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Objective Questions

Latest SSC CGL Exam Question (Objective Questions), MCQ in English

Subjects : Finance and Economics

Question Bank SSC CGL Tier 2 Paper 3 (AAO / AAcO) Exam - English

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Finance and Economics

Question 1Single Answer

Create Ledger Furniture & Fitting Is Under ______________

A
Sales Account
B
Purchase Account
C
Capital Account
D
Fixed Assets

Question 2Single Answer

Cash Paid For Conveyance Expenses In a ______________

A
Received Voucher
B
Sales voucher
C
Payment Voucher
D
Journal Voucher

Question 3Single Answer

Paid Salaries Amount Of Rs 3000 To Staff By Cash. In

A
Payment Voucher
B
Received Voucher
C
Sales Voucher
D
Purchase Voucher

Question 4Single Answer

Purchased Business Stock Worth Rs 50,000 , is under ____________.

A
Sales Voucher
B
Purchase Voucher
C
Payment Voucher
D
Received Voucher

Question 5Single Answer

___________ Is a ledger Which record all bank receipts and payment.

A
Cash Book
B
Bank Book
C
Sales Register
D
Purchase Register

Question 6Single Answer

Cash Account is Classified as ________?

A
Nominal Account
B
Real Account
C
Profit and loss account
D
Personal Accounts

Question 7Single Answer

Which Of Following Is Not Current Assest ?

A
Cash Balance
B
Bank Overdraft
C
Accrued Interest On Investment
D
Bank Balance

Question 8Single Answer

The Obligations or debits payable by a business in future in the form money or goods ?

A
Expenses
B
Capital
C
Liabilities
D
Assets

Question 9Single Answer

The essential function of accounting is to record transaction to ascertain the financial status of a company as on a particular date ?

A
Recording Transaction
B
Branches Of Accounting
C
Transaction
D
Accounting

Question 10Single Answer

Purchased Business Stock Worth Rs 50,000 , is under ____________?

A
Sales Voucher
B
Purchase Voucher
C
Payment Voucher
D
Received Voucher

Question 11Single Answer

A Regular Period Of Time , Such As A Quarter Or A year , For Which A Fiinancial Statement Is Generated s Called An ____________?

A
Inventory Information
B
Financial Statement
C
Accounting Period
D
Trading Account

Question 12Single Answer

Cash Paid For Conveyance Expenses In a ______________?

A
Received Voucher
B
Sales voucher
C
Payment Voucher
D
Journal Voucher

Question 13Single Answer

___________ Is Prepared To Arrive A The Gross At Gross Profit Earned By The Organisation ?

A
Trial Balance
B
Profit And Loss Account
C
Balance sheet
D
Trading Accounts

Question 14Single Answer

Display And Report In Tally Can Be Customised As Per User’s Requirement With The Use Of Filters _______________?

A
Gateway Of Tally> Display >Day Book
B
Gateway Of Tally >Display> Bank Book
C
Gateway Of Tally > Display>Cash Book
D
Gateway Of Tally > Display> Stock Summary

Question 15Single Answer

How To Creating Voucher Type

A
Gateway Of Tally >Accounts Info> Payment Voucher
B
Gateway Of Tally > Accounts Info.>Journal Voucher
C
Gateway Of Tally >Accounts Info > Receipt voucher
D
Gateway Of Tally > accounts Info. Voucher Type> Create

Question 16Single Answer

The ___________ For The New Financial Year Is Required To Be Entered In The New company Created In Tally ERP.9 ?

A
Trail Balance
B
Balance Sheet
C
Opening Balance
D
Day Book

Question 17Single Answer

In Tally ERP.9 A Bank Ledger Can Be Created Directly Under The Group Current Assets.

A
True
B
False
C
Nil
D
Nil

Question 18Single Answer

A _______________is Used To Record Sales Return.

A
Sales Voucher
B
Purchase Voucher
C
Payment Voucher
D
Journal Voucher

Question 19Single Answer

In Tally Select A Company Using The___________ Option ?

