promote the general benefit of society at large. Adam

Smith referred this as:

A. Invisible hand

B. Direct Intervention

C. Collective Spirit

D. Private Spirit

17. A multilevel decentralized fiscal system involving sharing of fiscal responsibilities

between central, state and local governments is referred to as:

A. Fiscal Union

B. Fiscal Federalism

C. Fiscal Equalisation

D. Fiscal Generalism

18. Which of the following is an imprest placed at the disposal of the President of

India to facilitate Government to meet urgent unforeseen expenditure pending

authorization from Parliament?

A. Consolidated Fund

B. Public Funds

C. Prime Ministers Relief Fund

D. Contingency Fund

19. Which of the following articles of the Indian Constitution provides for the

creation of the Consolidated Fund of India?

A. Article 371

B. Article 366
C. Article 266

D. Article 271
20. The role of Government would be highest in which of the following type of

economy:

A. Free market economy

B. Keynesian Economy

C. Mixed Economy

D. Socialist Economy

21. Under the system of federal finance, a Government should be autonomous and

free about the internal financial matters concerned. This principle is referred to

as:

A. Principle of Equity

B. Principle of Uniformity

C. Principle of Fiscal Access

D. Principle of Independence

22. The system of assigning the source of revenue to the Central as well as State

Governments is generally referred to as

A. Public Finance

B. Distributive Finance

C. Unitary Finance

D. Federal Finance

23. The principle of federal finance which envisages that the resources should be

distributed among the different states of the federation so that each state receives

a fair share of revenue is referred to as

A. Principle of Equity

B. Principle of Uniformity

C. Principle of Fiscal Access

D. Principle of Independence

24. Taxes are levied to

 A. Provide general benefits to the People

B. Encourage people on unnecessary spending

C. Accumulate funds for the Government for future use

D. All of the above

25. In a federation differences exist in the per capita distribution of income and

wealth and the volume of trade among different states. Such an imbalance

existing among different subnational governments are referred to as

A. Vertical imbalances

B. Horizontal imbalances

C. Diagonal imbalances

D. Criss-cross imbalances

26. Which of the following factors contribute to public debt of a country?

A. To undertake public welfare

B. Urge for economic growth

C. Inefficiencies of public organisations and corruption

D. All of the above

27. A country’s repayment obligations of principal and interest for a particular year

on its external debt as a percentage of its exports of goods and services (i.e., its

current receipt) in that year is generally referred to as:

A. Real burden

B. Money burden

C. Debt-service ratio

D. Export Earnings Ratio

28. A one-time tax on all wealth holders with the goal of retiring public debt is

generally referred to as
A. Indirect Tax

B. Capital Levy
 C. Orthodox Tax

D. Socialist Tax

29. Which of the following are the causes of public debt of a country?

A. War or war-preparedness, including nuclear programmes

B. To cover the budget deficits on current account

C. To undertake public welfare schemes

D. All of the above

30. Compulsory loans are superior to voluntary public borrowing in which of the

following contexts?

A. In the context of an inflationary situation

B. In the cases of deflationary situation

C. When the interest rates are very low

D. When the Government has a huge fiscal deficit

31. Which of the following scheme provided for compulsory deposits by certain class

of tax payers?

A. Compulsory deposit scheme (income-tax payers) act, 1974

B. Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

C. Both A and B

D. None of these

32. Deadweight debt refers to which of the following form of Public Debt?

A. Internal Debt

B. External Debt

C. Unproductive Debt

D. Productive Debt

33. Which of the following statement is INCORRECT with regard to the burden of
public debt of a country?
 A. If the public debt is taken for productive purposes it will not be a burden on

the economy.

B. If the public debt is taken for unproductive purposes, it will impose both

money burden and real burden on the economy.

