public finance Multiple choice questions 4.

The Indian Government Accounting Standards are formulated

and recommended by the
1. In which of the following type of economy, the revenue from
taxation is likely to be the least? 1. Institute of Chartered Accountants of India

1. Free market economy 2. Institute of Cost Accountants of India

2. Keynesian Economy 3. Government Accounting Standards Advisory Board

3. Mixed Economy 4. Indian Financial Accounting Board

4. Socialist Economy 5. Which of the following is NOT a type of economic system

followed by the countries?
2. The net proceeds of any tax or duty or of any part of any tax or
duty, in or attributable to any area shall be ascertained and 1. Free Market Economy
certified by the Comptroller and Auditor-General of India,
2. Command Economy
whose certificate shall be final. The power of the CAG with
regard to the certification of the net proceeds is derived from 3. Mixed Economy
which of the following?
4. Macro Economy
1. Section 16 of the CAGs DPC Act
6. Which of the following statement would describe the term
2. Article 279 of the Constitution of India “Public Finance”?
3. Article 150 of the Constitution of India 1. It is a study of economic efficiency, distribution of
resources and government policies
4. Regulations of Audit and Accounts 2007
and its effects
3. The ‘Principle of Maximum Social Advantage’ was introduced by
2. It is a study of the public sector banking system in a
1. Hugh Dalton country

2. Adam Smith 3. It is a study of the finances of the general public and their
pattern of spending
3. Franco Modigliani
4. It is a study of the direct and indirect taxes in an economy
4. Sir Arthur Lewis
7. The organization of society under the two central tenets of 9. A form of political association in which two or more states
private ownership rights and voluntary trade is the hallmark of: constitute a political unity with a common government, but in
which the member states retain a measures of internal
1. Mixed Economic System
autonomy is generally referred to as:
2. Capitalist System
1. A Union
3. Socialist System
2. A Federation
4. Fascist System
3. A Democracy
8. Which one of the following would best describe the study of
4. An Autonomous Region
“Public Finance”?
10. According to Prof. Seligman, Which of the following are the
1. It is the social science that describes the factors that
three main principles on the basis of which revenue sources
determine the production,
(such as taxes) should be divided between the different layers of
distribution and consumption of goods and services
government?
2. It is the study of the role of the government in the
1. Principles of Efficiency, Effectiveness and Economy
economy. It is the branch of economics
which assesses the government revenue and 2. Principles of Economy, Decentralisation and Necessity
government expenditure of the public authorities
3. Principles of Autonomy, Necessity and Surplus
and the adjustment of one or the other to achieve
desirable effects and avoid undesirable 4. Principles of Efficiency, Suitability, and Adequacy
ones.
11. Maximum Social Advantage is achieved,
3. It is the application of statistical and mathematical
theories to economics for the purpose 1. at the point where the marginal social benefit of public
of testing hypotheses and forecasting future trends expenditure and the marginal
social sacrifice of taxation are equated
4. It is a branch of economics that studies the behavior of
individuals and firms in making 2. at the point where the marginal social benefit of public
decisions regarding the allocation of limited resources. expenditure is higher than the
marginal social sacrifice of taxation
 3. at the point where the marginal social benefit of public 2. John Maynard Keynes
expenditure is lower than the
3. Karl Marx
marginal social sacrifice of taxation
4. Hugh Dalton
4. at the point where the marginal social benefit of public
expenditure and the marginal 15. Tax revenue sharing between the federal and sub-national
social sacrifice of taxation are zero governments is aimed at
correcting which of the following type of imbalances?
12. An economic system where the state owns the means of
production and attempts to direct 1. Vertical imbalances
economic activity towards politically identified goals are
generally referred to as: 2. Horizontal imbalances

