Explanation: Closed Economy in Which Neither Import Nor Export Takes Place

1.
Closed Economy in which _______

A. Only Import Takes Place
B. Only Export Takes Place
C. Both Import and Export take place
D. Neither Import nor Export takes place
E. Deficit financing takes place
Answer & Explanation
D. Neither Import nor Export takes place

Explanation:
Closed Economy in which neither import nor export takes place.
2. A __________ is the sum of the transactions where money is

exchanged.
A. Open Economy
B. Monetized Economy
C. Closed Economy
D. All of these
E. None of these
Explanation:
A monetized economy is the sum of the transactions where money is
exchanged.
3. ________ is an economy in which there are economic activities

between the domestic community and outside.
A. Open Economy
C. Closed Economy
D. All of these
E. None of these
https://t.me/bhawna_weekly_quiz_pdf
A. Open Economy
Explanation:
Open Economy is an economy in which there are economic activities
between the domestic community and outside.
4. _______ is when government prints money in order to pay its

deficits.
A. Closed Economy
B. Open Economy
C. Monetized deficit
D. Deficit Financing
E. None of these
Explanation:
Monetized deficit is when government prints money in order to pay its
deficits.
5. _______ is when a government spends more than what it

earns.
A. Closed Economy
B. Open Economy
E. None of these
Explanation:
Deficit Financing is when a government spends more than what it
earns.
6. _____ is a macroeconomic term referring to the monetary base,

which is controlled by the institution in a country.
A. Closed Economy
B. Open Economy
E. High Powered Money
E. High Powered Money

Explanation:
High Powered Money is a macroeconomic term referring to the
monetary base, which is controlled by the institution in a country.
7. A form of financial guarantee insurance, covering not all the

debts of the borrower, but a specific loan or other financial
transaction is known as _____
A. Closed Economy
B. Open Economy
E. Credit Wrap
E. Credit Wrap
Explanation:
A form of financial guarantee insurance, covering not all the debts of
the borrower, but a specific loan or other financial transaction is known
as Credit Wrap.
8. _______ is the risk of default on a debt that may arise from a
borrower failing to make required payments.
A. Market Risk
B. Credit Risk
C. Inflation Risk
D. All of these
E. None of these
B. Credit Risk
Explanation:
Credit Risk is the risk of default on a debt that may arise from a
borrower failing to make required payments.
9. ______ is the risk that the value of an investment may

decrease due to changes in market factors.
A. Market Risk
B. Credit Risk
C. Inflation Risk
D. All of these
E. None of these
A. Market Risk
Explanation:
Market Risk is the risk that the value of an investment may decrease
due to changes in market factors.
10. _______ is the probability that the value of assets and

investments will be negatively affected by changes in inflation.
A. Market Risk
B. Credit Risk
C. Inflation Risk
D. All of these
E. None of these
C. Inflation Risk
Explanation:
Inflation Risk is the probability that the value of assets and
investments will be negatively affected by changes in inflation.
1. Asset Reconstruction Company India Limited(Arcil) is

sponsored by ______
A. SBI
B. ICICI
C. PNB
D. IDBI
E. All of these
E. All of these
Explanation:
Arcil is sponsored by prominent banks and financial institutions such as
State Bank of India (SBI), IDBI Bank Limited (IDBI), ICICI Bank
Limited (ICICI) and Punjab National Bank (PNB)
2. The headquarters of India’s first Asset Reconstruction Company

India Limited(Arcil) is ________
A. Chennai
B. Mumbai
C. New Delhi
D. Hyderabad
E. None of these
B. Mumbai
Explanation:
The headquarters of India’s first Asset Reconstruction Company India
Limited(Arcil) is Mumbai
3. Asset Reconstruction Company India Limited(Arcil) is a ______

A. Public Limited
B. Private Limited
C. Limited Liability Company
D. Non Profit Organization
E. None of these
B. Private Limited
Explanation:
Asset Reconstruction Company India Limited(Arcil) is a Private Limited
company.
4. Arcil is an associate member of _____

A. BBB
B. IBBI
C. IBA
D. All of these
E. None of these
C. IBA
Explanation:
Arcil is an associate member of IBA.
5. Which of the following is the regulator for overseeing

insolvency proceedings?
A. BBB
B. IBBI
C. IBA
D. All of these
E. None of these
B. IBBI
Explanation:
The Insolvency and Bankruptcy Board of India (IBBI) is the regulator
for overseeing insolvency proceedings.
6. The Insolvency and Bankruptcy Board of India (IBBI) regulates

_____
A. Insolvency Professional Agencies (IPA)
B. Insolvency Professionals (IP)
C. Information Utilities (IU)
D. All of these
E. None of these
D. All of these
Explanation:
The Insolvency and Bankruptcy Board of India (IBBI) is the regulates
Insolvency Professional Agencies (IPA), Insolvency Professionals (IP)
and Information Utilities (IU) in India
7. The Insolvency and Bankruptcy Board of India was established

on October 1, 2016, in accordance with the provisions of
_______
A. Insolvency and Bankruptcy Code 2013
B. Insolvency and Bankruptcy Code 2014
C. Insolvency and Bankruptcy Code 2015
D. Insolvency and Bankruptcy Code 2016
E. None of these
D. Insolvency and Bankruptcy Code 2016

Explanation:
The Insolvency and Bankruptcy Board of India was established on
October 1, 2016 in accordance with the provisions of Insolvency and
Bankruptcy Code 2016.
8. The Insolvency and Bankruptcy Board of India (IBBI) covers

________
A. Individuals
B. Companies
C. Partnership Firms
D. Limited Liability Partnerships
E. All of these
E. All of these
Explanation:
The Insolvency and Bankruptcy Board of India (IBBI) covers
Individuals, Companies, Limited Liability Partnerships and Partnership
firms.
9. Insolvency and Bankruptcy Board of India (IBBI) handles the

cases using _________
A. BBB
B. National company law tribunal.
C. Debt recovery tribunal
D. Both (A) and (B)
E. Both (B) and (C)
E. Both (B) and (C)

Explanation:
Insolvency and Bankruptcy Board of India (IBBI) handles the cases
using two tribunals like NCLT(National company law tribunal) and Debt
recovery tribunal.
10. How many members are there in IBBI?