C. In case of Internal Debt, the direct money burden on the

economy is huge as transfer of wealth happens within the

community

D. In the case of External debt, the amount of repayment of interest and

principal represents the direct money burden on the community

34. Public Debt means

A. Borrowing by a Government from abroad and does not include borrowing

from within the country

B. Borrowing by general public, private individuals or association of

individuals from the Government which they need to repay to Government

under the prescribed terms and conditions

C. Borrowing by General Public in the form of loans or advances from the

Government, Local Bodies, Government owned financial institutions

D. Borrowing by a Government from within the country or from

abroad, from private individuals or association of individuals or

from banking and non-banking institutions

35. Debt obligations of the government that have maturities of one year or less is

normally called

A. Commercial Papers

B. Commercial Deposits

C. Treasury Bills
D. Certificate of Deposits

36. Redeemable debt is also called

 A. Perpetual loans

B. Terminable loans

C. Flexible loans

D. Rigid Loans

37. Irredeemable debts are also called:

A. Perpetual debt

B. Terminable debt

C. Flexible debt

D. Unproductive debt

38. A Funded Debt refers to a

A. A Short term loan

B. A Short term Deposit

C. A Long Term Loan

D. Ways and Means Advances

39. Converting or altering a public debt from a higher to a lower rate of interest is

referred to as:

A. Conversion

B. Sinking Fund

C. Repudiation

D. Terminable Annuities

40. Which of the following could be a reason for raising public loans by a country?

A. Bringing gap between revenue and expenditure through temporary loans

from central bank.

B. To reduce depression in the economy and financing public works

programme.
C. Financing the public sector for expanding and strengthening the public

enterprises
 D. All of the above

41. The Ways and Means advances (WMA) from central bank is an example of

A. Unproductive Debt

B. Productive Debt

C. Short-term Debt

D. External Debt

42. Which of the following method of public debt redemption is most UNLIKELY to

be resorted to by the Government?

A. Conversion

B. Sinking Fund

C. Repudiation

D. Terminable Annuities

43. Public burden on account of public debt is generally classified as:

A. Productive Burden and Unproductive Burden

B. Money burden and Real Burden

C. Consumption burden and Distribution burden

D. Debt burden and Finance Burden

44. A fund created by the government and gradually accumulated every year by

setting aside a part of current public revenue in such a way that it would be

sufficient to pay off the funded debt at the time of maturity is called

A. Consolidated Fund

B. Equity Fund

C. Credit Fund

D. Sinking Fund

45. Which of the following are the purposes for raising public loans?
A. Bringing gap between revenue and expenditure through temporary loans

from central bank.

 B. To reduce depression in the economy and financing public works

programme.

C. To curb inflation by withdrawing the purchasing power from the public

D. All of the Above

46. Which of the following is NOT an accepted method of redemption of public debt?

A. Repudiation of Public Debt

B. Refunding

C. Conversion

D. Sinking Fund Method

47. Which of the following is NOT a method of debt redemption by the Government?

A. Repudiation of Debt

B. Buyback of Government bonds

C. Payment of Terminable Annuities

D. Issue of Treasury Bills

48. In which of the following situations, any direct money burden on the society is

least likely?

A. Raising and repayment of internal debt

B. Raising and repayment of external debt

C. Raising and repayment of internal debt taken for unproductive purposes

D. Raising and repayment of long term debt from external agencies

49. Which of the following would refer to the self-liquidating form of public debt?

A. Internal Debt

B. External Debt

C. Productive Debt

D. Short-Term Loan
50. Which of the following is NOT TRUE with reference to public finance?
 A. According to Classical Economics Public Financing is highly unproductive

on the assumption that full employment, inelasticity of money supplies and

unproductive nature of public expenditure

B. Voluntary Public Borrowing has a disincentive effect whereas

taxation does not have a disincentive effect and as such taxation

is preferable to voluntary public borrowing

C. In modern times public borrowing is most extensive and intensive meaning

that almost all countries resort to public borrowing and public borrowing in

each country is deepening

D. Public Debt has become a powerful tool of developmental monetary policy

as management of public debt is used as a method to influence the structure

of interest rates.