1. Capitalist Economy 3. Diagonal imbalances

2. Federal Economy 4. Criss-cross imbalances

3. Socialist Economy 16. In a free market economy, self-interested individuals operate

through a system of mutual
4. Free Economy interdependence to promote the general benefit of society at
large. Adam Smith referred this
13. The horizontal fiscal imbalance that arises in a fiscal federation is
as:
also called:
1. Invisible hand
1. Problem of Equalisation
2. Direct Intervention
2. Problem of Efficiency
3. Collective Spirit
3. Problem of Effectiveness
4. Private Spirit
4. Problem of Economy
17. A multilevel decentralized fiscal system involving sharing of
14. Which one of the following economists introduced the principle
fiscal responsibilities
of “Maximum Social
between central, state and local governments is referred to as:
Advantage”?
1. Fiscal Union
1. Alfred Marshall
 2. Fiscal Federalism 2. Keynesian Economy

3. Fiscal Equalisation 3. Mixed Economy

4. Fiscal Generalism 4. Socialist Economy

18. Which of the following is an imprest placed at the disposal of 21. Under the system of federal finance, a Government should be
the President of India to autonomous and free about
facilitate Government to meet urgent unforeseen expenditure the internal financial matters concerned. This principle is
pending authorization from referred to as:
Parliament?
1. Principle of Equity
1. Consolidated Fund
2. Principle of Uniformity
2. Public Funds
3. Principle of Fiscal Access
3. Prime Ministers Relief Fund
4. Principle of Independence
4. Contingency Fund
22. The system of assigning the source of revenue to the Central as
19. Which of the following articles of the Indian Constitution well as State
provides for the creation of the Governments is generally referred to as
Consolidated Fund of India?
1. Public Finance
1. Article 371
2. Distributive Finance
2. Article 366
3. Unitary Finance
3. Article 266
4. Federal Finance
4. Article 271
23. The principle of federal finance which envisages that the
20. The role of Government would be highest in which of the resources should be distributed
following type of economy: among the different states of the federation so that each state
receives a fair share of revenue
1. Free market economy
is referred to as
 1. Principle of Equity 3. Inefficiencies of public organisations and corruption

2. Principle of Uniformity 4. All of the above

3. Principle of Fiscal Access 27. A country’s repayment obligations of principal and interest for a
particular year on its
4. Principle of Independence
external debt as a percentage of its exports of goods and
24. Taxes are levied to services (i.e., its current receipt) in
that year is generally referred to as:
1. Provide general benefits to the People
1. Real burden
2. Encourage people on unnecessary spending
2. Money burden
3. Accumulate funds for the Government for future use
3. Debt-service ratio
4. All of the above
4. Export Earnings Ratio
25. In a federation differences exist in the per capita distribution of
income and wealth and 28. A one-time tax on all wealth holders with the goal of retiring
the volume of trade among different states. Such an imbalance public debt is generally
existing among different subnational referred to as
governments are referred to as
1. Indirect Tax
1. Vertical imbalances
2. Capital Levy
2. Horizontal imbalances
3. Orthodox Tax
3. Diagonal imbalances
4. Socialist Tax
4. Criss-cross imbalances
29. Which of the following are the causes of public debt of a
26. Which of the following factors contribute to public debt of a country?
country?
1. War or war-preparedness, including nuclear programmes
1. To undertake public welfare
2. To cover the budget deficits on current account
2. Urge for economic growth
 3. To undertake public welfare schemes 4. Productive Debt

4. All of the above 33. Which of the following statement is INCORRECT with regard to
the burden of public debt of a country?
30. Compulsory loans are superior to voluntary public borrowing in
which of the following 1. If the public debt is taken for productive purposes it will
contexts? not be a burden on the economy.