A. Four
B. Seven
C. Ten
D. Twelve
E. Eleven
C. Ten
Explanation:
IBBI has 10 members, including representatives from the Ministries of
Finance and Law, and the Reserve Bank of India.
1. If a bank is unable to refund the short term deposits as funds

are locked in long term loans then it is known as _______
A. Credit Risk
B. Market Risk
C. Liquidity Risk
D. Operational Risk
E. All of these
C. Liquidity Risk
Explanation:
If a bank is unable to refund the short term deposits as funds are
locked in long term loans then it is known as Liquidity Risk.
2. Which of the following is an industry standards organisation in

India in the mutual funds sector?
A. ARCIL
B. AMFI
C. RBI
D. IBA
E. None of these
B. AMFI
Explanation:
The Association of Mutual Funds in India (AMFI) is an industry
standards organisation in India in the mutual funds sector.
3. If a currency note is demonetized, then it takes away the which

property of that particular currency.
A. Value
B. Exchange Rate
C. Legal Tender Character
D. All of these
E. None of these
C. Legal Tender Character

Explanation:
If a currency note is demonetized, then it takes away the legal tender
character of that currency.
4. Which of the following is a type of charge created on an

insurance policy?
A. Pledge
B. Hypothecation
C. Assignment
D. All of these
E. None of these
C. Assignment
Explanation:
A type of charge created on an insurance policy is Assignment.
5. Which of the following is a representative body of management

of banking in India?
A. NABARD
B. IBBI
C. IBA
D. All of these
E. None of these
C. IBA
Explanation:
IBA is a representative body of management of banking in India.
6. The Headquarters of IBA located in _____

A. Chennai
B. Bengaluru
C. Hyderabad
D. Mumbai
E. None of these
D. Mumbai
Explanation:
The Headquarters of IBA located in Mumbai.
7. Which of the following is a unique institution exclusively

focused on Banking Technology?
A. IBA
B. BBB
C. IBBI
D. IDRBT
E. None of these
D. IDRBT
Explanation:
IDRBT is a unique institution exclusively focused on Banking
Technology.
8. The Institute for Development & Research in Banking

Technology (IDRBT) is established by _____
A. SEBI
B. NABARD
C. RBI
D. BBB
E. All of these
C. RBI
Explanation:
The Institute for Development & Research in Banking Technology
(IDRBT) is established by RBI in 1996.
9. The Institute for Development & Research in Banking
Technology (IDRBT) is located in _____
A. Chennai
B. Bengaluru
C. Hyderabad
D. Mumbai
E. None of these
C. Hyderabad
Explanation:
The Institute for Development & Research in Banking Technology
(IDRBT) is located in Hyderabad.
10. Government constitutes ________ to improve the

governance of Public Sector Banks.
A. IBA
B. BBB
C. IBBI
D. IDRBT
E. None of these
B. BBB
Explanation:
Government constitutes Banks Board Bureau to improve the
governance of Public Sector Banks.
1. PCA Stands for _______

A. Process Corrective Action
B. Problem Corrective Action
C. Product Corrective Action
D. Prompt Corrective Action
E. None of these
D. Prompt Corrective Action

Explanation:
The salient features of revised Prompt Corrective Action(PCA)
Framework for Banks are Capital, asset quality, and profitability.
2. AFA Stands for ______

A. Additional Factor Authentication
B. Additive Factor Authentication
C. Audit Factor Authentication
D. Alternate Factor Authentication
E. None of these
A. Additional Factor Authentication

Explanation:
AFA – Additional Factor Authentication
3. The Term “Presumptions” is associated with _____ of

Negotiable Instruments Act 1881.
A. Section 123
B. Section 134
C. Section 136
D. Section 128
E. Section 118
E. Section 118
Explanation:
The Term “Presumptions” is associated with section 118 of Negotiable
Instruments Act 1881.
4. Which of the following is/are only inputs required for a

customer to do a transaction under AEPS?
A. IIN
B. Aadhaar Number
C. Finger Print
D. All of these
E. None of these
D. All of these
Explanation:
IIN (Identifying the Bank to which the customer is associated)
Aadhaar Number
Fingerprint captured during their enrollment
5. In how many languages is BHIM app available?