51. Which of the following statement is INCORRECT with reference to the burden of

public debt?

A. An internal debt has no direct money burden since the interest payment on

debt and the imposition of taxation to pay interest to the lenders is simply a

transfer of purchasing power from one to another

B. Internal debt involves direct real burden to the community as it involves

redistribution of aggregate income leading to inequalities in the distribution

of income and wealth.

C. The direct money burden of external debt is the interest payment as well as

the principal repayment (i.e., debt servicing) to external creditors

D. An external debt has no direct money burden since interest

payment on debt and the imposition of taxation to pay interest to

the foreign country accelerates export earnings

52. Which of the following could be a purpose for raising public loans?

A. Financing economic development esp. in under-developed countries.

 B. Financing the public sector for expanding and strengthening the public

enterprises.

C. War, arms and ammunition financing

D. All of the above

53. Which of the following statement is INCORRECT with reference to the

classification of public debt?

A. Internal debt refers to the public loans floated within the country, while

external debt refers to the obligations of a country to foreign governments,

foreign nationals or international institutions

B. Public debt raised and used to finance a war is unproductive because it does

not create an asset, it is a dead weight debt or a useless burden on the

community

C. Redeemable debt refers to a debt which may not be redeemed at all but on

which the government promises to pay the interest regularly

D. A funded debt is short term debt undertaken for creating a

temporary asset and the government normally makes

arrangements for repayments through current revenue

54. Treasury Bills fall under the category of

A. Funded Debt

B. Unfunded Debt

C. External Debt

D. Productive Debt

55. Public Debt has a secular tendency to go up in every country. Which of the

following are reasons contributing to such a trend?

A. Increase trend in Financing of Public works programmes

B. Increasing trend in Financing for Economic Development

C. Undertaking of Welfare Schemes by the Government

 D. All of the above

56. Which of the following refers to market borrowing by Government?

A. Sales to the public of government bonds, treasury bills in the

capital market

B. Issue of national savings certificates

C. Issue of National Plan Bonds

D. Collection of deposits at State owned Post Offices

57. Expenditure incurred by the Government on building durable assets, like

highways, multipurpose dams, irrigation projects are in the nature of

A. Capital Expenditure

B. Revenue Expenditure

C. Transfer Expenditure

D. Unproductive Expenditure

58. Which of the following describes the situation where revenues and expenditures

are equal during a given period?

A. Public Debt

B. Budget Surplus

C. Balanced Budget

D. Budget Deficit

59. During the process of economic development, the share of public expenditure to

Gross Domestic Product tends to expand. This is called:

A. Wagner’s law

B. Keynes Law

C. Adam Smith’s Theory

D. Brettonwoods Law
60. Old age pension is “National Old Age Pension Schemes”, “Interest payments”,

“Subsidies”, “Unemployment allowances”, “Welfare benefits to weaker sections,

 etc.” By incurring such expenditure, the government does not get anything in

return, but it adds to the welfare of the people, especially belong to the weaker

sections of the society. Such expenditure basically results in redistribution of

money incomes within the society.

A. Non-Transfer Expenditure

B. Transfer Expenditure

C. Capital Expenditure

D. Non-Distributive Expenditure

61. With increase in urbanization and industrialization, the role of Government

started:

A. Declining

B. Increasing

C. Stagnant

D. Unstable

62. A heterodox macroeconomic theory developed by Abba Lerner during World War

II that seeks to eliminate economic insecurity through government intervention

in the economy is generally referred to as:

A. Micro Finance

B. Heterodox Finance

C. Public Finance

D. Functional Finance

63. The principle of public expenditure that requires that Government should avoid

shortfall of revenue in comparison with its expenditure is termed as

A. Canon of Deficit

B. Canon of Surplus
C. Canon of Elasticity

D. Canon of Sanction
64. The ratio of change in the national income in relation to the change in

government spending that causes it is referred to as:

A. Fiscal Multiplier

B. Spending Ratio

C. Expenditure Ratio

D. Cost Multiplier

65. Expenditures incurred on civil administration, defence forces is in the nature of

A. Capital Expenditure

B. Revenue Expenditure

C. Transfer Expenditure

D. Productive Expenditure

66. The canon of neutrality in public expenditure refers to which one of the

following?