A
Gateway Of Tally >F5 Payment Voucher
B
Gateway Of Tally > F6 Receipt Voucher
C
Gateway of Tally>Alt+F3> Company Info
D
Gateway Of Tally > Inventory Voucher

Question 20Single Answer

Which Ledger is in Investment Group ?

A
Purchase A/c
B
Shares
C
Furniture
D
Building

Question 21Single Answer

‘Economics is the study of mankind in the ordinary business of life’ was given by :

A
Adam Smith
B
Lord Robbins
C
Alfred Marshall
D
Samuelson

Question 22Single Answer

A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of :

A
Macro Economics
B
Descriptive Economics
C
Micro Economics
D
Normative Economics

Question 23Single Answer

Under a free economy, prices are :

A
Regulated
B
Determined through free interplay of demand and supply
C
Partly regulated
D
None of these

Question 24Single Answer

In a free market economy, when consumers increase their purchase of a goods and the level of _______exceeds ______ then prices tend to rise :

A
Demand, Supply
B
Supply, Demand
C
Prices, Demand
D
Profits, Supply

Question 25Single Answer

Under Inductive method, the logic proceeds from:

A
General to particulars
B
Particular to general
C
Both (a) and (b)
D
None

Question 26Single Answer

Which of these would cause a rightward shift of the PPC curve?

A
Improvement in technology
B
Greater capital formation
C
Increase in population
D
All of these

Question 27Single Answer

Economics is the study of :

A
How society manages its unlimited resources
B
How to reduce our wants until we are satisfied
C
Who society manages its scarce resources
D
How to fully satisfy our unlimited wants.

Question 28Single Answer

Who defines Economics in terms of Dynamic Growth and Development?

A
Robbins
B
Paul A Samuelson
C
Adam Smith
D
None

Question 29Single Answer

Which one is not the characteristic of capitalistic economy?

A
Profit motive
B
Income inequality
C
Free employment
D
Collective ownership

Question 30Single Answer

Capitalistic Economy uses _____ as principal means of allocating resources.

A
Demand
B
Supply
C
Price
D
All of the above

Question 31Single Answer

Micro economics is also known as_______

A
Public economics.
B
Price theory.
C
Income theory.
D
Demand theory.

Question 32Single Answer

Which one in the following is not correct:

A
There are limited wants
B
Means are scarce
C
Resources have alternative uses
D
Economics is science.

Question 33Single Answer

Who gave the positive aspect of science?

A
Alfred Marshall
B
A.C. Pigou
C
Adam smith
D
Robbins.

Question 34Single Answer

In a capitalist economy the allocation of resources is performed by:

A
Producers
B
Government
C
Planners
D
Price mechanism

Question 35Single Answer

Which of the following are the features of a mixed economy?

A
Planned economy
B
Dual system of pricing exists
C
Balanced regional development
D
All of the above.

Question 36Single Answer

A Capitalist Economy follows the policy of :-

A
Laissez faire
B
Regulated markets
C
Promoting public sector
D
None of the above.

Question 37Single Answer

Deductive and Inductive methods are complimentary to each other. It is:

A
Absolutely correct
B
Absolutely incorrect
C
Partially incorrect
D
None of the above.

Question 38Single Answer

Where does price mechanism exists?

A
Capitalist Economy
B
Socialist Economy
C
Both type of economies
D
None of the above.

Question 39Single Answer

Who has defined economics as “Science which deals with wealth” ?

A
Adam Smith
B
Canon
C
J.B. Say
D
A.C. Pigou

Question 40Single Answer

Demand for a commodity refers to :

A
Desire for the commodity
B
Need for the commodity
C
Quantity demanded of that commodity
D
Quantity of the commodity demanded at a certain price during any particular period of time

Question 41Single Answer

Which of the following is related to microeconomics ?

A
Inflation in the economy
B
Problem of unemployment
C
National Income
D
Income from the railways

Question 42Single Answer

The study of microeconomics and macro economics is.

A
Independent of each other
B
Interrelated to each other
C
Both (a) and (b)
D
None of these

Question 43Single Answer

Who is the father of economics ?

A
Karl Marx
B
J.M. Keynes
C
Adam Smith
D
Alfred Marshall

Question 44Single Answer

In economics, scarcity refers to a situation when.

