QUIZ – 2016: Insights Current Affairs Quiz – 29 November, 2016
QUIZ – 2016: Insights Current Affairs Quiz
29 November, 2016
Clarifications:
Question 9, Quiz 27th and 28th November, 2016 (Click HERE): Regarding ‘incremental cash reserve ratio’ – The question should have been better worded. It should have been, “The RBI, in an attempt to absorb some of the surplus liquidity available in the banking system due to demonetisation, asked banks to maintain an incremental cash reserve ratio of….”.
Question 2, Quiz 17th November, 2016 (Click HERE): Regarding statement 4 – two mistakes we made – the statement should instead have been, “higher the rural/urban population ratio, higher the serious incidence of crimes against women”. Then, the answer would have been option ‘d’. For now, the correct answer would be option ‘a’, not ‘d’.
The following quiz will have 5-10 MCQs . The questions are mainly framed from The Hindu and PIB news articles.
This quiz is intended to introduce you to concepts and certain important facts relevant to UPSC IAS civil services preliminary exam 2016. It is not a test of your knowledge. If you score less, please do not mind. Read again sources provided and try to remember better.
Please try to enjoy questions, discuss the concepts and facts they try to test from you and suggest improvements.
Hope you enjoy this quiz. If you like it, then please share it. Thank you.
INSIGHTS CURRENT EVENTS QUIZ 2016
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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.
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Question 1 of 5
1. Question
1 pointsThe Taxation Laws (Second Amendment) Bill, 2016 was recently introduced in the Lok Sabha. Which of the following are some the proposed amendments in the bill?
- A penalty of 10 per cent will be imposed on undeclared income that is voluntarily disclosed.
- The declarant must also deposit an additional 25 per cent of the undisclosed income into an interest-free scheme – introduced by the government for the purpose – for a minimum period of four years.
- A penalty of 10 per cent will be imposed on unexplained income.
Select the correct answer using the code given below:
Correct
Solution: c.
All statements are correct.
- The Taxation Laws (Second Amendment) Bill, 2016 seeks to amend two acts: the Income Tax Act, 1961 and Finance Act, 2016.
- The Bill proposes to introduce the Pradhan Mantri Garib Kalyan Yojana, 2016. Under the scheme, taxpayers may declare undisclosed income possessed in the form of cash or deposited in banks, post offices or Reserve Bank of India before a notified date. In such cases, taxes and penalties will be levied.
- The cess will be known as the Pradhan Mantri Garib Kalyan Cess, and will be used for welfare of economically weaker sections.
- Further, the taxpayer has to deposit 25% of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit will not earn any interest. This deposit may be withdrawn only after four years from the date of deposit.
Primary Source: http://www.prsindia.org/billtrack/the-taxation-laws-second-amendment-bill-2016-4482/
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Improvisation: http://www.thehindu.com/business/Economy/Tax-defaulters-get-another-chance/article16715094.ece
Incorrect
Solution: c.
All statements are correct.
- The Taxation Laws (Second Amendment) Bill, 2016 seeks to amend two acts: the Income Tax Act, 1961 and Finance Act, 2016.
- The Bill proposes to introduce the Pradhan Mantri Garib Kalyan Yojana, 2016. Under the scheme, taxpayers may declare undisclosed income possessed in the form of cash or deposited in banks, post offices or Reserve Bank of India before a notified date. In such cases, taxes and penalties will be levied.
- The cess will be known as the Pradhan Mantri Garib Kalyan Cess, and will be used for welfare of economically weaker sections.
- Further, the taxpayer has to deposit 25% of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit will not earn any interest. This deposit may be withdrawn only after four years from the date of deposit.
Primary Source: http://www.prsindia.org/billtrack/the-taxation-laws-second-amendment-bill-2016-4482/
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Improvisation: http://www.thehindu.com/business/Economy/Tax-defaulters-get-another-chance/article16715094.ece
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Question 2 of 5
2. Question
1 pointsThe Vietnam war was officially fought between
Correct
Solution: a.
The Vietnam War, also known as the Second Indochina War, and known in Vietnam as Resistance War Against America or simply the American War, was a war that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975.
Improvisation: http://www.thehindu.com/news/international/Fidel’s-frontline-visit-cemented-hero-status-in-Vietnam/article16716839.ece
Incorrect
Solution: a.
The Vietnam War, also known as the Second Indochina War, and known in Vietnam as Resistance War Against America or simply the American War, was a war that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975.
Improvisation: http://www.thehindu.com/news/international/Fidel’s-frontline-visit-cemented-hero-status-in-Vietnam/article16716839.ece
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Question 3 of 5
3. Question
1 pointsTaking into consideration their respective demographics, which among the following nations would ideally be preferred in the near future for fully-automated farming?
- Germany
- Greece
- Italy
- India
Select the correct answer using the code given below:
Correct
Solution: a.