A. The principle of public expenditure which requires that public expenditure

before it is incurred should be sanctioned by a competent authority and

should not be incurred for the benefit of only one section of the people

B. The principle of public expenditure which requires that it should be possible

for public authorities to vary the expenditure according to the need and

circumstances and not on the basis of any political or bureaucratic influence

C. The principle of public expenditure which requires that public

expenditure should have no adverse affect on production and

consumption instead it should lend a helping hand to the

production process and bring about equality of income and

wealth distribution

D. The principle of public expenditure which requires that every government

must try to keep its budgets well balanced. There should be neither ever

recurring surpluses nor deficits in the budgets.

67. The action taken to stimulate an economy, usually during a recessionary period,

through government spending, and interest rate and tax reduction is called:

Pump priming relates to the Keynesian economic theory, named after noted

economist John Maynard Keynes, which states that government intervention

within the economy, aimed at increasing aggregate demand, can result in a

positive shift within the economy. This is based on the cyclic nature of money

within an economy, in which one persons spending directly relates to another

person’s earnings, and that increase in earnings leads to a subsequent increase in

spending.

A. Force Funding

B. Piggy backing

C. Direct Funding

D. Pump Priming

68. The practice by Governments in which a government spends more money than it

receives as revenue is referred to as:

A. Piggy backing

B. Direct Funding

C. Deficit financing

D. Pump Priming

69. The principle of public expenditure which requires that public expenditure before

it is incurred should be sanctioned by a competent authority is

A. Canon of Economy

B. Canon of Sanction

C. Canon of Elasticity

D. Canon of Maximum Social Benefit

70. Deepening of Government activities refers to:

A. Increase in the existing activities of the Government

 B. Taking up additional activities by the Government

C. Privatization of the activities of the Government

D. Dilution of Government Share in the Public Sector Enterprises

71. Principle of Maximum Social Benefit was propounded by which of the following

economists?

A. Keynes

B. Marshall

C. Dalton

D. Wiseman

72. The increase in public expenditure doesn't follow any smooth and continuous

trend but the increase in public expenditure occurred in step like manner. This

hypothesis is called

A. Caldor’s model

B. Peacock and Wiseman Hypothesis

C. Wagner’s Law of Public Expenditure

D. Keynes Law of Public Expenditure

73. Expenditure on defence, interest payments, law and order maintenance and

public administration expenses are generally treated as:

A. Productive Expenditure

B. Unproductive Expenditure

C. Growth-oriented Expenditure

D. Progressive Expenditure

74. Developmental expenditure refers to

A. Revenue Expenditure incurred for meeting current expenses of the

Government
B. Capital Expenditure incurred for creating long-term assets of the

Government
 C. Expenditure which is incurred on activities directly related to

economic development

D. Expenditure which is incurred on running the normal government

administration

75. The multiplier effect is best described as:

A. the increase in final income arising from any new injection of

spending

B. the increase in the expenditure of a country

C. the increase in the public debt of a country

D. the increase in investment of a country

76. Multiplier in Macro economics refers to which of the following:

A. A factor of proportionality that measures how much an

endogenous variable changes in response to a change in some

exogenous variable

B. A factor of proportionality that measures the increase in exports in a given

period

C. A factor proportionality that measures the increase in public debt in a given

period of time

D. A factor of proportionality that measures the increase in investments in a

given period of time.