1. In the context of an inflationary situation 2. If the public debt is taken for unproductive purposes, it
will impose both money burden and real burden on the
2. In the cases of deflationary situation
economy.
3. When the interest rates are very low
3. In case of Internal Debt, the direct money burden on the
4. When the Government has a huge fiscal deficit economy is huge as transfer of wealth happens within
the community
31. Which of the following scheme provided for compulsory
deposits by certain class of tax payers? 4. In the case of External debt, the amount of repayment of
interest and principal represents the direct money burden
1. Compulsory deposit scheme (income-tax payers) act, on the community
1974
34. Public Debt means
2. Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS),
2016 1. Borrowing by a Government from abroad and does not
include borrowing from within the country
3. Both A and B
2. Borrowing by general public, private individuals or
4. None of these association of individuals from the Government which
32. Deadweight debt refers to which of the following form of Public they need to repay to Government under the prescribed
Debt? terms and conditions

1. Internal Debt 3. Borrowing by General Public in the form of loans or

advances from the Government, Local Bodies,
2. External Debt Government owned financial institutions
3. Unproductive Debt
 4. Borrowing by a Government from within the country or 2. A Short term Deposit
from abroad, from private individuals or association of
3. A Long Term Loan
individuals or from banking and non-banking institutions
4. Ways and Means Advances
35. Debt obligations of the government that have maturities of one
year or less is normally called 39. Converting or altering a public debt from a higher to a lower rate
of interest is referred to as:
1. Commercial Papers
1. Conversion
2. Commercial Deposits
2. Sinking Fund
3. Treasury Bills
3. Repudiation
4. Certificate of Deposits
4. Terminable Annuities
36. Redeemable debt is also called
40. Which of the following could be a reason for raising public loans
1. Perpetual loans
by a country?
2. Terminable loans
1. Bringing gap between revenue and expenditure through
3. Flexible loans temporary loans from central bank.

4. Rigid Loans 2. To reduce depression in the economy and financing public

works programme.
37. Irredeemable debts are also called:
3. Financing the public sector for expanding and
1. Perpetual debt
strengthening the public enterprises
2. Terminable debt
4. All of the above
3. Flexible debt
41. The Ways and Means advances (WMA) from central bank is an
4. Unproductive debt example of

38. A Funded Debt refers to a 1. Unproductive Debt

1. A Short term loan 2. Productive Debt

 3. Short-term Debt 45. Which of the following are the purposes for raising public loans?

4. External Debt 1. Bringing gap between revenue and expenditure through

temporary loans from central bank.
42. Which of the following method of public debt redemption is
most UNLIKELY to be resorted to by the Government? 2. To reduce depression in the economy and financing public
works programme.
1. Conversion
3. To curb inflation by withdrawing the purchasing power
2. Sinking Fund
from the public
3. Repudiation
4. All of the Above
4. Terminable Annuities
46. Which of the following is NOT an accepted method of
43. Public burden on account of public debt is generally classified as: redemption of public debt?

1. Productive Burden and Unproductive Burden 1. Repudiation of Public Debt

2. Money burden and Real Burden 2. Refunding

3. Consumption burden and Distribution burden 3. Conversion

4. Debt burden and Finance Burden 4. Sinking Fund Method

44. A fund created by the government and gradually accumulated 47. Which of the following is NOT a method of debt redemption by
every year by setting aside a part of current public revenue in the Government?
such a way that it would be sufficient to pay off the funded debt
1. Repudiation of Debt
at the time of maturity is called
2. Buyback of Government bonds
1. Consolidated Fund
3. Payment of Terminable Annuities
2. Equity Fund
4. Issue of Treasury Bills
3. Credit Fund
48. In which of the following situations, any direct money burden on
4. Sinking Fund
the society is least likely?
 1. Raising and repayment of internal debt public borrowing and public borrowing in each country is
deepening
2. Raising and repayment of external debt
4. Public Debt has become a powerful tool of developmental
3. Raising and repayment of internal debt taken for
monetary policy as management of public debt is used as
unproductive purposes
a method to influence the structure of interest rates.
4. Raising and repayment of long term debt from external
51. Which of the following statement is INCORRECT with reference
agencies
to the burden of public debt?
49. Which of the following would refer to the self-liquidating form
1. An internal debt has no direct money burden since the
of public debt?
interest payment on debt and the imposition of taxation
1. Internal Debt to pay interest to the lenders is simply a transfer of
purchasing power from one to another
2. External Debt
2. Internal debt involves direct real burden to the
3. Productive Debt community as it involves redistribution of aggregate
4. Short-Term Loan income leading to inequalities in the distribution of
income and wealth.
50. Which of the following is NOT TRUE with reference to public
finance? 3. The direct money burden of external debt is the interest
payment as well as the principal repayment (i.e., debt
1. According to Classical Economics Public Financing is highly servicing) to external creditors
unproductive on the assumption that full employment,
inelasticity of money supplies and unproductive nature of 4. An external debt has no direct money burden since
public expenditure interest payment on debt and the imposition of taxation
to pay interest to the foreign country accelerates export
2. Voluntary Public Borrowing has a disincentive effect earnings
whereas taxation does not have a disincentive effect and
as such taxation is preferable to voluntary public 52. Which of the following could be a purpose for raising public
borrowing loans?