A. 10
B. 14
C. 12
D. 13
E. None of these
C. 12
Explanation:
BHIM is available in 12 languages, i.e., Hindi, English, Tamil, Telugu,
Malayalam, Bengali, Odia, Kannada, Punjabi, Assamese, Marathi and
Gujarati.
6. How many digits are there in UPI Pin?
A. 5 digits
B. 4 digits
C. 6 digits
D. Either (A) or (B)
E. Either (B) or (C)

Explanation:
UPI PIN is a four or six digit number that is set by the customers on
BHIM after the registration process.
7. What is a maximum limit to the amount of money that can be

sent using BHIM per transaction?
A. 8000
B. 5000
C. 10000
D. 12000
E. None of these
C. 10000
Explanation:
A user can send up to a maximum amount Rs 10,000 per transaction.
8. What is a maximum limit to the amount of money that can be

sent using BHIM?
A. 18000
B. 15000
C. 20000
D. 25000
E. None of these
C. 20000
Explanation:
A user can send up to a maximum of Rs 20,000 per day for one bank
account. .
9. A _____ is a unique identifier which you can use to send and

receive money on UPI.
A. Vertical Payment Address
B. Virtual Payment Address
C. Vertical Process Address
D. Virtual Process Address
E. None of these
B. Virtual Payment Address

Explanation:
A Virtual Payment Address (VPA) is a unique identifier which you can
use to send and receive money on UPI.
10. How many VPAs can be added to BHIM?

A. One
B. Two
C. Three
D. Four
E. None of these
B. Two
Explanation:
BHIM allows you to use two VPA’s. First one is the default VPA
(mobile number@upi). The second one, you can create on “My Profile”
page.
1. BHIM Stands for _______

A. Bharat Interface for Money
B. Bharat Heavy Interface for Money
C. Bharat Heavy Interface Money
D. Bharat High Interface for Money
E. None of these
A. Bharat Interface for Money

Explanation:
BHIM – Bharat Interface for Money.
2. BHIM can be used also in ______

A. Nepal
B. Bangladesh
C. Pakistan
D. Sri Lanka
E. None of these
E. None of these
Explanation:
Currently, you can use BHIM only in India.
3. BHIM users can send money by using which of the following

details of the beneficiary?
A. VPA
B. Mobile Number
C. Aadhaar Number
D. All of these
E. None of these
D. All of these
Explanation:
BHIM users can send money by using one of the following details of the
beneficiary.
VPA(Registered on UPI)
Mobile No(Registered on UPI)
Aadhaar Number(Should be linked to a bank account)
4. Is there a limit on the amount of money that can be received

using BHIM?
A. 5000
B. 1000
C. 10000
D. 20000
E. No limit
E. No limit
Explanation:
No, there is no limit on the amount of money that can be received
using BHIM.
5. BHIM app is developed by?

A. NPCI
B. JUSPAY
C. RBI
D. Both (A) and (B)
E. Both (B) and (C)
D. Both (A) and (B)

Explanation:
BHIM is a mobile app developed by National Payments Corporation of
India (NPCI) along with JUSPAY
6. BHIM is based on?

A. BBPS
B. AEPS
C. UPI
C. UPI
Explanation:
UPI PIN is a four or six digit number that is set by the customers on
BHIM after the registration process.
7. UPI is built over the ______ infrastructure.

A. NEFT
B. RTGS
C. IMPS
D. All of these
E. None of these
C. IMPS
Explanation:
UPI is built over the IMPS infrastructure.
8. BHIM app has been named after?
A. Subhash Chandra Bose
B. Chandra Shekhar Azad
C. Pandit Deen Dayal Upadhyaya
D. Bhagat Singh
E. Dr. B R Ambedkar
E. Dr. B R Ambedkar
Explanation:
BHIM app has been named after Bhim Rao Ambedkar.
9. UPI-PIN (UPI Personal Identification Number) is a _____

passcode you create/set during first time registration with UPI
App.
A. 4-6
B. 2-5
C. 3-4
D. 2-4
E. None of these
A. 4-6
Explanation:
UPI-PIN (UPI Personal Identification Number) is a 4-6 digit passcode
you create/set during first time registration with UPI App
10. The upper limit per UPI transaction is __________.

A. 10000
B. 20000
C. 50000
D. 1 lakh
E. None of these
D. 1 lakh
Explanation:
The upper limit per UPI transaction is Rs. 1 Lakh.
1. Section 4 of Negotiable Instruments Act, 1881 deals with _____

A. Bill of Exchange
B. Cheque
C. Promissory Note
D. Negotiable Instruments
E. None of these
C. Promissory Note
Explanation:
Section 4 of Negotiable Instruments Act, 1881 deals with Promissory
Note
2. Which of the following section of Reserve Bank of India Act,

1934 defines the business of RBI?
A. Section 17
B. Section 18
C. Section 22
D. Section 24
E. Section 26
A. Section 17
Explanation:
Section 17 of Reserve Bank of India Act, 1934 defines the business of
RBI
1934 deals with emergency loans to Banks?
A. Section 17
B. Section 18
C. Section 22
D. Section 24
E. Section 26
B. Section 18
Explanation:
Section 18 of Reserve Bank of India Act, 1934 deals with emergency
loans to Banks.

1934 states the RBI must conduct the banking affairs for the
central government and manage public debt?
A. Section 17
B. Section 18
C. Section 22
D. Section 24
E. Section 21
E. Section 21
Explanation:
The Section 21 of Reserve Bank of India Act, 1934 states the RBI must
conduct the banking affairs for the central government and manage
public debt.
5. The _______ of Reserve Bank of India Act, 1934 says that only
RBI has the exclusive rights to issue currency notes in India.
A. Section 17
B. Section 18
C. Section 22
D. Section 24
E. Section 21
C. Section 22
Explanation:
The Section 22 says that only RBI has the exclusive rights to issue
currency notes in India.
6. The Section 24 of Reserve Bank of India Act, 1934 states that