77. Which of the following principles of public expenditure propounded by Prof.

Findlay Shirras is considered irrelevant in a modern government?

A. Canon of Economy

B. Canon of Sanction

C. Canon of Maximum Social Benefit

D. Canon of Surplus
78. Peacock and Wiseman Hypothesis on public expenditure consists of three

concepts which are:

A. Subscription Effect, Tax Effect, Expenditure Effect

B. Tax Effect, Expenditure Effect, Consumption Effect

C. Displacement Effect, Concentration Effect, Inspection Effect

D. Consumption Effect, Labour Effect, Income Effect

79. Which of the following occurs when all taxes and other revenues exceed

government expenditures for a year?

A. Public Debt

B. Budget Surplus

C. Balanced Budget

D. Budget Deficit

80.The principle of public expenditure that requires that it should be possible for

public authorities to vary the expenditure according to the need and

circumstances is:

A. Canon of Economy

B. Canon of Sanction

C. Canon of Elasticity

D. Canon of Maximum Social Benefit

81. Expenditure on Internal law and order and defence, Public administration etc.

are in the nature of

A. Transfer Expenditure

B. Non-Transfer Expenditure

C. Capital Expenditure

D. Productive Expenditure
82. According to Peackock Wiseman hypothesis, A discontinuity in the growth

pattern which produces expenditure peak during social disturbances is referred

to as:

A. Displacement Effect

B. Concentration Effect

C. Inspection Effect

D. Substitution Effect

83. Audit of the Accounts of the Insurance Regulatory and Development Authority of

India is the responsibility of the:

A. Comptroller and Auditor General of India

B. Chartered Accountants appointed by the Government of India

C. Chartered Accountants appointed by the Government of India from the

Panel of Auditors prepared by the CAG of India

D. Chartered Accountants appointed by the CAG of India

84. According to the Securities and Exchange Board of India Act 1992 ,the head office

of the Securities and Exchange Board of India shall be located at:

A. New Delhi

B. Chennai

C. Calcutta

D. Mumbai

85. The Forward Markets Commission (FMC) merged with which of the following

regulatory bodies?

A. Insurance Regulatory and Development Authority of India

B. Reserve Bank of India

C. Life Insurance Corporation of India

D. Securities and Exchange Board of India
86. According to the Pension Fund Regulatory & Development Authority Act , the

head office of the Pension Fund Regulatory and Development Authority shall be

located at:

A. Hyderabad

B. The head office of the Authority shall be at such place as the Central

Government may decide from time to time

C. Chennai

D. National Capital Region

87. According to the Securities and Exchange Board of India Act 1992, Chairman of

the SEBI would be appointed by:

A. Reserve Bank of India

B. Central Government

C. Central Government in consultation with the Government of Maharashtra

D. Board of Members of the Securities and Exchange Board of India

88.According to the, INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY OF INDIA ACT, 1999, the head office of the Insurance Regulatory

and Development Authority shall be located at:

A. Hyderabad

B. The head office of the Authority shall be at such place as the

Central Government may decide from time to time

C. Chennai

D. Mumbai

89. Securities and Exchange Board of India (SEBI) was established under

A. Securities Contracts (Regulation) Act, 1956

B. Securities and Exchange Board of India (SEBI) Act 1994

C. Finance Act 1996

D. Finance Act 1998

90. The Food Safety and Standards Authority of India was established under which of

the following acts?