3. In modern times public borrowing is most extensive and 1. Financing economic development esp. in under-
intensive meaning that almost all countries resort to developed countries.
 2. Financing the public sector for expanding and 4. Productive Debt
strengthening the public enterprises.
55. Public Debt has a secular tendency to go up in every country.
3. War, arms and ammunition financing Which of the following are reasons contributing to such a trend?

4. All of the above 1. Increase trend in Financing of Public works programmes

53. Which of the following statement is INCORRECT with reference 2. Increasing trend in Financing for Economic Development
to the classification of public debt?
3. Undertaking of Welfare Schemes by the Government
1. Internal debt refers to the public loans floated within the
4. All of the above
country, while external debt refers to the obligations of a
country to foreign governments, foreign nationals or 56. Which of the following refers to market borrowing by
international institutions Government?
2. Public debt raised and used to finance a war is 1. Sales to the public of government bonds, treasury bills in
unproductive because it does not create an asset, it is a the capital market
dead weight debt or a useless burden on the community
2. Issue of national savings certificates
3. Redeemable debt refers to a debt which may not be
redeemed at all but on which the government promises 3. Issue of National Plan Bonds
to pay the interest regularly 4. Collection of deposits at State owned Post Offices
4. A funded debt is short term debt undertaken for 57. Expenditure incurred by the Government on building durable
creating a temporary asset and the government assets, like highways, multipurpose dams, irrigation projects are
normally makes arrangements for repayments through in the nature of
current revenue
1. Capital Expenditure
54. Treasury Bills fall under the category of
2. Revenue Expenditure
1. Funded Debt
3. Transfer Expenditure
2. Unfunded Debt
4. Unproductive Expenditure
3. External Debt
58. Which of the following describes the situation where revenues 4. Non-Distributive Expenditure
and expenditures are equal during a given period?
61. With increase in urbanization and industrialization, the role of
1. Public Debt Government started:

