Financial Awareness, Banking Terminologies, Government Schemes - One Line Questions
1.
What is a 'credit card'? —
A card that allows users to borrow money from the issuer
2.
The 'Digital India' initiative aims to transform India into: —
A digitally empowered society and knowledge economy
3.
What is 'inflation' in economic terms? —
An increase in the general price level of goods and services
4.
What is the 'Bank for International Settlements' (BIS)? —
A bank for central banks
5.
What is the meaning of 'overdraft' in a bank account? —
A withdrawal of funds exceeding the account balance
6.
What is a 'balance sheet' in accounting? —
A statement of a company's financial position at a specific point in time
7.
Which of the following is a form of digital payment? —
UPI (Unified Payments Interface)
8.
What does 'CRR' represent in banking terminology? —
Cash Reserve Ratio
9.
Which term describes the process of a bank lending money out at a higher interest rate than it pays on deposits? —
Banking Spread
10.
The 'Mudra Yojana' scheme aims to provide: —
Micro-credit to non-corporate, non-farm small/micro enterprises
11.
Which of the following is a tool used by the Reserve Bank of India (RBI) to control inflation? —
Repo Rate
12.
What is the term for the central bank's policy of buying or selling government securities in the open market to influence the money supply? —
Open Market Operations
13.
What is the term for the system of exchanging goods or services without using money? —
Barter System
14.
What does 'KYC' stand for in banking and financial services? —
Know Your Customer
15.
What does 'CRR' (Cash Reserve Ratio) mandate for banks? —
Maintain a certain percentage of their deposits with the RBI
16.
Which organization is responsible for issuing currency in India? —
Reserve Bank of India (RBI)
17.
If the RBI increases the Cash Reserve Ratio (CRR), what is the likely impact on the money supply? —
Money supply will decrease
18.
What does NPA stand for in the banking sector? —
Non-Performing Asset
19.
The 'Sovereign Gold Bond' scheme allows individuals to invest in: —
Gold in dematerialized form
20.
Which scheme provides financial support to women for starting small businesses? —
Stand-Up India Scheme
21.
Which government scheme provides financial assistance to eligible urban households for the construction or acquisition of houses? —
PMAY-Urban
22.
Which scheme aims to provide insurance cover against crop failure for farmers? —
Pradhan Mantri Fasal Bima Yojana (PMFBY)
23.
Which government scheme provides health insurance coverage to vulnerable families? —
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)
24.
The 'Make in India' initiative aims to: —
Encourage manufacturing and investment in India
25.
The 'Skill India Mission' aims to: —
Enhance vocational skills and employability
26.
The 'Janani Shishu Suraksha Karyakram' (JSSK) aims to improve maternal and child health by: —
Ensuring free and cashless delivery and related services
27.
The 'Ujjwala Yojana' primarily focuses on: —
Providing clean cooking fuel (LPG) connections to women
28.
Which of the following is a monetary policy tool used by the RBI to manage liquidity in the economy? —
Open Market Operations (OMOs)
29.
Which term refers to the interest rate at which commercial banks borrow money from the RBI, usually for short-term needs? —
Marginal Standing Facility (MSF) Rate
30.
Which of the following is NOT a type of bank account? —
Loan Account
31.
What is the term for a loan where the borrower fails to make scheduled payments for a specified period? —
Non-Performing Asset (NPA)
32.
What is the meaning of 'fiscal deficit'? —
The difference between a government's total expenditure and its total revenue
33.
What is 'demonetization'? —
The act of removing a currency unit's status as legal tender
34.
What is the 'Marginal Standing Facility' (MSF) rate? —
The rate at which banks can borrow overnight funds from the RBI against eligible securities
35.
What is the 'Bank Rate' set by the RBI? —
The rate at which the RBI lends to commercial banks without collateral
36.
What is the 'Reverse Repo Rate'? —
The rate at which the RBI borrows from commercial banks
37.
What is the meaning of 'liquidity' in finance? —
The ease with which an asset can be converted into cash
38.
The repo rate is the rate at which: —
The RBI lends money to commercial banks
39.
What does 'GDP' measure? —
The total value of goods and services produced within a country's borders in a specific time period
40.
What is the main function of a 'debit card'? —
To facilitate payments directly from a linked bank account
41.
What is the primary objective of the Pradhan Mantri Jan Dhan Yojana (PMJDY)? —
To ensure financial inclusion
42.
What is the primary purpose of the 'Atal Pension Yojana' (APY)? —
To ensure social security through pension
43.
What is the primary goal of the 'National Rural Employment Guarantee Act' (NREGA), now MGNREGA? —
To guarantee at least 100 days of wage employment in rural areas
44.
What is the purpose of the 'Pradhan Mantri Suraksha Bima Yojana' (PMSBY)? —
To provide accidental death and disability insurance
45.
What is the primary function of a 'credit rating agency'? —
To assess and rate the creditworthiness of borrowers
46.
What is the objective of the 'Stand-Up India Scheme'? —
To promote entrepreneurship among SC/ST and women
47.
What is the primary role of the Securities and Exchange Board of India (SEBI)? —
To regulate the securities market
48.
The 'PM-KISAN' scheme provides financial assistance to: —
Landholding farmer families
49.
The 'Pradhan Mantri Vaya Vandana Yojana' is a scheme for: —
Senior citizens
50.
What is the maximum deposit insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC) per depositor per bank? —
₹5 lakh