A. Prevention of Food Adulteration Act,2000

B. Edible Oils Packaging (Regulation)Order 1988

C. Food Safety and Standard Act, 2006

D. Prevention of Food Adulteration Act,1954

91. The Chairperson of the Pension Fund Regulatory and Development Authority is

appointed by:

A. Reserve Bank of India

B. Central Government

C. Board of Members of the Pension Fund Regulatory and Development

Authority

D. Board of Members of the Securities and Exchange Board of India

92. According to the IRDA Act, The Chairperson of the Insurance Regulatory

Authority of India is appointed by:

A. Central Government in consultation with Government of Telengana

B. Life Insurance Corporation of India

C. Central Government

D. Reserve Bank of India

93. The Regulatory body established under an Act of Parliament and assigned with

the functions to protect the interests of the policyholders, to regulate, promote

and ensure orderly growth of the insurance industry is called

A. Life Insurance Corporation of India

B. Insurance Regulatory and Development Authority

C. Insurance and Depositories Board of India

D. Pension and Insurance Fund Regulatory Authority of India
94. The Central Office of the Reserve Bank is located in which of the following cities

in India:

A. New Delhi

B. Chennai

C. Calcutta

D. Mumbai

95. Pension Fund Regulatory and Development Authority is established under:

A. General insurance business (nationalization) Act, 1972

B. The Pension Fund Regulatory & Development Authority Act 2013

C. Executive Order of the Government and Finance Act 2013

D. Finance Act 2015

96. The regulatory body established under an act of Parliament to provide for the

establishment of an Authority to promote old age income security by establishing,

developing and regulating pension funds, to protect the interests of subscribers to

schemes of pension funds is called:

A. Insurance Regulatory and Development Authority of India

B. The Pension Fund Regulatory and Development Authority

C. Securities and Exchange Board of India

D. Insurance and Pension Fund Regulatory Authority of India

97. The Regulatory body established under an act of Parliament and assigned with

the functions to regulate the issue of Bank notes and keeping of reserves with a

view to securing monetary stability in India and generally to operate the currency

and credit system of the country to its advantage; to have a modern monetary

policy framework to meet the challenge of an increasingly complex economy, to

maintain price stability while keeping in mind the objective of growth:

A. Ministry of Finance

B. Reserve Bank of India

 C. Securities and Exchange Board of India

D. Central Minting and Notes Authority

98. A public authority or government agency responsible for exercising autonomous

authority over some area of human activity in a supervisory capacity is generally

referred to as:

A. Statutory Bodies

B. Regulatory Bodies

C. Constitutional Bodies

D. Executive Authorities

99. Forward Markets Commission (FMC) was established under which of the

following Act of the Parliament?

A. Forward Contracts (Regulation) Act, 1952

B. Forward markets commission (FMC) Act 1992

C. Finance Act 1992

D. Securities and Exchange Board of India Act 1994

100. The Insurance Regulatory and Development Authority of India is

established under:

A. Life Insurance Corporation Act, 1956

B. General insurance business (nationalization) Act, 1972

C. Insurance Act, 1938

D. Insurance regulatory and development authority of India Act,

1999

101. FORWARD MARKETS COMMISSION functioned under which of the

following administrative ministries?

A. Ministry of Home
B. Ministry of Agriculture

C. Ministry of Statistics and Programme implementation

 D. Ministry of Consumer Affairs, Food and Public Distribution

102. Audit of the Accounts of the Pension Fund Regulatory and Development

Authority is the responsibility of the:

A. Comptroller and Auditor General of India

B. Chartered Accountants appointed by the Government of India

C. Chartered Accountants appointed by the Government of India from the

Panel of Auditors prepared by the CAG of India

D. Chartered Accountants appointed by the CAG of India

103. The Regulatory body established under the Act of Parliament to protect

the interests of investors in securities and to promote the development of, and to

regulate, the securities market is:

A. Reserve Bank of India

B. Securities and Exchange Board of India

C. National Stock Exchange of India

D. Insurance Regulatory and Development Authority of India

104. The Reserve Bank of India was established:

A. In 1935 in accordance with the provisions of the Reserve Bank of

India Act, 1934

B. In 1950 in accordance with the provisions of the Reserve Bank of India Act,

1950

C. In 1950 in accordance with the provisions of the Finance Act 1950

D. In 1945 in accordance with the provisions of the Finance Act 1944

Comments

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