A
Demand for goods exceeds its supply
B
Supply of goods exceeds its demand
C
Supply of goods is equal to its demand
D
Both (a) and (b)

Question 45Single Answer

...... economics states 'what is’ and not 'what should be.

A
Positive
B
Normative
C
Modern
D
None of these

Question 46Single Answer

...... are the important tools of macroeconomic studies.

A
Demand and supply
B
Aggregate demand and aggregate supply
C
Exports and imports
D
All of the above

Question 47Single Answer

Which of the following questions is/are the part of normative economics ?

A
What are the causes of un employment
B
Why prices are rising
C
Was demonetisation justified
D
All of the above

Question 48Single Answer

Which of the following is not a macro variable ?

A
Wholesale price index
B
Output of firm
C
Aggregate demand
D
Aggregate supply

Question 49Single Answer

In free market economy, the allocation of resources is determined by ......

A
Votes by consumers
B
A central planning authority
C
Consumer preference
D
The level of profits of firms

Question 50Single Answer

Central economic problems are the problems of a.

A
Market economy
B
Socialist economy
C
Mixed economy
D
All of these

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Finance and Economics

Question 51Single Answer

........... is a system in which people earn livelihood to fulfil their wants.

A
Abroad
B
Market
C
Economy
D
Village

Question 52Single Answer

An economy is broadly classified as.

A
Market economy
B
Centrally planned economy
C
Mixed economy
D
All of these

Question 53Single Answer

The problem of what to produce is related with.

A
Types of goods to be produced
B
Types of production technique to be used
C
Quantity of goods to be produced
D
Both (a) and (c)

Question 54Single Answer

............ is the problem which is concerned with the distribution of national income among those who have helped to produce it.

A
How to produce?
B
What to produce?
C
Why to produce?
D
For whom to produce?

Question 55Single Answer

The causes of economic problem include.

A
Human wants are unlimited
B
Economic resources are limited
C
Resources have alternative uses
D
All of the above

Question 56Single Answer

Indian economy is a mixed economy because.

A
Agriculture and industry have both simultaneously developed in India
B
Agriculture and industry have both developed in the public sector
C
Private ownership and public ownership over means of production co-exist
D
None of the above

Question 57Single Answer

Which of the following statements is true ?

A
Economic problems arises only due to scarcity of resources
B
If new technologies are constantly evolved. Central problems can be solved to the fullest
C
Economic problem of How to Produce is the problem of choice between labour intensive technique or capital intensive techniques
D
Opportunity cost is the cost of second-best alternative

Question 58Single Answer

Economics cost is equal to.

A
Accounting cost
B
Opportunity cost
C
Sum of accounting cost and opportunity cost
D
Difference of accounting cost and opportunity cost

Question 59Single Answer

Choose the correct statement from the given below.

A
In a centrally planned economy, economics decisions are governed by profit motive as per decision of Central Bank of the country
B
Normative statements are those which pass value judgement at economic problems as they are
C
There is limited degree of aggregation present in microeconomics whereas macroeconomics has greater degree of aggregation
D
Central problems of an economy and problem of choice are two different issues that only mixed economies faces

Question 60Single Answer

The following headline appeared in “Hindustan Times” dated 25th July, 2018, “Getting insurance for rain damage cars an uphill task”. This statement is.

A
Positive Economics
B
Normative Economics
C
General Economics
D
None of these

Question 61Single Answer

Which of the following statements is true about the opportunity cost ?

A
Accounting cost minus the marginal benefit
B
Monetary costs and physical effort of an activity
C
Highest valued alternative forgone
D
Accounting cost minus the marginal cost

Question 62Single Answer

Choose the correct statement from the given below.

A
Positive statements pass value judgement as they are based upon real facts
B
Microeconomics deals with problems related to an individual only, there is zero degree of aggregation in Microeconomics
C
Micro-Macro paradox means something which is true in Microeconomics does not hold true in Macroeconomics
D
Opportunity cost is also referred to as accounting cost.

Question 63Single Answer

Write the correct pair.

