INSTA CURRENT AFFAIRS QUIZ QUESTIONS FEBRUARY 2021 WWW.INSIGHTSONINDIA.COM INSIGHTSIAS INSTA CURRENT AFFAIRS QUIZ QUESTIONS Table of Contents 1. ECONOMY ......................................................................................................................................... 2 2. ECOLOGY AND ENVIRONMENT .......................................................................................................... 4 3. GOVERNMENT SCHEMES AND PROGRAMMES ................................................................................... 8 4. SCIENCE AND TECHNOLOGY ............................................................................................................. 10 5. INTERNATIONAL RELATIONS AND ORGANISATIONS .......................................................................... 12 6. POLITY ............................................................................................................................................. 13 7. HISTORY, ART AND CULTURE ............................................................................................................ 14 8. STATES ............................................................................................................................................. 14 9. REPORTS AND INDICES ..................................................................................................................... 14 10. MAPS / PLACES ............................................................................................................................. 15 11. MISCELLANEOUS .......................................................................................................................... 16 www.insightsonindia.com 1 InsightsIAS INSTA CURRENT AFFAIRS QUIZ QUESTIONS 3. Funds from Public Provident Fund 1. Economy 4. Revenue from Income tax Select the correct answer using the code given 1) Recently Reserve Bank of India’s Monetary below. Policy Committee decided to continue with its (a) 1 and 3 only accommodative stance this fiscal. (b) 2, 3 and 4 only Accommodative monetary policy means (c) 1 and 4 only a) Central bank will alter rates in any (d) 1, 2, 3 and 4 direction to control the money supply in the system. b) Central bank will increase rates to reduce 6) Consider the following statements money in the financial system regarding Government securities, or G-secs. c) Central bank will cut rates to inject money 1. Government securities are debt into the financial system whenever needed instruments issued by the government to borrow d) Central bank will keep the policy rates money. unchanged 2. Treasury bills are long-term instruments, which mature anywhere between 5 years and 40 2) Which of the following constitute failure to years. achieve the inflation target in India? 3. Dated securities are short-term 1. The average inflation is more than the instruments which mature in less than 365 days. upper tolerance level of the inflation target for any 4. Like bank fixed deposits, g-secs are not three consecutive quarters tax-free. 2. The average inflation is less than the Which of the above statements is/are correct? lower tolerance level for any three consecutive a) 1, 2, 3 quarters b) 1, 4 Select the correct answer code: c) 1, 2, 4 a) 1 only d) 1, 2, 3, 4 b) 2 only c) Both a and b 7) Consider the following statements regarding d) Neither a nor b Capital Adequacy Ratio (CAR). 1. Capital Adequacy Ratio (CAR) is the ratio 3) Consider the following statements regarding of a bank’s capital in relation to its risk Primary deficit. weighted assets and current liabilities. 1. The primary deficit is the sum of Fiscal 2. As per RBI norms, Indian scheduled deficit and interest payments. commercial banks are required to maintain 2. It includes the burden of the past debt. the CAR percentage as stated in the Basel III Which of the above statements is/are correct? Banking report. a) 1 only Which of the above statements is/are correct? b) 2 only a) 1 only c) Both 1 and 2 b) 2 only d) Neither 1 nor 2 c) Both 1 and 2 d) Neither 1 nor 2 4) Tax buoyancy refers to the responsiveness of tax revenue growth to changes in GDP. If there is an 8) Consider the following statements regarding output growth and the tax buoyancy is not Development Finance Institutions (DFIs). commensurate, then it can imply 1. Development Finance Institutions a) There is tax evasion provide risk capital for economic development b) Growth in the non-taxed part of GDP projects mainly on commercial basis. c) Both a and b 2. During the pre-liberalised era, India had d) Neither a nor b DFIs that were primarily engaged in development of industry in the country. 5) With reference to Union Budget, which of the 3. In India, the first DFI was operationalised following is/are covered under Capital receipts? before Independence, with the setting up of the 1. Disinvestment Industrial Finance Corporation (IFCI). 