the maximum denomination of a note can be ________
A. Rs. 15000
B. Rs. 10000
C. Rs. 5000
D. Rs. 2000
E. None of these
C. UPI
Explanation:
The Section 24 of Reserve Bank of India Act, 1934 states that the
maximum denomination of a note can be Rs. 10000.
7. The ________ of Reserve Bank of India Act, 1934 describes the

legal tender character of Indian bank notes.
A. Section 17
B. Section 18
C. Section 22
D. Section 24
E. Section 26
E. Section 26
Explanation:
The Section 26 of Reserve Bank of India Act, 1934 describes the legal
tender character of Indian bank notes.
8. Which of the following of Reserve Bank of India Act, 1934

allows the RBI to form rules regarding the exchange of
damaged and imperfect notes?
A. Section 17
B. Section 18
C. Section 22
D. Section 24
E. Section 28
E. Section 28
Explanation:
Section 28 – Allows the RBI to form rules regarding the exchange of
damaged and imperfect notes.
9. According to Section 31 of Reserve Bank of India Act, 1934,

Who only can issue and accept promissory notes that are
payable on demand in India?
A. Section 21
B. Section 31
C. Section 22
D. Section 24
E. Section 28
B. Section 31
Explanation:
Section 31 – Only the RBI or the central government can issue and
accept promissory notes that are payable on demand in India.
10. According to ________ of Reserve Bank of India Act, 1934

every scheduled bank must have an average daily balance with
the RBI.
A. Section 21(1)
B. Section 41(1)
C. Section 42(1)
D. Section 24(2)
E. Section 28(2)
C. Section 42(1)
Explanation:
Section 42(1) of Reserve Bank of India Act, 1934 every scheduled bank
must have an average daily balance with the RBI.
1. ______ of Banking Regulation Act, 1949 deals with disposal of

non-banking assets.
A. Section 6
B. Section 7
C. Section 8
D. Section 9
E. Section 10
D. Section 9
Explanation:
Section 9 of Banking Regulation Act, 1949 deals with disposal of non-
banking assets
2. ______ of Banking Regulation Act, 1949 deals with prohibition
of trading.
A. Section 6
B. Section 7
C. Section 8
D. Section 9
E. Section 10
C. Section 8
Explanation:
Section 8 of Banking Regulation Act, 1949 deals with prohibition of
trading.
3. ______ of Banking Regulation Act, 1949 deals with use of

words “Banker”,”Bank”, “Banking” or “Banking Company”
A. Section 6
B. Section 7
C. Section 8
D. Section 9
E. Section 10
B. Section 7
Explanation:
Section 7 of Banking Regulation Act, 1949 deals with use of words
“Banker”,”Bank”, “Banking” or “Banking Company”
4. Section 17 of Banking Regulation Act, 1949 deals with _______

A. Reserve Fund
B. Cash Reserve
C. Audit
D. Assets in India
E. None of these
A. Reserve Fund
Explanation:
Section 17 of Banking Regulation Act, 1949 deals with Reserve Fund

A. Reserve Fund
B. Cash Reserve
C. Audit
D. Assets in India
E. None of these
B. Cash Reserve
Explanation:
Section 18 of Banking Regulation Act, 1949 deals with Cash Reserve

A. Reserve Fund
B. Cash Reserve
C. Audit
D. Assets in India
E. None of these
D. Assets in India
Explanation:
Section 25 of Banking Regulation Act, 1949 deals with Assets in India.
A. Reserve Fund
B. Cash Reserve
C. Audit
D. Assets in India
E. None of these
C. Audit
Explanation:
Section 30 of Banking Regulation Act, 1949 deals with Audit.
8. Which of the following section of Banking Regulation Act, 1949

deals with licensing of banking companies?
A. Section 18
B. Section 21
C. Section 22
D. Section 23
E. Section 24
C. Section 22
Explanation:
Section 22 of Banking Regulation Act, 1949 deals with licensing of
banking companies
9. Which of the following section of Banking Regulation Act, 1949

deals with restrictions on loans and advances?
A. Section 18
B. Section 21
C. Section 20
D. Section 23
E. Section 24
C. Section 20
Explanation:
Section 20 of Banking Regulation Act, 1949 deals with restrictions on
loans and advances.
10. Which of the following section of Banking Regulation Act,

1949 deals with maintenance of a percentage of assets?
A. Section 18
B. Section 21
C. Section 20
D. Section 23
E. Section 24
E. Section 24
Explanation:
Section 24 of Banking Regulation Act, 1949 deals with maintenance of
a percentage of assets
1. ______ of Banking Regulation Act, 1949 deals with return of

unclaimed deposits
A. Section 26
B. Section 27
C. Section 28
D. Section 29
E. Section 30
A. Section 26
Explanation:
Section 26 of Banking Regulation Act, 1949 deals with return of
unclaimed deposits
2. ______ of Negotiable Instruments Act, 1881 deals with Bill of

Exchange.
A. Section 5
B. Section 7
C. Section 8
D. Section 9
E. Section 10
A. Section 5
Explanation:
Section 5 of Negotiable Instruments Act, 1881 deals with Bill of
Exchange.
3. ______ of Negotiable Instruments Act, 1881 deals with Cheque.