2. Budget Surplus 1. Declining

3. Balanced Budget 2. Increasing

4. Budget Deficit 3. Stagnant

59. During the process of economic development, the share of 4. Unstable

public expenditure to Gross Domestic Product tends to expand.
62. A heterodox macroeconomic theory developed by Abba Lerner
This is called:
during World War II that seeks to eliminate economic insecurity
1. Wagner’s law through government intervention in the economy is generally
referred to as:
2. Keynes Law
1. Micro Finance
3. Adam Smith’s Theory
2. Heterodox Finance
4. Brettonwoods Law
3. Public Finance
60. Old age pension is “National Old Age Pension Schemes”,
“Interest payments”, “Subsidies”, “Unemployment allowances”, 4. Functional Finance
“Welfare benefits to weaker sections, etc.” By incurring such
63. The principle of public expenditure that requires that
expenditure, the government does not get anything in return,
Government should avoid shortfall of revenue in comparison
but it adds to the welfare of the people, especially belong to the
with its expenditure is termed as
weaker sections of the society. Such expenditure basically
results in redistribution of money incomes within the society. 1. Canon of Deficit
1. Non-Transfer Expenditure 2. Canon of Surplus
2. Transfer Expenditure 3. Canon of Elasticity
3. Capital Expenditure 4. Canon of Sanction
64. The ratio of change in the national income in relation to the production and consumption instead it should lend a
change in government spending that causes it is referred to as: helping hand to the production process and bring about
equality of income and wealth distribution
1. Fiscal Multiplier
4. The principle of public expenditure which requires that
2. Spending Ratio
every government must try to keep its budgets well
3. Expenditure Ratio balanced. There should be neither ever recurring
surpluses nor deficits in the budgets.
4. Cost Multiplier
67. The action taken to stimulate an economy, usually during a
65. Expenditures incurred on civil administration, defence forces is recessionary period, through government spending, and interest
in the nature of rate and tax reduction is called: Pump priming relates to the
1. Capital Expenditure Keynesian economic theory, named after noted economist John
Maynard Keynes, which states that government intervention
2. Revenue Expenditure within the economy, aimed at increasing aggregate demand, can
3. Transfer Expenditure result in a positive shift within the economy. This is based on the
cyclic nature of money within an economy, in which one persons
4. Productive Expenditure spending directly relates to another person’s earnings, and that
increase in earnings leads to a subsequent increase in spending.
66. The canon of neutrality in public expenditure refers to which
one of the following? 1. Force Funding
1. The principle of public expenditure which requires that 2. Piggy backing
public expenditure before it is incurred should be
sanctioned by a competent authority and should not be 3. Direct Funding
incurred for the benefit of only one section of the people 4. Pump Priming
2. The principle of public expenditure which requires that it 68. The practice by Governments in which a government spends
should be possible for public authorities to vary the more money than it receives as revenue is referred to as:
expenditure according to the need and circumstances and
not on the basis of any political or bureaucratic influence 1. Piggy backing

3. The principle of public expenditure which requires that 2. Direct Funding

public expenditure should have no adverse affect on
 3. Deficit financing 72. The increase in public expenditure doesn’t follow any smooth
and continuous trend but the increase in public expenditure
4. Pump Priming
occurred in step like manner. This hypothesis is called
69. The principle of public expenditure which requires that public
1. Caldor’s model
expenditure before it is incurred should be sanctioned by a
competent authority is 2. Peacock and Wiseman Hypothesis

1. Canon of Economy 3. Wagner’s Law of Public Expenditure

2. Canon of Sanction 4. Keynes Law of Public Expenditure

3. Canon of Elasticity 73. Expenditure on defence, interest payments, law and order
maintenance and public administration expenses are generally
4. Canon of Maximum Social Benefit
treated as:
70. Deepening of Government activities refers to:
1. Productive Expenditure
1. Increase in the existing activities of the Government
2. Unproductive Expenditure
2. Taking up additional activities by the Government
3. Growth-oriented Expenditure
3. Privatization of the activities of the Government
4. Progressive Expenditure
4. Dilution of Government Share in the Public Sector
74. Developmental expenditure refers to
Enterprises
1. Revenue Expenditure incurred for meeting current
71. Principle of Maximum Social Benefit was propounded by which
expenses of the Government
of the following economists?
2. Capital Expenditure incurred for creating long-term assets
1. Keynes
of the Government
2. Marshall
3. Expenditure which is incurred on activities directly
3. Dalton related to economic development

4. Wiseman 4. Expenditure which is incurred on running the normal

government administration
75. The multiplier effect is best described as: 78. Peacock and Wiseman Hypothesis on public expenditure
consists of three concepts which are:
1. the increase in final income arising from any new
injection of spending 1. Subscription Effect, Tax Effect, Expenditure Effect

2. the increase in the expenditure of a country 2. Tax Effect, Expenditure Effect, Consumption Effect