2. Interest and dividend on government Which of the above statements is/are correct? investment a) 2 only www.insightsonindia.com 2 InsightsIAS INSTA CURRENT AFFAIRS QUIZ QUESTIONS b) 1, 3 d) Neither 1 nor 2 c) 1, 2 d) 2, 3 13) The government in the Budget unveiled the Disinvestment Policy and identified some sectors 9) Consider the following statements. as strategic sectors which include 1. External Financing brings in foreign 1. Atomic energy currency that is useful to bridge the Balance 2. Transport and Telecommunications of payments (BoP) apart from its utility in 3. Petroleum and Coal developmental expenditures. 4. Insurance and financial services 2. External Financing cannot be used to Select the correct answer code: bridge the fiscal deficit. a) 1, 2, 3 Which of the above statements is/are correct? b) 1, 3, 4 a) 1 only c) 2, 3, 4 b) 2 only d) 1, 2, 3, 4 c) Both 1 and 2 d) Neither 1 nor 2 14) Consider the following statements regarding Finance Commission. 10) The Recent Budget proposes to privatise two 1. Finance Commissions submit their reports PSU banks this financial year. Which of the for a five-year duration and this duration can be following committees had extended based on the macro-economic situations in proposed privatisation of PSU banks? the country. 1. Narasimham Committee 2. The recommendations of the Finance 2. Naresh Chandra Committee Commission are implemented as an order of the 3. P J Nayak Committee President. Select the correct answer code: 3. Only the Finance Commission of the State a) 1, 2 can increase the financial outlays for their b) 2, 3 Municipalities. c) 1 only Which of the above statements is/are correct? d) 1, 3 a) 1, 2 b) 2 only 11) Consider the following statements. c) 2, 3 1. In 2020-21, Corporate tax was the biggest d) 1, 3 tax revenue source in India. 2. The top receipts under the non-tax 15) Consider the following statements regarding revenue for the Union Government are interest and Transfer payments. dividends and profits received from public sector 1. Transfer payments are receipts which the companies. residents of a country receive ‘for free’. Which of the above statements is/are incorrect? 2. They consist of remittances, gifts and a) 1 only grants. b) 2 only 3. They could be given by the government or c) Both 1 and 2 by private citizens living abroad d) Neither 1 nor 2 Which of the above statements is/are correct? a) 1, 2 12) Consider the following statements. b) 1, 3 1. Between the 14th and 15th (Finance c) 2, 3 Commissions), the incidence of cess and surcharge d) 1, 2, 3 has gone up. 2. A constitutional amendment is required to 16) Consider the following statements: include Cess and surcharge in the divisible pool of 1. Stagflation is a situation in which the revenue which is inflation rate is high and at the same time distributed between the Centre and the States. economic growth rate remains steadily high. Which of the above statements is/are incorrect? 2. Deflation refers to the decrease in the a) 1 only general price level of goods and services but b) 2 only inflation rate remains above zero. c) Both 1 and 2 Which of the above statements is/are incorrect? www.insightsonindia.com 3 InsightsIAS INSTA CURRENT AFFAIRS QUIZ QUESTIONS a) 1 only 3. It has been designated as a Ramsar site b) 2 only because it is a key wintering area for tens of c) Both 1 and 2 thousands of pink flamingos and other birds. d) Neither 1 nor 2 Which of the above statements is/are correct? a) 1, 2 17) Which of the following developments may likely b) 1, 3 reduce the fiscal deficit? c) 2, 3 1. Increasing Foreign Direct Investment (FDI) d) 1, 2, 3 2. Providing budgetary support to public sector enterprises 2) Consider the following statements regarding 3. Waiving off farm loans. Environment Impact Assessment (EIA). 4. Austerity measures should be adopted. 1. Environment Impact Assessment in India Select the correct answer code: is statutory backed process by the a) 1, 4 Environment Impact Assessment Act, 1986. b) 2, 3 2. It identifies the environmental, social and c) 2, 3, 4 economic impacts of a project prior to taking d) 1, 2, 3 a decision on its implementation. Which of the above statements is/are correct? 18) A SWIFT Code, sometime seen in the news, is a) 1 only related to b) 2 only a) International Banking Transaction c) Both 1 and 2 b) Payment Gateway System d) Neither 1 nor 2 c) Quick Toll Plaza Electronic Payment d) None of the above 3) Consider the following statements regarding Biofuels. 19) Consider the following statements regarding 1. The most common kinds of biofuels in use National Small Savings Fund (NSSF). today are ethanol and biodiesel that represent the 1.