A. Section 5
B. Section 6
C. Section 8
D. Section 9
E. Section 10
B. Section 6
Explanation:
Section 6 of Negotiable Instruments Act, 1881 deals with Cheque.
4. Section 13 of Negotiable Instruments Act, 1881 deals with

_______
A. Reserve Fund
B. Cheque
C. Negotiable Instruments
D. Promissory Note
E. None of these
C. Negotiable Instruments
Explanation:
Section 13 of Negotiable Instruments Act, 1881 deals with Negotiable
Instruments.
5. NPCI has been incorporated as a company under

________Companies Act. and is aimed to operate for the
benefit of all the member banks and their customers.
A. Section 25
B. Section 27
C. Section 28
D. Section 29
E. Section 30
A. Section 25
Explanation:
NPCI has been incorporated as a company under section 25 of
Companies Act. and is aimed to operate for the benefit of all the
member banks and their customers.
6. Which of the following functions as the authorized Bharat Bill

Payment Central Unit(BBPCU)?
A. RBI
B. NABARD
C. SEBI
D. NPCI
E. None of these
D. NPCI
Explanation:
NPCI functions as the authorized Bharat Bill Payment Central
Unit(BBPCU)
7. Which is an innovative real-time payment service that is

available round the clock?
A. NEFT
B. RTGS
C. IMPS
D. All of these
E. None of these
C. IMPS
Explanation:
IMPS is an innovative real-time payment service that is available round
the clock.
8. Which of the following is the channel for transferring funds

using UPI?
A. Account Number + IFSC
B. Mobile Number + MMID
C. Aadhaar Number
D. Collect / Pull money basis Virtual ID
E. All of these
E. All of these
Explanation:
The different channels for transferring funds using UPI are:
Transfer through Virtual ID
Account Number + IFSC
Mobile Number + MMID
Aadhaar Number
Collect / Pull money basis Virtual ID
9. “P” in NUUP stands for _____

A. Platform
B. Product
C. Program
D. All of these
E. None of these
A. Platform
Explanation:
National Unified USSD Platform (NUUP)
10. “A” in QSAM refers to ______

A. Advanced
B. Additional
C. Aadhaar
D. All of these
E. None of these
C. Aadhaar
Explanation:
Query Service on Aadhaar Mapper (QSAM)
1. Which of the following bank notes is referred to as Specified

Bank Note(SBN)?
A. 1000
B. 100
C. Old series of 500 note
D. Both (A) and (B)
E. Both (A) and (C)
E. Both (A) and (C)

Explanation:
The legal tender character of the bank notes in denominations of ₹
500 and ₹ 1000 issued by the Reserve Bank of India till November 8,
2016 referred to as Specified Bank Notes.
2. The SBNs cease to be the liabilities of the Reserve Bank under

_____ of the RBI Act.
A. Section 34
B. Section 37
C. Section 38
D. Section 39
E. Section 30
A. Section 34
Explanation:
The SBNs cease to be the liabilities of the Reserve Bank under Section
34 of the RBI Act and cease to have the guarantee of the Central
Government.
3. The grace period for resident Indians to exchange SBNs expired

on _________
A. March 31, 2017
B. April 30, 2017
C. May 31, 2017
D. June 30, 2017
E. None of these
A. March 31, 2017

Explanation:
The grace period for resident Indians to exchange SBNs expired on
March 31 2017
4. For non- resident Indians (Indian passport holders), the grace

period is till ______
A. March 31, 2017
B. April 30, 2017
C. May 31, 2017
D. June 30, 2017
E. None of these
D. June 30, 2017

Explanation:
For non- resident Indians (Indian passport holders), the grace period is
till June 30 2017.
5. In terms of _______ of the Specified Bank Notes (Cessation of

Liabilities) Act 2017, with effect from December 31, 2016 no
person shall knowingly or voluntarily hold, transfer or receive
any specified banknotes.
A. Section 5
B. Section 7
C. Section 8
D. Section 9
E. Section 3
A. Section 5
Explanation:
In terms of Section 5 of the Specified Bank Notes (Cessation of
Liabilities) Act 2017, with effect from December 31, 2016 no person
shall knowingly or voluntarily hold, transfer or receive any specified
banknotes.
6. In terms of _______ of Specified Bank Notes (Cessation of

Liabilities) Act 2017, contravention of Section 5 shall be
punishable with fine which may extend upto 10,000 INR or five
times the face value of the SBNs involved in the contravention,
whichever is higher.
A. Section 5
B. Section 7
C. Section 8
D. Section 9
E. Section 3
B. Section 7
Explanation:
In terms of section 7 of Specified Bank Notes (Cessation of Liabilities)
Act 2017, contravention of Section 5 shall be punishable with fine
which may extend upto 10,000 INR or five times the face value of the
SBNs involved in the contravention, whichever is higher.
7. After the expiry of grace period, holding of not more than ___
notes in total, irrespective of denomination is permitted.
A. 30
B. 25
C. 15
D. 20
E. 10
E. 10
Explanation:
After the expiry of grace period, holding of not more than 10 notes in
total, irrespective of denomination is permitted.
8. After the expiry of grace period, holding of not more than

____ notes for the purpose of study/ research/ numismatics is
permitted.
A. 30
B. 25
C. 15
D. 20
E. 10
B. 25
Explanation:
After the expiry of grace period, holding of not more than 25 notes for
the purpose of study/ research/ numismatics is permitted.
9. For NRIs the facility to exchange notes is available from

January 2, 2017 to June 30, 2017 at ____ Reserve Bank offices.
A. Six
B. Three
C. Four
D. Five
E. None of these
D. Five
Explanation:
For NRIs the facility to exchange notes is available from January 2,
2017 to June 30, 2017 at five Reserve Bank offices at Mumbai, New
Delhi, Chennai, Kolkata, and Nagpur.
10. The limit of exchange for NRIs will be ______.

