Banking & Financial Awareness Quiz – Set 102

Banking & Financial Awareness Quiz: We have created many quizzes on Banking Awareness and this set is one of them. These questions are most important for banking and insurance exams. The question asked in the Banking Awareness section are based both on static banking and that to current banking in news. These Banking Awareness sets will guide you in all banking exams like IBPS Clerk, IBPS PO, SBI Clerk, SBI PO, RRB Clerk and PO and other exams.  The set will be beneficial for the Banking and financial awareness section of LIC AAO. So attempt all the sets now.

Banking & Financial Awareness Questions

1. Which among the following sectors is the largest contributor to the Indian Economy?
   A) Mining
   B) Agriculture
   C) Service
   D) Electricity
   
   View answer

   Option C
   Explanation:Share of primary sector comprising agriculture, forestry, fishing and mining & quarrying have been estimated as 18.57 per cent, secondary comprising manufacturing, electricity, gas, water supply & other utility services, and construction at 27.03% and tertiary (services) sectors  at 54.40 per cent.
2. In a BSBDA-Small Account, the total withdrawals and transfers of funds in a month should not exceed Rs. ________
   A) Rs 10,000
   B) Rs 5,000
   C) Rs 12,000
   D) Rs 15,000
   
   View answer

   Option A
   Explanation: Total of all withdrawals and transfers (Debits) in a month does not exceed Rs. 10,000; and The balance at any point of time does not exceed Rs 50,000.
3. The removal of unnecessary economic restrictions and regulations is known as______
   A) Privatization
   B) Liberalization
   C) Globalization
   D) Capitalization
   
   View answer

   Option B
   
4. Which among the following is not an example of debt?
   A) Shares
   B) Term loans
   C) Bonds
   D) Debentures
   
   View answer

   Option A
   Explanation: Term loan, Debentures, Bonds
5. Who calculates the National Income in India?
   A) Several economists
   B) Ministry of Finance
   C) RBI
   D) Central Statistical Organisation
   
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   Option D
   Explanation: The national income in India is calculated by the Central Statistical Organisation
6. Under the Liberalised Remittance Scheme of RBI, what is the maximum amount that an Indian resident can remit in a particular financial year?
   A) USD 2,00,000
   B) USD 1,50,000
   C) USD 2,50,000
   D) USD 1,00,000
   
   View answer

   Option C
   Explanation:Under the Liberalised Remittance Scheme of RBI, all resident Indian individuals (including minors), are allowed to freely remit up to USD 2,50,000 in each financial year (April – March) for any permissible current or capital account transaction or a combination of both.
7. GDP + Money flowing in from foreign countries – Money flowing to foreign countries is represented by______
   A) National Income
   B) GNI
   C) NNP
   D) GNP
   
   View answer

   Option B
   Explanation: The gross national income (GNI) is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents
8. The sub­standard asset are those which has remained NPA for a period of less than or equal to________
   A) 3 months
   B) 6 months
   C) 9 months
   D) 12 months
   
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   Option D
   Explanation: An asset which has remained NPA for a period less than or equal to 12 months
9. Per capita income (PCI) can be determined by:
   A) National Income + Total Population of the Country
   B) National Income X Total Population of the Country
   C) National Income / Total Population of the Country
   D) National Income – Total Population of the Country
   
   View answer

   Option C
   
10. According to RBI, the maximum value in prepaid gift instrument cannot exceed Rs ____________ at any time
    A) Rs 10,000
    B) Rs 5,000
    C) Rs 8,000
    D) Rs 2,000
    
    View answer

    Option A
    Explanation: The maximum value of each prepaid gift instrument shall not exceed Rs.10,000/-. 

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