3. the increase in the public debt of a country 3. Displacement Effect, Concentration Effect, Inspection
Effect
4. the increase in investment of a country
4. Consumption Effect, Labour Effect, Income Effect
76. Multiplier in Macro economics refers to which of the following:
79. Which of the following occurs when all taxes and other revenues
1. A factor of proportionality that measures how much an
exceed government expenditures for a year?
endogenous variable changes in response to a change in
some exogenous variable 1. Public Debt

2. A factor of proportionality that measures the increase in 2. Budget Surplus

exports in a given period
3. Balanced Budget
3. A factor proportionality that measures the increase in
4. Budget Deficit
public debt in a given period of time
80. The principle of public expenditure that requires that it should
4. A factor of proportionality that measures the increase in
be possible for public authorities to vary the expenditure
investments in a given period of time.
according to the need and circumstances is:
77. Which of the following principles of public expenditure
1. Canon of Economy
propounded by Prof. Findlay Shirras is considered irrelevant in a
modern government? 2. Canon of Sanction
1. Canon of Economy 3. Canon of Elasticity
2. Canon of Sanction 4. Canon of Maximum Social Benefit
3. Canon of Maximum Social Benefit 81. Expenditure on Internal law and order and defence, Public
administration etc. are in the nature of
4. Canon of Surplus
 1. Transfer Expenditure 1. New Delhi

2. Non-Transfer Expenditure 2. Chennai

3. Capital Expenditure 3. Calcutta

4. Productive Expenditure 4. Mumbai

82. According to Peackock Wiseman hypothesis, A discontinuity in 85. The Forward Markets Commission (FMC) merged with which of
the growth pattern which produces expenditure peak during the following regulatory bodies?
social disturbances is referred to as:
1. Insurance Regulatory and Development Authority of India
1. Displacement Effect
2. Reserve Bank of India
2. Concentration Effect
3. Life Insurance Corporation of India
3. Inspection Effect
4. Securities and Exchange Board of India
4. Substitution Effect
86. According to the Pension Fund Regulatory & Development
83. Audit of the Accounts of the Insurance Regulatory and Authority Act , the head office of the Pension Fund Regulatory
Development Authority of India is the responsibility of the: and Development Authority shall be located at:

1. Comptroller and Auditor General of India 1. Hyderabad

2. Chartered Accountants appointed by the Government of 2. The head office of the Authority shall be at such place as
India the Central Government may decide from time to time

3. Chartered Accountants appointed by the Government of 3. Chennai

India from the Panel of Auditors prepared by the CAG of
4. National Capital Region
India
87. According to the Securities and Exchange Board of India Act
4. Chartered Accountants appointed by the CAG of India
1992, Chairman of the SEBI would be appointed by:
84. According to the Securities and Exchange Board of India Act
1. Reserve Bank of India
1992 ,the head office of the Securities and Exchange Board of
India shall be located at: 2. Central Government
 3. Central Government in consultation with the Government 3. Food Safety and Standard Act, 2006
of Maharashtra
4. Prevention of Food Adulteration Act,1954
4. Board of Members of the Securities and Exchange Board
91. The Chairperson of the Pension Fund Regulatory and
of India
Development Authority is appointed by:
88. According to the, INSURANCE REGULATORY AND DEVELOPMENT
1. Reserve Bank of India
AUTHORITY OF INDIA ACT, 1999, the head office of the Insurance
Regulatory and Development Authority shall be located at: 2. Central Government
1. Hyderabad 3. Board of Members of the Pension Fund Regulatory and
Development Authority
2. The head office of the Authority shall be at such place as
the Central Government may decide from time to time 4. Board of Members of the Securities and Exchange Board
of India
3. Chennai
92. According to the IRDA Act, The Chairperson of the Insurance
4. Mumbai
Regulatory Authority of India is appointed by:
89. Securities and Exchange Board of India (SEBI) was established
1. Central Government in consultation with Government of
under
Telengana
1. Securities Contracts (Regulation) Act, 1956
2. Life Insurance Corporation of India
2. Securities and Exchange Board of India (SEBI) Act 1994
3. Central Government
3. Finance Act 1996
4. Reserve Bank of India
4. Finance Act 1998
93. The Regulatory body established under an Act of Parliament and
90. The Food Safety and Standards Authority of India was assigned with the functions to protect the interests of the
established under which of the following acts? policyholders, to regulate, promote and ensure orderly growth
of the insurance industry is called
1. Prevention of Food Adulteration Act,2000
1. Life Insurance Corporation of India
2. Edible Oils Packaging (Regulation)Order 1988
2. Insurance Regulatory and Development Authority
 3. Insurance and Depositories Board of India 3. Securities and Exchange Board of India