A. Rs. 10000
B. Rs. 15000
C. Rs. 25000
D. Rs. 20000
E. None of these
C. Rs. 25000
Explanation:
The limit of exchange for NRIs will be Rs.25000
1. GST was introduced as The Constitution ________ Amendment

bill 2016
A. 122
B. 114
C. 121
D. 118
E. None of these
A. 122
Explanation:
GST was introduced as The Constitution 122 Amendment bill 2016
2. The Chairman of GST council is _______

A. Finance Minister
B. Finance Secretary
C. Home Minister
D. Minister of Commerce
E. None of these
A. Finance Minister
Explanation:
The Chairman of GST council is Finance Minister.
3. GST is expected to be applicable from __________

A. October 31, 2017
B. August 31, 2017
C. July 31, 2017
D. June 30, 2017
E. July 01, 2017
E. July 01, 2017

Explanation:
GST is expected to be applicable from July 01 2017
4. The reform process in indirect tax regime of India was started

in 1986 by ______
A. Satish Chandra
B. Vishwanath Pratap Singh
C. V. Raghunathan
D. J.S. Garewal
E. None of these
B. Vishwanath Pratap Singh
Explanation:
The reform process in indirect tax regime of India was started in 1986
by Vishwanath Pratap Singh.
5. Which of the following taxes will be bound together by the GST?

A. Central Excise Duty
B. Service Tax
C. Commercial Tax
D. Value Added Tax (VAT)
E. All of these
E. All of these
Explanation:
The following taxes will be bound together by the GST
Central Excise Duty
Service Tax
Commercial Tax
Value Added Tax (VAT)

A. Food Tax
B. Central Sales Tax (CST)
C. Octroi
D. Entertainment Tax
E. All of these
E. All of these
Explanation:
The following taxes will be bound together by the GST
Food Tax
Central Sales Tax (CST)
Octroi
Entertainment Tax

A. Entry Tax
B. Purchase Tax
C. Luxury Tax
D. Advertisement taxes
E. All of these
E. All of these
Explanation:
Entry Tax
Purchase Tax
Luxury Tax
Advertisement taxes
8. There will be _____ GST on the sale and purchase of securities

A. 3%
B. 2%
C. 1%
D. 4%
E. No GST
E. No GST
Explanation:
There will be No GST on the sale and purchase of securities
9. Purchase of Securities to be governed by ______

A. Securities Transaction Tax (STT)
B. Securities Tax (ST)
C. Transaction Tax
D. Purchase Tax
E. None of these
A. Securities Transaction Tax (STT)

Explanation:
Purchase of Securities to be governed by Securities Transaction
Tax(STT)
10. Goods and Services Tax Network (GSTN) is a nonprofit

organization formed to create a platform for _______
A. Stakeholders
B. Government
C. Taxpayers
D. All of these
E. None of these
D. All of these
Explanation:
Goods and Services Tax Network (GSTN) is a nonprofit organization
formed to create a platform for stakeholders, government, taxpayers
to collaborate on a single portal
1. GST was introduced as The Constitution ________ Amendment

Act 2016
A. 122
B. 114
C. 101
D. 118
E. None of these
C. 101
Explanation:
GST was introduced as The Constitution 101 Amendment Act 2016
2. As per ______ of the amended Constitution, the GST Council

will be a joint forum of the Centre and the States.
A. Article 276A
B. Article 279A
C. Article 280A
D. Article 289A
E. None of these
B. Article 279A
Explanation:
As per Article 279A of the amended Constitution, the GST Council will
be a joint forum of the Centre and the States.
3. The Headquarters of GST Council Secretariat is located in

__________
A. Mumbai
B. Kolkata
C. Chennai
D. New Delhi
E. None of these
D. New Delhi
Explanation:
The Headquarters of GST Council Secretariat is located in New Delhi.
4. Chairman of GST committee of state finance ministers is
______
A. Amit Mitra
B. Himanta Biswa
C. Thomas Issac
D. Abdul Bari Siddiqui
E. None of these
A. Amit Mitra
Explanation:
Chairman of GST committee of state finance ministers is Amit Mitra.
5. Ex-officio Secretary to the GST Council is ______

A. Union Finance Minister
B. State Finance Minister
C. Finance Secretary
D. Revenue Secretary
E. None of these
Explanation:
Ex-officio Secretary to the GST Council is Revenue Secretary
6. Who among the following is a permanent invitee(non-voting) to

all proceedings of the GST Council?
A. Chairperson, Central Board of Excise and Customs (CBEC)
B. Union Finance Minister
C. Finance Secretary
E. None of these
A. Chairperson, Central Board of Excise and Customs (CBEC)

Explanation:
Chairperson, Central Board of Excise and Customs (CBEC) is a
permanent invitee(non-voting) to all proceedings of the GST Council
7. GST threshold limit for the North Eastern States is ______

A. 10 lakh
B. 5 lakh
C. 15 lakh
D. 20 lakh
E. All of these
A. 10 lakh
Explanation:
GST threshold limit for the North Eastern States is 10 lakh.
8. GST threshold limit for other than the North Eastern States is
______
A. 10 lakh
B. 5 lakh
C. 15 lakh
D. 20 lakh
E. All of these
D. 20 lakh
Explanation:
GST threshold limit for other than the North Eastern States is Rs.20
lakh
9. T in GSTN stands for ______
A. Tax
B. Trade
C. Transaction
D. Term
E. None of these
A. Tax
Explanation:
T in GSTN stands for Tax.
10. GST Council fixes _____ tax slab for services.

