Banking Awareness Based on National Income | Daily Banking Awareness Quiz

Banking Awareness Based on National Income | Daily Banking Awareness Quiz

Banking Awareness Quiz for SBI Clerk, SBI PO, RBI, IBPS PO/Clerk/RRB/SO & other Banking & competitive exams 2020-21. Banking Awareness is an important part of any banking and Financial exam. You can Attempt Banking Awareness Quiz.

Q1.What is true about Income Method of calculating national Income?
(a)According to this method, all the incomes that accrue to the factors of production by way of wages, profits, rent interest etc are summed up to obtain National Income.
(b)Income from sale of shares, bonds & debentures will not be included
(c)Windfall gains are included in income method of calculating National Income.
(d)Both(a)&(b)
(e)both(b)&(c)

Answer & Explanation
Ans.1.(d)
Exp.About Income Method-
(a)According to this method, all the incomes that accrue to the factors of production by way of wages, profits, rent interest etc are summed up to obtain National Income.
(b)Income from sale of shares, bonds & debentures will not be included.

Q2.The 1st Estimate of National Income was prepared for which year?
(a)1860-61
(b)1861-62
(c)1864-65
(d)1865-66
(e)1867-68

Answer & Explanation
Ans.2.(e)
Exp.The 1st Estimate of National Income was prepared by Dadabhai Naoroji for the year 1867-68.

Q3.Which is not a component of Expenditure Method?
(a)Private Final consumption Expenditure
(b)Government Final Consumption Expenditure
(c)Public Final Consumption Expenditure
(d)Gross Domestic Capital Formation
(e)Net Exports

Answer & Explanation
Ans.3.(c)
Exp.components of Expenditure Method are-
(a)Private Final consumption Expenditure
(b)Government Final Consumption Expenditure
(d)Gross Domestic Capital Formation
(e)Net Exports

Q4.What are the Measures of National Income?
(a)GDP
(b)NDP
(c)GNP
(d)NNP
(e)All of the above

Answer & Explanation
Ans.4.(e)
Exp.Measures of National Income are-
(a)GDP-Gross Domestic Product
(b)NDP-Net Domestic Product
(c)GNP-Gross National Product
(d)NNP-Net National Product
(e)GNI-Gross National Income
(f)NNI-Net National Income

Q5.Which of the following is/are included in calculating national Income?
(a)Contruction of a new house
(b)winning of a lottery ticket
(c)Purchases by Foreign Tourists
(d)Both(a)&(b)
(e)Both(a)&(c)

Answer & Explanation
Ans.5.(e)
Exp.Contruction of a new house is included in calculating national Income as it is a part of capital formation and leads to production of goods and services in the economy &
Purchases by Foreign Tourists are included in calculating national Income as it is part of Exports they are included in national income through Expenditure method.

Q6.Expenditure Method is also Known as-
(a)Private Income Method
(b)Income disposable Method
(c)Gross National Income
(d)Final Expenditure
(e)Gross fixed capital formation

Answer & Explanation
Ans.6.(b)
Exp.Expenditure Method is also Known as Income Disposable Method.

Q7.Which is/are the steps of calculating National Income by Value added Method?
(a)Identify and classify the production units
(b)Estimate Fross domestic Product at Market price
(c)Calculate Domestic Income
(d)Estimate Net factor Income from Abroad
(e)All of the above

Answer & Explanation
Ans.7.(e)
Exp.(a)Identify and classify the production units
(b)Estimate Fross domestic Product at Market price
(c)Calculate Domestic Income
(d)Estimate Net factor Income from Abroad

Q8.who was the chairman of the comittee on national income?
(a)P. C. Bhattacharya
(b)Prof V.K.R.V Rao
(c)P.C.Mahalanobis
(d)Dadabhai Naoroji
(e)None of the above

Answer & Explanation
Ans.8.(c)
Exp.The government of india appointed the National Income Committee in 1949 , with P.C.Mahalanobis as the Chairman.

Q9.The method used to measure National Income in different phases of production in the circular flow is known as-
(a)Expenditure Method
(b)Income Method
(c)Value Added Method
(d)Intermediate consumption
(e)Any of the above

Answer & Explanation
Ans.9.(c)
Exp.The method used to measure National Income in different phases of production in the circular flow is known as Value Added Method.

Q10.The 1st Scientific Estimate on National Income was made for the year-
(a)1926-27
(b)1915-16
(c)1935-36
(d)1931-32
(e)1939-40

Answer & Explanation
Ans.10.(d)
Exp.The 1st Scientific Estimate was made by Prof V.K.R.V Rao for the year 1931-32

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