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 Off-budget borrowing.
- Off-budget borrowings are loans taken by any public institution on the directions of the central government.
- Off-budget borrowing helps keep the country’s fiscal deficit within acceptable limits.
- Off-budget financing is not part of the calculation of the fiscal indicators and does not have any fiscal implications.
- Public sector banks can fund off-budget expenses.
Which of the above statements is/are correct?
Correct
Solution: b)
Off-budget borrowings are loans that are taken not by the Centre directly, but by another public institution which borrows on the directions of the central government. Such borrowings are used to fulfil the government’s expenditure needs.
But since the liability of the loan is not formally on the Centre, the loan is not included in the national fiscal deficit. This helps keep the country’s fiscal deficit within acceptable limits.
Comptroller and Auditor General report of 2019 points out, this route of financing puts major sources of funds outside the control of Parliament. “Such off-budget financing is not part of the calculation of the fiscal indicators despite fiscal implications,” said the report.
The government can ask an implementing agency to raise the required funds from the market through loans or by issuing bonds. In the Budget presentation for 2020-21, the government paid only half the amount budgeted for the food subsidy bill to the Food Corporation of India. The shortfall was met through a loan from the National Small Savings Fund.
Public sector banks are also used to fund off-budget expenses. For example, loans from PSU banks were used to make up for the shortfall in the release of fertiliser subsidy.
Incorrect
Solution: b)
Off-budget borrowings are loans that are taken not by the Centre directly, but by another public institution which borrows on the directions of the central government. Such borrowings are used to fulfil the government’s expenditure needs.
But since the liability of the loan is not formally on the Centre, the loan is not included in the national fiscal deficit. This helps keep the country’s fiscal deficit within acceptable limits.
Comptroller and Auditor General report of 2019 points out, this route of financing puts major sources of funds outside the control of Parliament. “Such off-budget financing is not part of the calculation of the fiscal indicators despite fiscal implications,” said the report.
The government can ask an implementing agency to raise the required funds from the market through loans or by issuing bonds. In the Budget presentation for 2020-21, the government paid only half the amount budgeted for the food subsidy bill to the Food Corporation of India. The shortfall was met through a loan from the National Small Savings Fund.
Public sector banks are also used to fund off-budget expenses. For example, loans from PSU banks were used to make up for the shortfall in the release of fertiliser subsidy.
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Question 2 of 5
2. Question
1 pointsThe actual liabilities of the Union government include which of the following
- Borrowings by PSUs
- Loans taken for the recapitalisation of banks
- Capital expenditures of various Ministries.
Select the correct answer code:
Correct
Solution: a)
In addition to the borrowings by PSUs, the actual liabilities of the government would include loans taken for the recapitalisation of banks.
Capital expenditure creates assets for the government and causes reduction in liabilities for the government.
Incorrect
Solution: a)
In addition to the borrowings by PSUs, the actual liabilities of the government would include loans taken for the recapitalisation of banks.
Capital expenditure creates assets for the government and causes reduction in liabilities for the government.
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Question 3 of 5
3. Question
1 pointsStrait of Gibraltar is a narrow strait that connects
Correct
Solution: c)
The Strait of Gibraltar is a narrow strait that connects the Atlantic Ocean to the Mediterranean Sea and separates the Iberian Peninsula in Europe from Morocco in Africa.
Incorrect
Solution: c)
The Strait of Gibraltar is a narrow strait that connects the Atlantic Ocean to the Mediterranean Sea and separates the Iberian Peninsula in Europe from Morocco in Africa.
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Question 4 of 5
4. Question
1 pointsConsider the following statements regarding South Asian Association for Regional Cooperation (SAARC).
- Its secretariat is based in India.
- The SAARC maintains permanent diplomatic relations at the United Nations as an observer.
- Decisions at all levels are to be taken on the basis of unanimity and bilateral and contentious issues are excluded from the deliberations of the Association.
Which of the above statements is/are correct?
Correct
Solution: d)
The South Asian Association for Regional Cooperation (SAARC) is the regional intergovernmental organization and geopolitical union of states in South Asia.
The SAARC was founded in Dhaka on 8 December 1985. Its secretariat is based in Kathmandu, Nepal. The organization promotes development of economic and regional integration. It launched the South Asian Free Trade Area in 2006. The SAARC maintains permanent diplomatic relations at the United Nations as an observer and has developed links with multilateral entities, including the European Union.
Decisions at all levels are to be taken on the basis of unanimity and bilateral and contentious issues are excluded from the deliberations of the Association.
Incorrect
Solution: d)
The South Asian Association for Regional Cooperation (SAARC) is the regional intergovernmental organization and geopolitical union of states in South Asia.
The SAARC was founded in Dhaka on 8 December 1985. Its secretariat is based in Kathmandu, Nepal. The organization promotes development of economic and regional integration. It launched the South Asian Free Trade Area in 2006. The SAARC maintains permanent diplomatic relations at the United Nations as an observer and has developed links with multilateral entities, including the European Union.
Decisions at all levels are to be taken on the basis of unanimity and bilateral and contentious issues are excluded from the deliberations of the Association.
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Question 5 of 5
5. Question
1 pointsConsider the following statements regarding Irrawaddy dolphin.
- Irrawaddy dolphins are found in coastal areas in South and Southeast Asia.
- It lives in brackish water near coasts, river mouths, and estuaries.
- In India, Irawaddy dolphins are found in Chilika Lake.
Which of the above statements is/are correct?
Correct
Solution: d)
- Irrawaddy dolphins are found in coastal areas in South and Southeast Asia, and in three rivers: the Ayeyarwady (Myanmar), the Mahakam (Indonesian Borneo) and the Mekong.
- Although sometimes called the Irrawaddy river dolphin, it is not a true river dolphin, but an oceanic dolphin that lives in brackish water near coasts, river mouths, and estuaries. It has established subpopulations in freshwater rivers, including the Ganges and the Mekong, as well as the Irrawaddy River from which it takes its name.
- The worldwide population appears to be over 7,000.
- Irawaddy dolphins are found in Chilika Lake.
- It is endangered as per IUCN Red List.
Source
Incorrect
Solution: d)
- Irrawaddy dolphins are found in coastal areas in South and Southeast Asia, and in three rivers: the Ayeyarwady (Myanmar), the Mahakam (Indonesian Borneo) and the Mekong.
- Although sometimes called the Irrawaddy river dolphin, it is not a true river dolphin, but an oceanic dolphin that lives in brackish water near coasts, river mouths, and estuaries. It has established subpopulations in freshwater rivers, including the Ganges and the Mekong, as well as the Irrawaddy River from which it takes its name.
- The worldwide population appears to be over 7,000.
- Irawaddy dolphins are found in Chilika Lake.
- It is endangered as per IUCN Red List.
Source