A. 5-tier
B. 4-tier
C. 3-tier
D. 2-tier
E. None of these
B. 4-tier
Explanation:
GST Council fixes 4 tier tax slab for services.
1. Section 24 and Section 56 of the Banking Regulation Act, 1949

related to the maintenance of _______
A. Repo Rate
B. CRR
C. MSF
D. SLR
E. None of these
D. SLR
Explanation:
Section 24 and Section 56 of the Banking Regulation Act, 1949 related
to the maintenance of SLR.
2. B in “IBC” stands for ______

A. Bank
B. Bureau
C. Bharat
D. Bankruptcy
E. None of these
D. Bankruptcy
Explanation:
IBC – Insolvency and Bankruptcy Code.
3. L in “JLF” stands for ______

A. Loan
B. Lenders
C. Load
D. Lending
E. None of these
B. Lenders
Explanation:
L in “JLF” stands for Lenders.
4. S in “S4A” stands for ______

A. Scheme
B. Sustainable
C. Structuring
D. Stressed
E. All of these
E. All of these
Explanation:
“S4A” – Scheme for Sustainable Structuring of Stressed Assets.
5. Which is the Core Banking Solution (CBS) of Reserve Bank of

India?
A. e-kuber
B. e-cbs
C. e-auction
D. All of these
E. None of these
A. e-kuber
Explanation:
e-kuber is the Core Banking Solution (CBS) of Reserve Bank of India.
6. Goods and Service Tax (GST) settlements are also proposed to

be done through _______
A. e-kuber
B. UPI
C. NPCI
D. BHIM
E. None of these
A. e-kuber
Explanation:
Goods and Service Tax (GST) settlements are also proposed to be done
through e-kuber.
7. Auction of Government securities is done through

_______ system
A. e-kuber
B. UPI
C. NPCI
D. BHIM
E. None of these
A. e-kuber
Explanation:
Auction of Government securities is done through e-kuber system.
8. Technology partner for RBI for launching e-kuber is ______

A. IBM
B. TCS
C. CTS
D. Polaris
E. All of these
D. Polaris
Explanation:
Technology partner for RBI for launching e-kuber is Polaris.
9. ______ are available for subscription at the branches of

scheduled commercial banks and designated post offices
through RBI’s e-kuber system.
A. Mutual Funds
B. Masala Bond
C. SGBs
D. All of these
E. None of these
C. SGBs
Explanation:
SGBs are available for subscription at the branches of scheduled
commercial banks and designated post offices through RBI’s e-kuber
system..
10. Which of the following is an inter-bank application?

A. RTGS
B. Government Transactions
C. Delivery Vs Payment
D. Automatic Clearing House
E. All of these
E. All of these
Explanation:
RTGS,Government Transactions, Delivery Vs Payment and Automatic
Clearing House.
1. Who is the issuer of Sovereign Gold Bond (SGB)?

A. RBI
B. State Governments
C. Finance Ministry
D All of these
E. None of these
A. RBI
Explanation:
Sovereign Gold Bond (SGB) is issued by Reserve Bank on behalf of
Government of India.
2. What is the rate of interest of SGBs?

A. 1.75%
B. 2.50%
C. 2.75%
D. 3.25%
E. None of these
C. 2.75%
The Bonds bear interest at the rate of 2.75 per cent (fixed rate) per
annum on the amount of initial investment.
3. Loan to Value will be the same as applicable to ordinary ___

loan prescribed by RBI from time to time.
A. Vehicle
B. Gold
C. Home
D. Education
E. None of these
B. Gold
Explanation:
Loan to Value will be the same as applicable to ordinary gold loan
prescribed by RBI from time to time.
4. Interest on the SGB Bonds will be taxable as per the provisions

of the _______ Income-tax Act, 1961.
A. Section 42
B. Section 43
C. Section 41
D. Section 45
E. All of these
B. Section 43
Explanation:
Interest on the SGB Bonds will be taxable as per the provisions of the
section 43 of Income-tax Act, 1961.
5. Nomination facility is available as per the provisions of the

Government Securities Act 2006 and ______
A. Government Securities Regulations, 2007
B. Government Securities Regulations, 2008
C. Government Securities Regulations, 2005
D. Government Securities Regulations, 2009
E. None of these
A. Government Securities Regulations, 2007

Explanation:
Nomination facility is available as per the provisions of the Government
Securities Act 2006 and Government Securities Regulations, 2007
6. Persons resident in India as defined under _______ are eligible

to invest in SGB
A. Banking Regulation Act 1949
B. Foreign Exchange Management Act, 1999
C. Government Securities Act 2006
D. Government Securities Regulations, 2007
E. None of these
B. Foreign Exchange Management Act, 1999

Explanation:
Persons resident in India as defined under Foreign Exchange
Management Act, 1999 are eligible to invest in SGB.
7. Minimum investment in SGBs is _____

A. One gram
B. Two grams
C. Four grams
D. Five grams
E. None of these
A. One gram
Explanation:
Minimum investment in SGBs is One gram.
8. Maximum investment in SGBs is _______

A. 100 grams
B. 200 grams
C. 500 grams
D. 400 grams
E. All of these
C. 500 grams
Explanation:
Maximum investment in SGBs is 500 grams.
9. SGBs can be held in _____

A. SB Account
B. Current Account
C. Fixed Deposit
D.Demat Account
E. None of these
D.Demat Account
Explanation:
SGBs can be held in Demat Account.
10. SGBs will qualify for _____