4. Pension and Insurance Fund Regulatory Authority of India 4. Insurance and Pension Fund Regulatory Authority of India

94. The Central Office of the Reserve Bank is located in which of the 97. The Regulatory body established under an act of Parliament and
following cities in India: assigned with the functions to regulate the issue of Bank notes
and keeping of reserves with a view to securing monetary
1. New Delhi
stability in India and generally to operate the currency and
2. Chennai credit system of the country to its advantage; to have a modern
monetary policy framework to meet the challenge of an
3. Calcutta increasingly complex economy, to maintain price stability while
4. Mumbai keeping in mind the objective of growth:

95. Pension Fund Regulatory and Development Authority is 1. Ministry of Finance

established under: 2. Reserve Bank of India
1. General insurance business (nationalization) Act, 1972 3. Securities and Exchange Board of India
2. The Pension Fund Regulatory & Development Authority 4. Central Minting and Notes Authority
Act 2013
98. A public authority or government agency responsible for
3. Executive Order of the Government and Finance Act 2013 exercising autonomous authority over some area of human
4. Finance Act 2015 activity in a supervisory capacity is generally referred to as:

96. The regulatory body established under an act of Parliament to 1. Statutory Bodies
provide for the establishment of an Authority to promote old 2. Regulatory Bodies
age income security by establishing, developing and regulating
pension funds, to protect the interests of subscribers to schemes 3. Constitutional Bodies
of pension funds is called:
4. Executive Authorities
1. Insurance Regulatory and Development Authority of India
99. Forward Markets Commission (FMC) was established under
2. The Pension Fund Regulatory and Development which of the following Act of the Parliament?
Authority
1. Forward Contracts (Regulation) Act, 1952
 2. Forward markets commission (FMC) Act 1992 3. Chartered Accountants appointed by the Government of
India from the Panel of Auditors prepared by the CAG of
3. Finance Act 1992
India
4. Securities and Exchange Board of India Act 1994
4. Chartered Accountants appointed by the CAG of India
100. The Insurance Regulatory and Development Authority of
103. The Regulatory body established under the Act of
India is established under:
Parliament to protect the interests of investors in securities and
1. Life Insurance Corporation Act, 1956 to promote the development of, and to regulate, the securities
market is:
2. General insurance business (nationalization) Act, 1972
1. Reserve Bank of India
3. Insurance Act, 1938
2. Securities and Exchange Board of India
4. Insurance regulatory and development authority of India
Act, 1999 3. National Stock Exchange of India

101. FORWARD MARKETS COMMISSION functioned under 4. Insurance Regulatory and Development Authority of India
which of the following administrative ministries?
104. The Reserve Bank of India was established:
1. Ministry of Home
1. In 1935 in accordance with the provisions of the Reserve
2. Ministry of Agriculture Bank of India Act, 1934

3. Ministry of Statistics and Programme implementation 2. In 1950 in accordance with the provisions of the Reserve
Bank of India Act, 1950
4. Ministry of Consumer Affairs, Food and Public
Distribution 3. In 1950 in accordance with the provisions of the Finance
Act 1950
102. Audit of the Accounts of the Pension Fund Regulatory
and Development Authority is the responsibility of the: 4. In 1945 in accordance with the provisions of the Finance
Act 1944
1. Comptroller and Auditor General of India

2. Chartered Accountants appointed by the Government of

India