A	Market economy	(i)	Basis of demand and supply
B.	Centrally planned	(ii)	Both ’central authority’ and
	Economy		'market forces’ play role
C	Mixed economy	(iii)	Maximising social welfare

Codes

A
A – (i)
B
B – (ii)
C
C – (iii)
D
None of these

Question 64Single Answer

Which one of the following is not the feature of socialist economy ?

A
Social welfare
B
Freedom of enterprise
C
Public ownership
D
Planning mechanism

Question 65Single Answer

Choose the correct statement from given below.
(i) Positive economics is based on real facts which can be varied using quantitative data.
(ii) Microeconomics is also known as theory of income determination.
(iii) Central problems of an economy and problem of choice goes hand in hand.
Choose from the options below.

A
(i) and (ii)
B
(ii) and (iii)
C
(i) and (iii)
D
(i), (ii) and (iii)

Question 66Single Answer

Which of the following is the apex financial institution in India ?

A
Reserve Bank of India
B
Securities and Exchange Board of India
C
Insurance Regulatory and Development Authority of India
D
Pension Fund Regulatory and Development Authority of India

Question 67Single Answer

The Reserve Bank of India is responsible for :

A
Issuing currency notes
B
Regulating the banking sector
C
Maintaining the country's foreign exchange reserves
D
All of the above

Question 68Single Answer

The Securities and Exchange Board of India (SEBI) is responsible for ?

A
Regulating the securities market
B
Protecting the interests of investors
C
Promoting fair and transparent trading practices
D
All of the above

Question 69Single Answer

The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for :

A
Regulating the insurance sector
B
Protecting the interests of policyholders
C
Promoting fair and transparent insurance practices
D
All of the above

Question 70Single Answer

The Pension Fund Regulatory and Development Authority of India (PFRDA) is responsible for :

A
Regulating the pension sector
B
Protecting the interests of pension subscribers
C
Promoting fair and transparent pension practices
D
All of the above

Question 71Single Answer

Which of the following is NOT a function of a financial regulatory body ?

A
Issuing licenses to financial institutions
B
Conducting inspections and audits of financial institutions
C
Investigating and prosecuting financial crimes
D
Managing the country's fiscal policy

Question 72Single Answer

Which of the following is an example of a regulatory measure that can be taken by a financial regulatory body ?

A
Raising or lowering interest rates
B
Setting limits on lending
C
Requiring financial institutions to disclose certain information
D
All of the above

Question 73Single Answer

What is the importance of financial regulation ?

A
To protect consumers
B
To promote financial stability
C
To ensure fair and transparent markets
D
All of the above

Question 74Single Answer

Which of the following is a challenge faced by financial regulators in India ?

A
The growing complexity of the financial system
B
The increasing use of technology
C
The globalization of financial markets
D
All of the above

Question 75Single Answer

What are the two main categories of taxes in India ?

A
Income tax and property tax
B
Direct taxes and indirect taxes
C
Central taxes and state taxes
D
Corporate tax and sales tax

Question 76Single Answer

Which of the following is an example of a direct tax in India ?

A
Goods and Services Tax (GST)
B
Value Added Tax (VAT)
C
Income Tax
D
Excise Duty

Question 77Single Answer

Which tax is imposed on the income earned by individuals and businesses in India ?

A
Sales Tax
B
Property Tax
C
Income Tax
D
Service Tax

Question 78Single Answer

What is the maximum rate of income tax for individuals and Hindu Undivided Families (HUFs) in India as of the knowledge cutoff date in 2021 ?

A
10 %
B
20 %
C
30 %
D
40 %

Question 79Single Answer

Which of the following taxes is considered an indirect tax in India ?

A
Property Tax
B
Goods and Services Tax (GST)
C
Income Tax
D
Wealth Tax

Question 80Single Answer

What can be done to improve financial regulation in India ?

A
Increase the resources available to financial regulators
B
Enhance coordination between different regulatory bodies
C
Strengthen the enforcement of financial regulations
D
All of the above

Question 81Single Answer

Under the GST regime in India, which entity is responsible for the collection of GST ?