The countries with a large ageing population are most preferred for fully-automated farming. This question is an improvisation over yesterday’s question on robot-farming (Q6, Click HERE). Japan, Germany, Italy and Greece are among the most rapidly ageing countries in the world. You can remember this, as it would be helpful in answer-writing.
Incorrect
Solution: a.
The countries with a large ageing population are most preferred for fully-automated farming. This question is an improvisation over yesterday’s question on robot-farming (Q6, Click HERE). Japan, Germany, Italy and Greece are among the most rapidly ageing countries in the world. You can remember this, as it would be helpful in answer-writing.
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Question 4 of 5
4. Question
1 pointsHyper inflation is a form of ‘large and accelerating’ inflation which might have the annual rates in million or even trillion. Which of the following are instances of hyperinflation in world history?
- Germany after the First World War.
- Bolivian inflation in 1985.
- Zimbabwe in 2008-2009.
Select the correct answer using the code given below:
Correct
Solution: d.
If you have read the NCERTs, you would know about hyperinflation in Germany post-World War I. If you have been following international news recently, Zimbabwe “launched its own money for the first time since its currency was abandoned seven years ago amid rampant inflation”.
- Called the ‘bond note’, which is worth one US dollar – the country’s main currency since 2009 – is raising fears of a return to the ill-fated local dollar.
- The government has issued the bond note to tackle a worsening cash shortage. It hopes the cash substitute, which is legal tender in Zimbabwe but is not valid outside the country, will halt the flow of US dollars going overseas.
- And in the run-up to the notes’ release, Zimbabweans queued for hours to withdraw their US dollars amid fears the bond notes would not be able to keep parity.
- 2008, 2009: An egg cost 50 billion Zimbabwean dollars; A loaf of bread cost the same as 12 brand new cars would have cost ten years previously; Inflation rates reached 231,000,000%;
- Hyperinflation “quickly leads to a complete loss of confidence in the domestic currency and people start opting for other forms of money, as for example physical assets, gold and foreign currency.”
Chapter – ‘Inflation and Business Cycle’, Indian Economy by Ramesh Singh;
Improvisation: http://www.bbc.com/news/business-38128236
Incorrect
Solution: d.
If you have read the NCERTs, you would know about hyperinflation in Germany post-World War I. If you have been following international news recently, Zimbabwe “launched its own money for the first time since its currency was abandoned seven years ago amid rampant inflation”.
- Called the ‘bond note’, which is worth one US dollar – the country’s main currency since 2009 – is raising fears of a return to the ill-fated local dollar.
- The government has issued the bond note to tackle a worsening cash shortage. It hopes the cash substitute, which is legal tender in Zimbabwe but is not valid outside the country, will halt the flow of US dollars going overseas.
- And in the run-up to the notes’ release, Zimbabweans queued for hours to withdraw their US dollars amid fears the bond notes would not be able to keep parity.
- 2008, 2009: An egg cost 50 billion Zimbabwean dollars; A loaf of bread cost the same as 12 brand new cars would have cost ten years previously; Inflation rates reached 231,000,000%;
- Hyperinflation “quickly leads to a complete loss of confidence in the domestic currency and people start opting for other forms of money, as for example physical assets, gold and foreign currency.”
Chapter – ‘Inflation and Business Cycle’, Indian Economy by Ramesh Singh;
Improvisation: http://www.bbc.com/news/business-38128236
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Question 5 of 5
5. Question
1 points‘Express Wifi’, recently seen in the news, refers to
Correct
Solution: b.
- “With Express Wifi, we’re working with carriers, internet service providers, and local entrepreneurs to help expand connectivity to underserved locations around the world. We’re currently live in India, and are expanding to other regions soon.”
- “Express Wifi empowers local entrepreneurs to help provide quality internet access to their neighbours and make a steady income. Working with local internet service providers or mobile operators, they’re able to use software provided by Facebook to connect their communities.”
- Facebook has launched a scheme to bring internet access to underserved locations in India. Express Wi-fi offers software to local entrepreneurs to allow them to work with service providers and share their internet connection with the public for a fee.
https://info.internet.org/en/story/expresswifi/
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Incorrect
Solution: b.
- “With Express Wifi, we’re working with carriers, internet service providers, and local entrepreneurs to help expand connectivity to underserved locations around the world. We’re currently live in India, and are expanding to other regions soon.”
- “Express Wifi empowers local entrepreneurs to help provide quality internet access to their neighbours and make a steady income. Working with local internet service providers or mobile operators, they’re able to use software provided by Facebook to connect their communities.”
- Facebook has launched a scheme to bring internet access to underserved locations in India. Express Wi-fi offers software to local entrepreneurs to allow them to work with service providers and share their internet connection with the public for a fee.
https://info.internet.org/en/story/expresswifi/
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