A. CRR
B. SLR
C. MSF
D. All of these
E. None of these
B. SLR
Explanation:
SGBs will qualify for SLR.
1. _____ are investment vehicles which can be sponsored by

commercial banks and NBFCs in India.
A. IDF
B. CRR
C. MSF
D. SLR
E. None of these
A. IDF
Explanation:
IDFs are investment vehicles which can be sponsored by commercial
banks and NBFCs in India in which domestic/offshore institutional
investors, specially insurance and pension funds can invest through
units and bonds issued by the IDFs.
2. Infrastructure Debt Funds (IDFs), can be set up ___________

A. Trust
B. Company
C. Institution
E. Either (A) or (C)

Explanation:
Infrastructure Debt Funds (IDFs), can be set up either as a Trust or as
a Company.
3. A trust based IDF would normally be a Mutual Fund (MF),

regulated by _____
A. SEBI
B. NABARD
C. RBI
D. All of these
E. None of these
A. SEBI
Explanation:
A trust based IDF would normally be a Mutual Fund (MF), regulated by
SEBI.
4. A company based IDF would normally be an NBFC regulated by
______
A. SEBI
B. NABARD
C. RBI
D. All of these
E. None of these
C. RBI
Explanation:
A company based IDF would normally be an NBFC regulated by RBI.
5. IDF-MFs can be sponsored by _____

A. Banks
B. IFCs
C. NBFCs
D. Both (A) and (B)
E. Both (A) and (C)
E. Both (A) and (C)

Explanation:
IDF-MFs can be sponsored by Banks and NBFCs.
6. IDF-NBFCs can be sponsored by _____

A. Banks
B. IFCs
C. NBFCs
D. Both (A) and (B)
E. Both (A) and (C)
D. Both (A) and (B)
Explanation:
Only banks and Infrastructure Finance companies can sponsor IDF-
NBFCs.
7. “Sponsorship” means an equity participation by the NBFC

between 30 to ____ of the IDF.
A. 55%
B. 49%
C. 50%
D. 45%
E. None of these
B. 49%
Explanation:
“Sponsorship” means an equity participation by the NBFC between 30
to 49% of the IDF.
8. If NBFC is a sponsor of IDF-MF then the NBFC should have a

minimum Net Owned Funds (NOF) of ______
A. Rs. 100 crore
B. Rs. 200 crore
C. Rs. 300 crore
D. Rs. 500 crore
E. All of these
C. Rs. 300 crore

Explanation:
The NBFC should have a minimum Net Owned Funds (NOF) of Rs.300
crore
9. If NBFC is a sponsor of IDF-MF then the NBFC should have a
Capital to Risk Weighted Assets (CRAR) of _____
A. 5%
B. 10%
C. 15%
D. 20%
E. None of these
C. 15%
Explanation:
If NBFC is a sponsor of IDF-MF then the NBFC should have a Capital to
Risk Weighted Assets (CRAR) of 15%.
10. If NBFC is a sponsor of IDF-MF then the net NPAs of NBFCs

should be less than ____ of net advances.
A. 5%
B. 3%
C. 2%
D. 4%
E. All of these
B. 3%
Explanation:
If NBFC is a sponsor of IDF-MF then the net NPAs of NBFCs should be
less than 3% of net advances.

Explanation: Closed Economy in Which Neither Import Nor Export Takes Place

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Explanation: Closed Economy in Which Neither Import Nor Export Takes Place

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1.

Closed Economy in which _______

Answer & Explanation

D. Neither Import nor Export takes place

2. A __________ is the sum of the transactions where money is

Answer & Explanation

3. ________ is an economy in which there are economic activities

4. _______ is when government prints money in order to pay its

Answer & Explanation

5. _______ is when a government spends more than what it

Answer & Explanation

6. _____ is a macroeconomic term referring to the monetary base,

Answer & Explanation

E. High Powered Money

7. A form of financial guarantee insurance, covering not all the

Answer & Explanation

Answer & Explanation

9. ______ is the risk that the value of an investment may

Answer & Explanation

10. _______ is the probability that the value of assets and

Answer & Explanation

1. Asset Reconstruction Company India Limited(Arcil) is

Answer & Explanation

2. The headquarters of India’s first Asset Reconstruction Company

Answer & Explanation

3. Asset Reconstruction Company India Limited(Arcil) is a ______

Answer & Explanation

4. Arcil is an associate member of _____

Answer & Explanation

5. Which of the following is the regulator for overseeing

Answer & Explanation

6. The Insolvency and Bankruptcy Board of India (IBBI) regulates

Answer & Explanation

7. The Insolvency and Bankruptcy Board of India was established

Answer & Explanation

D. Insolvency and Bankruptcy Code 2016

8. The Insolvency and Bankruptcy Board of India (IBBI) covers

Answer & Explanation

9. Insolvency and Bankruptcy Board of India (IBBI) handles the

E. Both (B) and (C)

10. How many members are there in IBBI?

Answer & Explanation

1. If a bank is unable to refund the short term deposits as funds

Answer & Explanation

2. Which of the following is an industry standards organisation in

Answer & Explanation

3. If a currency note is demonetized, then it takes away the which

Answer & Explanation

C. Legal Tender Character

4. Which of the following is a type of charge created on an

Answer & Explanation

5. Which of the following is a representative body of management

Answer & Explanation

6. The Headquarters of IBA located in _____

Answer & Explanation

7. Which of the following is a unique institution exclusively

Answer & Explanation

8. The Institute for Development & Research in Banking

Answer & Explanation

Answer & Explanation

10. Government constitutes ________ to improve the

Answer & Explanation

1. PCA Stands for _______