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 2020. 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.
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INSIGHTS CURRENT AFFAIRS QUIZ 2020
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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 pointsConsider the following statements regarding International Financial Services Centres Authority.
- International Financial Services Centres Authority is a statutory regulatory body under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.
- The authority exercise the powers of RBI in respect of financial services performed in the international financial services centres in the country.
- IFSCA has members each nominated from RBI, IRDAI, SEBI and PFRDA.
Which of the above statements is/are correct?
Correct
Solution: d)
About the International Financial Services Centres Authority:
- It is a statutory body established in 2020.
- It works under the Department of Economic Affairs, Ministry of Finance.
- Headquartered in Gandhinagar, Gujarat.
The Authority will function as a unified regulator and is empowered to exercise the powers of RBI, SEBI, IRDAI and PFRDA in respect of financial services, financial products and financial institutions performed/located in the international financial services centres in the country.
Besides the Chairman, IFSCA has a member each nominated from RBI, IRDAI, SEBI and PFRDA. There are also two members from the Central Government and full-time or part time members in the Authority.
Incorrect
Solution: d)
About the International Financial Services Centres Authority:
- It is a statutory body established in 2020.
- It works under the Department of Economic Affairs, Ministry of Finance.
- Headquartered in Gandhinagar, Gujarat.
The Authority will function as a unified regulator and is empowered to exercise the powers of RBI, SEBI, IRDAI and PFRDA in respect of financial services, financial products and financial institutions performed/located in the international financial services centres in the country.
Besides the Chairman, IFSCA has a member each nominated from RBI, IRDAI, SEBI and PFRDA. There are also two members from the Central Government and full-time or part time members in the Authority.
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Question 2 of 5
2. Question
1 pointsRecently the Law Ministry increased the ceiling on poll expenditure for Assembly and Lok Sabha elections by 10%. Consider the following statements in this regard.
- The Election Commission of India imposes limits on campaign expenditure incurred by a candidate and a political party.
- Candidates must mandatorily file a true account of election expenses with the Election Commission.
- An incorrect account, or expenditure by a candidate beyond the ceiling can attract disqualification for up to six years under the provisions of The Representation of the People Act, 1951.
Which of the above statements is/are correct?
Correct
Solution: b)
The Law Ministry has increased the ceiling on poll expenditure for Assembly and Lok Sabha elections by 10%. An amendment to the Conduct of Elections Rules, 1961 in this regard has also been notified.
The Election Commission of India imposes limits on campaign expenditure incurred by a candidate, but not by a political party.
Candidates must mandatorily file a true account of election expenses with the EC.
An incorrect account, or expenditure beyond the ceiling can attract disqualification for up to three years under Section 10A of The Representation of the People Act, 1951.
Incorrect
Solution: b)
The Law Ministry has increased the ceiling on poll expenditure for Assembly and Lok Sabha elections by 10%. An amendment to the Conduct of Elections Rules, 1961 in this regard has also been notified.
The Election Commission of India imposes limits on campaign expenditure incurred by a candidate, but not by a political party.
Candidates must mandatorily file a true account of election expenses with the EC.
An incorrect account, or expenditure beyond the ceiling can attract disqualification for up to three years under Section 10A of The Representation of the People Act, 1951.
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Question 3 of 5
3. Question
1 pointsConsider the following statements regarding OSIRIS-REx mission.
- OSIRIS-REx mission is NASA’s first mission meant to return a sample from the ancient asteroid Bennu.
- Asteroid Bennu has undergone drastic changes since its formation over billions of years ago and the sample helps in studying these changes.
Which of the above statements is/are correct?
Correct
Solution: a)
OSIRIS-REx mission is NASA’s first mission meant to return a sample from the ancient asteroid. The mission is essentially a seven-year-long voyage and will conclude when at least 60 grams of samples are delivered back to the Earth. As per NASA, the mission promises to bring the largest amount of extraterrestrial material back to our planet since the Apollo era.
Significantly, Bennu hasn’t undergone drastic changes since its formation over billions of years ago and therefore it contains chemicals and rocks dating back to the birth of the solar system. It is also relatively close to the Earth.
Because of Bennu’s age, it is likely to contain material that contains molecules that were present when life first formed on Earth.
Incorrect
Solution: a)
OSIRIS-REx mission is NASA’s first mission meant to return a sample from the ancient asteroid. The mission is essentially a seven-year-long voyage and will conclude when at least 60 grams of samples are delivered back to the Earth. As per NASA, the mission promises to bring the largest amount of extraterrestrial material back to our planet since the Apollo era.
Significantly, Bennu hasn’t undergone drastic changes since its formation over billions of years ago and therefore it contains chemicals and rocks dating back to the birth of the solar system. It is also relatively close to the Earth.
Because of Bennu’s age, it is likely to contain material that contains molecules that were present when life first formed on Earth.
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Question 4 of 5
4. Question
1 pointsScientists usually study asteroids for which of the following reasons?
- Asteroids provide information about the formation and history of planets and the sun.
- To look for asteroids that might be potentially hazardous.
- Asteroids offer a source of volatiles and an extraordinarily rich supply of minerals.
Select the correct answer code:
Correct
Solution: d)
The scientific interest in asteroids is due largely to their status as the remnant debris from the inner solar system formation process. Because some of these objects can collide with the Earth, asteroids are also important for having significantly modified the Earth’s biosphere in the past. They will continue to do so in the future. In addition, asteroids offer a source of volatiles and an extraordinarily rich supply of minerals that can be exploited for the exploration and colonization of our solar system in the twenty-first century.
Scientists study asteroids to look for information about the formation and history of planets and the sun since asteroids were formed at the same time as other objects in the solar system. Another reason for tracking them is to look for asteroids that might be potentially hazardous.
Incorrect
Solution: d)
The scientific interest in asteroids is due largely to their status as the remnant debris from the inner solar system formation process. Because some of these objects can collide with the Earth, asteroids are also important for having significantly modified the Earth’s biosphere in the past. They will continue to do so in the future. In addition, asteroids offer a source of volatiles and an extraordinarily rich supply of minerals that can be exploited for the exploration and colonization of our solar system in the twenty-first century.
Scientists study asteroids to look for information about the formation and history of planets and the sun since asteroids were formed at the same time as other objects in the solar system. Another reason for tracking them is to look for asteroids that might be potentially hazardous.
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Question 5 of 5
5. Question
1 pointsIn India, the sectors where FDI is not allowed are:
- Investment in Chit Funds
- Tobacco industry
- All Agricultural or Plantation Activities
- Satellite and its associated activities
Select the correct answer code:
Correct
Solution: b)
Sectors in the Indian economy where FDI is not allowed are:
- Atomic Energy Generation
- Cigars, Cigarettes, or any related tobacco industry
- Lotteries (online, private, government, etc)
- Investment in Chit Funds
- Agricultural or Plantation Activities (although there are many exceptions like horticulture, fisheries, tea plantations, Pisciculture, animal husbandry, etc)
- Housing and Real Estate (except townships, commercial projects, etc)
- Trading in TDR’s (Transferable development rights)
- Any Gambling or Betting businesses
Incorrect
Solution: b)
Sectors in the Indian economy where FDI is not allowed are:
- Atomic Energy Generation
- Cigars, Cigarettes, or any related tobacco industry
- Lotteries (online, private, government, etc)
- Investment in Chit Funds
- Agricultural or Plantation Activities (although there are many exceptions like horticulture, fisheries, tea plantations, Pisciculture, animal husbandry, etc)
- Housing and Real Estate (except townships, commercial projects, etc)
- Trading in TDR’s (Transferable development rights)
- Any Gambling or Betting businesses