A
State Governments
B
Central Government
C
Local Municipalities
D
Both Central and State Governments

Question 82Single Answer

The RBI Act, 1934 established the ?

A
Reserve Bank of India
B
Securities and Exchange Board of India
C
Insurance Regulatory and Development Authority of India
D
Pension Fund Regulatory and Development Authority of India

Question 83Single Answer

GST stands for :

A
Goods and Services Tax
B
General Sales Tax
C
Gross State Tax
D
Goods and Sales Tax

Question 84Single Answer

What is the main objective of the Goods and Services Tax (GST) in India ?

A
To increase the burden of taxation on businesses
B
To streamline and simplify the indirect tax system
C
To eliminate all forms of taxation
D
To reduce the rates of direct taxes

Question 85Single Answer

The SEBI Act, 1992 established the :

A
Securities and Exchange Board of India
B
Insurance Regulatory and Development Authority of India
C
Pension Fund Regulatory and Development Authority of India
D
Reserve Bank of India

Question 86Single Answer

Which body is responsible for recommending the distribution of tax revenues between the Central and State Governments in India ?

A
Ministry of Finance
B
Planning Commission
C
Finance Commission
D
Reserve Bank of India (RBI)

Question 87Single Answer

The IRDAI Act, 1999 established the :

A
Insurance Regulatory and Development Authority of India
B
Pension Fund Regulatory and Development Authority of India
C
Securities and Exchange Board of India
D
Reserve Bank of India

Question 88Single Answer

The PFRDA Act, 2011 established the :

A
Pension Fund Regulatory and Development Authority of India
B
Securities and Exchange Board of India
C
Insurance Regulatory and Development Authority of India
D
Reserve Bank of India

Question 89Single Answer

How often is the Finance Commission in India constituted to recommend the distribution of tax revenues ?

A
Every year
B
Every two years
C
Every three years
D
Every five years

Question 90Single Answer

Which of the following is NOT a member of the Financial Stability and Development Council ?

A
Reserve Bank of India
B
Securities and Exchange Board of India
C
Insurance Regulatory and Development Authority of India
D
Ministry of Finance

Question 91Single Answer

The Fiscal Policy of a country primarily deals with :

A
Tax evasion
B
Tax collection
C
Government spending and taxation
D
Monetary policy

Question 92Single Answer

The RBI has a Monetary Policy Committee (MPC) that sets interest rates in India. The MPC consists of how many members ?

A
4
B
6
C
8
D
10

Question 93Single Answer

What is the primary goal of fiscal policy in India ?

A
To maximize inflation
B
To minimize government spending
C
To achieve economic stability and growth
D
To reduce the fiscal deficit

Question 94Single Answer

SEBI has a board of directors that consists of how many members ?

A
9
B
11
C
13
D
15

Question 95Single Answer

What is the Fiscal Responsibility and Budget Management Act (FRBM) in India ?

A
A law that restricts individuals from borrowing money
B
A law that aims to reduce the fiscal deficit and promote fiscal discipline
C
A law that encourages excessive government spending
D
A law that abolishes all taxes

Question 96Single Answer

What was the primary objective of the economic reforms introduced in India in 1991?

A
To improve public sector performance
B
To reduce government control and promote private sector growth
C
To increase taxes
D
To decrease imports and increase exports

Question 97Single Answer

Which of the following is a key feature of Liberalization in India?

A
Increase in government control over industries
B
Reduction in import duties and tariffs
C
Strict regulation of the private sector
D
Nationalization of key industries

Question 98Single Answer

Which of the following is a characteristic of Privatization?

A
Transfer of public sector assets to private entities
B
Increasing government ownership in key industries
C
Nationalization of industries
D
Increase in government control over markets

Question 99Single Answer

What does the concept of Globalization refer to?

A
Nationalization of industries
B
Global integration of markets and economies
C
Increase in the government's control over trade
D
Isolation of economies from international trade

Question 100Single Answer

Which event triggered the economic reforms of 1991 in India?

A
Global recession
B
Gulf War and oil price shocks
C
Collapse of the Soviet Union
D
Stock market crash

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Finance and Economics

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